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| Here are our top stories today: - The average U.S. home sale price hit an all-time high in July
- President Joe Biden will become the first president to join striking workers on a picket line
- The Federal Trade Commission (FTC) and 17 states filed a long-anticipated anti-trust lawsuit against Amazon
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| 1 | | U.S. home prices reached an all-time high after a 1% annual increase in July. 
What the numbers say: The average home price, according to the S&P CoreLogic Case-Shiller National Home Price Index, rose by 0.6% in July from the previous month. The Case-Shiller index fell between June 2022 and January 2023 but has seen a continuous increase since then. Relevance: Craig Lazarra of S&P Dow Jones Indices said the gains seen in 2023 have "now erased the earlier decline." He said that "the breadth and strength of this month's report are consistent with an optimistic view of future results" but that "gains could be truncated by increases in mortgage rates or by general economic weakness," in the coming months. Last week, the National Association of Realtors said that the median existing home sale price was up 3.9% annually to $407,100 in August. Q: Do you think the median home price will continue to climb this year, or will high mortgage rates and a potential economic downturn push prices down again? Join the debate here. |     | |
| 2 | | President Joe Biden is set to join striking autoworkers on the picket line at a factory outside of Detroit on Tuesday. Labor historian Erik Loomis said this may be the first time in U.S. history that a sitting president joins a picket line. More: - Over 10,000 autoworkers represented by the United Auto Workers (UAW) union went on strike at plants owned by Ford, Stellantis, and General Motors 12 days ago.
- On Friday, the UAW said the strike will expand to 38 GM and Stellantis parts distribution centers across the U.S.
- Biden has long expressed support for labor unions:
- Earlier this year, he signalled support for unionization efforts among Amazon workers.
- In an April 2021 executive order, Biden said his administration aims "to encourage worker organizing and collective bargaining."
- He joined a picket line of striking casino workers in Las Vegas during the 2020 Democratic primary campaign.
Zoom Out: - In 1902, President Theodore Roosevelt invited coal mine operators and labor leaders to the White House in a bid to end a coal miners strike.
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| 3 | | The Federal Trade Commission (FTC) and 17 states sued Amazon over alleged anti-trust law violations.The FTC in recent months has stepped up enforcement actions against big technology companies accused of engaging in allegedly monopolistic behavior. More: - The lawsuit claims that Amazon hurts competition by using its "monopoly power" to raise prices, lower product quality, and exclude competitors from the market.
- The FTC argues that Amazon's policy of using so-called anti-discounting measures to punish competitors who are selling similar products to those sold by Amazon hurts competition and raises prices across internet marketplaces.
- The lawsuit said that requiring sellers to use Amazon's fufillment network leads to additional charges for sellers and hurts innovation.
- Amazon's general counsel said the lawsuit is "wrong on the facts and the law."
Zoom Out: - FTC Chair Lina Khan rose to prominence in 2017 after publishing an article entitled, "Amazon's Antitrust Paradox" in the Yale Law Journal.
- In the article, she argued that the traditional antitrust framework is inadequate to address the market dominance of tech giants like Amazon.
- Khan contends that Amazon's vertical integration and platform power create a potential threat to competition and innovation, suggesting the need for a reevaluation of antitrust enforcement in the digital age.
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| 4 | | GOOD NEWS: A New Zealand man who learned to read and write at the age of 57 has published a book. Michael Kingpotiki, who is now 61, began writing "A Journey Towards Literacy" to practice his writing. More: - Kingpotiki, who started farming when he was a boy, had developed ways of hiding his illiteracy from people around him.
- After decades of pretending, he was inspired to learn to read and write when he saw his wife reading to his grandchildren.
- Linda Davies, a retired teacher who volunteered with the Rural Youth and Adult Literacy Trust, gave Kingpotiki online lessons for three years.
- Kingpotiki's new book tells his life story and explores his journey with literacy.
- He said to others who may be struggling to read and write:
- "Take the first step, put your hand up, go and talk to somebody. It's never too late to learn."
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| 5 | | The International Energy Agency (IEA) issued a new report on the state of the green energy transition. EV adoption and renewable energy production are increasing but to meet global emissions targets, countries need to boost green infrastructure, the report says. More: - This is the latest update of the IEA's "Net Zero Roadmap," first published in 2021.
- Since then, global investments in renewable energy have surged by 40% to $1.8T in 2023.
- The growth of solar power and electric vehicles ― especially in the U.S., China, and Europe ― is in line with the recommendations made by the 2021 report, the IEA says.
- More investments are needed to decarbonize cement and steel production and upgrade power grids to incorporate more renewable energy, the latest report says.
- According to the report, the window to prevent temperatures from rising more than 1.5 degrees Celsius from pre-industrial levels has "narrowed."
Zoom Out: - IEA executive director Fatih Birol said that "political fragmentation between countries" represents a major threat to the prospect of meeting net-zero emission goals.
- The U.S. and EU aim to reach net zero by 2050, China by 2060, and India by 2070.
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| 6 | | Fox announced that California Governor Gavin Newsom will face Florida Governor Ron DeSantis in a 90-minute televised debate in November. The debate will be moderated by Fox's Sean Hannity. More: - DeSantis and Newsom both became governors in 2019 and were re-elected last year.
- DeSantis' Florida has become a bastion for conservatives in recent years, while Newsom's California has continued to be a hub of American progressivism.
- The idea for a debate arose when Newsom told Hannity during an interview in June that the Democratic Party should be less timid in its messaging to the public.
- He said he would take on DeSantis with "one day's notice," and DeSantis agreed to a debate later in the summer.
Zoom Out: - DeSantis is set to join the second Republican Presidential debate on Wednesday alongside six other contenders.
- GOP front-runner Donald Trump said he will skip the debate, again.
- He is expected to give a speech in Michigan, where he is meeting with striking autoworkers, shortly before the debate.
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- Uber is partnering with Los Angeles Yellow Cab to make more cars available on Uber's platform. The rideshare company has secured similar deals in cities across Europe and Asia over the past two years.
- The Russian naval commander that Ukraine claimed to have killed this week was seen in a video released by Russia this week.
- Spain charged pop star Shakira with tax evasion for a second time, accusing her of defrauding the Spanish government of €6.7M ($7.1M) in 2017. She is expected to face trial on the first tax evasion case, dating back to 2012 and 2014, later this year.
- Travis Kelce's jersey sales rose by nearly 400% after Taylor Swift was recorded hanging out with Kelce's mother at Arrowhead Stadium in Kansas City on Sunday.
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Term of the Day Influencer marketing: Influencer marketing utilizes social media personalities, bloggers, vloggers, and other content creators to promote a brand or product. Question of the Week Do you share details about your salary with your coworkers? 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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