| Need To Know |
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| House Launches Impeachment Probe |
After months of resisting calls from their base, House Democrats launched what was referred to as an impeachment inquiry into alleged misconduct by President Trump. The announcement falls short of actual impeachment proceedings, in which the House brings formal charges. Instead, Speaker Nancy Pelosi (CA-12) instructed committees with open investigations into the administration to relay any potentially impeachable offenses to the Judiciary Committee. Expected to cover a range of issues, the move was catalyzed by confirmation from President Trump that he temporarily withheld $400M in aid for Ukraine ahead of a call with President Volodymyr Zelensky, in which he allegedly pressed the foreign leader to investigate previously reported conflict of interest charges against Democratic presidential candidate Joe Biden. The call, which critics say amounted to an effort to use his power to discredit a political rival, was the subject of a whistleblower complaint made in August. Rebuffing Pelosi's announcement, Trump said a full transcript of the call with Zelensky would be released today and the full complaint will be provided to Congress by Friday.
Here's a refresher on how the impeachment process works. |
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| WeWork CEO Steps Down |
| Adam Neumann, The CEO of coworking giant WeWork, stepped down yesterday following a tumultuous effort to take the company public. Offering the ability to rent individual desks and rooms within modern, shared office spaces, investors have closely watched the company as it grew from two locations in New York City in 2010 to nearly 530 across the world in 2019. WeWork - now known as the We Company - had a valuation of $47B as recently as January, but watched that number get cut in half after revealing it lost $1.6B in 2018. Also rattling investor confidence was the degree to which the charismatic but hard-partying Neumann controlled the company, functioning as both CEO and chairman with a voting structure that weighted his shares at 20-1. Neumann will reportedly stay on as chairman but cede majority control as the company tries to rescue its initial public offering. |
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| Parliament (Un)Suspended |
| The United Kingdom's Supreme Court ruled yesterday Prime Minister Boris Johnson's suspension of Parliament until October 14th was unconstitutional. The court found the embattled Johnson - while attempting to move the country's break from the European Union forward - made the call specifically to prevent Parliament from carrying out its legislative functions. Since Johnson assumed office, he has promised to achieve a so-called Brexit, even in the absence of a guiding framework governing immigration, trade, and other issues with the EU. The prospect of a no-deal Brexit has caused an upheaval in Parliament, which passed a law before breaking that required a deal to be in place by October 19th or request an extension of the October 31st deadline from EU leaders. The court's ruling effectively voided Johnson's order - Parliament is expected to reconvene today. |
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| Can falling interest rates affect my student loans? |
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| In The Know |
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| Sports, Entertainment & Culture |
| > Robert Hunter, Grateful Dead songwriter, dies at 78 (More) | J. Michael Mendel, Emmy-winning producer of The Simpsons and Rick and Morty, dies at 54 (More) |
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| > Famed opera singer and conductor Placido Domingo departs Metropolitan Opera following sexual misconduct allegations (More) |
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| > Tom Hanks to be awarded with Cecil B. DeMille award at 2020 Golden Globes for outstanding contributions to the world of entertainment (More) |
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| Science & Technology |
| > Google scores legal win as EU court rules company does not have to apply "right to be forgotten" policy worldwide (More) | ...regulation allows users to request deletion of most personal data (More) |
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| > Scientists look to CRISPR to save wild bananas from dreaded fusarium wilt; deadly strain of fungus confirmed in Colombia last month (More) |
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| > Facebook acquires CTRL-labs, a startup focused on developing brain-computer interfaces (More) | ...and the company has quietly been dabbling in the mind-reading field (More) |
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| Business & Markets |
| > US stock markets drop the most in a month (S&P 500 -0.8%, Dow -0.5%, Nasdaq -1.5%) on Trump impeachment inquiry news (More) | US consumer confidence falls more than expected to lowest level in nine months amidst growing trade war fears (More) |
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| > Volkswagen’s CEO & Chairman charged with stock market manipulation by German prosecutors, accused of failing to disclose risk of diesel scandal to shareholders (More) |
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> AB InBev prices IPO of Asian business at HK$27/share, raising ~$5B in the second-largest worldwide IPO this year (after Uber); stock scheduled to start trading on Sept. 30th (More)
As a 1440 reader, you’ve grown accustomed to a selection of quality stories delivered right to your inbox. Finimize does the same thing with financial news. Every morning, Finimize delivers a 3-minute breakdown of the top 2 financial stories to 400,000+ readers just like you. Sign up for free here. |
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| Politics & World Affairs |
| > Tropical storm Karen expected to bring up 6 inches of rain, 45 mph winds to Puerto Rico today before moving out to sea (More) |
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| > Trump delivers remarks at UN General Assembly, calls for increased international pressure on Iran (More) |
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| > Earthquake in Pakistani Kashmir region kills 19 and injures over 300 (More) |
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| Refinance your loans today. |
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