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| Here are our top stories today: - President Joe Biden unveiled the American Climate Corps, an initiative to create some 20,000 jobs to tackle the climate crisis and spur a green energy transition
- Goldman Sachs is in talks to sell specialty lender GreenSky for less than a third of what it paid for the company in 2021
- A Haitian gang leader called for an armed uprising to depose Prime Minister Ariel Henry
If you find this newsletter useful, please share it with your friends and colleagues. Thank you! Your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | President Joe Biden signed an executive order to launch the American Climate Corps, which aims to create more than 20,000 green tech jobs for young Americans. Members of the Climate Corps will help build trails, install solar panels, plant trees, and do other environmental work. More: - The Climate Corps program was initially part of last year's Democrat-backed legislative package to address climate change, but it was dropped due to Republican opposition and concerns about costs.
- More than 50 Democratic legislators signed a letter in support of the New Deal-style jobs program this week, saying that "the climate crisis demands a whole-of-government response at an unprecedented scale."
- They wrote that the Climate Corps will "prepare a whole generation of workers for good-paying union jobs in the clean economy" and help advance environmental justice.
- The White House did not reveal the cost of the program, but Democrats asked for $10B in funding when the policy was being considered as part of the Inflation Reduction Act.
Zoom Out: - The program is modeled after the Civilian Conservation Corps, which President Franklin Delano Roosevelt created in the 1930s to employ Americans for the construction of public projects, such as state parks.
Q: Do you think young people will want to join the American Climate Corps? Join the debate here. |     | |
| 2 | | Aerospace company Textron's stock is up over 5% on the news that its aviation business signed an agreement to sell up to 1,500 additional business jets over the next 15 years. 
What the numbers say: The deal, which was made with the Berkshire Hathaway-owned NetJets, gives NetJets the option to buy up to 1,500 extra Cessna Citation business jets. The Cessna Citation jets are designed, produced, and delivered by Textron. Jeffries analysts estimate that the deal could be worth up to $30B. The deal will also allow NetJets to expand its private fleet with Cessna Citation Ascend, Citation Latitude, and Citation Longitude aircraft. The Ascend plane, which is still under development, should see deliveries begin in 2025. | | | |
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| 3 | | British Prime Minister Rishi Sunak gave a speech on the green transition on Tuesday, in which he pushed back the deadline for banning the sale of new petrol and diesel cars in the U.K. from 2030 to 2035. The Conservative Party leader said he is not "watering down" climate policies and still expects Britain to reach its net zero targets by 2050. More: - Sunak said he expects the majority of cars sold in the U.K. by 2030 to be electric because of improving EV technology.
- He also said that government grants to upgrade to energy-efficient boilers will increase by 50%, to £7,500 ($9,312).
- Low-income households will be exempted from having to upgrade from gas boilers to heat pumps.
- Previously announced plans to mandate that landlords improve the energy efficiency of their homes were abandoned by Sunak.
Zoom Out: - Labor Party lawmaker Steve Reed said that Conservatives were "selling out the biggest economic opportunity of the 21st century ... the green economy of the future."
- The Labour Party said it will ban diesel and petrol car sales by 2030 if it wins the next British election.
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| 4 | | GOOD NEWS: The Manhattan district attorney's office ordered the return of seven pieces of artwork to the heirs of their previous owner, who was murdered by the Nazis in 1941. The decision wraps up decades of legal wrangling over the artwork, which had once belonged to Viennese cabaret artist Fritz Grünbaum before he was killed in the Dachau concentration camp in 1941. More: - The Grünbaum family has sought the return of the seven paintings made by Austrian Expressionist Egon Schiele.
- The Manhattan district attorney's office first intervened in the case in 1998, when then-district attorney Robert Morgenthau issued a subpoena for a Schiele painting previously owned by Grünbaum that had been lent to New York's Museum of Modern Art.
- In 2018, a New York court ruled that the Grünbaum heirs are the true owners of the paintings because their ancestor never sold or surrendered the artworks.
- Seven of the works are being returned voluntarily by three American museums and two art collectors.
- Timothy Reif, a descendant of Grünbaum, praised the decision and said it "sets the tone and the agenda for all future cases [involving the return of art stolen by the Nazis]."
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| 5 | | Goldman Sachs is reportedly looking to sell specialty lender GreenSky for far less than it paid for it in 2021. A consortium of investment firms, which is led by Sixth Street and also includes PIMCO and KKR, are looking to pay ~$500M for GreenSky, less than a third of the $1.7B Goldman paid for it. More: - Goldman is in exclusive talks with the consortium for the sale but private equity giant Apollo Global Management was also reportedly seeking to buy the lender.
- At the time of the acquisition, Goldman CEO David Solomon said that GreenSky, which focuses on providing consumer loans for home renovations, would help Goldman become a "banking platform of the future."
- Earlier this year, Goldman said it was looking to sell GreenSky because it no longer fit with the bank's strategy.
Zoom Out: | | | |
| 6 | | Jimmy "Barbecue" Cherizier, Haiti's most powerful gang leader, called for an armed uprising to overthrow Haitian Prime Minister Ariel Henry. Violence between Haitian police and criminal gangs has increased since the assassination of President Jovenel Moise in 2021, with armed groups seizing control of parts of the country. More: - Cherizier whose gang controls much of the Haitian capital of Port-au-Prince, called for daily demonstrations in working-class neighborhoods against Henry's government.
- Henry, who has governed Haiti on an interim basis since Moise was killed, has asked international allies to provide security forces to help fight the gangs.
- Kenya is considering deploying a multinational U.N.-backed force to help Haitian police.
- The U.N. estimates that more than 19,000 people have been displaced from Port-au-Prince in recent weeks due to gang violence.
Zoom Out: - The Dominican Republic, which shares the island of Hispaniola with Haiti, closed its border with Haiti last week in response to Haitian efforts to build a canal off the River Massacre, which is shared by the two countries.
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- A Mexican railway firm canceled over 60 northbound train routes after the trains became popular among migrants seeking to travel across Mexico to the U.S. border.
- Fulton County District Attorney Fani Willis said that attorney Lin Wood will testify as a state witness against former President Donald Trump in Georgia. In the months following the 2020 election, Wood was one of the most prominent proponents of false stolen election theories in conservative media.
- The Federal Trade Commission ordered Epic Games, the developer of "Fortnite," to allow parents to claim refunds for items purchased in-game by their children without parental consent. Epic agreed to pay $245M in 2022 after being accused of using "dark patterns" or design tricks that duped players into unwanted in-game purchases.
- A union representing more than 5,000 Canadian autoworkers reached a deal with Ford to avert a strike.
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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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