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Good morning. Big news in the world of karaoke: China’s Ministry of Culture and Tourism is banning the use of songs at karaoke bars that contain “illegal content,” like those that violate the country’s religious policies or glorify violence.
The US should do this, too, but only ban songs that people are actually good at. Karaoke is for bad singing only.
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Nasdaq
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14,765.14
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S&P
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4,447.70
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Dow
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35,484.97
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Bitcoin
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$46,166.54
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10-Year
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1.337%
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Caterpillar
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$221.66
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Here's what these numbers mean.
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Markets: Unsexy companies in sectors like industrials and utilities are the real heroes of the stock market this week, lifting the Dow to another record high.
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Covid: California became the first state to mandate that its teachers and other school employees get vaccinated (or else face regular Covid-19 testing). Meanwhile, the CDC strengthened its recommendation that pregnant women should be vaccinated, citing new evidence about effectiveness and safety.
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The pros of going to a gas station (great smell) are beginning to get outweighed by the cons (surging prices), and the White House is scrambling to do something about it.
The Biden administration yesterday asked OPEC+ to please produce more oil, arguing that high costs at the pump are harming the economic recovery.
- OPEC is a group of countries that collectively produce ~40% of the world’s crude oil.
- They’ve recently expanded into OPEC+, which in fact is not a streaming service but a broader group of major oil-exporting nations that includes Russia.
The backstory: During those unprecedented times last spring, OPEC+ slashed production by an unprecedented amount—nearly 10 million barrels/day. The group recently agreed to gradually ramp up output over the next year, but the US thinks that’s not enough to meet greater demand for gas and keep prices from taking a bite out of Americans’ wallets.
Run the numbers on gas prices:
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The national average yesterday was $3.185/gallon, according to AAA. A year ago, it was $2.174.
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In May, the national average topped $3 for the first time since 2014.
Of course, gas isn’t the only thing that’s expensive these days. Consumer prices jumped 5.4% annually in July, the Labor Department revealed yesterday, confirming that inflation is a defining characteristic of the post-lockdown economy. But the report also offered ammo to the economists who say higher inflation is temporary—the rate of growth in prices slowed down from June.
Looking ahead...will OPEC change its strategy because of the US? Not on your nelly. An official from Saudi Arabia, the world’s biggest oil producer, said it was rich that the US was asking for more oil when it's also on a high-profile mission to curb emissions. Another OPEC delegate responded that the spread of the Delta variant means a full recovery in demand for fuel is anything but certain.
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Samsung
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Innovation is a circle, and Samsung is bullish about its foldable phone lineup. Yesterday, the Korean tech giant launched two new smartphones: the Galaxy Z Fold3, which folds out like a book into a 7.6-inch tablet, and the Galaxy Z Flip3, whose vertical orientation lets you relive your early 2000s flip-phone fantasies.
They’re not the first of their kind. In 2019, Samsung released its OG foldable phone after delaying the rollout over durability concerns. That phone was clunky, cost $2,000, and was described as an “expensive experiment.”
What’s different this time is...just about everything:
- The higher-end Z Fold3 costs $1,800 while the Z Flip3 costs $1,000, finally putting a foldable phone in a similar price bracket as an iPhone.
- Both phones are water resistant, sturdier, and have updated software.
Big picture: Samsung needs to convince consumers that foldable phones are more than just a gimmick. Only 2 million foldable phones were shipped last year out of 1.3 billion total smartphones, per research firm International Data Corp.
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Giphy
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On Tuesday, hackers pulled off one of the biggest heists in crypto history, stealing more than $600 million from decentralized finance (DeFi) platform Poly Network. Within a day, the thieves started sending back scoops of their cryptocurrency trail mix, which included ether, bitcoin, dogecoin, and hundreds of others. $256 million was returned as of yesterday afternoon.
How they pulled it off is still being investigated, but in an online Q&A, the hackers said they spotted a bug and made off with their haul “to keep it safe.” Also, “for fun:).”
Why return it?
It’s possible the bandits were intimidated by Poly Network, which posted a tweet warning the cybercriminals that they "will be pursued" by law enforcement and that it would be “unwise for you to do any further transactions.”
Zoom out: Illicit activity in the cryptocurrency space has been ramping up, especially in the emerging sector of decentralized finance—which includes a variety of blockchain-conducted financial applications. Government regulators and independent companies are racing to figure out how to fight back.
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Justworks hosts the tools you need to take care of your team, all in one place.
Whether your company is permanently remote, heading back to the office, or a little bit of both, Justworks’s people tools will have you saying “HOLY HUMAN RESOURCES, I’M IN LOVE!”
Justworks provides access to national, large-group health insurance plans and mental health and wellness perks, whatever state in which your employees live.
But the goodness doesn’t stop there. Justworks allows your company to easily pay contractors in 50 states with no extra fees. When it comes to full-time employees, Justworks’s intuitive online platform provides an easy onboarding experience. And if you ever run into a hiccup, you can get help anytime with their 24/7 expert support.
Give your people the support they deserve by getting started with Justworks today.
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Khaled Desouki/Getty Images
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Stat: Despite having about 17% of the world’s population, Africa accounts for just 1% of new car sales globally (and South Africa for 85% of those), according to the research firm Mordor Intelligence. Securing financing at favorable loan terms is a major hurdle, and in many African countries, customers must pay the full cost of the car up-front.
Quote: “Nobody will ever describe my administration as a toxic work environment.”
In her first press briefing after New York Gov. Andrew Cuomo announced his resignation, Lt. Gov. Kathy Hochul, his successor, vowed to change the workplace culture of the governor’s office.
Read: How to sell a ton of merch as a minor league baseball team. (New York Times)
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Earl Gibson III and Matt Winkelmeyer for Getty Images
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The iconic game show and SNL’s favorite crutch announced not one, but two new hosts: Jeopardy! executive producer Mike Richards and actress Mayim Bialik.
Bialik is known for her role in The Big Bang Theory and will be the show’s first permanent female host. She’ll run the podium for specials like the new college championship tournament next year, while Richards, a former host of the reality show Beauty and the Geek, will step in for standard shows.
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When rumors first circulated last week that Richards might get the hosting role, fans criticized his coziness to the hiring process and his involvement in discrimination lawsuits during his time as executive producer of The Price Is Right.
Big picture: The journey to find a new host took longer than the groan we let out when seeing the “Opera” category on the board. The show has tapped 16 guest hosts, including NFL QB Aaron Rodgers, journalist Robin Roberts, and the beloved actor LeVar Burton, since former host, TV icon Alex Trebek, died last November.
Jeopardy!’s 38th season will start September 13.
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Southwest Airlines wants a take-back on its projection that it’ll turn a profit this quarter as Delta (the variant, not the airline) dampens demand for air travel.
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DoorDash was in talks to buy Instacart, per the Information. But the conversation hit a dead end in the past few weeks.
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Mailchimp, the email marketing company once used by yours truly, is reportedly exploring a sale at a valuation of more than $10 billion.
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Flying taxi company Joby went public via SPAC at a $4.5 billion valuation.
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Sicily recorded a temperature of 119.85°F. If verified by the World Meteorological Organization, it would be the highest temperature recorded in Europe...ever.
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Lie flat in Business Class to Europe. Save $2,000. For the next 12 hours, try Dollar Flight Club for just $1 to get deals like Biz Class to Barcelona from $1050, Economy Class to Greece from $276, or Biz Class to London for $707 roundtrip. Try the club for just $1 Buck today.*
This summer’s secret ingredient? The delightfully refreshing taste of Hendrick’s Gin. Bursting with essences of cucumber and rose, Hendrick’s is perfect on the rocks or in your fav summertime cocktail. Pick up some Hendrick’s right over here.*
Our series on the Covid-era workplace rolls on: Business pros weigh in on the raging debate over bringing workers back to the office. And have you also forgotten how to make small talk?
Aesthetically pleasing: The smoothest slide ever and the “Fat Baby” from Amano Las Vegas. Okay, the last one is not aesthetically pleasing.
Nestflix: It’s like a meta version of Netflix with a list of movies within movies and fake shows within shows. Browse away.
*This is sponsored advertising content
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Brew Mini: The time to beat this week is 31 seconds. See if you can do it.
Three Headlines and a Lie
Three of these news headlines are real, and one is faker than a Philadelphia roll. Can you guess the odd one out?
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Scientists tweak daddy long legs genes to create daddy short legs
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Hermit crabs “sexually excited” by plastic pollution in ocean, researchers say
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Salesforce enters the streaming wars
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New evidence shows Ancient Greek warriors hula hooped roughly 90 minutes a day
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The Ancient Greeks did not hula hoop 90 minutes a day as far as we know.
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✤ A Note From Hendrick's
PLEASE DRINK THE UNUSUAL RESPONSIBLY. HENDRICK'S GIN 44% ALC/VOL. ©2021 BOTTLED AND IMPORTED BY WILLIAM GRANT & SONS. NEW YORK, NY.
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