Bloomberg Businessweek - USA (2019-07-29)

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Businessweek July29, 2019

INDIA:

MONEY

SHARMA/AFP/GETTY

IMAGES.

CAR:

COURTESY

ASTON

MARTIN.

MUELLER:

KEN

CEDENO/SIPA/AP

PHOTO

 IN BRIEF

By Benedikt Kammel

○ President Trump reached

a budget deal with House

Speaker Nancy Pelosi,

setting the stage for a

$1t

federal deficit in 2020.

The accord includes

$738 billion in defense

spending and $632 billion

in domestic spending.

○ Aston Martin suffered

its worst stock slump since

it first offered shares to

the public last year, losing

about a quarter of its value

on July 24 after cutting its

forecast for car deliveries

this year. The company

blamed weakening demand

in key markets.

○ Amazon,

Facebook, and

Google are likely

to become the

subject of broad

antitrust review.

○ The Trump

administration

is seeking to

end food stamp

benefits for

3 million people.

○ RobinhoodMarkets,

anapp-basedfinancial

tradingplatformpopular

withmillennials,closed

a freshroundoffunding

thatvaluedit at

$76b

○ Daimler gained its

second major Chinese

investor after state-backed

Beijing Automotive Group

said it’s buying a 5% stake

valued at $2.8 billion. Geely

owner Li Shufu is the

Mercedes-Benz parent’s

biggest shareholder, with a

stake of 10%.

○ British Airways said a

pilot strike planned for

the height of the summer

travel season may cost the

airline as much as

$50m

a day. At the center of

the first major dispute at

the carrier in a decade

aredemandsforbetter

pay,profit-sharing,anda

stock-awardsprogram.

○ Protests in Hong Kong

took a more violent turn

after peaceful rallies

descended into running

battles on opposite sides

of the city and violence

spread into outlying areas.

China warned the U.S.

against interfering.

○ India launched an unmanned rocket on July 22, as it sought to become the first

nation to land a spacecraft on the south pole of the moon.

○ “The finding indicates

that the president was

not exculpatedforthe

acts that he allegedly

committed.”

Special counsel Robert Mueller, testifying on his

findings before the U.S. House Committee on

the Judiciary on July 24.

The U.S. Department of Justice

announced it will investigate whether

major technology companies are using

their power to thwart competition and

silence conservative voices.

The White House says it wants to

prevent abuse and limit assistance

to only those who need it most. As of

April, 36 million Americans received

food stamps.

egedly

○ Copart, the last company in the S&P 500 without a female director, named CyrusOne CFO Diane Morefield to its board.

○ A power failure in Venezuela, the second since March, knocked out electricity to about two-thirds of the country.

○ Iran said it will execute a group of alleged CIA-trained spies, part of a network it said it uncovered earlier this year.

○ Former Chinese leader Li Peng, who imposed martial law to quell the 1989 Tiananmen Square protests, died at age 90.