8.16.2023

Georgia Indictment

Former President Donald Trump and 18 other defendants have been named in a grand jury indictment for their roles in allegedly interfering with the 2020 election results in Georgia and have until Aug. 25 to turn themselves in. Others named in the indictment include Rudy Giuliani, former White House Chief of Staff Mark Meadows, and Trump legal adviser John Eastman.

The indictment (read here), unsealed late Monday, charges the 19 defendants with 41 total counts, including violating Georgia's Racketeer Influenced and Corrupt Organizations Act. Georgia's RICO is an expanded version of the federal statute, which has been used to take down organized crime (see 101). Prosecutors allege the Trump campaign was a criminal enterprise that schemed to overturn the 2020 election results in Georgia and other states, including by lying to the Georgia state legislature and unlawfully accessing voting equipment. See key takeaways here. 

The criminal indictment is Trump's fourth in five months (see overview), and the second related to alleged election fraud. He denies any wrongdoing. 

Separately, attorney Christopher Clark, who represented Hunter Biden in plea negotiations with the Justice Department over tax issues and a separate gun-related issue, is withdrawing from Hunter Biden's defense, citing his potential role as a witness in future proceedings. Hunter Biden has been under investigation for his foreign business dealings.

Russia's Ruble Trouble

Russia's central bank raised interest rates from 8.5% to 12% at an emergency meeting yesterday, the highest level since April 2022. The move comes one day after the ruble dropped past 100 against the US dollar—valuing it less than a US penny—for the first time since Russia invaded Ukraine. Before the announcement, the ruble had briefly strengthened but its value remains down more than one-third since the start of the year.

The Kremlin's chief economic adviser blamed a loose monetary policy that devalued the currency. The central bank's decision to raise rates is likely due to escalating inflationary pressure driven by increased war-related spending, a surge in domestic demand surpassing the economy's production capacity, a deteriorating oil-and-gas trade position, reliance on imports, and Western sanctions on Russia. Annual inflation currently stands at 4.4%, above the targeted 4%, and experts predict it could hit up to 6.5% by year-end.

See the effect of sanctions on Russia's economy here and on the global economy here.  

Lan Strikes Japan

Typhoon Lan made landfall in central Japan's Wakayama prefecture—one of the country's 47 provinces—early Tuesday, injuring at least 23 people and disrupting travel for tens of thousands amid the Obon holiday. Authorities announced evacuation warnings to over 200,000 residents as the storm crawled northeast at a 9 mph pace.

Known to the Japanese as Typhoon No. 7, the storm blew wind gusts up to 100 mph, unleashing more rain in several hours than the region receives on average per month. Many railroads were closed amid warnings of floods and mudslides, nearly 1,000 flights were canceled, and roughly 26,000 people in Tottori prefecture were forced to evacuate after rising waters breached a heavy dam. Analysts estimate damage from the storm will run into the billions. Track the storm here.

The storm is the second in a week to hit Japan after Typhoon Khanun made landfall on the southern island of Kyushu last Wednesday.

Science & Technology

Business & Markets

Politics & World Affairs

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Historybook: Gold is discovered in Canada’s Yukon Territory, sparks Klondike gold rush (1896); Babe Ruth dies (1948); Sports Illustrated is first published (1954); Madonna is born (1958); Elvis Presley dies (1977); Aretha Franklin dies (2018).