Photo: Stephane de Sakutin/AFP/Getty Images

U.S. donors have given 90% of the cash behind the first $4.1 million restoration payment for Paris' fire-ravaged Notre Dame cathedral, the AP reports.

Why it matters: French billionaires pledged hundreds of millions of dollars to rebuild the cathedral after the April fire, but their donations have yet to materialize as squabbles continue over the direction of the cathedral's reconstruction and the contracts to support it.

  • Reconstruction and cleanup efforts — some of it focused on the release of toxic lead dust — are occurring at Notre Dame even as the rebuilding's ultimate scope is figured out. This first payment, which comes from the charity Friends of Notre Dame de Paris, is needed to pay the employees doing that work.
  • "The big donors haven’t paid. Not a cent. ... They want to know what exactly their money is being spent on and if they agree to it before they hand it over, and not just to pay employees’ salaries," Andre Finot, a senior press official at Notre Dame, told the AP.

The other side: "It’s not as brutal as it sounds, but it’s a voluntary donation so the companies are waiting for the government’s vision to see what precisely they want to fund. It's our function as the intermediary to know that the money is directed in line with the donor’s wishes," Heritage Foundation Director General Celia Verot told the AP. The foundation is the intermediary for French oil and gas giant Total's promised $112 million donation.

Go deeper: The miracle at Notre Dame

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.