No Bull With Raging Robert.
NEED TO KNOW
Evergrande on the Brink
Chinese real estate conglomerate Evergrande Group faces a deadline today to make an $83.5M bond interest payment. Many investors fear the cash-strapped company won’t meet the payment and will default on its debt, with a potential ripple effect on the global economy.
The second-largest real estate developer in China, Evergrande spent the past two decades aggressively borrowing as it helped fuel the country’s construction boom. In addition to prolific spending, a government crackdown on debt financing pushed the company into a cash crunch. As of June, the company had $88B in outstanding debt with 42% due within a year. Cash is so short that the company paid suppliers with unfinished apartments over the summer. Its stock price has dropped 80% so far this year, trading at $0.40 as of this morning.
Some have likened the crisis to China’s version of the Lehman Brothers collapse in 2008, as Evergrande threatens to become the largest debt default by an Asian company in history.
The company has a 30-day grace period to meet its obligation if the payment is missed.
Ukraine Assassination Attempt
A top aide to Ukrainian President Volodymyr Zelensky survived an assassination attempt while being driven in his car south of the country’s capital of Kyiv. The adviser, Serhiy Shefir, was not injured though his driver was reportedly taken to the hospital with at least one gunshot wound. A photo released by Ukraine’s top prosecutor showed at least 10 bullet holes in the side of Shefir’s sedan.
Who was behind the attack is yet to be determined, though officials linked the shooting to Zelensky’s appearance at the United Nations General Assembly in New York City. Zelensky, who said he would return home following the news, had earlier delivered remarks criticizing Russia’s military presence in Eastern Ukraine.
Russia illegally annexed the Crimean Peninsula from Ukraine in 2014, and has actively encouraged and supported anti-government unrest in the eastern Donbas region in recent years.
Police Reform Falls Through
After months of back-and-forth discussions, lawmakers ended talks on federal police reform without reaching a compromise deal. Lead negotiators — Sen. Tim Scott (R-SC), Sen. Cory Booker (D-NJ), and Rep. Karen Bass (D, CA-37) — said neither side could reach an agreement palatable to the other side’s caucus.
After missing a number of self-imposed deadlines, deep divisions remained among the bipartisan group on key issues. Among the key hurdles was qualified immunity, a legal doctrine shielding officers from personal liability over constitutional violations (deep dive here). Reports also suggested areas of bipartisan agreement, including an officer accountability database and the use of no-knock warrants, ran into challenges around specific phrasing in bill drafts.
The news follows a Justice Department decision last week to increase oversight of reform implementations at various police departments across the country.
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IN THE KNOW
Sports, Entertainment, & Culture
Brought to you by Bright Cellars
> WNBA playoffs tip off tonight with single-elimination first-round games (More) | See full playoff schedule (More)
> Netflix buys rights to entire Roald Dahl Story Company, including the rights to stories including “Willy Wonka,” “Matilda,” and “James and the Giant Peach” (More)
> Melvin Van Peebles, influential independent filmmaker best known for “Sweet Sweetback’s Baadasssss Song,” dies at 89 (More)
From our partners: The wine store doesn’t have to be guesswork. This fall, Bright Cellars can help you discover wines you’ll love from the coziness of your own home. Just take their palate quiz, get matched with the perfect wines for your tastes, and find a box on your doorstep a few days later. Now’s a great time to discover your next favorite wine: As a 1440 reader you’ll receive 50% off your first six-bottle order.
Science & Technology
> Study identifies gene likely responsible for the elimination of tails in early human evolution; genetic change is also associated with spinal birth defects (More)
> Engineers develop the smallest-ever wind-borne machine; inspired by tree seeds, the microfliers may have use in environmental monitoring and sensing (More)
> Animal researchers say hookworms, one of the most common intestinal parasites, are showing signs of resistance against all FDA-approved treatments (More)
Business & Markets
> US stock markets up (S&P 500 +1.0%, Dow +1.0%, Nasdaq +1.0%) as Federal Reserve signals it could reverse pandemic stimulus programs this year, and could raise rates as early as next year (More)
> Facebook shares slide 4% after releasing blog detailing that platform ad performance has been underreported on ads served on Apple iPhones (More) | Chief technology officer of Facebook to step down after 13 years (More)
> Restaurant software firm Toast soars 56% in first day of trading to over $30B valuation (More) | Shares of Indian software firm Freshworks increase 32% on first day of trading to $13B valuation (More)
Politics & World Affairs
> Biden administration commits an additional 500 million doses of the Pfizer-BioNTech COVID-19 vaccine for lower-income countries, raising total pledge to 1.1 billion doses (More) | Average COVID-19 deaths in the US pass 2,000 per day; cases and hospitalizations trending downward (More)
> Reports suggest thousands of Haitian migrants are being released from detention at the US-Mexico border, while others are deported via flights to Haiti; nearly 14,000 migrants massed near Del Rio, Texas, in recent weeks (More)
> Former President Donald Trump sues niece, New York Times for $100M over 2018 investigative series revealing leaked tax and financial documents (More)
IN-DEPTH
Ready for the Solar Storm
Knowable | Christopher Crockett. In 1859, a massive geomagnetic storm lit up the Earth, sending telegraph machines haywire. Today, scientists are working to understand just how big such solar flares can get — and what the consequences would be for a digitally connected planet. (Read)
Paradise Lost
Input | Andrew Fedorov. An oral history of the rise and fall of Couchsurfing, the once-idealistic accommodations site with a cult following. (Read)
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ETCETERA
The winners of the 2021 Ocean Photographer of the Year.
Fighter Conor McGregor throws an all-time bad first pitch. (w/video)
Mapping different countries’ biggest public companies.
Music download behavior resembles infectious diseases.
Never-before-seen 1920s photos document Indigenous life in Alaska.
It’s an Aston Martin — for children.
Scientists use lasers to cook 3D-printed chicken.
Bus driver shortage forces a unique field trip for Boston students.
Clickbait: Wyomingite catches pneumonic plague from a feline.
Historybook: American civil rights activist Victoria Woodhull born (1838); Nintendo is founded as a playing card company (1889); Musician Ray Charles is born (1930); Psychiatrist Sigmund Freud dies (1939); Hurricane Jeanne kills more than 3,000 people in Haiti (2004).
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