Welcome to The Free Press Report’s Monday Digest. This week a lot has happened – San Francisco recalled their DA, the British government is in crisis, and Apple is hit with more EU red tape. Read on for more of the stories you might have missed
Market Recap
U.S. Politics
Voters dismiss soft-on-crime Democrat as violence runs rampant in California. Chesa Boudin was sworn in as San Francisco district attorney in January 2020, when he promised judicial reform. But throughout his tenure, burglaries have risen 46%, car thefts and murders have spiked, whilst only 57% of sexual assult cases resulted in prosecution, and in 2021, only 3 drug dealing convictions were processed. Now, San Francisco voters have punished Boudin’s ineptitude, with almost 60% of voters in favor of his recall [Reuters]
“I own two shotguns”, Biden boasts as he comes under fire for his attempts to restrict free gun ownership in the wake of mass shootings in Texas and Buffalo. Already, the House has passed laws raising the age limit for purchasing semi-automatic weapons to 21, and allowing guns to be temporarily confiscated if the owner is deemed “dangerous”. [BBG]
DOJ will try to seize two private jets worth over $400 million from Russian billionaire Roman Abramovich, after discovering that both planes had flown to Russia in since the invasion of Ukraine, despite sanctions. However, since one jet is in Dubai and the other is in Russia, it remains unclear how the DOJ actually plans to seize them [CNBC]
Biden delays student loan forgiveness decision again, now saying that he will make up his mind later this summer. During his election campaign, Biden supported a $10,000 amnesty for each borrower, which would cost over $300 billion, whilst others in his party call for even more generous forgiveness [CNBC]
World View
Boris Johnson faces party rebellion as he scrapes through a no-confidence vote. The UK Prime Minister celebrated an “extremely good, positive, conclusive, decisive result” after 41% of his party colleagues voted for him to be removed from power [CNBC]
Berlin attack driver mentally ill, issued “confused statements” to investigators. The 29 year old Germany-Armenian man rammed his Renault Clio into a group of schoolchildren in the German capital on Wednesday, killing a teacher and injuring thirty others. The suspect was already known to police for incidents involving trespassing and bodily harm. State prosecutor Sebastian Buechner suggested the attacker had paranoid schizophrenia [Reuters]
Social and Business
EU to kill Apple’s Lightning charger, with new rules set to force all electronic device makers to adopt USB-C charging. The plans, which are expected to come into force in 2024 if approved by the European Council and European Parliament, would forbid proprietary charging systems, supposedly to reduce e-waste, although Apple estimates that in the short term, the rules will actually cause more waste by making Lightning chargers defunct [Verge]
Inflation hits 8.6% in May CPI report, the highest level since 1981. Soaring oil prices lead the surge, despite states’ efforts to cap prices by suspending fuel taxes. Biden blamed Putin and ExxonMobil for economic turmoil whilst markets tumbled over recession fears [WSJ]
Saudi League causes schism in golf, as the PGA Tour suspends 17 top players including Phil Mickelson and Dustin Johnson. A new league formed by LIV Golf Investment and the Saudi Arabian Public Investment Fund played its first tournament on Thursday in London. Players were reportedly paid upwards of $200 million to join the new league [BBG]
Crypto
SEC launches Binance investigation, questions whether the company broke security rules. In 2017, Binance holdings issued its first BNB tokens, which now have a market capitalization of over $42 billion. But US regulators are investigating whether the initial coin offering was equivalent to a sale of securities, which must be reported to the agency [BBG]
Nigerian exchange to use blockchain after regulations allowing for the new technology to be implemented on the country’s bourse. Starting in 2023, traders will use blockchain to settle transactions on capital markets [BBG]
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