| |
| Here are our top stories today: - House Speaker McCarthy (R-CA) proposed a stopgap bill to avoid a government shutdown
- Dianne Feinstein (D-CA), the longest-serving woman in the Senate, died at the age of 90
- European leaders are meeting in Malta to discuss migration in the Mediterranean
If you find this newsletter useful, please share it with your friends and colleagues. Thank you, and have a great weekend! Your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | House Speaker Kevin McCarthy (R-CA) offered a stop-gap spending package to avoid a government shutdown while cutting funding to some federal programs and agencies. The proposed package is not expected to gain enough support, setting the stage for an increasingly likely government shutdown this weekend. More: - The bill would provide funding to the government through October 31.
- The proposed legislation would preserve funding for the departments of Defense, Veterans, and Homeland Security but would cut the budget of most other agencies by up to 30%.
- It passed a procedural vote on Friday morning, and there could be a final vote by Friday afternoon.
- McCarthy pressured his right-wing Republican colleagues, who are largely responsible for the possible shutdown, saying: "Every member will have to go on record where they stand."
Zoom Out: - If no stopgap bill is passed on Friday, the government will shut down after midnight on Saturday.
- Roughly two million U.S. troops would go without pay, as would federal employees.
Q: Do you think Congress will be able to avert a government shutdown before midnight on Friday? Join the debate here. |     | |
| 2 | | Nike stock is up nearly 7% after the sports retailer issued a positive earnings report for the first fiscal quarter of the year. 
What the numbers say: Nike reported $12.94B in revenue, slightly less than the expected $12.99B but up from the $12.69B a year ago. Adjusted earnings per share reached $.94, beating the expected $.75. Relevance: Nike reported $1.74B in revenue from Greater China in the quarter. Nike executives tried to downplay concerns that an economic slowdown in China would hurt its business there, with Nike CEO John Donahoe saying: "Sport is back in China, you can just feel it." Donahoe, who has visited China twice in recent months, said he expects strong demand for Nike products in the country "regardless of the macroeconomic outlook there." | | | |
| A message from our sponsor, Jurny. |  | | Looking to invest in the next big AI advancement? Jurny is a tech company pioneering the use of AI in hospitality and real estate. Unlike others in the space, Jurny is built on deep learning to solve today's $1 trillion operational inefficiency problem plaguing hospitality. Customers are reporting upwards of 80% increase in workflow efficiency and raving about the platform’s ease of use. Investors and leading VCs have already put $8M into backing Jurny’s mission, and are buzzing to get in on the soon-to-close round. Invest as little as $250. Find Out Why | |
|
| 3 | | Senator Dianne Feinstein (D-CA) died at the age of 90. Feinstein was the longest-serving woman Senator in U.S. history, having won her seat in a 1992 special election. More: - Feinstein became the first woman mayor of San Francisco in 1978, after the assassinations of San Francisco Mayor George Moscone and City Supervisor Harvey Milk.
- She led the city until 1988 and unsuccessfully ran for the California governorship in 1990.
- Feinstein, who backed the invasion of Iraq in 2002, was part of the 2004 investigation into the U.S. government's evaluation of Iraq's weapons program in the leadup to the invasion.
- The resultant report concluded that the U.S. military and intelligence had made multiple mistakes in assessing Iraq's weapons program.
- In 2014, she gave a speech on the Senate floor condemning the CIA's detention and interrogation program. She said that the CIA's use of waterboarding and sleep deprivation tactics was a "stain on our values and our history."
Zoom Out: - California Governor Gavin Newsom previously said that he would name a Black woman to fill Feinstein's seat and that he wouldn't pick someone who is already running for the Senate seat in 2024.
| | | |
| 4 | | The leaders of nine southern European nations met in Malta on Friday to discuss migration in the Mediterranean. An uptick in illegal migration into Italy and other southern European countries prompted recent efforts to change the EU's migration rules. More: - European Commission President Ursula von der Leyen is leading the so-called Med-9 summit, which features representatives from Malta, France, Greece, Italy, Croatia, Cyprus, Portugal, Slovenia and Spain.
- Negotiations over potential changes to the bloc's migration rules fell through on Thursday, but a deal could be reached in the coming days.
- The EU could change its rules on asylum seekers and undocumented migrants.
- Under the proposed rules, countries like Poland and Hungary, which don't want to host asylum seekers, would provide funds to the countries that agree to host them.
- France and Italy have signaled that they are aligned on "the management of the migration question."
Zoom Out: - Roughly 186,000 migrants have arrived in Europe via the Mediterranean so far in 2023.
- ~130,000 of them landed in Italy, an 83% jump from the same period last year.
- On Thursday, UNICEF said that at least ~2,500 people died or went missing while traveling from northern Africa to Europe so far this year.
| | | |
| A message from our sponsor, Guidde. |  | | Tired of explaining the same thing over and over again to your colleagues? It’s time to delegate that work to AI. guidde is a GPT-powered tool that helps you explain the most complex tasks in seconds with AI-generated documentation. Turn boring documentation into stunning visual guides: - Save valuable time by creating video documentation 11x faster
- Share or embed your guide anywhere for your team to see
- Simply click capture on our browser extension and the app will automatically generate step-by-step video guides complete with visuals, voiceover and call to action.
The best part? Our extension is 100% free. Try it for free | |
|
| 5 | | The Personal Consumption Expenditures (PCE) index was up 3.5% annually in August. The index, which rose slightly from the 3.4% annualized rate seen in July, is the Federal Reserve's favored metric for tracking inflation. More: - Core PCE, which excludes food and fuel costs, gained 3.9% annually in August, down from 4.3% in July.
- This was the first time the core PCE index's annual growth rate was below 4% in nearly two years.
- Consumer spending increased by 0.4% on a current-dollar basis, down from the 0.9% growth seen in July.
- Energy costs rose 6.1% from July to August but declined 3.6% on an annual basis.
Zoom Out: - Ian Shepherdson, chief economist at Pantheon Macroeconomics, said that financial markets see slowing PCE growth as "very good news."
- Long-term bond yields have risen in recent weeks, signaling that investors believe that the Federal Reserve will keep interest rates higher for longer in an effort to bring inflation down to the Fed's target level of 2%.
| | | |
| 6 | | A New York judge ruled that food delivery companies must pay drivers nearly $18 per hour to comply with a New York City law. Uber, Grubhub, DoorDash, and Relay filed lawsuits against the city after it passed the law, which was supposed to take effect in July. More: - The policy requires food delivery app companies to pay drivers ~$.50 per minute, or a minimum of $17.96 per hour.
- New York Supreme Court Judge Nicholas W. Moyne dismissed all the lawsuits except Relay's.
- The judge said Relay had shown that the law could irreparably harm the company because of its business model.
- Ligia Guallpa of the Worker's Justice Project praised the ruling, saying that "multibillion-dollar companies" shouldn't get away with profiting from "immigrant workers while paying them pennies."
- A spokesman for Uber said the ruling would "put thousands of New Yorkers out of work."
| | | |
| 7 | | QUICK HITS - No-code development is here to stay, according to industry experts. Gartner predicts 80% of technology products will be built by those who are not IT professionals by 2024.*
- California Governor Gavin Newsom signed legislation that will increase the minimum wage for fast food workers in California to $20 per hour. The current minimum wage in California is set to increase from $15.50 per hour to $16 per hour on January 1, 2024.
- The Kremlin said that the new leader of the Wagner Group works for the Russian defense ministry. The late Wagner Group founder and leader Yevgeny Prigozhin staged a short-lived armed rebellion in late June before dying in a plane crash in August.
- Su Zhu, co-founder of the failed crypto hedge fund Three Arrows Capital, was arrested in Singapore on Friday. His fellow co-founder Kyle Davies is still at large.
- Conservative politician Alberto Nunez Feijoo failed in his last attempt to form a new Spanish government after his party won the most votes in a July election. Socialist Party leader and caretaker Prime Minister Pedro Sanchez will now have an opportunity to form a coalition government.
- NEXT WEEK in LA, redefine development at DockerCon! Use DCHALF for 50% off in-person registration, or participate online for free. Come learn with us!*
*This is sponsored content. | | | |
| |
Term of the Day Minimum viable product (MVP): A minimum viable product (MVP) is an early functioning model of a new product that can be presented to early adopters and investors. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
| Upcoming Events | | OCT
16 | | Meet Our Fund 5, Building and Investing in AI | | | | | | * This is a sponsored event | | | |
INSIDE DAILY BRIEF LEADERBOARD (30 DAYS) |
 | 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 | |
| |
 | AI's potential is now. Invest in Jurny and its mission to reimagine the future of hospitality. | |
|
 | Magically create video documentation with AI. For Free. | |
|
| |
Comments
Post a Comment