Biden Visits Delaware After Hunter’s Conviction

Good morning and happy Wednesday. Elephants may be even smarter than we already thought. A new study concluded they refer to each other by name, or at least make unique name-like vocalizations to communicate with one another. Have a great day!

In Today’s Brief

• ICE: ISIS-K arrests

• Algeria: Water riots

• Nevada: Key Senate race set

• Inflation: New report today

• Joey Chestnut: Hot dog ban

... and more

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Top Tips

1) Hunter Biden convicted

The First Son was found guilty on gun charges yesterday.

• The news: A Delaware jury convicted Hunter Biden on three felony charges related to buying a gun while using illegal drugs. Federal prosecutors argued he lied to a licensed gun dealer, made a false claim on a purchase application and unlawfully possessed a firearm. He is the first child of a sitting president to be convicted of a crime.

• The reaction: President Joe Biden said he accepted the outcome and remains proud of his son, making an unexpected visit to Wilmington to be with Hunter Biden after the verdict was read. Former President Donald Trump said the verdict was a distraction from "the real crimes of the Biden Crime Family." Abbe Lowell, Hunter Biden's attorney, indicated he would appeal the verdict while Biden said he was disappointed to be convicted but grateful for his family's support.

• Big picture: Biden faces up to 25 years in prison, but may not serve jail time as a first-time offender. He also faces federal tax evasion charges; that trial is set for September in Los Angeles. Biden will likely be sentenced in the gun case about a month before Election Day; his father has pledged he will not issue a pardon. The impact of the verdict, if any, on the presidential race remains to be seen.

2) Banana appeal

Chiquita Brands International is vowing to fight a $38M penalty for supporting a terrorist group.

• The news: A Florida jury found the fruit company liable for financing the United Self-Defence Forces of Colombia in a civil case brought by the families of some of the paramilitary group's victims. The AUC was designated as a terrorist group by the U.S. at the time of the killings; the jury ordered Chiquita to pay $38M in damages to the families.

• Long road: The AUC was a far-right combatant during a decade of armed conflict in Colombia. It disbanded in 2006. In 2007, Chiquita pleaded guilty to knowingly giving the group money over several years as part of a protection racket and accepted a $25M fine. The victims' families then filed a lawsuit in 2008, which was then amended.

• Next steps: Chiquita expressed sympathy for the families, but said it does not believe their case has a legal basis. The company will appeal and said it expects to have the decision overturned. Chiquita claimed it had to pay the AUC to prevent impending harm, but the jury found it failed to prove that assertion.

3) Lightened load

The Biden Administration wants to erase medical debt from credit reporting.

• The news: Vice President Kamala Harris announced the U.S. Consumer Financial Protection Bureau is proposing new guidelines that would remove close to $50M in medical debt currently reflected in the credit scores of about 15M Americans. The move would come alongside the American Rescue Plan's push to erase $7B in medical debt nationwide.

• The impact: The White House projects impacted people would see their credit scores improve by an average of 20 points. It also said about 22K more mortgage loans would be approved nationwide ever year.

• Big picture: It is the latest effort by the White House to appeal to voters as Election Day approaches. One in five people carry medical debt worth an average of $4.6K, and it can disproportionately impact minority groups. House Republicans pushed back on the proposal, arguing the new rules would lead to higher prices and narrow the amount of available credit.

Quick Tips

U.S. News

• U.S. Immigration and Customs Enforcement has arrested eight men with ties to the ISIS-K terrorist group. The Tajikistani nationals were apprehended in Los Angeles, Philadelphia and New York (More)

• A jet that disappeared in 1971 may have been found in Vermont's Lake Champlain. Underwater searchers believe they have found the wreckage; the private plane took off from Burlington toward Providence during a snowstorm with five men aboard (More)

• A liberal filmmaker surreptitiously taped Supreme Court Justice Samuel Alito and his wife at an event last week. The justice questioned whether political compromise is possible in the country; Chief Justice John Roberts was also taped (More)

World News

• Riots have broken out in Algeria due to water shortages that have lasted months. Severe droughts have plagued the African nation, which is the continent's biggest by area (More)

• French President Emmanuel Macron said he will not resign regardless of how his country's snap election plays out. Early polls suggest the far-right National Rally could win the election after trouncing Macron's allies in European Union contests (More)

• Green Party Leader Elizabeth May said no Canadian lawmakers are named in a controversial report on foreign meddling. She does not believe any House of Commons members knowingly betrayed the country (More)

Campaign News

• Army veteran Sam Brown won Nevada's Republican Senate primary. He will face Sen. Jacky Rosen in a general election with national implications; the GOP is bidding to flip the seat while polls suggest former President Trump can win the state (More)

• South Carolina Rep. Nancy Mace was projected to avoid a GOP primary runoff in the state's 1st Congressional District. Former Speaker of the House Kevin McCarthy worked to upend her after she assisted the effort to oust him (More)

• Trump denied a report he could push for mandatory military service if re-elected. He said it was "completely untrue" on social media and accused The Washington Post of attempting to damage his candidacy (More)

Business & Markets

• Major indexes closed mixed yesterday. Today will be a big day on Wall Street with a fresh inflation report and new Federal Reserve guidance (Dow -0.31%, Nasdaq +0.88%, S&P 500 +0.27%).

• WeWork emerged from bankruptcy and named John Santoro as its new CEO. The shared office space company was once valued at $47B; it has renegotiated close to 200 leases and left over 150 unprofitable locations since reorganizing (More)

• Paramount Global has ended merger talks with Skydance Media. The media companies have been on and off in negotiations for months; Paramount's Shari Redstone will now attempt to sell holding company National Amusements (More)

Entertainment & Sports

• Major League Eating said competitive eater Joey Chestnut is banned from this year's Nathan's Famous Hot Dog Eating Contest. The 16-time champion's prohibition from the July 4 event is due to a sponsorship issue; Chestnut has won the last eight contests (More) 

• Nate Burleson was named the host for CBS' Hollywood Squares reboot. The former NFL player is a CBS Mornings co-host; actress and talk show host Drew Barrymore will be the center square celebrity on the game show (More)

• Golfer Jon Rahm withdrew from the U.S. Open due to a foot infection. The Spaniard won the tournament in 2021 and is a two-time major winner; play begins tomorrow at Pinehurst Resort in North Carolina (More)

Quick Hitters

• Feel Good: A first-grade student in Tennessee voluntarily sweeps the sidewalk leading to the playground at his school every day. Why? So a classmate in a wheelchair can safely join her classmates at recess.

• Stay Well: Summertime can bring a lot of fun, but also a lot of germs. Here are some tips on how to avoid getting sick at the cookout, in the pool and more.

• Take Note: Failure may not be the growing experience many make it out to be. A new study found that people overestimate the likelihood of success after failure, making them less willing to help others with their struggles.

• Don’t Listen: If you have a hobby that everyone tells you should become a side hustle, it is OK to disregard their advice. Attempting to commercialize something that you love and get satisfaction from is not always a smart idea.

• Life Hack: Starting a new habit to offset a bad one you want to break is not always the best approach. Changing behavior takes much more than replacing one impulse with another.

• OPTIMIZE ME: Researchers “found convincing evidence that higher intake of ultra-processed foods was associated with 50% increased risk of cardiovascular disease-related death, a 48% to 53% higher risk of anxiety and common mental disorders, and a 12% greater risk of type 2 diabetes.”

Want more health and wellness news? Subscribe to our brand new newsletter, Optimize Me, and start living a healthier life through diet, exercise, sleep, and mindfulness:

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Looking Ahead …

U.S. Customs and Border Protection will adopt new rules on dogs that enter the country starting in August. The updated guidelines are designed to protect against animals with rabies; half the world's nations currently do not have dog rabies under control, according to government officials.

Question of the Day

Yesterday’s results:

Should service workers' tips be taxed?

• No, only their income should be taxed (64%)

• Yes, the current law should remain in place (21%)

• Yes, but at lower rates than currently (15%)