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| Hey Insiders! 🗞️ Today's issue features Russia confirming Prigozhin's death, a dive into the market cap of online travel companies, Donald Trump's campaign announcing it raised $7.1M since his booking in Georgia, and more. ⏬ Scroll down for some Quick Hits and our Upcoming Events section. 💬 Your thoughts matter to us — don't hesitate to hit reply and share your feedback! If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Vildana
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| 1 | | Yevgeny Prigozhin, the chief of Russia's Wagner mercenary group, was confirmed dead in a plane crash in the Tver region northwest of Moscow. Genetic tests verified that Prigozhin was among the 10 people killed, including Dmitry Utkin, his right-hand man and co-founder of the Wagner group. More: - The plane crash occurred last week and involved a private jet.
- Authorities have not yet disclosed the cause of the plane crash
- Russia's aviation agency had previously published the names of all 10 people on board.
- There had been speculation on pro-Wagner Telegram channels questioning whether Prigozhin was on the flight due to his known security precautions.
- Western politicians have speculated, without evidence, that Putin ordered Prigozhin's death as punishment for the mutiny that took place in June.
- Some Wagner fighters have relocated to Belarus under a deal that ended their mutiny.
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| 2 | | 
What the numbers say: As of December 2022, Booking.com led the global online travel industry with a market capitalization of about $78.2B. It was followed by Airbnb, which had a market cap of approximately $54.1B, with Trip.com and Expedia also in the competition. Relevance: In 2022, the U.S. travel market saw a robust 51% growth in total gross bookings compared to the previous year. Online travel agencies accounted for slightly more than 20% of the entire U.S. market, as revealed by recent data from Phocuswright's U.S. Online Travel Agency Market Report for 2022-2026. | | | |
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| 3 | | Donald Trump's campaign announced it raised $7.1M since his booking in Georgia on charges related to election interference. The campaign garnered $4.18M on Friday alone, marking its highest-grossing day. More: - Trump was booked in Fulton County, Georgia, as part of a sweeping indictment involving 19 defendants.
- Trump spent about 20 minutes in jail, including having a booking photo taken, before returning to his home in Bedminster, New Jersey.
- Trump's joint fundraising committee reported $53.8M in revenue from January to June 2023 but spent nearly $52M.
- The majority of the committee's spending, tens of millions, went toward legal fees for Trump and his associates.
- This marks the fourth criminal case Trump faces this year, including federal charges and accusations related to mishandling classified documents.
Zoom Out: - Trump's campaign says it has raised almost $20M in the last three weeks.
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| 4 | | The family of former British Prime Minister William Gladstone has publicly apologized for their historical involvement in slavery and indentureship in Guyana. The apology comes amid calls for reparations from descendants of slaves, particularly in Guyana, where William's father, John Gladstone, was one of the largest slaveholders. More: - William Gladstone's father, John, was a significant slaveholder in the Caribbean regions colonized by Britain.
- John Gladstone is believed to have owned two ships transporting thousands of Asians as indentured laborers after slavery was banned in 1834.
- Charles Gladstone, William's great-great-grandson, apologized at the University of Guyana's International Centre for the Study of Migration and Diaspora.
- The family urged other descendants of slaveholders to discuss their ancestors' crimes and contribute to building a better future.
- Charles Gladstone and family vowed to support a new university department and called on the U.K. to discuss reparations with the 15-nation Caribbean Community (CARICOM).
- CARICOM seeks more than $1.2T in reparations, the right of repatriation for descendants, and debt cancellation, among other demands.
- William Gladstone served four non-consecutive terms as Prime Minister between 1868 and 1894. He died in 1898.
Zoom Out: - In 2020, the University of Glasgow pledged to pay £20M in reparations for its historical links to slavery.
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| 5 | | Credit Suisse, now a subsidiary of UBS, reported a 2Q 2023 loss of 3.5B Swiss francs ($4B). The loss was anticipated due to the bank's exit from non-core businesses and restructuring costs. More: - The bank had already forecasted a significant pre-tax loss for both 2Q and the full year of 2023 as early as April.
- The loss is attributed to Credit Suisse's strategic move to exit from non-core businesses.
- Restructuring and financing costs also contributed to the significant loss.
- UBS, the parent company of Credit Suisse, will present its quarterly results on Aug. 31.
- UBS and Credit Suisse spokespersons declined to comment on the reported loss.
Zoom Out: - UBS reported a net profit of $1.6B in Q1 2021, showing resilience despite economic uncertainties.
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| 6 | | Global trends like rising trade barriers, aging populations, and a shift to renewable energy could intensify inflation, making it challenging for central banks like the Federal Reserve to meet their targets. Reporting by the Associated Press highlights these concerns as a recurring theme in high-profile speeches and studies at the Fed's annual conference in Jackson Hole, Wyoming. More: - Since the pandemic, multinational corporations have been shifting their supply chains away from China, encouraged by massive U.S. subsidies.
- China's share of U.S. imports fell by 5% from 2017 to 2022 due to U.S. tariffs and supply chain disruptions.
- The cost of goods from Vietnam has increased about 10% and from Mexico about 3% in the past five years, adding to inflationary pressures.
- Large-scale investments in renewable energies could temporarily increase government borrowing and raw material demand, thereby heightening inflation.
- Aging populations are less likely to work, acting as supply shocks similar to the shortages that accelerated inflation during the pandemic rebound.
- Despite shifts, U.S. imports reached an all-time high in 2022, indicating that overall trade has remained strong.
Zoom Out: - According to a World Bank report, global inflation is expected to remain elevated in 2023 due to supply chain disruptions and labor shortages.
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- The U.S. economy is expected to slow in the coming months as the Federal Reserve continues its historic inflation fight.
- China's "aggressive behavior" in the South China Sea must be challenged and checked, the U.S. Navy's Seventh Fleet commander said.
- A white gunman shot and killed three Black people at a Dollar General store in Jacksonville, Florida, in what authorities said was a hate crime.
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