The Presidential Daily Brief


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    Court Rules Against Trump Over Financial Records

    A federal judge has handed President Donald Trump his first defeat in the legal showdown over his finances, ruling that Trump’s accounting firm must provide congressional Democrats the documents they subpoenaed. Hours earlier, the president fired a salvo of his own: He ordered ex-White House counsel Don McGahn not to testify before the House Judiciary Committee about the special counsel’s probe into Russian election interference.

    What’s the bigger picture? The two episodes draw attention to the legal power — as well as the limitations — of subpoenas in the ongoing drama.

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    Huawei Chief Defiant Amid US Crackdown

    Although the Trump administration granted a three-month reprieve yesterday allowing some U.S companies to continue doing business with Huawei, the gesture apparently did little for founder Ren Zhengfei — who said his company had been ready to be blacklisted. In an interview with Chinese state media yesterday, the 74-year-old said the U.S. effort to block Huawei from its mobile networks “underestimates our strength.”

    Why the reprieve? Besides giving American companies time to adjust, some say the move could also help bring Washington’s allies on-side in the campaign to remove Huawei from networks around the world.

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    Accused NZ Mosque Shooter Faces Terrorism Charges

    Authorities in New Zealand have filed the country’s first ever terrorism charge against the 28-year-old man they say murdered 51 people during attacks on two Christchurch mosques in March. In addition to the new charge, which carries a maximum penalty of life in prison, the Australian suspect also faces 51 counts of murder and 40 charges of attempted murder.

    What effect will it have? Experts believe that although the new charge makes little practical difference, the first application since its 2002 introduction “is about recognizing the harm to the community.”

    Check out OZY’s Special Briefing on when terror struck at tranquility.

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    Indonesia’s Widodo Declared Winner, Opponent Vows Challenge

    Former Gen. Prabowo Subianto, who alleged widespread fraud during last month’s election, will legally challenge the Indonesian Election Commission’s Tuesday confirmation that incumbent President Joko Widodo was reelected with 55.5 percent of the vote. Demonstrations in support of Subianto — who won 44.5 percent, and whose campaign refused to sign off on the result — are planned for Wednesday.

    What’s next? Subianto’s team has three days to file a complaint, though his chances appear remote considering he lost a previous challenge against Widodo in 2014.

  5. Also Important…

    Millions of people in the Libyan capital Tripoli and nearby cities faced a water cut-off today after gunmen reportedly loyal to renegade Gen. Khalifa Haftar stormed a control station Sunday. Nearly a dozen journalists at a leading Russian newspaper have resigned in protest after two colleagues were fired for reporting on a possible reshuffle of top bureaucrats. And 49-year-old Kami Rita Sherpa set a world record Tuesday by scaling Mount Everest for the 24th time.

    #OZYfact: Lacrosse offers U.S. high school athletes the highest probability of competing in college — 12.6 percent — of any men’s sport. Read more on OZY.

    OZY Fest is back! Join OZY in New York’s Central Park July 20-21, where some of the biggest names and boldest thinkers — from John Legend and Trevor Noah to Stacey Abrams and Malcolm Gladwell — will help make this year’s OZY Fest the most memorable yet. Click here to get your early bird tickets.


  1. sneakers

    Nike, Adidas Slam Trump’s China Tariffs

    The footwear giants joined around 170 other companies, including Crocs, Reebok, and Skechers, in an open letter urging President Trump to remove shoes from the list of $300 billion worth of Chinese goods that may soon face higher import fees. Calling the tariffs “catastrophic for our consumers, our companies and the American economy as a whole,” the group said “it is time to bring this trade war to an end.”

    How expensive could this be? The Footwear Distributors and Retailers of America estimates the new tariffs could pass an annual $7 billion in costs to consumers.

    Don’t miss OZY’s Special Briefing on the high-tech Cold War.

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    Marijuana Is Becoming the New Martini

    As states and countries across the world continue legalizing marijuana, the alcohol industry’s fears that medical and recreational cannabis might dampen sales have been somewhat realized. But the booze business isn’t alone, OZY reports: Recent studies suggest around 70 percent of Californians and Canadians have replaced prescription or over-the-counter pills with marijuana, while up to 60 percent have cut back or stopped their alcohol consumption.

    Who’s driving this shift? While many assume it’s a millennial trend, experts say consumers across demographic groups are ditching the drink in favor of another way to “take the edge off after work.”

  3. fishing in turag river, dhaka, bangladesh

    Bangladesh Temporarily Bans Coastal Fishing

    In a bid to boost declining marine populations and improve fishing stocks, Bangladesh is prohibiting all types of fishing for more than two months. The navy and coast guard will patrol the Bay of Bengal until July 23, curbing an industry that’s estimated to employ about 11 percent of the population. Local fishermen — responsible for 60 percent of the world’s hilsa catch — are protesting, arguing that the ban will kill their livelihoods. 

    What do they want? They’re asking the government to compensate them for being docked for the duration of the hilsa breeding season.

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    ‘Game of Thrones’ Finale Sets HBO Ratings Record

    The highly anticipated series finale attracted 19.3 million viewers across all platforms Sunday, breaking its own record of 18.4 million, set last week. HBO also posted a new high for a single telecast as 13.6 million tuned in at once. But not all viewers were satisfied: More than 1.3 million fans have now signed a petition — which star Sophie Turner blasted as “disrespectful” — demanding a redo of the entire eighth season.

    What comes after Thrones? Observers suggest it was “a last hurrah for the collective experience of narrative television,” especially during a time when rival streaming services are fighting for larger chunks of the viewership pie.

    OZY asks: Is America ready for a high school version of Marvel?

  5. niki lauda stars and cars 2014 amk

    Formula One Icon Niki Lauda Dies at 70

    The Austrian-born racing driver died at home yesterday surrounded by family, a spokesman said. The three-time F1 world champion had battled long-term health problems since a fiery 1976 crash left him trapped in his Ferrari for nearly a minute, suffering extensive burns and inhaling toxic fumes. The story of his remarkable recovery inspired the 2013 Ron Howard film Rush. In 1985, racing with McLaren, Lauda became the only driver to snag an F1 title after returning from retirement.

    What had Lauda done since retiring? Besides launching two airlines, he also served as a non-executive chairman of Mercedes’ F1 racing team.