Good morning, and happy Wednesday! Massachusetts State Police said no foul play is suspected in the death of the Obamas’ personal chef Tafari Campbell, who drowned while paddleboarding near the former president’s home on Martha’s Vineyard on Sunday. State authorities said that Campbell wasn’t wearing a life vest and the Obamas weren’t present at the time. We’ll keep you posted with any pertinent updates! In Today’s Brief
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Top TipsTentative UPS dealUPS and the Teamsters union reached a tentative agreement for a new five-year contract covering 340K workers, six days before a potential strike. Per a statement from the union, the deal “raises wages for all workers, creates more full-time jobs, and includes dozens of workplace protections and improvements.” Part-time workers will get a raise to at least $21/hour and full-time workers will average $49/hour. In addition, UPS also agreed to start buying only air-conditioned delivery vans (UPS trucks currently don’t have air conditioning), make MLK Jr. Day an official day off, and end mandatory overtime on workers’ days off. The union will vote on the contract starting on August 3rd. Along with USPS and FedEx, UPS is one of the major carriers in the U.S. The last Teamsters strike at UPS took place in 1997. That year, 185K UPS Teamsters halted deliveries within the company’s network for over two weeks before they reached an agreement with UPS. |
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Banc of California & PacWest mergerPacWest is merging with Banc of California in an all-stock deal, according to a press release the latter company published yesterday. Per the press release, the combined bank will have $36B worth of assets and operate more than 70 branches in California under the Banc of California name once the deal completes. The deal comes two months after shares of PacWest Bancorp plunged amid news that the regional bank was considering a sale. While the bank announced its intention to sell at the time, it said that it had not experienced a high number of customer withdrawals like other regional banks. The merger marks the latest shakeup in the U.S. banking sector after this year’s collapse of three banks: First Republic, Silicon Valley Bank, and Signature Bank. With $229B in assets, First Republic’s collapse was the second-largest bank failure in U.S. history (behind Washington Mutal in 2008). Silicon Valley Bank’s collapse was the third-largest. |
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Ecuadorian prison crisisEcuador declared a state of emergency for 60 days across the country’s prison system, following a wave of violence that left 31 inmates dead. The country’s government launched a security operation yesterday to free dozens of prison guards who were taken hostage by inmates, per Ecuadorian Interior Minister Juan Zapata. The operation came days after six inmates died in a fight between rival gangs in a prison in the port city of Guayaquil; that incident then triggered unrest in a dozen other of the country’s jails, where inmates went on hunger strike. As part of the operation, around 2.7K soldiers stormed the Guayaquil prison to retake control following riots that broke out on Sunday. This is the second state of emergency President Guillermo Lasso declared in a 24-hour period. On Monday, Lasso established a similar state of emergency in two provinces after the shooting of the mayor of the city of Manta, Agustin Intriago. |
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Quick TipsAround the Globe
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From our partners: Unlock Nature’s Potential – The people behind Pique Tea travel to the most biodiverse and ecological destinations around the world to source their ingredients, from the mountains of Japan to the coasts of Italy. For hydration powders infused with plant extracts and electrolytes, try Pique Tea today and get 15% off your Radiant Skin Duo. Business & Markets
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Tip-OffsRanking this year’s states where high earners are moving. …and showing each state’s average marriage duration. An expert teaches what to do after a venomous snakebite. How used coffee grounds can lead to home improvements. Watch Bryan Cranston’s speech at an actor’s strike rally. A study shows what you get from different types of milk. …and a list of situations when you truly need electrolytes. Check out BBC’s 2023 list of the world’s most livable cities. |
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Looking Back…On July 26th: The U.S. Postal Service is established and Benjamin Franklin is named the first postmaster general (1775); Los Angeles experiences its first major smog event (1943); President George H.W. Bush signs the Americans with Disabilities Act into law (1990); author Aldous Huxley is born (1894). |
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