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Trump Administration in Talks to Take a 10% Stake in Intel (Bloomberg)
The federal government is considering a potential investment in Intel that would involve converting some or all of the company’s grants from the US Chips and Science Act into equity.
Intel shares dropped as much as 5.5% after Bloomberg reported on the talks Monday. They had climbed 23% last week for their best weekly gain since February.
AI Investment News: SoftBank Makes Surprise $2 Billion Bet on Intel’s AI Revival (Bloomberg)
Voting Rights Latest: Trump Floats Order to End Mail-In Ballots, Voting Machines (Bloomberg)
Donald Trump said he would sign an executive order ahead of next year’s midterm elections targeting mail-in ballots and voting machines, a move that would dramatically change how millions of Americans cast their ballots.
“I am going to lead a movement to get rid of MAIL-IN BALLOTS, and also, while we’re at it, Highly ‘Inaccurate,’ Very Expensive, and Seriously Controversial VOTING MACHINES,” Trump posted Monday on social media.
Middle East Latest: Hamas Said to Agree to Gaza Truce Deal Proposed by Egypt, Qatar (Bloomberg)
The proposal would see Hamas release half of the hostages it still holds from the October 2023 attack on Israel that triggered the conflict, one diplomat briefed on the negotiations said, in return for the freeing of Palestinian prisoners and a partial withdrawal of Israeli troops.
Asian Rivals Push Normalization: Indian PM Narendra Modi Hails ‘Friend’ Putin and Boosts China Ties in Tilt From US (Bloomberg)
The comments come just ahead of a meeting set for Tuesday between Modi and Chinese Foreign Minister Wang Yi, who is visiting India for the first time in three years. Both countries want better relations, Indian External Affairs Minister Subrahmanyam Jaishankar said Monday after meeting Wang.
Warming Ties: India Sees ‘Upward Trend’ in China Ties Amid Trump Threats (Bloomberg)
Indian Prime Minister Narendra Modi’s top aide and China’s chief diplomat hailed their nations’ warming ties, in another signal both sides are recalibrating their foreign policy amid mounting tariff pressure from US President Donald Trump.
What Markets Are Watching: Fed Chair Jerome Powell Has Reason to Hedge Jackson Hole Signal as Data Zigzags (Bloomberg)
The Fed chair’s annual speech in Jackson Hole, Wyoming can be an opportunity to flag policy shifts. Powell used it for that purpose last year, and delivered a big cut soon after. He’s under intense pressure from Donald Trump for a repeat performance on Friday.
Membership Club News: Soho House Going Private in $2.7 Billion Deal (Bloomberg)
A group of investors led by the owner of several boutique New York hotels agreed to take Soho House & Co. private in a $2.7 billion deal for the members’ club operator that’s struggled since its initial public offering.
Hotel owner MCR and its chairman and chief executive officer, Tyler Morse, will take a stake in Soho House, which has spread its roots as a London haunt for creative types to venues all over the world. Morse will join the board but billionaire Ron Burkle, Soho House’s executive chairman, and Yucaipa Cos. will retain majority control, the company said Monday. A consortium led by Ashton Kutcher will inject new equity, with the actor-turned-technology investor also joining the board upon completion.
Funds managed by affiliates of Apollo Global Management Inc. are supporting the Soho House transaction. They will contribute more than $700 million in financing, according to the Wall Street Journal, which earlier reported the deal.
Pentagon Photo Opp: RFK Jr., Hegseth Promote Pullup and Pushup Competition at Dept of Defense (New York Post)
Epstein Files Latest: Republican Bid to Help Trump Move Past Epstein Falls Flat (Bloomberg)
Halfway through a five-week congressional recess, the clamor shows little sign of quieting. While Republicans had hoped that legal rulings might insulate them from having to confront the issue, the courts have yet to intervene. Back in their districts, lawmakers have continued to face questions about the Epstein investigation from their constituents. And the Justice Department, which ignored a Friday deadline from Senate Democrats and is set to miss another on Tuesday to comply with a bipartisan subpoena to provide the materials to Congress, has yet to release anything.
Housing Headwinds: US Homebuilder Sentiment Retreats to Lowest Level Since 2022 as Buyers Lack Motivation (Bloomberg)
The report showed contractors are having to increase their already liberal use of sweeteners. The share of builders using sales incentives climbed to a post-pandemic high of 66% this month, while an elevated 37% reported cutting prices. Mortgage rates have fallen slightly in recent weeks, hitting a four-month low of 6.67% in the first week of August, but remain twice as high than at the end of 2021.
Housing Boom: Housing Starts in Canada Hit Highest Level Since 2022 (Bloomberg)
Canada’s housing starts jumped to the highest level in nearly three years as construction on apartments, townhouses and condominiums in Ontario and Quebec continued to rise.
Category 4 Storm Turning North: Stronger, Bigger Hurricane Erin Forecast to Create Dangerous Surf Along U.S. Coast (NPR)
Rough ocean conditions were forecast for parts of the Virgin Islands, Puerto Rico, Hispaniola and the Turks and Caicos the next couple of days. Life-threatening surf and rip currents were forecast into midweek for the Bahamas, Bermuda, the U.S. East Coast and Canada's Atlantic coast as Erin turns north and then northeast.
Media News: MSNBC to be Renamed MS NOW After Comcast Spinoff (Bloomberg)
Versant Chief Executive Officer Mark Lazarus wrote that in addition to MSNBC’s planned name change to My Source News, Opinion and the World or MS NOW for short, the company would be updating brand logos, including CNBC’s, to no longer include the peacock symbol associated with NBC. He said the changes will kick in closer to the spinoff, which is expected to be completed by the end of the year
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