Eighteen-year-old Emma Raducanu capped a historic run in one of the biggest women's tennis tournaments over the weekend, beating Leylah Fernandez in straight sets to win the US Open. The British teenager entered the tournament ranked 150th in the world, having only appeared in one previous major event.
Her ranking required she win three preliminary matches to even qualify for the main tournament. Raducanu became the first qualifier to ever reach, much less win, a Grand
Slam final—which includes Wimbledon and the US, French, and Australian Opens.
History on the men's side was just missed, as No. 2 seed Daniil Medvedev beat superstar Novak Djokovic in the finals in three sets, 6-4, 6-4, 6-4. The loss ended Djokovic's bid to win his 21st Grand Slam title, which would have separated him from a three-way tie with Roger Federer and Rafael Nadal for most of all time.
A federal judge issued a mixed verdict in a closely watched antitrust case against Apple Friday, ruling it must allow developers to directly collect payments from users within their apps, but stopped short of modifying the role of its powerful App Store.
Apple's iPhone makes up more than half of the US smartphone market and reaches more than 1 billion worldwide users. Previously, the company required all financial transactions made by user-downloaded apps to be processed by Apple
which would take a 30% cut. Additionally, apps may only be downloaded via the App Store—part of a concept the company refers to as its "walled garden."
Video game company Epic, maker of the widely popular Fortnite, filed suit against Apple, claiming the company used its dominance in one market (phones) to take unfair advantage in a second market (apps).
Aside from the ruling, the case exposed a number of financial details of Apple's App Store—see the most
interesting points here.
Manchin Hits Pause
A $3.5T spending plan proposed by the White House and congressional Democrats hit a snag yesterday, as Sen. Joe Manchin (D-WV) said he would not vote for the package in its current form. Manchin also pushed back on the party's attempt to pass both the budget plan and a $1T bipartisan infrastructure package by the end of September.
Democrats hold a slim 50-50 majority in the evenly divided chamber (Vice President Kamala Harris casts a deciding vote in the event of a tie). Under the
budget reconciliation process (see 101), the party can avoid the typical 60-vote requirement, but must ensure all 50 Democratic senators support the package. The situation has given outsized leverage to moderate members like Manchin and Sen. Kyrsten Sinema (D-AZ). It is unclear whether Senate Majority Leader Chuck Schumer (D-NY) will bring a vote on the package despite Manchin's comments.
Separately, Treasury officials said the US
would default on its obligations if the debt ceiling is not raised by mid-October.
In partnership with The Motley Fool
5G IS HERE
We're not sure if you've heard: The latest iPhone (the iPhone 12) is 5G-enabled. Not only does this represent a massive technological leap, but it also suggests we’re approaching an inflection point in 5G’s popularity throughout the market.
Now, our friends at The Motley
Fool love Apple and recognize what a remarkable business they've built. But Apple's current market cap reflects the incredible extent to which they've grown in mobile dominance. It's hard to triple in size when you're already a $2T (yes, trillion) company.
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Business & Markets
>US stock markets drop Friday (S&P 500 -0.8%, Dow -0.8%, Nasdaq -0.9%) for fifth consecutive day (More)
> Walmart raises $2B green bond–corporate bonds used to invest in projects delivering environmental benefits; is the largest ever green bond raised in the US (More) | Harvard University to cease investing in companies that develop or explore fossil fuels (More)
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Politics & World Affairs
>CDC study suggests unvaccinated patients account for roughly 92% of reported COVID-19 cases and hospitalizations, 91% of deaths between April and early July (More) | Average US COVID-19 cases fall to around 145,000 per day, down 13% since Sept. 1; see data here (More)
>North Korea says it has tested newly developed long-range cruise missiles with a range of more than 930 miles (More)
>Al-Qaida chief Ayman al-Zawahri, who was believed to be dead, appears in video disseminated on 9/11 anniversary; unclear whether its recording was recent (More) | FBI releases new 16-page document detailing intelligence on the planning of the 9/11 attacks (More)
And there's an American company 1/500th the size of Apple, which could stand to gain every time someone buys a 5G-enabled iPhone. It makes a critical component which is now involved in the production of every single iPhone. Find out more about this relatively unknown company—sign up for Motley Fool to read the report.
Historybook: Francis Scott Key writes America’s national anthem, "The
Star-Spangled Banner" (1814); HBD actor and producer Tyler Perry (1969); Israel and Palestine sign peace accord (1993); RIP rapper Tupac Shakur (1996); RIP Ann Richards, educator and former governor of Texas (2006).
"I've always said that in politics, your enemies can't hurt you, but your friends will kill you."
- Ann Richards
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