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| Happy Friday, Insiders! Today's newsletter covers the latest moves in U.S. stock indices, the leak of Louisianans' personal data, Japan's decision to raise the age of consent, and more. We hope you have a great weekend and, as always, feel free to send us feedback by replying to this email! Your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | The personal data of all people who have Louisiana driver's licenses was exposed in a major cyber-attack. The data includes names, addresses, social security numbers, birthdates, and vehicle registration information, according to a statement from Louisiana Governor John Bel Edwards. More: - Edwards said there was no evidence that hackers had sold, used, shared, or released any information.
- He encouraged people to change their passwords, freeze their credit to prevent fraudulent credit cards from being opened, and obtain a special number from the IRS to prevent people from filing tax returns in their names.
- Russia-linked hacker group CI0p, which claimed responsibility for the hack, previously said that it would not exploit data stolen from government agencies.
- It is unclear how many people in the state of 4.6 million had their data exposed.
Zoom Out: - The Louisiana motor vehicle department used the MOVEit file transfer software that was exploited by the hackers.
- The ransomware scheme targeting MOVEit affected several companies and government agencies, including Shell, British Airways, the British pharmacy chain Boots, the U.S. Department of Energy, the University of Georgia academic system, and the John Hopkins Health System.
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| 2 | | 
What the numbers say: The S&P 500 is up ~3% this week, its biggest weekly gain since March. Relevance: The past week has seen several positive pieces of macroeconomic news: the annual inflation rate fell to 4.1% in May, the Federal Reserve paused its rate-hiking campaign after ten consecutive increases, and the job market saw strong gains in May. The latest data signal that the U.S. economy may be headed for a soft landing instead of the widely-expected recession. How are other indices doing?: The S&P 500 has now gone through its first five-week period of consistent gains since November 2021. The Nasdaq has been up eight weeks in a row, its longest positive streak since 2019. The S&P 500 and Nasdaq are both at their highest level in over a year. | | | |
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| 3 | | The Justice Department released a major investigative report into the discriminatory policing practices of the Minneapolis Police Department (MPD) on Friday. The report features evidence purporting to show that MPD officers engaged in racial discrimination and frequently used excessive force. More: - The investigation began after the death of George Floyd at the hand of MPD officers in May 2020.
- Attorney General Merrick Garland told a press conference that "the patterns and practices we observed [in the course of the investigation] made what happened to George Floyd possible."
- The report concluded that the MPD failed to address systemic discriminatory practices and did not discipline officers who persistently engaged in misconduct.
- A separate report published by the Minneapolis Department of Human Rights provided further evidence of the MPD's discriminatory policing practices.
- It found that 63% of instances in which MPD officers recorded the use of force between 2010 and 2020 involved Black people, even though Black people account for 19% of the state's population.
Zoom Out: - Garland said the Justice Department and Minneapolis officials had agreed to negotiate the terms of a court-enforced consent decree.
- The department is enforcing 13 consent decrees with other police departments to tackle discriminatory practices.
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| 4 | | GOOD NEWS: An 86-year-old man returned a copy of George Orwell's "1984" to the Oregon library that was 65 years overdue. The man, who identified himself only as WP, left a note saying that after re-reading the novel, he realized that "this book should be put back in circulation." More: - "1984," which was first published in 1949, depicts a dystopian society in which free and independent thought is censored by a totalitarian regime.
- Multnomah County Library posted a picture of WP's typed note on its Facebook page.
- WP wrote that: "Certain parts are as relevant today as they were 65 [y]ears ago... Sorry to be so tardy. At age 86, I wanted to finally clear my conscience."
- The library wrote: "Conscience cleared!"
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| 5 | | Japanese lawmakers voted to raise the age of consent from 13 to 16 and redefine the status of rape under criminal law on Friday. The changes come after a number of high-profile acquittals in rape cases, prompting activists to call for more strict sexual consent rules. More: - Children under 13 have been legally allowed to consent to sex since 1907, the lowest age of consent among developed nations.
- However, regional laws effectively raised the age of consent to 16 in Japan's prefectures.
- Under the new law, teenage couples that are under five years apart in age will be exempt from prosecution.
- Previously, prosecutors needed to demonstrate that victims were incapacitated by violence or physical intimidation in order to secure a rape conviction.
- The new law allows prosecutors to argue that rape victims were unable to consent because they were under the influence of alcohol or drugs, because they were scared, or because the perpetrators used their social status to abuse their victims.
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| 6 | | Intel plans to build a $4.6B semiconductor production facility in Poland. Intel said the plant, which is due to start operations in 2027, would employ ~2,000 people. More: - Construction on the site, which is near the southwestern city of Wroclaw, is set to start soon, pending approval from the European Commission.
- The plant will manufacture chips using semiconductor wafers from Intel's facilities in Ireland and Germany, Intel said.
- Intel has 4,000 employees in Poland.
Zoom Out: - In February 2022, Intel unveil plans to build a wafer manufacturing plant in the German city of Magdeburg.
- The German government reportedly agreed to provide €9.9B ($10.83B) in subsidies to Intel, up from an earlier offer of €6.8B ($7.43B).
- In late 2021, Intel said it planned to invest up to $95B in new semiconductor facilities across Europe.
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- Robert Bowers was convicted of 63 criminal charges in relation to the anti-Semitic Tree of Life synagogue mass shooting he perpetrated in October 2018. Jurors will now decide between sentencing Bowers to death or life in prison without parole.
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Term of the Day Data-driven attribution: Data-driven attribution is an attribution model used in marketing to measure the impact of touchpoints throughout the customer journey. Question of the Week How do you feel about the phrase "The customer is always right"? Join the conversation |
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 | Writer | | Dr. Daniel Smith is an Inside writer with a Ph.D. in Political Science from the University of Cambridge. Follow him on Twitter @DJS12321 or email him at Daniel@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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