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Politics

Let’s Debate

Biden and Trump Square Off

In the words of Phil Collins (and Genesis): Tonight, Tonight, Tonight, ohhhhh!

Tonight is the first Presidential debate between President Biden and his predecessor Donald Trump, beginning at 9 PM EST. The list of topics that will be debated has not yet been released. 

The debate is scheduled for 90 minutes with two commercial breaks. The two have also agreed to a second (and probably final) debate on September 10th. The two debates were proposed by the Biden camp and were accepted by Trump’s, who did push for more than just the two debates (to the surprise of no one). 

Well, we’re here to help you get ready for tonight. Here’s what some Americans are predicting for this evening. 

Here are five things to watch for tonight. And, most importantly, drinking games for the debate, as well. Because it might take a few rounds to get through tonight. You’re welcome. 

According to the Leger survey, 42% of respondents picked Trump to win the debate, while 29% picked Biden. What say you?

Business

U.S. Auto Sales to Slow

Cox Automotive expects U.S. auto sales to slow down during the second half of 2024 (which, shockingly, already begins on Monday).The projection is 15.7 million units sold throughout 2024, which, even with the slowdown, would be a 1.3% increase compared to 2023. 

So far, for the first half of 2024, sales have been up 2.9%, compared to 2023. But there are plenty of concerns that this momentum will not be able to carry through the rest of the calendar year. Vehicle inventory levels are growing, but there is still concern over the economy, interest rates, and even the presidential election. All in all, it could work out well for the consumers, if the supply well exceeds the demand.

Due to Covid, there was a slowdown in car manufacturing and even the manufacturing of the chips needed for these cars or their keys. Rental car companies were selling off their inventory, because of the high need of vehicles throughout the country. But now that cars are being produced at a much higher rate (again), the inventory might start to exceed the necessity.

And many Americans have been waiting patiently to purchase a new car in recent years, hoping for the cost to go down. For those, the stars might align. “Higher supply means we officially bid farewell to the seller’s market that has defined the last four years… which means further deterioration in new vehicle grosses and dealer profitability,” said Cox chief economist Jonathan Smoke.

Sales winners from the first half of 2024, according to Cox, are General Motors, Toyota and Honda. If Toyota can keep this pace up, they will challenge GM for the top-selling automaker in the U.S. They topped all other competitors for the first time in 2021. On the flip side, the “losers” are expected to be Tesla (sales are down 14.3%) and Stellantis (sales are down 16.3%). Stellantis, which manufactures Chrysler and Jeep, has dropped to No. 6 in U.S. sales. Their CEO, Carlos Tavares, blamed this on “arrogant” mistakes.

Finance

Yen Dropping

The Dollar is Strong

The yen sank to a 38 year low in comparison to the U.S. dollar this week. The U.S. dollar rose to as high as 160.82, its strongest level since 1986. The dollar has gained 14% vs. the yen so far in 2024.

The reason for this seems to be Japan’s low interest rates, compared to that of the U.S. Furthermore, the euro has also surged against the yen, rising to 171.79 - its highest since 1992. Japan’s top currency diplomat, Masato Kanda, called this rapid decrease “a serious concern” and vowed to take necessary action. 

The weaker yen makes importing goods more expensive, which, in turn, has increased the cost of living in Japan, making it tougher on many households in the country. It seems, however, that some sort of yen intervention is unlikely, until Fed’s preferred US inflation data drops. 

Business/Finance

Shein Side Stepping Wall Street

They Really Want to Go Public

Online fashion retailer Shein confidentially filed papers with UK authorities for a potential listing in London, according to Bloomberg. 

The initial public offering would likely be London’s largest in over a decade, but the timing is still unclear. Shein is still awaiting approval from the Chinese securities regulator. This process does not guarantee that anything is imminent. 

Shein, which was founded in China and is now located in Singapore, sells things like shirts and swimsuits for as low as $2 on their site. However, Bloomberg still reported that an IPO could value Shein at about $63.3 million.

There have been some detractors in Congress who claim that the company is violating laws banning the use of cotton from a certain region of China, which has been tied to forced labor. 

Sports

Florida, Hockey Capital of the World

The Panthers Hang on to Bring Home Lord Stanley’s Cup

The sports world crowned a pair of champions this week. And in both sports, the outcome shouldn’t have been too much of a surprise. 

The Florida Panthers won game 7 of the Stanley Cup Finals, 2-1, to win their first Stanley Cup in their 30-year franchise history. Which is just about the same amount of time it’s been since a Canadian team has actually won it.

The Edmonton Oilers came close, forcing a game 7 despite originally falling down 3-0 in the series, but could not finish off the historic comeback. For Canada the drought remains, as they have not hoisted the Cup since 1993.

Tennessee is a Baseball School Now

In college baseball, the University of Tennessee won their first ever national championship, beating Texas A&M, 6-5, in a decisive game 3. Despite it being the first ever title in Tennessee’s history, and the first No. 1 overall seed to actually win the championship since 1999, this, too, shouldn’t come as much of a surprise. Because the College World Series has become more like the SEC invitational. 

Every champion of the last six years is from the SEC (all different schools too!). The SEC has accounted for 10 of the last 14 teams to play in the championship, including the two teams this year.

College sports have become regional in many ways, but none more glaring than baseball. It’s a southern sport. There are 300 division one baseball teams. They play in 31 different conferences. And yet, only two of those conferences, the ACC and SEC, were represented in this year’s College World Series.

Meanwhile, only two Big Ten teams have made the College World Series since 1984, and the conference hasn’t won the title since Ohio State in 1966. In fact, that was the last time the champion hailed from a cold-weather state. Schools with multiple championships since 1962: USC, LSU, Texas, Arizona State, Arizona, Miami, Cal State Fullerton, Oregon State, South Carolina, Stanford and Vanderbilt.

That’s 11 programs, which is a lot. But they’re ALL from warm states. This year’s participants? All from the south: North Carolina, Virginia, Tennessee, Florida, Florida State, Texas A&M, NC State and Kentucky.It sounds like an old Jeff Foxworthy bit… But if you’re a college baseball fan, you’re also most likely from the south.

Entertainment

Streamers Up Their Price

Peacock cashing in on this opportunity to jack up their prices. As of July 18th (a week before the Olympics), the price will increase from $5.99 a month to $7.99 for both Peacock Premium and the ad-supported option. This increase will take effect for existing subscribers on August 17th.

But they’re not alone. Paramount+ announced the same change: from $5.99 to $7.99 a month for new subscribers, beginning on August 20th. And that’s the ad-supported plan too. 

If you thought cable was expensive, how about paying for eight different streaming services these days?

Despite the boost from the Super Bowl (added 3.7 million subscribers), Paramount+ is still losing millions of dollars. They hope to turn a profit next year, and this price increase is certainly one way to try to do that.

Weekly Commute

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