Hello! The Labour Party is back in power in the UK after 14 years. In recent months, the UK’s new prime minister has made a concerted effort to become more relatable to voters — and he’s been helped along the way by an unlikely mentor: former US President Barack Obama.
In today’s big story, we look at the mounting pressure President Joe Biden is facing to abandon his re-election campaign.
What’s on the program:
But first, it’s time to make a decision.
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The big story
A campaign on the brink of the abyss
“Should I stay or should I go?”
The Clash’s 1982 hit song could now become President Joe Biden’s anthem as rumors swirl about his re-election campaign.
The president is reportedly questioning the future of his campaign while his support continues to wane. And it’s getting harder and harder to see how biden can stay in the racewrites Bryan Metzger of Business Insider.
Biden’s disastrous June 27 debate performance is proving difficult to change. And voters aren’t buying it. countless excuses — a cold, poor preparation, jet lag — caused by his campaign.
Recent major national studies shows Biden lags behind former President Donald TrumpAnd states that have long been Democratic strongholds, like New Mexico and Virginia, could be there for the taking.
His own party has even begun to turn against him. Reps. Lloyd Doggett and Raúl Grijalva were the first two sitting Democratic members of Congress to call on Biden to withdraw.
Meanwhile, Biden’s most likely replacement, Vice President Kamala Harris, has failed to produce a forceful response.
Some Democrats have begun to voice their support for her, even though it’s a bit ironic.
Harris in many ways represents the only viable option for DemocratsUnder campaign finance law, the vice president is the only candidate who can easily inherit the title. hundreds of millions of dollars raised by Biden’s campaign.
Biden’s first post-debate interview could ultimately determine his fate.
The president is expected to speak with ABC News’ George Stephanopoulos today in an interview that will be broadcast tonight on primetime.
A Biden ally told The New York Times that the president realizes how crucial the coming days are for the future of his campaign.
Biden’s team, however, has pushed back on the notion that the president is considering walking away. The White House has flatly denied such reports. Biden is “absolutely not” considering withdrawing, White House press secretary Karine Jean-Pierre told reporters on Wednesday.
There is one group in Biden’s corner: Republicans.
Many on the right believe a Biden ticket gives Trump the best chance of returning to the White House. In fact, some Republicans may even take legal action to keep Biden on the ballot.
3 things at markets
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Tough times are ahead for the real estate market. An experienced strategist predicts the real estate market is facing a correction that could hit mortgage holders particularly hard. “People are going to have to start selling their homes,” he said.
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Bad weather = good yields. CFRA pointed to insurance stocks such as Berkshire Hathaway and Progressive that could benefit from what experts predict will be a “very active” hurricane season. More storms “will likely push up pricing for many types of property and casualty and reinsurance products,” CFRA said.
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S&P 500 to 7,000 next year? Capital Economics predicts a 27% increase for the benchmark index through 2025But chief economist Neil Shearing predicts the bubble will eventually burst as investor enthusiasm outpaces earnings growth.
3 things in technology
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AI’s massive electric hunger. Over the next two years, generative AI is expected to create demand equal to three times the amount of energy New York City consumes. The U.S. needs to expand its electrical grid to keep up, and that’s a great opportunity for companies in construction, energy and data center cooling.
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Big Tech recognizes that AI poses a major threat. Google and Meta have been loud and proud in their commitment to the AI race. But privately, they have concerns about the ethical, legal and regulatory issues that AI could pose for their ‘brands and demand’. Misinformation and data privacy were among the biggest concerns.
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There’s a new twist in Apple’s deal with OpenAI. According to Bloomberg, Apple to take observer role on OpenAI’s board of directorsThe move puts Apple on an equal footing with Microsoft, OpenAI’s largest funder. The two companies have very different agreements with OpenAI.
3 things in business
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Women’s sporting goods have an underdog as champion. Kits and shirts featuring female sports stars like Caitlin Clark and Alex Morgan are in high demand. But issues like low stock, lack of retailers and minimal options plague the market. To answer the call, smaller companies step up.
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Can she find her way to the top through “haviktuah”? Hailey Welch, who has been dubbed the “Hawk Tuah Girl” for her viral answer to an R-rated street interview question, is looking to capitalize on her newfound fame. But it is unclear whether – and how – she will be able to hold out for 15 minutes.
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Saks Fifth Avenue acquires Neiman Marcus. The Sales of $2.65 billion shows just how challenging it will be in the luxury retail sector. That’s not all: both Amazon and Salesforce are getting in on the deal, with each taking a minority stake in the new company, Saks Global.
In other news
What’s happening today?
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.
Read the original article on Business Insider
