Monday's top stories
A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.
The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.
1 🎧 thing
The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.
Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.
If all goes to plan, Christopher Nolan's thrice-delayed "Tenet" will be the first blockbuster to receive a proper worldwide theatrical release amid the coronavirus pandemic at the end of this month.
Why it matters: It'll be playing a $200 million game of chicken, hoping to prove that people across the globe are still willing to trek to theaters to see a splashy new movie.
Seven players and six staff members from the St. Louis Cardinals have tested positive for the coronavirus over the past week, prompting the MLB to postpone the team's upcoming four-game series against the Detroit Tigers.
Why it matters: Seven consecutive Cardinals games have now been canceled after St. Louis became the second team to report a significant coronavirus outbreak, just two weeks into the season.
President Trump has relaxed his threat to immediately ban the popular social media app TikTok, giving Microsoft room to negotiate an acquisition from Chinese tech giant ByteDance.
Axios Re:Cap digs into the situation with Peter Navarro, the White House's top trade adviser and a noted China hawk, who suggests Microsoft should be forced to make unrelated concessions related to its China operations.
President Trump said Monday that TikTok will be shut down in the U.S. if it hasn't been bought by Microsoft or another company by Sept. 15, and argued — without elaborating — that the U.S. Treasury should get "a very substantial portion" of the sale fee.
Why it matters: Trump appears to have backed off his threat to immediately ban TikTok after speaking with Microsoft CEO Satya Nadella, who said Sunday that the company will pursue discussions with TikTok’s Chinese parent company ByteDance to purchase the app in the U.S.
The Manhattan District Attorney's office suggested for the first time Monday that it's investigating President Trump and his company for "alleged bank and insurance fraud," the New York Times first reported.
The state of play: The disclosure was made in a filing in federal court that seeks to force accounting firm Mazars USA to comply with a subpoena for eight years of Trump's personal and corporate tax returns.
The Democratic chairs of the House Oversight and House Foreign Affairs committees announced subpoenas Monday for four State Department officials as part of their investigation into the firing of former Inspector General Steve Linick.
Why it matters: The two committees, in addition to Democrats on the Senate Foreign Relations Committee, are investigating whether Linick was fired because he was probing Secretary of State Mike Pompeo and the State Department's attempts to bypass Congress to sell weapons to Saudi Arabia and the United Arab Emirates.
House Speaker Nancy Pelosi told CNN on Monday she does not have confidence in White House coronavirus task force coordinator Deborah Birx because "she has enabled" President Trump to spread coronavirus misinformation.
What she's saying: "I don't have confidence in anyone who stands there while the president says, 'Swallow Lysol and it's going to cure your virus,'" Pelosi told host Jim Sciutto.
Google on Monday launched its long-expected Pixel 4a, a $349 device that brings key features of the company's flagship smartphone to a more affordable price point.
Why it matters: Google saw surprisingly strong demand for last year's "a" model, and having a broader range of products allows the company to reach more parts of the market.
While its Big Tech rivals were testifying in front of a congressional antitrust committee last week, Microsoft was negotiating what could be the largest — and most politically perilous — tech acquisition of 2020.
The state of play: The hullabaloo surrounding Microsoft picking up TikTok has undergone a flurry of twists and turns over the weekend, as both the White House and the tech giant reacted in real time.
The XFL sold Monday for $15 million to a group that includes former WWE star Dwayne "The Rock" Johnson, Sportico reports.
The state of play: The move does not necessarily mean the upstart football league is returning.
A group of Pac-12 football players have threatened to opt out of the season unless the conference addresses systemic inequities and concerns related to the coronavirus pandemic.
Why it matters: College football players have never had more leverage than they do right now, as the sport tries to stage a season amid the pandemic. And their willingness to use it shows we've entered a new age in college sports.
The specter of rising inflation is helping power assets like gold, silver and Treasury Inflation-Protected Securities (TIPS) to strong returns with record demand this year.
The big picture: Investors continue to pack in even as inflation metrics like the consumer price index (CPI) and personal consumption expenditure (PCE) index have remained anchored.
With a new coronavirus relief measure stalled in Congress, CEOs of some of the world's biggest companies have banded together to send a message to Washington: Get money to small businesses now!
Why it matters: "By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon," warns the letter, organized by Howard Schultz and signed by more than 100 CEOs.
A Biden presidency would put the tech industry on stabler ground than it's had with President Trump. Although Biden is unlikely to rein in those Democrats who are itching to regulate the big platforms, he'll almost certainly have other, bigger priorities.
The big picture: Liberal Silicon Valley remains one of Democrats' most reliable sources for big-money donations. But a Biden win offers no guarantee that tech will be able to renew the cozy relationship it had with the Obama White House.
A virtual school year will likely push retailers even closer to the brink.
Why it matters: Back-to-school season is the second-biggest revenue generating period for the retail sector, after the holidays. But retailers say typical shopping sprees will be smaller with students learning at home — another setback for their industry, which has seen a slew of store closures and bankruptcy filings since the pandemic hit.
The economy has been tanking. Coronavirus infections and deaths have been rising. And the health care industry is as rich as ever.
The big picture: Second-quarter results are still pouring in, but so far, a vast majority of health care companies are reporting profits that many people assumed would not have been possible as the pandemic raged on.
The Trump administration recently touted its approval of America’s first terminal on the West Coast to export liquefied natural gas. There’s just one problem: It probably won’t be built.
Why it matters: The project in southern Oregon faces political and business hurdles serious enough that those who are following it say it will be shelved. Its problems embody the struggles facing a once-promising sector that's now struggling under the weight of the pandemic and more.
Microsoft announced Sunday it would pursue discussions with TikTok’s parent company ByteDance "in a matter of weeks" about buying the app in the U.S. following conversations between President Trump and the tech giant's CEO Satya Nadella.
Details: Microsoft said in a blog post the two firms are exploring a preliminary proposal that would see Microsoft buy the TikTok service in Canada, Australia and New Zealand as well as the U.S. "During this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President," the post noted.