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Your Daily BriefJuly 14th, 2022 |
Good morning, and welcome to your Thursday! Today is Shark Awareness Day (there’s a greater chance of being struck by lightning than being attacked by a shark, but they still scare us), and here’s what we have for you:
Today’s Highlights
Inflation rose 9.1% in June to hit a new 40-year high
According to the Bureau of Labor Statistics, inflation hit a new 40-year high last month, accelerating at its fastest pace year-over-year since November 1981.
The Consumer Price Index–which measures the prices of everyday goods and services and which the Federal Reserve uses to track inflation–rose 9.1% compared to June 2021, and also increased 1.3% compared to May, when it rose by 1%. June’s increase in the CPI was “broad-based,” per the Labor Bureau’s report, though the largest contributors were fuel, food, and lodging, with the gasoline and energy index rising by 11.2% and 7.5% from their May levels, respectively.
Since June’s inflation levels were higher and more accelerated than economists predicted, markets moved lower on traders’ anticipation that the Fed will raise rates by 75 basis points (0.75%) this month, as it did in June.
Acting leader of Sri Lanka declares a state of emergency amid protests
One day after President Gotabaya Rajapaksa fled the country, Prime Minister Ranil Wickremesinghe–the acting leader of Sri Lanka–imposed a curfew and declared a state of emergency.
Sri Lanka faces economic upheaval like the country hasn’t seen since first gaining independence from British rule in 1948. Relying on India, China, and the International Monetary Fund for financial support, the country is on the edge of bankruptcy, with its citizens unable to afford or access necessities like food, fuel, and medicine. Its currency has dropped by 80%, which has driven up costs of importing essentials and exacerbated inflationary pressures that have seen price increases of over 50% in some areas.
After months of demonstrations and learning of President Rajapaksa's flight to the Maldives, protestors stormed the office of Prime Minister Wickremesinghe, who says the country’s economy has “collapsed” and asserts he will step down once a new government is installed.
Netflix announces Microsoft as its partner for its ad-supported service
In a statement published yesterday, Netflix announced that it has chosen Microsoft to help deliver the advertisements that will come with its cheaper subscription tier.
“Microsoft has the proven ability to support all our advertising needs as we work together to build a new ad-supported offering,” Netflix Chief Operating Officer and Chief Product Officer Greg Peters wrote in the statement, adding that “Microsoft offered the flexibility to innovate over time on both the technology and sales side, as well as strong privacy protections for our members.”
Though it resisted the move for years, Netflix hinted at the plan to introduce a cheaper subscription tier with ads after posting a loss in subscribers during Q1 2022. Co-CEO Ted Sarandos confirmed the strategy in June, and the company is aiming to roll out the new tier by the end of the year.
Around the Globe
- Former finance minister Rishi Sunak leads the first round of votes to replace Boris Johnson as leader of the Conservative Party and Prime Minister of the UK
- The euro reached parity with the U.S. dollar for the first time in 20 years, meaning the two currencies sit at a one-to-one exchange rate
- Bank of Canada hikes its key interest rate by one full basis point (1.00%), marking the country’s largest rate increase since 1998
On the Homefront
- The FDA authorized Novavax’s Covid-19 vaccine as a primary immunization series for adults in the U.S.
- Pentagon announces that the U.S. Air Force has successfully tested a pair of hypersonic missiles from Lockheed Martin
- Boston elects former officer Michael Cox as police commissioner; Cox was beaten by fellow Boston PD officers in 1995 after being mistaken for a shooting suspect while working undercover
Glitz and Games
- The 150th British Open kicks off today at the Old Course in St. Andrews, Scotland; the Old Course is considered the oldest golf course in the world
- Paramount+ orders a 10-episode series for a Criminal Minds revival starring Joe Mantegna, Kirsten Vangsness, Adam Rodriguez, A.J. Cook, Aisha Tyler, and Paget Brewster
- Toronto Blue Jays fire manager Charlie Montoyo and promote bench coach John Schneider to interim manager for the rest of the season
Money Moves
- Stocks started the day lower following the release of inflation data but recovered slightly throughout the day (Dow -0.67%, Nasdaq -0.15%, S&P 500 -0.45%)
- Bill Gates donated $20 billion–roughly one-fifth of his fortune–to the Bill & Melinda Gates Foundation as it plans to speed up the pace of its giving
- Connected home fitness company Tonal–backed by Amazon’s Alexa Fund, Serena Williams, and more–will trim 35% of its total workforce to become profitable so that it can be taken public
Tip & Tricks
- Freak Out: Watch the new trailer for season 2 of American Horror Stories on FX…if you dare
- Bump This: Soak up the summer vibes in the collab track “I Like You (A Happier Song)” by Post Malone and Doja Cat - listen on Apple Music and Spotify
- Nerd Out: Check out these algae biopanel windows from Mexican startup Greenfluidics that create power, oxygen, and biomass for fuel or fertilizer while sucking up carbon dioxide at the same time (and you thought you were busy)
- Look Up: The brightest comet in our solar system, K2, is on track to approach its closest distance from Earth this week at roughly 170,000 miles away
- Say What: "I guess because I'm a true romantic, I'm a true believer in love and I allow the capsules of love to be where they lie. I'm not a timeline dude. I will never have a love like I did with Mariah,” Nick Cannon said when asked about his ex-wife and mother of two of his nine children Mariah Carey
- Hot Goss: A judge rejected Amber Heard’s request to set aside the $10 million judgment awarded against her, stating her claim that one of the trial’s jurors wasn’t supposed to serve on the jury is irrelevant
- Life Hack: If you’re having trouble sleeping, blink your eyes rapidly for 60 seconds; physically tired eyes help you fall asleep faster
Question of the day
What do you think your future self will remember about you now? Tell us what you think here:
@tipnewsbriefLooking Back…
On July 14th, 1881, American outlaw and gunfighter Billy the Kid American was shot and killed at a ranch in New Mexico by Sheriff Pat Garrett.
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