7.13.2022

Inflation, Uvalde Footage, and a World Population Milestone Everything you need to know for today in five minutes.

Good morning. It's Wednesday, July 13, and we're covering the falling euro, footage from the police response during the Uvalde, Texas, school shooting, and much more. Have feedback? Let us know at [email protected].

NEED TO KNOW

 

Jan. 6 Hearings (Part Seven)

The House Select Committee investigating the events surrounding the storming of the US Capitol last Jan. 6 held its seventh public hearing yesterday, focusing on the role of extremist groups and the degree to which former President Donald Trump and allies helped coordinate events in advance.

 

In recorded testimony, former White House Counsel Pat Cipollone said he urged Trump to concede the election, criticizing plans to seize voting machines and have former Vice President Mike Pence refuse to certify the results. The committee also revealed an unsent draft tweet written prior to Jan. 6 in which Trump would have encouraged supporters to march from his morning speech to the Capitol—a statement the panel said showed the day's events were not spontaneous. 

 

Separately, Rep. Liz Cheney (R, WY-At large) revealed the former president allegedly attempted to contact an unspecified witness appearing before the committee. Investigators said they referred the matter to the Justice Department. 


The final planned hearing, originally scheduled for Thursday, was delayed due to new testimony from Cipollone and former Trump adviser Steve Bannon's agreement to testify.

Euro on Par With Dollar

The euro is now equal in value to the US dollar for the first time in 20 years, with the two currencies hitting parity yesterday amid recession concerns fueled by continuing inflation and persistently high energy prices. The currency—shared by 19 member countries—has lost more than 10% of its value since the start of the year. The euro was last worth less than the US dollar in 2002 when the currency was still in its infancy (see 101).

 

The move comes as annual inflation in the eurozone reached a record 8.6% in June and as the European Central Bank prepares for its first rate hike in 11 years next week. In contrast, the US Federal Reserve already implemented three of its seven rate hikes this year to fight a 40-year-high annual inflation rate (see history).

 

The latest report on the US consumer price index—a proxy for inflation—is expected today, with experts estimating an 8.8% increase from this time last year.

Uvalde Footage Released

Surveillance footage from the Uvalde, Texas, mass school shooting at Robb Elementary was made public yesterday, following a weekslong impasse between local and state officials over the release. The nearly 90-minute-long video captures the moments the gunman entered the building, as well as a hallway view of the police response outside a barricaded classroom. The footage can be viewed here; please be warned that both the video and audio contain sensitive content.

 

Nineteen students and two teachers were killed during the attack. Local officials have faced intense scrutiny for waiting roughly 75 minutes to enter the classroom to engage the shooter, and for providing contradictory details in the aftermath of the attack. Reports suggest commanding officers were told not to engage despite multiple calls by students to 911 from inside the classrooms during that time.

 

State and federal probes into the police response are ongoing.

In partnership with Piestro

THIS $155B MARKET JUST GOT TASTIER

 

Apparently, "we love pizza" is becoming quite an understatement. We can't get enough of it. In fact, the global pizza market is currently worth $155B. So why do pizzerias have so much trouble making money? 

 

High real estate and labor costs leave full service restaurants earning just 5%-10% margins on average. But Piestro is here to make those razor-thin margins a thing of the past—by tripling them. These autonomous pizza pods can create artisanal-quality pizzas in three minutes ... all with zero labor, and the real estate footprint of just two vending machines. Piestro could be the answer to these two major concerns of the pizza industry, and you can invest in the company behind it today.

 

Piestro has already earned $580M in preorders from world-renowned pizza brands like 800 Degrees Pizza. Interested in investing in the robotics startup that could revolutionize the pizza business? Check it out before the offering ends July 28.

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IN THE KNOW

 

Sports, Entertainment, & Culture

> "Succession" hauls in 25 nominations for 2022 Primetime Emmy Awards (Sept. 12), with "Ted Lasso" and "The White Lotus" earning 20 apiece (More) | See full list of nominations (More)

 

> Four-time Olympic gold medalist Sir Mo Farah reveals he was illegally trafficked to the UK from Djibouti as a child and given new identity (More)

 

> Ada Limón named 24th US poet laureate (More) | Spotify purchases music trivia game Heardle in effort to diversify its revenue streams (More)

Science & Technology

> James Webb Space Telescope releases first batch of scientific images; explore photos here (More) | See our preview of the release from yesterday (More)

 

> Biotech startup Verve announces the first use of an advanced gene editing technique in humans; base editing is used to tweak a liver gene in an attempt to lower cholesterol and heart disease risk (More)

 

> Pig heart transplants carried out in two brain-dead patients, the latest in long-running efforts to use animal organs in humans; tests follow a historic, but failed, transplant in a Maryland man who died two months after surgery (More)

Business & Markets

In partnership with The Ascent

> US stock markets close lower (S&P 500 -0.9%, Dow -0.6%, Nasdaq -1.0%) ahead of today’s June inflation report (More) | Electric vehicle startup Canoo shares up 53% after announcing Walmart will purchase 4,500 delivery vans (More)

 

> Twitter sues Elon Musk over attempt to walk away from $44B buyout (More)

 

> American Airlines shares up 10% as company expects to post Q2 pretax profit amid travel rebound (More) | London’s Heathrow Airport asks airlines to stop selling new tickets; will limit passengers to 100,000 per day through mid-September (More)

From our partners: 2022: Your year for a one-card wallet. This card offers up to 5% cash back at places you already shop and 0% APR until 2023 on purchases and balance transfers. All with no annual fee. Making this card the only one you need.

Politics & World Affairs

> Senior ISIS leader reportedly killed by US drone strike; Maher al-Agal said to be the leader of the jihadist group's Syrian branch (More)  | Senate confirms Steven Dettelbach by 48-46 vote to lead the US Bureau of Alcohol, Tobacco, Firearms, and Explosives (More)

 

> Russian President Vladimir Putin to visit Iran next week; the US said it believes Iran will supply armed drones to aid Russia in its invasion of Ukraine (More) | See updates on the war (More)

 

> Biden administration health officials reportedly discussing authorizing a second COVID-19 booster shot for all adults, as the BA.5 omicron variant becomes the dominant strain in the US (More) | See US COVID-19 data (More)

$580M IN PIZZA?

 

In partnership with Piestro

 

When we heard Piestro had accumulated $580M in preorders from global brands like 800 Degrees Pizza and Carbone Restaurant Group, we thought to ourselves: that's a lot of dough. 

 

Piestro’s robotic pizzeria solution cuts the real estate footprint to the size of two vending machines and labor costs down to zero: leading to 3X the profit margins. If you're interested in Piestro’s technology or investment opportunity, check it out before their round closes July 28.

Please support our sponsors!

ETCETERA

 

History, from start to finish. (best viewed on desktop)

 

The world is on track to hit 8 billion people.

 

Browse the winners of the 2022 Audubon Photography Awards.

 

Hiker captures a Kyrgyzstan avalanche on film.

 

Inside a French escargot festival.

 

Footage from the London Zoo's Sumatran tiger cub cam. (via Instagram)

 

Falling space debris is a looming threat.

 

BMW makes heated seats a subscription service.

 

Clickbait: When a teenager designs the "I Voted" sticker

 

Historybook: Julius Caesar born (100 BCE); First World Cup takes place in Uruguay (1930); HBD Sir Patrick Stewart (1940); RIP artist Frida Kahlo (1954); Live Aid concert raises more than $125M for Africa famine relief (1985).

 

"Nothing is worth more than laughter."

- Frida Kahlo

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