Newsletter Jun 18, 2021

President Biden's tour de Europe is already paying big dividends at home and abroad, and the new deals also serve as warning shots at China.

3 Things

The Biden Effect: President Joe Biden's first trip abroad is showing early signs of success both politically and economically with European allies as a series of deals have followed in his wake.
During his visit, the Biden administration struck a long-term deal between the European Union and U.S. to eliminate the ongoing tariff war that was exasperated during the Trump administration.
Then on Thursday, the U.S. brokered an end to a 17-year dispute over state aid for European plane maker Airbus and U.S. rival Boeing, leaving Britain to concentrate on securing a post-Brexit free-trade deal with the world's biggest economy and top ally, the U.S.
The moves not only completes some much-needed housekeeping on the political front, it also allows its corporations like Airbus and Boeing to be more competitive against Chinese aviation
"Reaching an agreement with the United Kingdom to finally put the large civil aircraft disputes behind us is a great step forward for our special relationship," U.S. trade official Katherine Tia, adding that the agreement is "more closely to challenge unfair practices by nations like China and using the power of free trade to build back better."
FIND OUT OTHER POSITIVES TO COME OUT OF THE SUMMIT

Delta (variant) blues: Two days after the U.S. surpassed the 600,000 milestone in COVID-related deaths comes news that the number could grow significantly higher due to the Delta variant.
The medical community released the latest information it has gathered on the new and out-of-control strain of the coronavirus, which originated in India but it rapidly spreading across the globe. Worse yet, the Delta variant continues to mutate at an alarming rate.
But the biggest concern about the Delta strain is twofold -- it is highly contagious, creating a spread faster than health officials can keep track of, and it features symptoms that are both unique to the variant and more severe than other strains. Even scarier is the fact that the Delta variant already accounts for 10% of the new cases in the U.S.
SEE WHAT HEALTH OFFICIALS ARE DOING TO CONTAIN DELTA

Juneteenth justice: It took more than 150 years longer than it should have, but Juneteenth is finally an official federal holiday.
Biden signed the bill into law Thursday, recognizing Juneteenth as a holiday-worthy occasion to mark the end of slavery in the U.S. While most states already recognize the event, the federal recognition makes Juneteenth National Independence Day the 12th national holiday and the first since MLK Day was signed into law in 1983.
â€œOur federal holidays are purposely few in number and recognize the most important milestones,â€ said Democratic Rep.Carolyn Maloney of New York. â€œI cannot think of a more important milestone to commemorate than the end of slavery in the United States.â€
Although the official holiday will be observed on June 19, lawmakers and civil rights advocates are celebrating the milestone event early.
LEARN THE FULL STORY BEHIND THE JUNETEENTH HOLIDAY

Markets

DJIA	33,823.45	-0.62%
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* As of market close

Pricey parking

So much money; so few places to hide it. It's a dilemma the super-wealthy have dealt with since the invention of taxes, and they will literally go to the far reaches of the planet to protect it from going to their government.

Everyone has heard about those secret Swiss bank accounts, and not surprisingly, they are still the preferred option for foreign investors to park their private wealth offshore. In fact, more than $2.4 trillion (with a "T") was parked in Switzerland in 2020 alone. And it probably comes as no surprise that Hong Kong and Singapore rank second and third respectively since they serve as China's private piggy bank.

But we were caught off guard by some of the secret honey holes ranking so high on the list. For instance, No. 4 is the good ol' USA, proving Americans can still avoid paying taxes almost as well as anyone. Others high on the list were the Channel Islands/Isle of Man, the United Arab Emirates, and the tiny European nation of Luxembourg, which has an astounding $300 million in private offshore wealth per square mile.

SEE THE GRAPHIC ON WHERE THE RICH PARK THEIR WEALTH

DIY satellite

The day hasn't yet come when you can walk into the local hardware store and hammer out your own homemade spacecraft, but that day may not be far away after the first wooden satellite passed its the stratospheric test.

Made almost completely out of plywood materials, Woodsat is a 4-inch square satellite that is scheduled to fly into orbit this year after preliminary testing showed it could withstand the required atmospheric conditions.

The satellite will be launched by a Rocket Lab Electron rocket berth in New Zealand before the end of 2021. The only non-wood parts are the aluminum rails necessary for space launch as well as the extendable selfie stick capturing everything that takes place in its wooden material.

Woodsat was launched via weather balloon to test its viability as a space-friendly material. The plywood satellite, as well as the camera attached to it, completed the flight in less than three hours without malfunctioning.

FIND OUT HOW A PLYWOOD SATELLITE CAN SURVIVE IN SPACE

No-money ball

Tired of watching all the millionaire bonus babies whine about scuffed baseballs and free-agency contracts? This weekend allows baseball purists the chance to fall in love with the game again at the College World Series in Omaha, where eight teams will battle for the national title.

Loaded with the future stars of Major League Baseball, the college players haven't yet been spoiled by the high-dollar contracts and commercial endorsements afforded the big-leaguers. Many have passed on the MLB draft to play for their schools, their teammates and for the love of the game -- and that passion is on full display during the 10-day tournament.

The CWS kicks off Saturday and features the heavy favorite in Vanderbilt facing fellow national power Arizona. The Commodores could meet instate rival Tennessee in a state/national championship showdown, but unlike MLB, the CWS has been known for some magical underdog runs.

CHECK OUT THE COLLEGE WORLD SERIES SCHEDULE AND ODDS