Friday, July 25
Thursday, July 24
Headlines
Tomohiro Ohsumi/Getty Images
Trump unveils “massive” trade deal with Japan, including a 15% tariff. President Trump announced that an agreement had been reached Tuesday night that would impose “reciprocal” tariffs on Japanese goods entering the US at 15%. That’s lower than the 25% Trump previously threatened, but still high for a tariff on a major trading partner—and the lower figure includes tariffs on cars, which have been facing a 25% duty since April. The deal also calls for Japan to invest $550 billion in the US, with the US receiving “90% of the profits,” according to Trump. The news pushed Japanese markets to a one-year high yesterday, with automakers getting the biggest boost. US car companies, which have recently reported big losses due to tariffs, criticized the deal.
Elon Musk says Tesla could have a “rough” road ahead after sales slumped. Tesla’s profit fell 16% last quarter to $1.17 billion compared to $1.4 billion for the same period a year ago as sales of its cars declined. With sales down and the loss of US incentives for consumers to buy EVs due to the recently passed Republican tax bill, Musk said the company would eventually be buoyed by an expanding robotaxi fleet, but that it may not happen until next year. “We probably could have a few rough quarters. I’m not saying we will, but we could,” Musk told analysts yesterday.
Alphabet’s sales are up from AI, but so is its spending. Alphabet’s $96.4 billion revenue haul for Q2 exceeded expectations, boosted by a 32% year over year revenue growth in its cloud computing business. But the Google parent also reminded investors that you need to spend money to make money—especially in the red-hot AI race. The company bumped its expected capital expenditures for the year up to $85 billion, which is $10 billion higher than the amount it reported in February. The company said the extra cash was necessary to support the “strong and growing demand for our Cloud products and services.”—AR
Robert Reich
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| Illustration by Till Lauer for The New Yorker |
From Watergate to Epsteingate
Friends,
Here are the two contradictions lying at the heart of the contretemps over Trump and Jeffrey Epstein:
1. As early as May, Trump knew his name was in the Epstein files. Attorney General Pam Bondi and her deputy informed Trump at a meeting in the White House that his name appeared “multiple times.”
But on July 15, when a journalist asked Trump, “Did [Bondi] tell you at all that your name appeared in the files?” Trump responded, “No, no.”
2. Bondi said in February that Epstein’s client list was “sitting on my desk right now to review.”
But on July 7, the Justice Department stated that a thorough review had turned up no list of Epstein’s clients.
Neither of these is evidence that Trump was involved in Epstein’s activities with underage girls. But together they suggest a cover-up — which can kill a presidency.
Here are the two contradictions lying at the heart of the contretemps over Trump and Jeffrey Epstein:
1. As early as May, Trump knew his name was in the Epstein files. Attorney General Pam Bondi and her deputy informed Trump at a meeting in the White House that his name appeared “multiple times.”
But on July 15, when a journalist asked Trump, “Did [Bondi] tell you at all that your name appeared in the files?” Trump responded, “No, no.”
2. Bondi said in February that Epstein’s client list was “sitting on my desk right now to review.”
But on July 7, the Justice Department stated that a thorough review had turned up no list of Epstein’s clients.
Neither of these is evidence that Trump was involved in Epstein’s activities with underage girls. But together they suggest a cover-up — which can kill a presidency.
At A Glance
Uber rolls out feature connecting women riders with women drivers.
A look at the US Postal Service before its 250th birthday.
Feisty felines get their moment in front of the camera.
More than 70% of teens have used AI for companionship.
How crops across the Corn Belt make hot days hotter.
What happened to squirrel pot pie?
Experts say exercise in the morning for a healthier heart.
Lightning kills 320 million trees each year.
Clickbait: How germy is the public pool?
In The NEWS
Sports, Entertainment, & Culture
> Ozzy Osbourne, legendary rock star and Black Sabbath frontman, dies at age 76 just over two weeks after performing in his final concert, which raised $190M for charity (More) | See previous write-up on Osbourne's last concert (More)
> US Olympic and Paralympic Committee bans transgender women from competing in women's sports, complying with recent President Donald Trump executive order (More)
> "South Park" creators Trey Parker and Matt Stone sign five-year, $1.5B deal with Paramount for global streaming rights to the animated series (More)
Science & Technology
> Japan proposes first new nuclear power plant since the deadly 2011 Fukushima disaster; meltdown followed a tsunami that left more than 2,300 people dead post-evacuations (More) | Nuclear provides about 20% of US electricity; learn more (1440 Topics)
> Brain scan study suggests the COVID-19 pandemic caused brains to age roughly five and a half months faster than prepandemic era; effect was seen regardless of infection status, more pronounced in older subjects (More)
> Octopuses can be tricked into thinking rubber tentacles are part of their body; findings suggest the creatures have a sense of "body ownership," similar to humans (More)
Business & Markets
> US stock markets close mixed (S&P 500 +0.1%, Dow +0.4%, Nasdaq -0.4%) (More) | Kohl's shares close up 38% in apparent meme stock rally; trading halts briefly due to volatility (More) | Universal Music Group—owner of record labels behind Taylor Swift, Drake, and Lady Gaga—confidentially files for US initial public offering (More)
> UK court rules estate of Mike Lynch, who died last year when his superyacht sank off Italy's coast, and his former business partner owe HP Enterprise roughly $945M following an ill-fated deal with their software company, Autonomy (More) | See previous write-up on the superyacht tragedy (More)
> General Motors says Q2 earnings took a $1.1B hit from new tariffs on imported cars and auto parts, shrinking net income by 35% year over year; America's largest automaker still beat Wall Street estimates on Q2 earnings and revenue (More)
Politics & World Affairs
> President Donald Trump announces trade deal with the Philippines, landing on 19% tariffs; says US goods will not face tariffs in the Philippines in exchange for US military cooperation (More) | ... also announces trade deal with Japan, including 15% levy on imported goods; Japan to invest $550B in the US (More)
> Columbia University penalizes over 70 students for their participation in Israel-Gaza protests amid negotiations to restore $400M in federal funding; disciplinary action includes two-year suspensions, expulsions (More)
> Bryan Kohberger due to be sentenced today over fatal stabbing of four University of Idaho students in 2022 after pleading guilty to first-degree murder, burglary charges earlier this month (More)
SOURCE: 1440 NEWS
Teaching Young People
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We teach reading, writing, arithmetic, history, foreign language, science, music, and the arts in high school but not finance.
High school classes are designed for students who want to attend college but are not designed for those students who do not want to attend college.
For me, this is a big mistake...
RULE OF 72 - take a percentage that represents some sort of interest rate and divide that number into 72. The answer approximates the number of years it takes for one's money to double in value.
For instance, a mutual fund over a period of 40-80 years, averages during any 20-year period of time, 8-12% every year. So, let's use 10%. Dividing 10 into 72, results in 7.2 or one's money will double every 7 years.
Starting Amount
$10,000 2025 - your age is 20
$20,000 2032 27
$40,000 2039 34
$80,000 2046 41
$160,000 2053 47
$320,000 2060 54
$640,000 2067 61
$1,280,000 2074 67 - retirement age
Think about this...
How much does college cost?
Where do you get the initial $10,000?
- Work part-time during high school and save
- Work after high school and live with parents and save
- Ask parents for the money
- Instead of starting at age 20, start at age 24
The point is that this type of financial knowledge should be taught to all students in high school, especially those who do not want to attend college.
Gravity and quantum ripples may explain cosmic origins
A team of scientists led by expert Raúl Jiménez, ICREA researcher at the University of Barcelona's Institute of Cosmos Sciences (ICCUB), in collaboration with the University of Padua (Italy), has presented a revolutionary theory about the origins of the universe.
The study, published in the journal Physical Review Research, introduces a radical change in the understanding of the first moments after the Big Bang, without relying on the speculative assumptions that physicists have traditionally assumed.
For decades, cosmologists have worked under the inflationary paradigm, a model that suggests that the universe expanded extremely rapidly, in a fraction of a second, thus paving the way for everything we observe today.
For decades, cosmologists have worked under the inflationary paradigm, a model that suggests that the universe expanded extremely rapidly, in a fraction of a second, thus paving the way for everything we observe today.
But this model includes too many adjustable parameters—the free parameters—which can be modified. Scientifically, this poses a problem, as it makes it difficult to know whether a model is truly predicting or simply adapting to the data.
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