BitGou: Wednesday Morning Briefing: North Korea fires ballistic missile days before talks

Highlights

North Korea fired what may have been a submarine-launched ballistic missile from off its east coast, a day after it announced the resumption of talks with the United States on ending its nuclear program. If confirmed, it would be the most provocative test by North Korea since it started the talks with the United States in 2018. Analysts said it was likely a reminder by Pyongyang of the weapons capability it had been aggressively developing.

Two former officials who were engaged in the Trump administration’s dealings with Ukraine will meet with U.S. congressional committees starting this week, as the impeachment inquiry into President Donald Trump gains steam. Congressional staff was also due to attend a briefing at the Capitol on Wednesday by the State Department’s inspector general, Steve Linick, according to two sources familiar with the situation.

Hong Kong office workers and high-school students turned out in their hundreds under a sweltering midday sun to denounce a policeman for shooting and wounding a teenager during the most violent clashes in nearly four months of unrest. More than 100 people were injured during Tuesday’s turmoil, as anti-China demonstrators took to the streets throwing petrol bombs and attacking police who responded with tear gas and water cannon.

Britain’s latest British proposal on Brexit as reported by media, is “fundamentally flawed” and “won’t fly”, EU diplomats and officials said on Wednesday, adding that another delay to Britain’s departure is likely if this is London’s final offer. “If it’s take it or leave it, we better close the book and start talking about the modalities of an extension,” the official said.

U.S.

A Dallas jury on Tuesday found former police officer Amber Guyger guilty of murder for accidentally walking into a neighbor’s apartment while thinking it was her own and fatally shooting him as he ate ice cream. The Sept. 6, 2018 killing of Botham Jean, a 26-year-old black PwC accountant, by a white officer sparked street protests, particularly when prosecutors initially opted to bring the lesser charge of manslaughter against Guyger, 31.

Ten of the leading contenders for the Democratic presidential nomination will gather in Las Vegas on Wednesday for an all-day forum on gun violence, tackling an issue that has increasingly become a chief concern for their party’s voters. Democrat Joe Biden would seek to make gun manufacturers more accountable for mass killings and ban assault rifles but would not force owners to sell their existing high-power weapons to the government, under gun control policy his presidential campaign rolled out on Wednesday.

Harvard University’s undergraduate admissions program does not discriminate against Asian-American applicants a federal judge ruled on Tuesday, rejecting a lawsuit brought by opponents of affirmative action and backed by the Trump administration. Meanwhile, an administrator tied to the U.S. college cheating scandal has agreed to plead guilty to a conspiracy charge and give information to authorities on other people involved in the scheme, according to court papers.

Male stars of college basketball and football will likely reap the greatest immediate gains from California’s new law allowing student athletes to profit from endorsement deals, but female athletes, and women’s sports generally, could be big winners in the long run. Although relatively few college athletes of either gender ever advance to professional competition, women’s opportunities for going pro are particularly scant compared with men, proponents said.

Business

Too big to lend? JPMorgan cash hit Fed limits, roiling U.S. repos

JPMorgan Chase & Co has become so big that some rival banks and analysts say changes to its $2.7 trillion balance sheet were a factor in a spike last month in the U.S. “repo” market, which is crucial to many borrowers. Rates in the $2.2 trillion market for repurchase agreements rose as high as 10% on September 17 as demand for overnight cash from companies, banks and other borrowers exceeded supply.

6 min read

Tesla's China production to start, eyes on mass production timing

Tesla’s China factory aims to start production this month but it is unclear when it will meet year-end production targets due to uncertainties around orders, labor and suppliers, sources with knowledge of the matter said. The U.S. electric vehicle maker aims to produce at least 1,000 Model 3s a week from the new factory by the end of this year, the centerpiece of its ambitions to boost sales in the world’s biggest auto market.

4 Min Read

Johnson & Johnson settles Ohio lawsuits to avoid federal trial

Johnson & Johnson said on Tuesday it will pay $20.4 million to settle claims by two Ohio counties, allowing the U.S. healthcare giant to avoid an upcoming federal trial seeking to hold the industry responsible for the nation’s opioid epidemic.

3 min read

UAW rejects new GM offer as strike forces 6,000 Mexico layoffs

The United Auto Workers union said on Tuesday it rejected a new comprehensive offer from General Motors to end a two-week-old strike, saying the automaker came up short on several fronts including wages, healthcare and temporary workers. The union said it made a counterproposal and warned “there are still many important issues that remain unresolved.”

3 min read