Newsletter Aug 25, 2022

3 things you must know

Biden wipes out $10,000 in student loan debt for millions
President Joe Biden on Wednesday announced that most US university graduates still trying to pay off student loans will each get $10,000 in relief, addressing the issue of massive educational debt for Americans. The proposal falls short of some Democrats' goal of complete forgiveness, but is opposed by Republicans who argue that taking any amount from graduates' loans is unfair to those who have spent years saving to pay off their own debts.
FIND OUT HOW TO QUALIFY FOR STUDENT DEBT RELIEF

Will the Fed's Jackson Hole talk sound hawkish or dovish?
When the Federal Reserve Chair Jerome Powell speaks this week at the Jackson Hole Economic Symposium, traders and investors will get another chance to figure out whether the nation's central bank is hawkish or dovish in fighting inflation. This year, in particular, is no exception to this tradition. Market participants have been trying to guess whether the Fed will deliver a hawkish or a dovish message to bring soaring inflation under control.
FIND OUT WHAT STEPS ANALYSTS EXPECT FROM THE FED

Orders for US good fall flat in July to end four-month streak
Orders for big-ticket US-manufactured goods were flat in July after four straight monthly increases due to a plunge in the volatile military aircraft category, according to government data released Wednesday. New orders for durable goods held steady at $273.5 billion, after the nearly 50% drop in demand for defense aircraft and parts. The result was far worse than experts had projected.
SEE HOW THE DEFENSE SECTOR IMPACTED THE FIGURES

Markets

DJIA	32,969.23	0.18%
S&P 500	4,140.77	0.29%
Nasdaq Composite	12,431.53	0.41%
Japan: Nikkei 225	28,455.11	0.50%
UK: FTSE 100	7,471.51	-0.22%
Crude Oil Futures	95.48	0.62%
Gold Futures	1,769.00	0.43%
Yen	136.77	-0.26%
Euro	1.00	0.22%
* As of market close

Twitter employees exit amid Musk lawsuit

Twitter is facing more employee departures, company executives told staff on Wednesday, as leaders sought to address multiple challenges, including whistleblower allegations and a legal battle with billionaire Elon Musk. The months-long chaos related to the Musk takeover has caused some staff to flee, particularly after word spread that Twitter faced scrutiny from market regulators over how the platform calculates the number of false accounts -- a topic at the heart of the legal battle.

SEE WHY THE SEC GOT INVOLVED IN TWITTER'S BOT BATTLE

California set to ban fossil fuel cars by 2035

All new cars sold in California by 2035 will have to be zero emission under plans set to be adopted by the state this week, as the biggest economy in the U.S. drives a nationwide fossil fuel evolution. Proposals to be debated by the California Air Resources Board (CARB) this week also include incremental steps mandating more than a third of 2026 car sales in the state be zero emission, and over two-thirds by 2030.

CALIFORNIA SEEKS TO DRIVE THE NATION TO ZERO EMISSIONS

Kobe Bryant's widow awarded $31 million

Los Angeles County must pay $31 million in damages to Kobe Bryant's widow and a co-plaintiff over graphic photos taken at the site of the helicopter crash that killed the NBA star and eight others, a jury ruled Wednesday. First-responders who rushed to the scene of the January 2020 crash took and shared photos of the crash, including the mangled remains of the NBA legend and his 13-year-old daughter, Gianna.

SEE HOW THE JURY ARRIVED AT THE AMOUNT FOR DAMAGES

Mamba-palooza

Wednesday ruling in the Kobe Bryant photo case came as the city of L.A. celebrated "Mamba Day". Why is he commemorated on Aug. 24?

Wednesday's answer: Zach King's Harry Potter illusion currently holds the title for most watched TikTok video of all time, with 2.2 billion views.