On Saturday, Paddy Cosgrave resigned as CEO of Web Summit, which hosts one of the world’s largest tech conferences. The reason: his remarks on the Israel-Hamas war.

Last week, Cosgrave wrote on X that “war crimes are war crimes even when committed by allies,” a critique of Israel’s deadly bombardment of Gaza in response to Hamas’s brutal terrorist attack on Oct. 7. Cosgrave’s comments drew widespread backlash from the tech community for not condemning Hamas’s atrocities, and a wave of major companies, including Google, Intel, Meta, and Stripe, backed out of the event scheduled for next month in Lisbon. Cosgrave apologized but decided to step down, saying he did not want to become a distraction.

Companies are uneasy speaking about this war

In recent years, corporate executives have been increasingly vocal on domestic social issues and geopolitical conflicts. Following the police murder of George Floyd in 2020, business leaders pledged to fight for racial equality, and nearly all of the S&P 500 companies issued formal statements on Russia’s invasion of Ukraine last year, according to Bloomberg.

So far, they’ve been more reluctant to publicly comment on the Israel–Hamas war. As of last Tuesday, ~20% of the 100 largest S&P companies had made formal statements about the conflict, per Bloomberg. And at some companies, like Nike and Instacart, internal corporate communications around the crisis have drawn criticism from employees for being insufficiently supportive.

Zoom out: Following the Bud Light controversy this summer, there are signs that the American public is less interested in hearing from companies about sociopolitical issues.

• In a recent poll by Gallup and Bentley University, 41% of Americans said businesses should take stances on current events, a drop from 48% last year.
• Less than 30% said brands should address international conflict.

But a standard has been established. Since 2020, corporations have set the expectation that they’d comment on urgent sociopolitical issues—even if those issues did not directly impact their operations. “Once you get into this game, you cannot get out. That’s the expectation now, post-George Floyd,” Paul Argenti, professor of corporate communications at Dartmouth’s Tuck School of Business, told Bloomberg. Now, “saying nothing speaks to cowardice,” Yale School of Management professor Jeffrey Sonnenfeld told CNN.—NF

Israel–Gaza update. A second convoy of trucks carrying humanitarian aid entered a stricken Gaza via Egypt as overwhelmed hospitals in the territory face a dire shortage of medicine and supplies due to an Israeli siege. Meanwhile, Israeli airstrikes on Syrian airports and in Lebanon raised concerns of a wider regional conflict. To counter a potential escalation in attacks on American troops in the Middle East, the Pentagon said it’s planning to send more military firepower to the region. In the US, police found no evidence of antisemitism after the president of a Detroit synagogue was found stabbed to death outside her home. Still, American Jews are on high alert over a rise in antisemitic hate crimes and have flocked to gun training classes.

Argentina elections will go to a runoff. The country’s finance minister, Sergio Massa, and outspoken right-wing populist and Donald Trump admirer Javier Milei appear headed to a runoff in November after Massa’s ruling Peronist coalition smashed expectations in the general election yesterday. The world is watching the outcome: Under Massa’s stewardship, Argentina’s inflation has surged to nearly 140%, and poverty rates have reached 40%. Appealing to widespread discontent, the eccentric Milei rose to prominence in recent years with a radical libertarian platform that includes legalizing the sale of human organs. Investors consider a Massa–Milei runoff the worst-case scenario for markets since it extends uncertainty around the country’s economic path forward for another month.

Scorsese can’t topple Swift. The director’s 3.5-hour epic, Killers of the Flower Moon, brought in $23 million at the North American box office, an impressive haul but no match for Taylor Swift, whose concert film held the No. 1 spot for the second consecutive weekend. Still, Killers of the Flower Moon was Scorsese’s best opening since 2010’s Shutter Island, and the initial box-office tally vindicates Apple’s new theater-focused release strategy. Apple expects to shell out $1 billion per year on films released in theaters, Bloomberg reported.

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The 2023 federal budget deficit surged by 23% to $1.7 trillion, leaving the US in its deepest yearly fiscal hole outside of the Covid era, according to the Treasury Department, which released the data on Friday.

But a closer look reveals the financial picture is even worse than the headline #s suggest.

• The Treasury recorded the Biden administration’s ~$300 billion student loan forgiveness program as a cost last year, but it was struck down by the Supreme Court and never took effect, resulting in the Treasury considering it a savings this year.
• That means the year over year increase effectively doubled from $1 trillion in 2022 to $2 trillion in 2023.

What happened? More than 40% of the deficit increase was due to lower tax revenues, while the government forked over $659 billion in interest payments, nearly doubling over the past two years.

With a government shutdown looming next month and a gridlocked House unable to pass legislation without a speaker, the country’s worsening finances could make federal funding negotiations even tenser.

But financial help is still possible for allies. Treasury Secretary Janet Yellen said the US could “absolutely” afford President Biden’s proposed $100 billion in emergency spending that includes military aid to Ukraine and Israel, citing declining inflation and a low 3.8% unemployment rate.—DL

House speaker saga continues: It’s been two weeks since Kevin McCarthy was ousted as House speaker, and Republicans are not even close to choosing his replacement, freezing congressional activity during multiple international crises. With Jim Jordan and Steve Scalise having failed to win enough votes, nine other contenders have put their name forward. A private candidate forum is planned to take place this evening, and a nominee will be selected by secret ballot as soon as tomorrow.

Auto and tech earnings: Meta and Amazon highlight a busy week for tech earnings, and GM and Ford will report their financial results during the ongoing United Auto Workers strike. Meaty profits from the auto giants during a strike could bolster the union’s position that the companies can afford more concessions to employees.

Britney doesn’t hold back in new memoir: Britney Spears’s The Woman in Me hits bookshelves on Tuesday, having already reached No. 1 on the Amazon bestsellers list thanks to preorders. The memoir looks into some of the most private details of her life, including her rise from child star to international icon, her tumultuous marriage to Kevin Federline, and her 14-year conservatorship.

Everything else…

• Striking Hollywood actors and major studios will return to the negotiating table on Tuesday.
• The NBA regular season tips off Tuesday night with the defending champion Denver Nuggets hosting the Lakers. The 2023 first overall draft pick, Victor Wembanyama, will make his NBA debut with the Spurs on Wednesday.
• Today, on “Croc Day,” Crocs will release its $120 Crocs Classic Cowboy Boots—Croots, as they have been dubbed.

Stat: If you want a glass of OJ, it’s never been more important to ask yourself if the juice is worth the squeeze. Frozen concentrated orange juice futures hit a record $3.91 per pound on Friday. Don’t blame Louis Winthorpe and Billy Ray Valentine: Orange juice prices at the grocery store have climbed more than 10% over last year as citrus growers confront citrus greening—a bacterial disease that attacks the vascular system of plants—and extreme weather. Florida’s crop has fallen more than 50% from two years ago, and an increasing number of orange farmers are getting out of the game and selling their land to property developers.

Quote: “We are deeply sorry for the content that was displayed, as this is not representative of our institutional values.”

Michigan State apologized after a picture of Hitler was shown on its stadium’s videoboards during a quiz before its rivalry game vs. Michigan. After the image went viral, the university said it would stop working with the “third-party source” that provided the quiz content and strengthen its approval procedures going forward.

Read: The secret life of Jimmy Zhong, who stole—and lost—more than $3 billion. (CNBC)

Enterprising furniture: Buy chairs featured in Star Trek and place them on your bridge or in your living room.

Tech tip: How to exchange numbers by tapping iPhones together.

Food for thought: The annual Uber Eats Cravings Report spills the tea on the most popular—and unusual—delivery requests.

Cleaning tip: Here’s the correct way to load your dishwasher. Silverware handles go down!

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