Wagner chief Prigozhin met with Putin after attempted rebellion | EU working on FTAs
President Joe Biden traveled to Britain before heading to the NATO summit scheduled on Tuesday in Vilnius, Lithuania. While some Western allies are pushing for Biden's support for Ukraine's potential NATO membership, the president has labeled such a move as"premature" at this stage. Concurrently, Biden conveyed to Recep Tayyip Erdogan, the President of Turkey, his desire for Sweden to become a NATO member as soon as feasible.
To tackle bureaucratic inefficiency, the Biden administration is working to simplify federal forms related to various government programs. These include forms for disability benefits, farm loans, passports, and other services. Details below. A research group at Princeton University, led by Prof. Jesse Jenkins, is playing a crucial role in directing U.S. gov't spending to address climate change. More in Energy section. • $85 billion U.S. beef industry is currently challenged by a strong preference for chicken.
The Senate is in today; the House returns tomorrow. There are just 12 legislative days left until the August recess starts, and congressional leaders have a hefty agenda. U.S. equities Friday/week: All three major indices registered losses for the week as they finished lower on Friday. For the week, the Dow was down 2%, the Nasdaq was 0.9% lower, and the S&P 500 declined 1.2%. On Friday, the Dow was down 187.38 points, 0.55%, at 33,734.88. The Nasdaq fell 18.33 points, 0.13%, at 13,660.72. The S&P 500 lost 12.64 points, 0.29%, at 4,398.95.
Citigroup: Expected to report earnings of $1.37 per share on $19 billion revenue, with a predicted decline in investment banking revenue due to continued slow deal activity. The issue of inflation was also discussed, with Yellen acknowledging that it remains"too high." Although, she also highlighted that it has started to ease, after prices rose by 4% year-over-year, marking the lowest inflation rate in over two years, but still double the Federal Reserve's 2% target.
• Aluminum companies say a loophole in the carbon border adjustment mechanism may incentivize exporters to flood the European Union with cheap, emissions-heavy metal, the Financial Times reports. Link/paywall. The New York City area exists under a flood watch, likely leading to further flight disruptions. This susceptibility to flash flooding is due to an already-wet summer and saturated ground conditions, according to NWS meteorologist Adrianna Kremerin.
— Kremlin spokesperson Dmitry Peskov stated on Monday that no new information related to the Black Sea Grain Initiative was available. This comes as the initiative is set to expire next week, and despite Turkish President Tayyip Erdogan's suggestion on Saturday that he would meet with Russian President Vladimir Putin to discuss the matter. However, Peskov clarified that President Putin currently has no plans to meet with Erdogan.
Bottom line: China's economy is showing signs of a notable slowdown, with effects expected to ripple globally. After an initial boost following the end of Covid lockdown, the growth has been falling. This is a significant concern given China's influential role in worldwide commerce. — Taiwan is one of the world's most energy-insecure economies, relying on imports for almost 97% of its power, the Atlantic Council says, arguing the situation may pose a security risk. Link for details.— President Biden is facing a key decision point regarding the balance between union jobs and affordable consumer goods, specifically canned products such as diced tomatoes.
The EU was Australia's fourth-largest trade partner in 2022, with a total trade value of $61.6 billion, which is equivalent to 8.4% of Australia's total trade, as per International Monetary Fund data. The agreement will eliminate tariffs on key EU exports to New Zealand, such as pork, wine, chocolate, biscuits, and offers protection for over 2,000 products like Prosecco, Feta, and Manchego cheeses. It will also open the New Zealand market for financial services, telecommunications, maritime transport and delivery services sectors.
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