BitGou: Wednesday Morning Briefing: Democrats pressure Senate Republicans for gun control action

U.S.

Democrats sought to gain the upper hand in the gun debate with President Donald Trump and Senate Republicans by demanding quick action on background checks and suggesting that money for Trump’s border wall could go instead to fighting domestic terrorism.

Attorney General William Barr ordered the removal of the warden at the federal jail where financier Jeffrey Epstein was found dead in an apparent suicide while awaiting trial on sex trafficking charges, the Justice Department said, after condemning “serious irregularities” at the facility. The staff shakeup at the Metropolitan Correctional Center in lower Manhattan announced by the department included temporarily reassigning the warden to another post within the federal Bureau of Prisons.

The Los Angeles Opera said it will investigate accusations of sexual misconduct against Spanish tenor Placido Domingo, as two organizations canceled planned appearances by him. “LA Opera will engage outside counsel to investigate the concerning allegations about Placido Domingo,” the opera house said in a statement. Domingo, in a statement distributed by his publicist Nancy Seltzer, called the accusations “deeply troubling, and as presented, inaccurate.”

U.S. Federal Aviation Administration has banned certain models of Apple’s MacBook Pro laptops on flights, after the company recalled select units which had batteries posing fire risks. Apple said in June it would recall a limited number of 15-inch MacBook Pro units as their batteries were susceptible to overheating. The units were sold between September 2015 and February 2017.

Woodstock 50th Anniversary

Remembering Woodstock: The music festival that defined an era was notable for widespread drug use by performers and fans. Speaking to a handful of people who attended, each has a different story to tell as the festival marks its 50th anniversary.

Michael Wadleigh never played a note and is not a household name, but he may be the person most responsible for securing Woodstock’s place in history as the epitome of Sixties counterculture. Wadleigh filmed and directed the Oscar-winning “Woodstock” documentary about the three days of peace and music on a farm in upstate New York in 1969, but his focus went way beyond the performances on stage.

World

The problems facing Hong Kong’s wide-open economy - which is expected to grind to a halt in coming quarters - run so deep that even those businesses whose products have been repurposed as protest paraphernalia are losing momentum. Chinese state media called on Beijing to deal with protests in Hong Kong more decisively after a reporter from one of China’s largest government-backed newspapers was caught up in overnight clashes. U.S. senator warned China Hong Kong could lose its special U.S. trade status if Beijing intervenes directly to crack down on increasingly violent pro-democracy protests in the city.

Pakistan Prime Minister Imran Khan used an address celebrating Independence Day to criticize India for its actions in the disputed Kashmir region that has long been a flashpoint between the two nuclear-armed neighbors. Pakistan has asked the United Nations Security Council for an urgent meeting on Kashmir also claimed by India, according to a letter released by Pakistan’s foreign ministry.

After a lone gunman killed 51 mosque worshippers in March, New Zealand’s outpouring of collective grief and Prime Minister Jacinda Ardern’s heartfelt support for the Muslim community won praise around the world. But months after the attacks in two Christchurch mosques, criticism is mounting over the aftermath, including the prolonged legal process and the handling of a powerful government inquiry.

Syrian government forces closed in on a rebel-held town in Idlib that was bombed with sarin in 2017, sources on both sides said, building on their Russian-backed gains since the collapse of a ceasefire this month. The advance toward Khan Sheikhoun threatens to encircle the last remaining pocket of rebel-held territory in neighboring Hama province, including the towns of Morek, Kafr Zeita and Latamneh.

World Economy

China's economy worsens in July, industrial growth at 17-year low as trade war escalates

China’s economy stumbled more sharply than expected in July, with industrial output growth cooling to a more than 17-year low, as the intensifying U.S. trade war took a heavier toll on businesses and consumers.

7 Min Read

Shrinking German economy 'on edge of recession' as exports stutter

A slump in exports sent Germany’s economy into reverse in the second quarter, data showed, as its manufacturers bore the brunt of a global slowdown amplified by tariff conflicts and uncertainty over Brexit.

5 min read

Trump delays tariffs on Chinese cellphones, laptops, toys; markets jump

President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on U.S. holiday sales. The delay which, affects about half of the $300 billion target list of Chinese goods - along with news of renewed trade discussions between U.S. and Chinese officials - sent stocks sharply higher and drew cautious relief from retailers and technology groups.

7 min read

Predicting the next U.S. recession

A protracted trade war between China and the United States and a deteriorating global growth outlook has left investors apprehensive about the end to the longest expansion in American history. The spread between yields on U.S. two-year and 10-year notes, a closely watched metric, is likely to invert for the first time since 2007. That would follow the inversion of another part of the yield curve earlier in the year. Here is what that means.

16 min read