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Happy Thursday.
Here’s today’s ITK Daily.
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Bloomberg: With an eye on 2024, Biden touts successful NATO summit
Biden braces NATO for long conflict with Russia, making Cold War parallel: Concluding a NATO summit focused on the war in Ukraine and other fast-changing challenges, President Biden vowed that the alliance would oppose Russian aggression for as long as needed. NYT
Biden, G-7 leaders announce major security pledge to Ukraine: WP reports NATO promised Ukraine support that is short of what Zelensky wanted, but is aimed at preventing future attacks on his country.
Zelenskyy puts brave face on lackluster NATO membership signal: Politico reports the Ukrainian leader is touting Western security guarantees, which is angering the Kremlin.
Ukraine leaves NATO summit without clear path to membership: WSJ reports Kyiv’s allies again promised the war-torn country would one day join the alliance but didn’t say when.
How Ukraine lost its battle for a NATO membership commitment: As the summit wrapped, exhausted Ukrainian and NATO officials tried to put the spat behind them and highlighted Kyiv’s gains. Politico
Ukraine must show ‘gratitude’ to the West to keep support, UK defense minister warns: Politico reports Ben Wallace cautioned that Kyiv should rein in its disappointment over NATO’s language on joining the alliance.
Despite successes at NATO summit, divisions remain: The alliance added Sweden, laid out new ambitions for itself, and offered long-term support for Ukraine, promising membership someday. But Kyiv wanted more. NYT
NATO Tokyo office is 'still on the table,' says Stoltenberg: Nikkei reports the alliance and Japan agree on 16 cooperation areas, including rescue operations.
The US-China chip war is still escalating: China starts to push back against ever-tightening export restrictions around semiconductors. Zeyi Yang
Tougher rules sought on land sales to China, other adversaries: Proposed legislation would give Committee on Foreign Investment in the United States new powers over deals near military bases. WP
China premier meets major tech companies, vows more support: Bloomberg reports Chinese Premier Li Qiang met with senior executives from the country’s leading technology firms, including Alibaba Group Holding Ltd. and ByteDance Ltd. on Wednesday, in another signal that Beijing is moving past its crackdown on the industry amid a weakening economy.
China targeted State Department emails in Microsoft hack, US officials say: NYT reports Microsoft said the hack began in May and was discovered just before Secretary of State Antony J. Blinken’s trip to Beijing in June.
US government emails hacked in suspected Chinese espionage campaign: WSJ reports the hack is seen as part of a suspected cyber-espionage campaign to access data in sensitive computer networks.
Chinese hackers targeted US government emails through Microsoft breach, White House says: Politico reports the breach is the latest in a series of attacks hitting federal agencies and comes as tensions grow between the US and China.
Reuters: China gallium curbs raise chip questions for future EV models
Analysis: Why China rolled out the red carpet for Okinawa governor: Xi Jinping puts Japanese islands in play to maneuver for Taiwan. Nikkei
AP: North Korea fires its first ICBM in 3 months after making threat over alleged US spy flights
Politico: North Korean missile launch ‘risks destabilizing’ the region, White House says
Philippines to allow Barbie movie but wants map blurred: BBC reports The Philippines has requested that a controversial map in the new Barbie movie be blurred, but it will allow the film to be screened. The line is significant as it is used by China to assert its internationally rejected claims in the South China Sea.
+ The production was banned in Vietnam for allegedly showing the nine-dash line on a map.
Pakistan secures final IMF approval for a $3 billion bailout.
The US reassessment of Netanyahu’s government has begun Thomas L. Friedman
President Joe Biden will host Italian Prime Minister Giorgia Meloni in Washington on July 27, and the two leaders will discuss issues including the Ukraine war and transatlantic cooperation regarding China, the White House said on Wednesday.
Liz Truss oversaw the launch of a new economic organization, The Growth Commission, in Westminster.
Mexico’s presidential race just got more interesting Eduardo Porter
Election 2024: Sen. Joe Manchin (D-WV) is set to headline a No Labels event next week in New Hampshire.
No Labels snags Sen. Joe Manchin for event, stoking talk of presidential run: The bipartisan group eyes fielding a third-party ticket in 2024, sparking fears among Democrats that it could pull support from President Biden. WP
CBNC: DeSantis donors privately worry about campaign as Florida governor lags in 2024 polls
DeSantis confronts a Murdoch empire no longer quite so supportive: NYT reports the Florida governor has faced tough questions and critical coverage lately from Fox News and other conservative outlets, in a sign of growing skepticism.
DeCrash.
GOP ed in midterm turnout, a red flag for Democrats in 2024: NYT reports even though Democrats held the Senate and other key offices, Republican turnout was more robust, and the party showed strength among women, Latinos, and rural voters, a new report found.
Bloomberg: A surprising group turned out in lower numbers for midterms: Democratic women
The new era of big government: Biden rewrites the rules of economic policy: Forty years after Reaganomics rejected government intervention in the economy, the US is embracing massive subsidies. But will voters notice? FT
This part of Bidenomics needs more economics: Massive sums are being spent on industrial policy with little guidance from economic theory or research. Greg Ip
Back-to-school spending is expected to fall for the first time in nine years, as shoppers across all income levels pull back on non-essential purchases and prioritize necessities amid sticky inflation, according to a Deloitte report on Wednesday.
At 3% last month, US consumer-price inflation is now just one-third of the level it reached a year ago.
How a Houston oilman confounded climate activists and made billions: Jeffery Hildebrand built an empire by buying castoff wells from big companies under ESG pressure. WSJ
$14.7 million: Median pay package for CEOs of the biggest US firms in 2021
CNBC: Disney extends CEO Bob Iger’s contract through 2026, two years longer than planned
Disney is reportedly weighing a sale of its Star India business, amid growing losses at the division after it lost the streaming rights to Indian Premier League cricket matches.
Lina Khan is taking on the world’s biggest tech companies—and losing: FTC chair’s court loss against Microsoft marks another setback in her fight to block mergers. WSJ
India's Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn pulled out of the $19.5 billion chipmaking project.
Nvidia is said to be in talks to become a cornerstone investor in the forthcoming IPO of Arm, the British chip designer.
Huawei Technologies is plotting a return to the 5G smartphone industry by the end of this year, according to research firms, signaling a comeback after a US ban on equipment sales decimated its consumer electronics business.
ByteDance, the parent company of TikTok, is reportedly letting American employees cash out their shares in the Chinese tech giant ahead of any IPO.
Domino's Pizza said it had entered into a new agreement with Uber that will allow customers to order Domino's products through Uber's food delivery apps.
Audi is in talks with SAIC Motor Corp. to buy an electric vehicle platform from the Chinese state-owned automaker, two people familiar with the matter said, an unprecedented effort to shore up market share.
Say good-bye to Anchor Steam Beer Chris Crowley
UK housing market: Mortgage payments will rise by at least £500 a month for nearly a million homeowners by the end of 2026, the Bank of England warned.
Reuters: US 30-yr mortgage rate tops 7% for first time since last fall
The number of Americans who feel confident in higher education has fallen by a shocking amount since 2015, a new Gallup poll reveals. Overall confidence in higher education stood at 57% in 2015. That fell to 48% in 2018. But in 2023, Americans’ confidence in higher education stands at just 36%.
WSJ: ‘Succession’ nabs 27 Emmys nominations
HBO’s ‘Succession’ dominates Emmy nominations in uncertain year: Its final season earned 27 nods, the most of any drama, while “Ted Lasso” got 21, the most of any comedy. But the writers’ strike could delay the ceremony, planned for September. NYT
USA Today: Aaron Rodgers, Jets chosen to be featured on HBO's 'Hard Knocks'
Can baseball fans be won over by the world’s second-biggest sport? America’s first-ever professional cricket tournament starts on July 13th. Economist
Enjoy the ride + plan accordingly.
-Marc
Marc A. Ross | Chief Communications Strategist @ Caracal
Caracal produces ITK Daily.
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