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| Today's newsletter covers: - ⚖️ Former President Donald Trump's indictment for allegedly conspiring to overturn the results of the 2020 election
- 💰New rules from the Securities and Exchange Commission that seek to bring more transparency to the rapidly-growing private funds industry
- 🏫 Taiwan's plan to provide free period products in all schools and universities
And much more! As always, your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | Former President Donald Trump was indicted on four felony charges for allegedly conspiring to overturn the results of the 2020 presidential election. The indictment issued by special counsel Jack Smith marks the culmination of a years-long investigation into the complex campaign orchestrated by Trump and his allies to hold on to power after losing the election to Joe Biden. More: - Smith said the Jan. 6 attack on the U.S. Capitol was the result of Trump's efforts to undermine the "bedrock function of the U.S. government: the nation's process of collecting, counting, and certifying the results of the presidential election."
- Prosecutors accuse Trump of pressuring electoral officials to reverse voting results in their states based on false claims of electoral fraud.
- The indictment alleges that Trump and his co-conspirators pushed for state GOP officials to put forward false slates of electors to undermine the Electoral College's vote-counting process.
- Trump, who has been indicted in two separate cases over the past year and could be indicted by Georgia prosecutors in the coming weeks, is set to appear in court to address the charges in Washington D.C. on Thursday.
Zoom Out: - The indictment also refers to six unnamed co-conspirators.
- Based on the descriptions of the co-conspirators' actions in the indicting document, it is likely that Rudy Giuliani, John Eastman, Sidney Powell, Jeffrey Clark, and Kenneth Chesebro will soon be charged as part of the case, in addition to a sixth person whose identity is unclear.
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What the numbers say: The Nasdaq Composite index was down over 2.4% on Wednesday after Fitch downgraded the long-term rating for U.S. debt from AAA to AA+ on Tuesday night. The Dow Jones Industrial Average fell 0.6% and the S&P 500 lost 1.3% following the news. 10-year Treasury yields rose to 4.1%, reaching their highest level since last November. Relevance: The ratings agency said the downgrade was necessary due to "expected fiscal deterioration over the next three years" in the U.S. The downgrade, just the second in U.S. history, comes after a months-long congressional battle over raising the debt ceiling pushed the U.S. close to an unprecedented default on its debt earlier this year. The U.S. also faces the possibility of a government shutdown in the fall as members of Congress battle over spending commitments. Fitch said that "the repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management," adding that the U.S. government "lacks a medium-term fiscal framework, unlike most peers." | | | |
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| 3 | | The Securities and Exchange Commission (SEC) is preparing new rules to increase transparency in the private equity and hedge fund industries. SEC Chair Gary Gensler has said he wants to lower the fees and expenses collected by firms like Blackstone, Millenium, and other lightly regulated private funds firms. More: - In early 2021, private funds surpassed U.S. banks in total gross assets held for the first time.
- According to federal government data, private funds assets under management peaked at $25.44T in December 2021, an increase of $9T from 2012.
- Private funds are typically available only to wealthy individuals and institutional investors like pension funds, university endowments, or sovereign wealth funds.
- Under the rules, private funds will have to provide clients with quarterly statements and annual audits.
- They seek to increase the liability of private funds in instances of mismanagement or negligence while limiting funds' ability to offer better terms to some investors.
Zoom Out: - Private funds and their lobbying groups have opposed the plans since they were proposed by the SEC 18 months ago.
- A group of hedge funds established a non-profit called the National Association of Private Fund Managers in Texas, in an area that is under the jurisdiction of a federal appeals court composed primarily of Republican-appointed judges who could back legal challenges to the regulatory changes.
- The SEC said it expects a court battle over the rules, with one agency official saying: "There's a whiff of litigation in the air."
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| 4 | | GOOD NEWS: The Taiwanese government will provide free period products in all schools and universities starting this month. An estimated 95,000 students will benefit from the program, which is part of the government's campaign to end period poverty. More: - The Ministry of Education program will cost over NT$100 million ($3.18M). It will also provide subsidies to low-income students to help them buy period products.
- Taiwanese Premier Chen Chien-jen said that ending period poverty is a key component of his government's efforts to promote gender equality.
- Period poverty is defined as a lack of access to menstrual products, and sanitary hygiene facilities, and the social stigma that can come with this lack of access.
- New Zealand and Scotland started providing free period products in all schools in 2021 and 2022, respectively.
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| 5 | | Chinese regulators unveiled new rules to fight internet addiction among children by restricting when they can access the internet on their smartphones. Under the proposed rules, Chinese minors under 18 will be barred from using the internet on their smartphones between 10 PM and 6 AM. More: - The restrictions are set to come into effect on Sept. 2.
- The rules would also set a cap ranging from 40 minutes of smartphone usage a day for children under 8 years old to two hours a day for 16- and 17-year-olds.
- Parents would be able to bypass the rules if they want to.
- Chinese technology firms Tencent and Baidu saw their stock prices fall by over 3% following the announcement.
Zoom Out: - Two years ago, Chinese regulators limited the amount of time that children can spend playing online video games to just three hours per week.
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| 6 | | Police raids targeting drug gangs in three Brazilian states left at least 43 people dead after firefights broke out between police and heavily-armed suspects. Schools were closed in part of Rio de Janeiro, and some at-home visits by the public health service were canceled due to security concerns. More: - One of the raids, in the northern Rio favela of Complexo da Penha, was initiated after police received intelligence indicating that gang leaders would be meeting in the area.
- Local media reported that a drug kingpin was among the 10 people killed in the raid.
- 14 people were killed during a five-day police raid in São Paulo state.
- São Paulo police seized 385kg (849 lbs) of narcotics, as well as guns, during the raid.
Zoom Out: - Locals accused police of torturing suspects during the São Paulo raids, a claim that São Paulo Governor Tarcísio de Freitas denied.
- Brazilian justice minister Flávio Dino was critical of the raids, saying that the scale of the police actions "doesn't seem proportional to the crime committed."
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- Toyota plans to launch the first hybrid version of its iconic Land Cruiser vehicle in major markets next year, including North America in the spring.
- Payroll processing firm ADP estimates that the U.S. economy added 324,000 jobs in July. The Bureau for Labor Statistics is set to release official employment data on Friday morning.
- Canadian Prime Minister Justin Trudeau said that he and his wife Sophie plan to separate after 18 years of marriage.
- A federal jury sentenced the man who killed 11 people at a Pittsburgh synagogue in June 2018 to death by execution for his crimes. Robert Bowers, who was convicted of all 63 charges stemming from what was the deadliest anti-Semitic attack in U.S. history, was motivated by far-right extremist ideology.
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Term of the Day Stock-keeping unit (SKU): SKUs are unique identification codes used by retailers to track their inventory. Question of the Week Have you ever regretted a career decision? What would you have done differently? 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 NO ACCOUNT ASSOCIATED WITH THE EDITOR | |
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