☕ Golf cart drama

Boeing gets Spirited away... July 02, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [LMNT]( Good morning. Did you know that today is the real Independence Day? The Continental Congress formally declared freedom from Great Britain on July 2, 1776, but approved the Declaration of Independence two days later. John Adams was so sure that July 2 would be the date of the holiday that he wrote, “I am apt to believe that it will be celebrated, by succeeding Generations, as the great anniversary Festival…It ought to be solemnized with Pomp and Parade with shews, Games, Sports, Guns, Bells, Bonfires and Illuminations.” However, it’s difficult for historians to know how legit this was because John Adams was always trying to get shews added to everything. —Neal Freyman, Matty Merritt MARKETS Nasdaq 17,879.30 +0.83% S&P 5,475.09 +0.27% Dow 39,169.52 +0.13% 10-Year 4.479% +14.0 bps Bitcoin $63,276.56 +2.09% Chewy $25.44 -6.61% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean.]( - Markets: Is Roaring Kitty losing his fastball? The investing folk hero unveiled a [6.6% stake]( in pet food company Chewy, but after a spike in the morning, shares ended the day in the red. Elsewhere in the market, things were as listless as you’d expect during the week of July Fourth.  LAW [Historic SCOTUS term emboldens Trump, corporations]( [The Supreme Court]( Nishimura/Getty Images The nine justices on the Supreme Court peaced out on summer vacation after wrapping up a hugely consequential term that’s sure to reshape the American political and business landscape. Their most consequential ruling registered on the Richter scale in DC yesterday: In a 6–3 opinion along ideological lines, SCOTUS decided that former President Trump has [some immunity]( from criminal charges that he tried to overturn the 2020 election results. The first-of-its-kind opinion stated that former presidents can be shielded from prosecution for actions that are core to their role as president, but not for unofficial actions as individuals. - In the minority, the three liberal justices said their right-leaning counterparts had elevated the president into “a king above the law.” It’s a victory for Trump: The ruling means that his trial over his alleged efforts to reverse the 2020 vote will head back to lower courts and likely [not take place]( before the election in November. Businesses are also giving SCOTUS a In the last week, the Supreme Court has significantly curtailed the powers of federal regulators to put guardrails around companies. Yesterday, also in a 6–3 decision, the justices opened the door for businesses to challenge more regulations in a [debit-card “swipe fees” case]( stemming from a North Dakota convenience store’s lawsuit. That follows rulings last week which could limit the oversight of corporate watchdogs like the SEC and [gut the power of government agencies]( to make rules, instead transferring authority to judges. One business case SCOTUS didn’t have a definitive stance on: whether GOP-crafted laws in Florida and Texas that limit social media companies’ ability to moderate content were constitutional. The Supreme Court sent those cases [back to lower courts]( for more deliberations. Still, for the first time, their opinion asserted that social media platforms have [First Amendment rights]( alongside newspapers. Bottom line: The Supreme Court’s conservative supermajority, which Trump assembled when he was president, have handed him and private-sector interests win after win.—NF PRESENTED BY LMNT [Cheers to freedom and hydration]( [LMNT]( We hope your Fourth of July celebrations involve some time in the sun with family and friends. But if you want to really enjoy your long weekend, you’ve got to stay hydrated along the way. Luckily, LMNT can help. Their tasty [electrolyte drink mix]( is formulated with a science-backed ratio of 1,000 mg sodium, 200 mg potassium, and 60 mg magnesium to optimize your hydration. And here’s a bonus: Good hydration leads to big-time benefits like maintaining steady energy, improving cognitive function, and even regulating your digestion. LMNT has a range of flavors, and there’s absolutely [no sugar]( in the formula. Stay hydrated and get a [free LMNT sample pack]( with any purchase. WORLD [Tour de headlines](#) [Mark Zuckerberg]Alex Wong/Getty Images Europe can’t stop penalizing US tech firms. The EU has [charged Meta]( with violating its Digital Markets Act (DMA), a new law regulating digital platforms, through its “pay or consent” model. That model, which Meta introduced in November to comply with the DMA, allowed European users of Instagram and Facebook to pay for a subscription instead of seeing ads. The EU now says these options prevent users from consenting to the use of their personal data. Meta is the second US-based Big Tech company to be charged for violating the DMA, after Apple got the hammer last week. Saudi Arabia is getting its first Trump Tower. The Trump Organization said it’s teaming up with a local developer to build a [luxury high-rise tower]( in Jeddah, Saudi Arabia. The development marks the company’s first major project in the kingdom, and extends the Trump family’s business ties to Gulf countries despite concerns over conflicts of interest, should Trump regain the presidency. A $500 million five-star Trump International hotel complex in Oman is expected to open in 2028 with amenities like a golf course and a nightclub. And the Saudi-backed LIV Golf league has also paid the Trump family to host tournaments at their properties. Here’s your chance to buy the Boston Celtics: Talk about selling high. The owners of the reigning NBA champs are looking to [sell a majority stake]( this year or early next year, and it’s all but guaranteed to be the most expensive sale for an NBA team in history. The current record is $4 billion for the Phoenix Suns, which sold a piece of the franchise last year. The Celtics are currently valued at $5.1 billion, according to Sportico, and any sale in that range would be an epic haul for its existing owners, a group of investors who bought the team for $360 million in 2002. AVIATION [To boost safety, Boeing turns to an old friend]( [Boeing Max 10]( Redmond/Getty Images Whomst among us hasn’t called up their ex in a moment of desperation? Boeing isn’t above it. The crisis-ridden airplane manufacturer is paying $4.7 billion to [buy Spirit AeroSystems]( a supplier it had owned before spinning it off nearly 20 years ago. The company hopes that bringing Spirit back into the fold will help it improve the quality of its production as it faces an uproar over its safety culture. Rewind to 2005: When Boeing spun off Spirit into its own company, it was symbolic of a broader strategy shift. The company [moved to outsource]( more of its production to independent suppliers, like Spirit, to cut costs and juice profits, the NYT reports. - The two kept in close touch: Spirit makes parts for the 737 Max, 767, 777, and 787. Last year, Boeing accounted for 64% of its revenue. - But Spirit has its own quality control issues. It assembled the panel that blew off a flight on Jan. 5, sparking the dumpster fire Boeing finds itself engulfed in. So this is going to be as awkward as a 20-year high school reunion. By buying Spirit, Boeing is taking on another small mountain of debt, while working to fix both itself and its troubled supplier. Looking ahead…the Spirit deal comes as Boeing weighs a crucial decision this week: risk a trial or plead guilty over criminal fraud charges the DOJ is planning to bring.—NF FROM THE CREW [The Crew]( The [Marketing Brew Summit]( is back for year three, and as you know, good things come in threes—Jonas Brothers, Powerpuff Girls, and seasons of Ted Lasso. [Join Marketing Brew]( on September 12 in NY, where you’ll hear from industry leaders at Cava, Lyft, e.l.f., and many more on how forward-thinking brands leverage all the tools to stay ahead. AUTO [American golf cart companies are in a divot]( [John Daly of the United States rides in a golf cart on the 16th hole during the first round of the 2024 PGA Championship at Valhalla Golf Club on May 16, 2024 in Louisville, Kentucky.]( Redington/Getty Images US golf cart makers, a group known for giving people a lift when they’ve consumed too many Transfusions in direct sunlight, are calling in a favor from the White House. The top two producers of golf carts in the country, Club Car LLC and Textron Specialized Vehicles Inc., [asked]( the Biden administration to impose a 100% tariff on Chinese-made golf-carts they claim are undercutting their own tiny vehicles, Bloomberg reports. Lawyers for the two companies claim Chinese carts and other low-speed vehicles, usually electric, are imported without the bells and whistles and then get souped up in the US to avoid higher tariffs. The US companies want the same [100% tariffs]( Biden slapped on cheap Chinese EVs to apply to those rolling around the fairways. In the companies’ filing with the US Trade Representative’s office, they note that imports of Chinese carts and similar little beep-beepers jumped from $148 million in 2020 to $916 million in 2023. Speaking of quirky foreign roadsters…American farmers and outdoor enthusiasts just can’t get enough of the [cheap, tiny Kei truck](. Kei exports from Japan to the US have more than tripled since 2019, according to the Japan Used Motor Vehicle Export Association.—MM STAT [Prime number](#) [Strawberries and cream at Wimbledon]Carl Court/AFP via Getty Images No one exactly knows how strawberries and cream became the signature dish of Wimbledon, but that hasn’t stopped people from [stuffing their faces]( with the sweet treat. Spectators at the tennis tournament, Europe’s single largest annual catering event, will aim to beat last year’s more than 50 tons of strawberries and nearly 15,000 liters of cream consumed over two weeks. It won’t break the bank, either, because strawberries and cream is England’s version of Costco’s hot dog-and-a-soda combo. The price hasn’t budged from £2.50 since 2010. Wimbledon began yesterday and runs through July 14. NEWS [What else is brewing](#) - [Beryl made landfall]( on the Caribbean island of Carriacou as an “extremely dangerous” Category 4 hurricane. It has since strengthened into the earliest Category 5 storm on record. - [Former Trump adviser Steve Bannon]( began serving his four-month prison sentence for contempt of Congress. - [Biniam Girmay]( a 24-year-old from Eritrea, became the first Black African to win a stage in the Tour de France. - [The inside story]( of New York Gov. Kathy Hochul’s U-turn on congestion pricing, which was set to begin on Sunday. - [A Chinese space rocket]( accidentally launched itself and then crashed into a nearby hillside, exploding in flames. RECS [Tuesday To Do List] Before you hit the road: Here’s some [obvious travel advice](. Educational YouTube vid: Learn about the disease that’s [deadlier than the plague](. When you need a cry: The [40 saddest albums]( of all time. Great read: What it’s like to be a [low-ranked tennis player](. Master Excel: Attending Miss Excel’s free 60-minute live workshop on pivot tables and data analysis can make you 10x cooler and better at your job. [Reserve your spot here](. Elevate your ESG: From SEC to TCFD to CSRD, [climate regulations]( are a-comin’. Get clear on your company’s readiness with a [free ESG Gap Assessment]( from Nasdaq’s Corporate Solutions team.* Success story: Talia Bender Small helped build [The Female Quotient]( one of the most important businesses at the forefront of closing the gender gap. [Read her incredible story]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Up for a race? Neal completed today’s Mini in 37 seconds. Block out distractions and [beat his time here](. Olympic track trivia Now that the US Olympic track and field trials have wrapped up, let’s see how well you know just how speedy Team USA’s runners are. We’ll give you an event and a time—you have to determine whether the winning time was faster or slower than the one we provided. - Women’s 100m hurdles, 13 seconds - Men’s 200m, 19 seconds - Women’s 400m, 50 seconds - Men’s 400m, 45 seconds - Women’s 1,500m (.93 miles), 3 minutes and 50 seconds - Men’s 10,000m (6.21 miles), 27 minutes SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER - Faster. The winning time was 12.25 seconds - Slower. 19.53 seconds - Faster. 49.46 seconds - Faster. 44.17 seconds - Slower. 3:55.33 - Slower. 27:49.47 Word of the Day Today’s Word of the Day is: listless, meaning “too tired or too little interested to want to do things.” Thanks to Katie from Seattle for summoning the energy to suggest it. Submit another [Word of the Day here](. Written by [Neal Freyman]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money With Katie](  [Bossy](  [Brew Markets](  [The Playbook]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011