Good morning. It's Friday, Aug. 14, and we're covering unemployment data, brush fires in California, and a deal in the Middle East. Have feedback? Let us know at hello@join1440.com.

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NEED TO KNOW

Claims Fall Under 1 Million

The number of Americans filing initial unemployment claims last week fell to an estimated 963,000, down from 1.2 million from the previous week and lower than the 1.25 million expected by analysts. The figure breaks a 20-week streak of new claims above 1 million, but remains above the pre-pandemic peak of near 700,000, set in 1982. For reference, initial claims typically sit around 250,000 in noncrisis times (see data). Continuing claims—workers who have been collecting benefits for at least two weeks, a better proxy for current unemployment—fell by 600,000 to 15.5 million. When benefits provided under a stimulus provision capturing gig economy and self-employed workers are included, total claims rise to 28.3 million (release here). Economists say the data reflect that employers are continuing to slowly rehire workers. 

Separately, the Senate recessed until September, the latest sign that a fourth coronavirus stimulus package is not close to agreement. 

Lake Fire Rages 

At least 100 homes were evacuated yesterday as California firefighters struggled to contain a raging brush fire north of Los Angeles. The Lake fire—named such as it's burning near the Lake Hughes area of the Angeles National Forest (see live map)—had consumed an estimated 11,000 acres as of this morning, with 5% containment. The blaze comes one week after more than 33,000 acres burned 80 miles east of Los Angeles after diesel soot from a car ignited dry vegetation. 

The Lake fire is unusual in that it comes early in brush fire season, which peaks between August and November, when dry heat combines with high winds to create combustible conditions. Despite relatively calm winds, the flames managed to spread to areas that hadn't caught fire in more than five decades.

Making matters worse, the North American monsoon—which typically accounts for half the rainfall in areas of the Southwest—has been exceptionally weak. ($$, LAT)

Deal in the Middle East

Israel and the United Arab Emirates will establish formal diplomatic ties, the two countries said yesterday in a joint statement. The deal, brokered by the Trump administration, makes the UAE the first Gulf Arab state to normalize relations with Israel. 

Though Israel has ties with neighboring Jordan and Egypt, tensions have simmered with Gulf nations since the 1948-49 Arab-Israeli War, with conflict mostly focused on the country's relationship with the Palestinian territories. In recent years, conflict with Iran has driven the bloc closer to Israel and the West. To clinch the deal, Israeli Prime Minister Benjamin Netanyahu agreed to suspend a controversial plan to annex a significant portion of the West Bank—a region with at least 2.7 million Palestinians (see 101). The move to suspend annexation came with US backing. 

The two countries will establish embassies and sign a series of bilateral deals on energy, trade, technology, and other areas. 

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IN THE KNOW

Sports, Entertainment, & Culture

Brought to you by Vuori

> Justice Department alleges Yale University discriminated against Asian American and white undergraduate applicants (More) | Reporter Bob Woodward’s new book on President Trump, “Rage,” to be released Sept. 15; includes personal letters between Trump and Kim Jong Un (More)

> Minority owners of Washington’s NFL franchise reportedly pressuring majority owner Dan Snyder to sell (More) | NCAA says no championships for fall sports, except FBS football, in 2020 (More)

> “Drake and Josh” star Drake Bell accused of physical and verbal abuse by ex-girlfriend Melissa Lingafelt (More) | Prosecutors say 30 women have come forward with groping allegations against Oscar-winning actor Cuba Gooding Jr. (More)

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Science & Technology

> Physicists discover method to make quantum states last up to 10,000 times longer than previously achieved, a potential breakthrough for fields like quantum computing (More)

> Scientists pinpoint how cells are able to distinguish between—and respond differently to—their own genetic material and that of an invading pathogen, like a virus (More)

> Apple removes Fortnite from its App Store after parent company Epic Games institutes its own in-app payment system, violating terms of service (More) | Epic files an antitrust suit against Apple (More) | An overview of Fortnite, one of the world's most popular multiplayer video games (More)

Business & Markets

> US stock markets mixed (S&P 500 -0.2%, Dow -0.3%, Nasdaq +0.3%) as S&P 500 trades above its record high intraday; record high close was Feb. 19 before pandemic sell-off (More)

> Aeromexico, Mexican airliner that filed for Chapter 11 bankruptcy in the US, arranges $1B debtor-in-possession financing from Apollo Global Management (More)

> Sources say data analytics firm Palantir plans to IPO via direct listing as early as next month (More) | Coworking giant WeWork receives $1.1B commitment from SoftBank (More) | Plant-based meat maker Impossible Foods raises $200M at $4B valuation (More)

Politics & World Affairs

> Rhode Island requirement to have mail-in ballots signed in the presence of two witnesses or a notary will be waived following Supreme Court decision (More) | In interview, President Trump says he opposes additional Postal Service funding because it would support universal mail-in voting; cites fraud concerns (Listen)

> New Zealand extends lockdown in Auckland as virus cluster grows to at least 30, following more than 100 days with no new cases (More) | The US sees new daily cases trending down, near 50,000; weekly average here (More) | ... but also sees highest daily deaths since mid-May, at 1485 (More) 

> Belarusian protesters allege "widespread torture" by police detaining demonstrators, with nearly 7,000 arrested so far; protests erupted after Sunday election showed authoritarian President Alexander Lukashenko won 80% of the vote (More)

IN-DEPTH

Would Breaking Up 'Big Tech' Work?

Ben-Evans.com | Benedict Evans. Unlike past monopolies, today's tech giants rode network effects to solidify dominant market positions—and require new approaches to regulation. (Read)

What is MasterClass Actually Selling? 

Atlantic | Carina Chocano. The ubiquitous ads purport to offer high-end learning from those at the top of their fields. In fact, the real product may be less educational and more aspirational. (Read, $$)

Visualizing the Racial Mortality Gap

NYT | Gus Wezerek. Chock full of data, explore the trends behind the health and life span disparities faced by Black Americans. (Read, $$)

ETCETERA

Ranking America's fastest-growing private companies.

Get a bird's-eye view of the world's hotspots of change. 

What the world's first socially distanced concert looks like. 

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The race to digitize Burning Man. 

AMC theaters will offer 15-cent tickets when they reopen.

How COVID-19 has upended the dating timeline. 

Peek inside a Cold War-era missile silo that is up for auction.

Google Lens will solve your homework problems.

Clickbait: Idaho goat loves mayhem, paddle boarding. 

Historybook: HBD Steve Martin (1945); HBD Earvin "Magic" Johnson (1959); HBD Halle Berry (1966); Blackout in US, Canada affects 53 million (2003); US embassy in Cuba opens for first time in 54 years (2015).

"In life, winning and losing will both happen. What is never acceptable is quitting."

- Earvin "Magic" Johnson

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