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Good morning, here is your weekly briefing.
1. Largest-ever white nationalist gathering turned violent — 3 dead and 19 injured
White nationalists gathered in Charlottesville, Virginia to protest the planned removal of a statue depicting Robert E. Lee, a Confederate general.
Violence erupted between the white nationalists and the people protesting their protest and their ideology. A 20-year-old male was charged with murder after driving his vehicles into a crowd of protesters, killing a 32-year-old woman and injuring many.
Virginia Governor Terry McAuliffe issued a statement condemning the white nationalist, urging them to “go home.” President Trump responded to the event by condemning, “hatred, bigotry, and violence, on many sides, on many sides.”
2. President Trump responds to threats from North Korea with “fire and fury.”
During what he has dubbed a ‘working vacation,” President Trump responded with an off-the-cuff remark of bringing “fire, fury, and power” on North Korea if they continued nuclear threats against the U.S.
Following his remarks, North Korea has claimed that they are preparing for an attack on Guam, the American territory in Micronesia.
In response to critics saying the remarks were too tough and unnecessary, President Trump responded, “perhaps they were not tough enough.”
3. Internal Google memo questioning their diversity effort goes viral.
James Damore, a then Google engineer, wrote an internal memo which called into question Google’s diversity efforts and laid out the case for gender differences.
Mr. Damore was subsequently fired, but after the memo went public, it conjured a media storm and has started a national debate.
The memo lays out the case for gender differences, tech company bias, and potential fixes to the current effort, in a 10-page essay.
Raila Odinga, the Kenyan opposition leader, created doubt and tension in Kenya after he claimed that the electoral commission’s servers had been hacked.
In a statement, Mr. Odinga said, “they loaded an algorithm which is a formula to create a percentage gap of 11 percent between our numbers.”
Though he has urged his supporters to remain calm, people are already taking to the streets.
Kenya has a rich history of chaos post-elections; in 2007, elections were widely believed to be rigged, resulting in the death of 1,300 people. In 2013, voting systems were afflicted by malfunctions and it was believed that the election was rigged, over 300 people died following that election.
5. South Africa’s president, Jacob Zuma, survived a no-confidence motion.
After facing rape trial, corruption charges, court ruling he breached the constitution, attacks from elders of his own party, and the downgrade of his country to junk status, Jacob Zuma faced his fourth vote of no confidence.
The South African parliament voted 177 in favor, 198 against, and nine abstaining, after several hours of debate.
If the motion would’ve carried, he, and his entire cabinet, would have been forced to leave office.
6. Lastly, more heat between President Trump and Sen. Mitch McConnell.
Following the defeat of the health care bill, President Trump has been at odds with Sen. McConnell who lead the Obama care takedown effort.
McConnell had expressed his frustration with Trump’s expectations and said, “Our new president has of course not been in this line of work before and I think had excessive expectations about how quickly things happen in the democratic process.”
President Trump was asked whether or not Sen. McConnell should step down, to which he replied, “If he doesn't get repeal-and-replace done, and if he doesn't get taxes done -- meaning cuts and reform and ... infrastructure -- if he doesn't get that done, then you can ask me that question."
Weekly Market Recap
U.S. stocks finished much lower than what was expected moving into the week. It’s mostly attributed to the geopolitical tensions. Similar concerns are usually brushed off rather quickly, so I would advise against changing your market strategy because of it. As of this morning, the Dow opened up 100 points over where it closed on Friday.
For this week, we’re keeping our eyes on several important reports that will be released. Tuesday: Retail sales. Wednesday: Fed’s July meeting minutes and housing starts. Thursday: Industrial production data.
Weekly Market Change
Have a good rest of the week.
The Brief is a weekly briefing which gives the reader the bread and butter of what happened in the previous week. Grab your cup of coffee this Monday morning and read a bite-sized version of what happened last week. Subscribe to The EC Journal mailing list to get The Brief in your e-mail inbox every Monday.
This week's read deals consumerism in the United States.