Chinese tech giant Huawei has found itself in the middle of the escalating U.S.-China trade war, hurting both its business and those of its big U.S. suppliers.
CFR President Richard Haass, author of "A World in Disarray," suddenly needs a more dire title. Pointing to "the world’s deterioration," he's eyeing the "U.S.-China trade war, hottest July ever, Hong Kong on the edge, odds of US-Iran, Turkish-Kurdish conflicts mounting, new India-Pakistan Kashmir crisis, Japan-S Korea diplo/eco confrontation, looming Brexit."
Why it matters: None of those are passing events. All are long-term crises that require expertise and bandwidth that are lacking in the always short-staffed Trump administration.
Snap priced $1.1 billion of convertible notes, due in 2026. This is slightly up-sized from a $1 billion offering size, and expectations are that it will close by Friday.
Why it matters: It reflects how Snap has become tech's comeback kid. The "camera company" was valued at $29 billion in its first day of post-IPO trading in early 2017 — or $26.05 per share — before bottoming out at less than $5 per share at year-end 2018. Last week it briefly regained its $17 IPO price on better-than-expected Q2 earnings, and the $1.1 billion infusion should help it invest more in both content and features.
Fox News host Tucker Carlson claimed on his show "'Tucker Carlson Tonight" Tuesday that white supremacy is a "hoax" and "actually not a real problem in America."
Why it matters: A racist manifesto complaining about a "Hispanic invasion" was posted online by a writer identified as the suspected gunman before the El Paso mass shooting Saturday. Per Axios' Jim VandeHei and Sara Fischer, white-extremist active shooters in the U.S. were responsible for 65 deaths in 7 episodes in the past 18 months.
Disney CEO Bob Iger finally announced details for the long-awaited Disney streaming bundle that executives have been teasing for months. The bundle is meant to be an alternative to Hollywood rival Netflix.
Details: For $12.99 monthly, consumers can access Disney+, ESPN+ and the ad-supported version of Hulu. The deal will be available when Disney+ launches on Nov. 12. The combined package will be cheaper than Netflix's premium package, which is $13.99 a month.
A new study from Voices, a student program run by the Asian American Journalists Association, finds that 2 out of 3 summer interns from 7 top newsrooms came from among the most selective colleges in America.
By the numbers: "65% of summer interns from a group of publications including The New York Times, the Washington Post, the Wall Street Journal, NPR and Los Angeles Times, came from among very selective universities in the nation," the group writes in a blog post.
2020 candidates are pouring more into ads targeting Rust Belt states than some of the other early primary states, according to Facebook data pulled from Bully Pulpit Interactive.
Be smart: The data also shows most campaigns have a 50-state targeting strategy online. This is likely a reflection of candidates' push to develop broad-based support in order to hit the requirements necessary to qualify for the next round of Democratic primary debates in September.
Investors are pricing in a 100% chance the Fed cuts rates at its next meeting in September after Monday's market carnage, joining central banks around the globe that are providing more stimulus to their respective economies.
Why it matters: While the prospect of more interest rate cuts had buoyed the stock market going into last week's Fed meeting, Monday's sell-off showed that investors no longer view that as enough to sustain current price levels.
The exclusive club of companies that have built billion-dollar content distribution businesses has a new member: SmartNews, the Japanese news discovery app that has amassed 20 million subscribers in the U.S., and raised $28 million in its latest funding round.
The big picture: It's a small club, mainly because the media industry is in turmoil as Facebook and Google siphon ad dollars. Companies have struggled to maintain their highest valuations amid issues like missed revenue goals, layoffs and management changes.
As the TV news market rapidly transforms, traditional networks are revamping their offerings, with new channels, features and distribution deals designed for digital consumption.
Driving the news: Altice has launched News 12+, a local equivalent of a headline news channel. The product is basically meant for out-of-home television viewing at bars, restaurants and shops in the New York metropolitan area where the News 12 franchises operate.
Stocks continued their sell-off overnight as fears of further escalation in the U.S.-China trade war were realized after markets closed on Monday.
The big picture: Investors are beginning to fear that not only will the trade war dent business confidence and economic growth, but with further escalation and no end in sight, it could do massive damage to the entire global economy.
Luxury retailer Barneys New York filed for bankruptcy Tuesday and plans to close most of its 22 stores, securing a $75 million loan plan to keep it afloat until it can find a buyer, the Wall Street Journal reports.
Why it matters: The chain had difficulty adapting to the e-commerce shift, which has seen a host of competitors without brick-and-mortar locations gain prominence, and said it had faced increasingly high rent at many of its locations, though it plans to keep its flagship store in Manhattan open for now.
