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| Today's newsletter covers: - Republican House Majority Leader Kevin McCarthy's move to start impeachment proceedings against President Joe Biden
- Devastating floods in Libya that have killed hundreds of people and caused massive destruction
- Canada may introduce a cap on foreign students to help lower sky-high rental costs in major cities
And much more! 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 | | Republican House Majority Leader Kevin McCarthy called for a formal impeachment inquiry into President Joe Biden on Tuesday. McCarthy and House Republicans contend that Biden profited personally from his son Hunter Biden's foreign business dealings, although the various investigations into Hunter Biden have not yet found evidence implicating his father. More: - McCarthy said that his decision came in response to "allegations of abuse of power, obstruction and corruption."
- He said that Reps. James Comer of Kentucky, Jason Smith of Missouri, and Jim Jordan of Ohio would chair the inquiry.
- It is unclear if a majority of GOP lawmakers support impeaching Biden.
- Even if Biden was impeached in the House, the move would likely die in the Democratic-controlled Senate.
- The Democratic majority in the House impeached former President Donald Trump twice, but he was acquitted by the Senate both times.
Zoom Out: - The inquiry comes as a possible government shutdown looms.
- If bipartisan budget negotiations fail to reach a deal by September 30, the federal government will be unable to pay employees or disburse money for non-essential services.
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| 2 | | Oracle's stock lost over 12% after the technology company released a disappointing Q2 earnings report on Monday evening. 
What the numbers say: Oracle reported lower-than-expected revenue, partially due to weak licensing and hardware sales. Chairman and founder Larry Ellison pointed to the company's investments in AI as a positive long-term trend. Before the earnings report came out, Oracle had gained 55% since the start of the year. Relevance: Oracle closed a $28.2B acquisition of electronic health record software company Cerner last year. CEO Safra Catz said that Oracle is transitioning Cerner into its cloud product offerings, which has caused a slowdown in revenue growth. | | | |
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| 3 | | Nearly 10,000 people are still missing after floods devastated the Libyan city of Derna. More than 1,000 bodies have been recovered since the city flooded over the weekend after a huge Mediterranean storm caused dams to burst. More: - Nearly a quarter of the buildings in the coastal city of ~125,000 were swept away by the floods.
- The Libyan government expects the national death toll to top 2,500.
- A United Nations aid chief said that emergency teams are headed to Benghazi, the second-largest city in Libya, which was also hit.
- Turkey and other nations are also sending aid to Libya.
Zoom Out: - Last year, a Libyan hydrology professor published a study arguing that major flooding could threaten Derna and that a dam-breaking flood would be "catastrophic" for the area.
- The internationally-recognized Libyan government based in the western city of Tripoli doesn't control eastern cities like Derna, but it has sent some aid to the city this week.
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| 4 | | GOOD NEWS: A U.S. researcher was rescued from Turkey's third-deepest cave after falling ill 1,000 meters (more than 3,000 feet) below the surface. An international rescue team of more than 180 people worked to save Mark Dickey, a prominent speleologist, after he suffered debilitating gastrointestinal bleeding. More: - On August 30, Dickey and other researchers entered the Morca cave on a mapping expedition.
- After Dickey fell ill, another researcher raised to the surface to seek help on Sept. 2.
- Dickey received blood transfusions and other medical treatment until he was strong enough to be pulled out.
- Rescuers set up a communication system and blasted open some narrow areas so that Dickey could be carried out on a stretcher.
- Last week Dickey told rescuers that he was "very close to the edge" of death before help arrived.
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| 5 | | The WSJ reported that the Canadian government may cap the annual number of international students to lower housing costs. The proposal comes as the number of international students in Canada is expected to reach a record level by the end of the year. More: - Immigration Minister Marc Miller last month said the government was looking at different options to limit the number of foreign students, which reached 807,260 in 2022.
- He said that an influx of foreign students was putting upward pressure on rental prices, particularly in big cities.
- Rental costs have surged in Canada in recent years, and Prime Minister Justin Trudeau reportedly told his cabinet that all ideas are on the table" to help improve housing affordability.
- The number of international students in Canada has doubled since Trudeau took office in 2015.
Zoom Out: - The potential policy shift stands in contrast to the broadly pro-immigration policies of Trudeau's government.
- Canada aims to give permanent resident status to 465,000 immigrants in 2023 and 500,000 in 2025, which would represent a ~25% jump from 2021.
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| 6 | | The Whiting Literary Magazine Prizes were awarded to seven magazines, including the Los Angeles Review of Books (LARB), n+1, and The Paris Review. The award includes monetary prizes of between $30,000 and $60,000 for each magazine, as well as professional development opportunities for staff. More: - The judges said that the winning magazines exhibited "remarkable rigor, gorgeous curation of literature, international perspective," while serving as, "essential incubators for our most creative and innovative thinkers and writers."
- The committee said the magazines feature a diverse array of international writers who are "thinking about the environment in critical new ways."
The Winners: - Guernica and LARB are broadly intellectual magazines, with LARB focusing primarily on book reviews and review essays.
- Mizna focuses on the literary cultures of Southwest Asian and North African (SWANA) communities, while n+1 provides a critical and theoretical perspective on cultural and political issues.
- Orion's writing explores the complex relationship between the natural world, human culture, and sustainability.
- Oxford American is focused on Southern culture, history, art, and music; and the Paris Review has long been one of the premier magazines for new poetry, fiction, and cultural writing.
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| 7 | | QUICK HITS - How much should you pay influencers in Q4? Get the benchmarks in this blog.*
- Apple is expected to announce new iPhone, Apple Watch, and AirPod models on Tuesday.
- Quarterback Aaron Rodgers tore his left Achilles tendon on his fourth regular season play as a New York Jet, likely ending his season. The long-time Green Bay Packer and four-time NFL MVP was traded to the Jets during the past offseason.
- Israel's 15-judge Supreme Court is set to hear challenges to judicial reform laws passed by the right-wing government that would curtail the authority and independence of the judiciary.
- Illinois is set to become the first state to enact a ban on cash bail next week.
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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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