The Treasury Department announced on Monday that the U.S. budget deficit hit a new record in June–$864 billion—“as the federal government continued pumping money into the economy to prop up workers and businesses affected by the coronavirus pandemic” – NYTimes and MarketWatch
That outlay won’t be shrinking any time soon, either, especially now that a surging virus is forcing some states—California, most prominently—to re-impose stricter lockdown measures in an effort to protect their citizens – Twitter and NYTimes and Bloomberg and MarketWatch
The whiplash is causing many small businesses to throw in the towel altogether, as the uncertainty inherent in trying to make a business work during the pandemic has become too much to bear – NYTimes
Meanwhile, in Europe . . . – NYTimes
Soft opening for Xfinity customers wrapped, Comcast is rolling out its Peacock streaming service tomorrow. On the plus side, it’s a low-price offering with a decent lineup of past NBC and Universal Studios content. As for those minuses—well, it’s late to the streaming game (by years), it’s lost a bunch of original content (with the Olympics postponed and planned shows virus-delayed), and it’s not available on Roku or FireSticks. But other than that – WSJ and Bloomberg and NYTimes
Current estimates on the legitimate return of business travel as we once knew it? Best to set aside months and focus on years. Our sources in the industry suggest late 2022 may be about right – NYTimes
While we wait for the latest Tesla bubble to burst, might as well enjoy the ride. Elon’s latest surge puts the company’s market value above that of JPMorgan Chase, P&G, and UHG. Walmart’s next – WSJ and Bloomberg
In an abrupt reversal, the U.K. is now banning Huawei from its 5 networks, and it’s given companies until 2027 to remove the Chinese firm’s technologies from its systems. The decision “follows new U.S. restrictions on the sale of Huawei computer chips and comes amid broader deterioration of relations between the U.K. and China” – WSJ and Bloomberg
Law360 helpfully sorts out the past 6 months of securities litigation (so you don’t have to) – Law360
SoftBank is reportedly looking to spinoff British chip designer Arm Holdings via sale or IPO. Masa Son & Co. bought Arm for $32 billion 4 years ago, and while it’s discussed taking it public again before, the move “has gained urgency . . . as SoftBank seeks to raise cash from its varied stable of assets to mollify activist investor Elliott Management Corp.” – WSJ
The Bronco’s back, baby, after 24 years in the wilderness – WSJ and Bloomberg
Hey, hats off to NPR for going all in on the Planet Money Intern on TikTok bit. This kid’s really doing it – PlanetMoney
Stay safe.
