* NYT
(Saturday): Labor secretary, R. Alexander Acosta announced his resignation amid continuing questions about his handling of a sex crimes case involving the financier Jeffrey Epstein when Acosta was a federal prosecutor in Florida; Defying American objections and the threat of sanctions, Turkey received the first shipment of a sophisticated Russian surface-to-air missile system, a step certain to test the country’s uneasy place in the NATO alliance; The House approved a defense bill that would limit Donald Trump’s ability to wage war in Iran and Yemen, restrict the use of military funds at the southwestern border, and return transgender troops to the armed forces; China said it would impose sanctions on American companies involved in the recently proposed sale of more than $2B in arms to Taiwan, a move could further strain ties between the two large powers; Treasury Secretary Steven Mnuchin told Congress the government could run out of money in early September and asked lawmakers to raise the government’s borrowing limit before their August recess or risk a potentially catastrophic default; The EPA is preparing to weaken rules that for 25 years have given communities a voice in deciding how much pollution may legally be released by nearby power plants and factories
(Sunday): Front page story reports “Dozens of databases of people’s faces are being compiled without their knowledge by companies and researchers, with many of the images then being shared around the world, in what has become a vast ecosystem fueling the spread of facial recognition technology; A power failure plunged a stretch of the West Side of Manhattan into darkness on Saturday night, trapping people in subway cars and elevators and forcing cars to navigate streets without the help of traffic signals; Under a revamped Pentagon strategy to counter growing threats from Russia and China, American commandos are teaming up with partners on Europe’s eastern flank to thwart Russia’s so-called hybrid warfare, which involves a blend of subterfuge, cyberattacks, and information warfare; Trump said he would not impose quotas on imports of uranium, backing away from one of many trade confrontations the administration has threatened as it tries to protect American industry; In an effort to cool down relations with Iran, Britain offered to return a seized Iranian tanker if Tehran provided guarantees that the oil would not go to Syria, saying the original of the oil wasn’t an issue, only its final destination; Sunday Business: Swedes have long been willing to pay high taxes for a generous social safety net, but that willingness is being tested by an influx of refugees, raising questions about whether the “Nordic Model” is the best form of capitalism; “As evidence accumulates that economic growth may be slowing more rapidly than the Fed had expected, investors might want to reconsider whose side to be on in the fight between the Fed and a possible recession”; A small group of traditional mutual funds and exchange-traded funds are investing in companies that contribute to the delivery, testing, and cleaning of potable water—and they stand to grow as governments around the globe attempt to manage expected water shortfalls.
* WSJ (Weekend): Stocks climbed to record highs and oil prices surged this week, while major indexes are up more than 2.4% in July, as investors bet the Federal Reserve will be able to forestall a downturn, even as worries about the broader U.S. economy persist; The New York Stock Exchange is clamping down on errors among its last remaining floor trading firms, a strict disciplinary push that some traders say could drive them out of business; As rising tensions between the U.S. and Iran draw the world’s attention, the Syrian government and its Russian allies have stepped up airstrikes on Idlib and surrounding areas in a monthslong campaign to recapture the territory; Oil tankers carrying crude from the Middle East are increasingly receiving protection from warships as they pass through one of the world’s most critical waterways after Iran threatened retaliation for economic sanctions; Originally scheduled to testify on July 17, former special counsel Robert Mueller will appear on July 24 before House Judiciary and Intelligence panels after reaching an agreement under which he will testify for longer than originally planned; Ever since Trump announced he was dropping the effort to add a citizenship question to the 2020 census, White House officials have sought to fight the characterization that he was conceding on the matter; Economists surveyed by the Journal say Trump’s repeated attacks on the Federal Reserve and its chairman, Jerome Powell, haven’t significantly damaged perceptions of the central bank’s independence; + Royal Dutch Shell: Energy giant hopes to transform into a cleaner business and become the world’s largest electricity company with a strategy light on assets that will focus on trading electricity that others generate; Personal-computer shipments rose in the second quarter for the first time since last year, as businesses sought upgrades to technology with new MSFT Windows 10 software and a shortage in processors eased.
* FT (Weekend): Brazilian president Jair Bolsonaro’s move to offer his son Eduardo the ambassadorship to the U.S. has sparked concerns about nepotism and the role of influence in Latin America’s largest nation; The health of German chancellor Angela Merkel has become a major concern after she was seen shaking in public on several occasions, and her refusal to answer questions about the matter is only heightening the worry; Singapore’s trade-dependent economy experienced its slowest rate of growth in a decade in the second quarter, raising fears the worsening global out look it having an effect on Asia; Italy plans to lead a challenge on restrictive European Union rules on public spending, according to finance minister Giovanni Tria, after Rome dodged European Commission financial sanctions over its public debt; Lex Column: Fosun’s proposed rescue of Thomas Cook would be a relief to customers, suppliers, and staff, but the chances of a turnaround are slim; The infotech sector accounts for more than one-fifth of the S&P 500 by market value, yet few tech companies appear in the index of top paying dividend stocks; Whether WPP can bring in new clients without big acquisitions will be the test of new chief Mark Read’s leadership; Comment: Burdensome governance requirements and activist investors have prompted many private companies to question whether it’s worth going public—creating a lack of new listings that has changed the equities landscape and prompted DB to exit the sector, says Philip Augar.
* NY POST (Saturday): +/- AMZN: Story says the number of disaffected workers at Amazon is rising, and many employees plan to “raise a ruckus” during the upcoming Prime Day sales event; While the drama in Washington hasn’t let up, it isn’t selling books the way it did last year—politically oriented titles aren’t making the best-seller list like they did last year; (Sunday): +/- GRUB: Mark Gjonaj, the head of the New York City council’s Committee on Small Business, asked New York Attorney General Letitia James to open an antitrust investigation into Grubhub’s acquisition of Seamless