Good morning. It's Thursday, Aug. 21, and we're covering Israel's expanded ground operation in Gaza, leadership changes for a popular retailer, and much more. First time reading? Join over 4.5 million intellectually curious readers. Sign up here.
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Israel called up an additional 60,000 reservists yesterday after approving a military offensive to capture and occupy Gaza City, a Hamas stronghold where hundreds of thousands of people are sheltering. The operation could begin within days; army reservists were instructed to report to duty next month.
The announcement comes as Israel considers a ceasefire proposal from Qatar and Egypt that would see a 60-day truce and the release of around half of the 50 remaining hostages in Gaza, 20 of whom are still believed to be alive. Hamas agreed to the deal earlier this week. Israeli officials have said they will reject any proposal that does not include the release of all hostages.
Separately, Israel approved the construction of nearly 3,500 new apartments across 4.6 miles in the West Bank. The decision—considered illegal under international law—is expected to divide the West Bank into a northern and southern region, preventing Palestinian territorial continuity. Israel maintains the land is disputed and that its settlements are lawful. |
Target CEO Brian Cornell is stepping down in February after 11 years at the helm. The news came yesterday as the retailer reported falling or flat sales for the 11th consecutive quarter, with profits down 19% from a year ago.
Annual sales increased over 40% under Cornell from 2018 to 2021—fueled partly by pandemic-era spending sprees—but have largely flatlined since inflation began surging about four years ago (see historical inflation). Roughly half of Target's sales are nonessential spending, while most business for competitors like Walmart and Costco comes from groceries. Tariffs have added pressure, with imports accounting for about half of Target's merchandise, compared to one-third of Walmart's and Costco's. Target also faced backlash over LGBTQ-themed products in 2023 and its retreat from DEI initiatives this year.
Incoming CEO and current COO Michael Fiddelke outlined three priorities: trendier merchandise, better service, and greater technology adoption. Analysts, who favored an external hire, criticized the appointment. Target shares fell roughly 6% yesterday. |
The Federal Trade Commission yesterday sued the operators of LA Fitness, alleging they make canceling memberships excessively difficult for consumers, costing hundreds of millions of dollars in unwanted recurring fees.
According to the complaint (see summary), canceling requires consumers to either visit a gym during limited hours to speak with a specific employee or mail a form that is often hard to access online due to a complex login process. Memberships cost anywhere from $30 to $299 per month, depending on the location, and involve annual fees. The FTC seeks a court order to ban such cancellation practices and provide restitution to affected consumers. LA Fitness operators oversee more than 600 locations with over 3.7 million members nationwide. A representative from the fitness company stated the allegations were without merit.
The lawsuit follows similar cases against Uber One, Amazon.com, and Adobe, and comes a month after a federal appeals court blocked the FTC's "click-to-cancel" rule, which would have required businesses to make cancellations easier. |
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Sports, Entertainment, & Culture |
> The 2025 PGA Tour Championship kicks off today for the FedEx Cup title and $10M top prize (More) | ... and Tiger Woods to chair committee to look at major structural changes to the PGA Tour (More) |
> ESPN's new app, which will include livestreams of all 12 of the network's channels, launches today at $29.99/month (More) | ... and the streaming service will host its first WWE event Sept. 20, ahead of the scheduled 2026 launch (More) |
> Former boxing champ Julio César Chávez Jr. deported over alleged ties to Mexican drug cartels (More) | YouTuber-turned-boxer Jake Paul to face WBA world champ Gervonta Davis on Netflix Nov. 14 (More) |
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> Google debuts line of Pixel smartphones that use Google's artificial intelligence assistant, Gemini, to let users complete multiple tasks simultaneously (More) |
> Study shows triple-negative breast cancer cells feed on nearby fat cells, prompting researchers to develop a treatment that blocks the aggressive cancer’s access to fat; the approach may also work against other cancers (More) | Why it's so hard to cure cancer (More) |
> Never-before-seen supernova—or exploding star—confirms massive stars have several onion-like layers and an innermost iron core (More) | IBM and NASA release an advanced open-source AI model for predicting solar weather (More) |
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In partnership with Med-X |
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Countries keep special “lists” of approved suppliers. And those suppliers are positioned to profit, since the nation must use them. Now, imagine being an approved supplier for the entire world. That’s Med-X’s goal.
If approved, they’ll become the only all-natural pesticide on the most important global procurement list for mosquito control. Their essential-oils-based solution has outperformed chemical products in many cases.
That’s why they already have $6M in sales and a planned Nasdaq listing. Invest in Med-X as they take on the $17.6B global pest control market.* |
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> US stock markets close mixed (S&P 500 -0.2%, Dow +0.0%, Nasdaq -0.7%) (More) | Federal Reserve meeting minutes from July show most officials agree it's too early to lower interest rates (More) | President Donald Trump calls for resignation of Federal Reserve governor Lisa Cook amid accusations of mortgage fraud (More) |
> Pop Mart shares close up 12% after the Labubu maker sees net profit rise nearly 400% in first six months of 2025, hints at mini-Labubu dolls (More) | What are Labubus and why are they so popular? (More) |
> Sony to raise prices of PlayStation 5 game consoles in the US by $50 starting today, citing challenges of current economic environment (More)
What makes a recession? Today's 1440 Business & Finance newsletter covers the history of economic declines in the US. Email comes out at 8:30 am ET—subscribe here! |
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> At least 600 Centers for Disease Control and Prevention staffers receive final termination notices (More) | Office of the Director of National Intelligence to cut annual budget by over $700M, trimming workforce by up to 40% (More) | Texas House passes GOP redistricting plan; Senate vote expected today (More) |
> Hurricane Erin is forecast to cause large swells, life-threatening rip currents, and damaging winds along the US East Coast into Friday; the storm has already spurred dozens of water rescues and beach closures (More) | Why there's a "dirty side" of a hurricane (More) |
> Third federal judge denies Justice Department request to unseal grand jury transcripts from the investigation into Jeffrey Epstein’s sex-trafficking operation, citing contents of DOJ's sealed files far exceed the transcripts in question (More) |
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> How to Build a Medieval Castle
Archaeology Magazine | Ben O'Donnell. Artisans and archaeologists have been constructing a 13th-century castle in Burgundy, France, since 1998—using only period tools and techniques. (Read)
> 'Resist the Snark and Be Happy'
The Atlantic | Arthur C. Brooks. How politeness can serve as a tool to mitigate negativity and enhance personal well-being, highlighting the connection between social behavior and happiness. (Read) |
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*Disclosure: This is a paid advertisement for Med-X’s Regulation A+ Offering. Please read the offering circular at https://invest.medx-rx.com/ |
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