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| Happy Wednesday, Insiders! Today's newsletter covers: - The annual inflation rate in the U.S. rose to 3.7% in August, from 3.2% in July
- The FDA said that phenylephrine, an ingredient in popular decongestant drugs like Sudafed & Nyquil, is ineffective
- The Australian state of New South Wales has banned logging in forests favored by koalas
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 | | The U.S. annual inflation rate reached 3.7% in August, up from the 3.2% in July. The rise in inflation, which can largely be attributed to higher gasoline prices, could prompt the Federal Reserve to raise interest rates later this year. More: - The consumer-price index (CPI) was up 0.6% from July to August.
- Gas prices surged 10.6% from July to August, the largest monthly increase since June 2022.
- So-called core CPI, which excludes volatile energy and food prices, was up 0.3% on a monthly basis and 4.3% on an annual basis.
- Home rental, medical care, and vehicle insurance drove the increase in core CPI.
- Before increasing in July and August, the annual inflation rate had been steadily decreasing since reaching 9.1% in June 2022.
Zoom Out: - Fed officials previously indicated that they would keep interest rates steady when they meet next week.
- If inflation continues increasing in the coming months, policymakers could decide to raise borrowing costs again in November or December.
Q: Do you think the annualized inflation rate will fall below 3% by the end of 2023? Join the debate here. |     | |
| 2 | | American Airlines stock is down nearly 4% after the airline reduced its expected profits guidance for the next quarter. 
What the numbers say: In a regulatory filing, American Airlines said that its adjusted earnings per share (EPS) would be $.20-$.30 in Q3 2023, down from its previous forecast of 95 cents per share. The airline said that fuel costs have "increased considerably" in recent weeks. It also pointed to a new contract that will provide pilots with $9.6B in additional compensation and benefits. Relevance: Spirit Air also cut its expected Q3 revenue by 5% from its previous forecast on Wednesday. Spirit stock is down nearly 2% on the day. | | | |
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| 3 | | The French government banned the sale of iPhone 12 models due to concerns about excessive electromagnetic radiation emissions. Apple contested the claim, saying that the iPhone 12 complies with global radiation standards. More: - According to French regulators, the phone's specific absorption rate (SAR), which measures the rate of radio frequency energy absorbed by the human body, was tested at 5.74 watts per kilogram, above the EU standard of 4.0 watts per kilogram.
- The test measured the radiation of the iPhone 12 when held in users' hands or in their pockets.
- Regulators ordered Apple to prevent phones in the supply chain from reaching the market. For phones already sold, Apple must issue a software update or face recalls, they said.
- The iPhone 12, which was launched in 2020, was recently withdrawn from Apple stores.
Zoom Out: - Apple unveiled the iPhone 15 on Tuesday.
- The iPhone features a USB-C charging connector instead of Apple's proprietary Lightning connector.
- This change was prompted by new EU common charger rules that come into effect at the end of 2023.
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| 4 | | GOOD NEWS: New South Wales (NSW), the most populous state in Australia, has banned logging in areas favored by koalas. The ban extends across 8,400 hectares (21,000 acres) of forests that are home to 106 "koala hubs" with high koala population density. More: - The area will be part of a planned 315,000-hectare Great Koala National Park on NSW's mid-north coast.
- Brad Smith, the CEO of Australia's Nature Conservation Council, described the ban as a "historic step forward" for "the most important koala habitat in the world."
- Smith said the ban was needed because logging "has a devastating impact on koalas and biodiversity."
- According to WWF, koala numbers in NSW declined by over 50% between 2000 and 2020, with deforestation and bushfires playing a major role.
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| 5 | | Ukraine fired missiles at the port of Sevastopol in Russian-occupied Crimea, causing major fires at the city's shipyard. Ukrainian officials implied that they used Western-supplied cruise missiles in the attack. More: - Russia said it had intercepted all but two of the 10 missiles fired by Ukraine.
- Ukraine implied that it used U.K. Storm Shadow missiles or French SCALP cruise missiles.
- These missiles have a range of over 150 miles, three times that of other projectiles previously used by Ukraine.
- Ukraine also used three sea drones in the attack, which are typically loaded with explosives and controlled remotely by Ukrainian operators.
Zoom Out: - Russia launched a drone attack on the Ukrainian grain port cities of Reni and Izmail on Wednesday.
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| 6 | | An advisory committee at the Food and Drug Administration (FDA) said that the primary ingredient in popular cold and allergy decongestants is ineffective. The FDA said it could mandate that the ingredient, phenylephrine, be removed from products like Sudafed P.E. and Nyquil Severe Cold & Flu. More: - The committee focused on oral medications after finding that nasal sprays containing phenylephrine are effective.
- Oral medications with phenylephrine are not necessarily harmful if taken with the recommended dose, the FDA said.
- Other ingredients found alongside phenylephrine could be effective at treating cold and allergy symptoms.
- Dr. Mark Dykewicz of St. Louis University School of Medicine said:
- "It's not a safety issue. It's an effectiveness issue."
- Dykewicz urged people not to use nasal sprays with phenylephrine for more than five days.
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- Libyan officials said that catastrophic flooding in the coastal city of Derna has killed at least 5,000 people, with more than 10,000 still missing.
- In a forthcoming memoir, an 88-year-old former Secret Service agent who was with President John F. Kennedy on the day he was killed has made new claims about JFK's assassination.
- Players have urged the NFL to introduce natural grass in all its fields after superstar quarterback Aaron Rodger's season-ending Achilles tear on artificial turf on Monday night.
- The EU will investigate if China is subsidizing its electric vehicle (EV) manufacturing in a way that negatively effects the competitiveness of European-made EVs. The EU could impose tariffs on Chinese EVs if the investigation finds evidence of anti-competitive subsidies.
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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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