🤯💼 Biden to Meet with Putin and Xi at G20 Summit
Hello all,
I’ve been experimenting a little more on YouTube with different formats of storytelling and financial education. In our latest video, we posted about the popular side hustle of Couch Flipping, and I took a week to test the side hustle for myself.
I would describe this video as an “IRL” video that has more entertainment alongside education. I hope you enjoy it, these videos are more interesting for me to make and break up the monotony of talking-head style videos at the desk. With that being said, I still may make those from time to time.
Also, I wanted to thank all of you that wrote me an email suggesting where to go on vacation. I’m still undecided but Europe does interest me quite a bit! Will keep you all updated, in the meantime enjoy today’s newsletter.
- Humphrey, Rickie & Tim
In the Markets
Featured Story
President Xi Jinping and Vladimir Putin have both confirmed their attendance at the November G20 summit in Bali, according to Indonesian President Joko Widodo. This will be the first time that Putin, Xi, and President Joe Biden will have met in person since Russia invaded Ukraine, triggering sanctions from other G20 members Japan and South Korea. Sanctions that China refuses to join in addition to avoiding condemning the attack.
The Kremlin said in a statement that Putin discussed preparations for the G20 summit in a phone call on Thursday. Bloomberg confirms that Putin plans to attend the meeting in person, according to an official familiar with the situation.
As for President Xi, the trip to Bali would be significant given it would be his first time outside China since the start of the pandemic in early 2020. The country is still under a strict-zero COVID policy that has sealed its borders.
Chinese officials are believed to be making plans for a meeting in Southeast Asia between Xi and President Biden amid rising tension between the two countries, according to the Wall Street Journal. Tensions were already rising prior to Nancy Pelosi’s recent visit to Taiwan however, the visit escalated tensions after Beijing decided to hold large-scale military drills around Taiwan and cut off cooperation with the U.S. over issues including climate. If you want to read more about Pelosi’s visit to Taiwan, you can read here.
As the head of the G20 this year, Indonesia is facing pressure to withdraw its invitation to Russia because of its invasion of Ukraine. Indonesia does not seem willing to withdraw its invitation and has since invited Ukrainian leader Volodymyr Zelenskyy. Widodo sought to position himself as a mediator and has even traveled to Moscow and Kyiv to meet both presidents, urging an end to the war. Widodo said this week that both countries have accepted Indonesia as a “bridge of peace”.
Weekly News Roundup
Biden’s Student Loan Forgiveness Plan: What to Know (WSJ)
President Biden’s newly announced student loan plan will eliminate up to $10,000 in federal-loan debt for individual borrowers making under $125,000 or couples who earn less than $250,000. The plan is expected to benefit the majority of the more than 43M people in the U.S. who hold a total of $1.6T in student-loan debt. In addition, President Biden will also be extending the pandemic-era student-loan pause on payments and interest through the end of the year.
RH: Biden is walking the walk.
Xi and Putin Confirmed for November’s G20 Summit in Bali (Al Jazeera)
President of Indonesia Joko Widodo confirmed the attendance of Chinese and Russian presidents Xi Jinping and Vladimir Putin for the G20 summit in Bali this November. The summit will mark the first time that Putin, Xi, and President Joe Biden will have met in person since Russia invaded Ukraine in February. Widodo has sought to position himself as a mediator, and in June traveled to Moscow and then Kyiv to meet both presidents and urge an end to the war.
HY: Will be interesting to see if there is any progress toward peace in Ukraine.
Bed Bath & Beyond’s Problems Escalated by Ryan Cohen’s Sale (WSJ)
After surging to >$23 a share, Bed Bath & Beyond suffered a huge blow this week when its highest profile investor sold out, just months after buying up shares and securing seats on the board. BBBY 0.00%↑ is down 56% since the Wednesday selloff and Cohen's exit adds to the uncertainty at a company that is losing customers, running low on cash, and operating without a permanent chief executive. The retailer ended May with $100M in cash and is hunting for a $375M loan to build cash and help pay down debt.
RH: Is the meme-stock era officially over? Do we have another pump & dump brewing?
HY: Meme stocks will be here to stay IMO, it’s been two years and they’re still somewhat pumping here and there.
Charts of the Week
Cobalt and the other raw materials that go into the production of EV batteries have shot up astronomically and it seems as though China holds the lion's share of EV inputs. China’s dominance in the EV space has been widely reported but seeing this visual put their lead in perspective.