1) The industrialist David Koch and political activists dies at age 79. The billionaire is noted for using his fortune to support right wing political movements thereby reshaping American politics. Brother to Charles Koch, the pair were one of the richest people in the world. Mr. Koch die Friday in Manhattan after a long battle with cancer.
2) China is retaliating in the trade war by imposing a tariff on $75 billion dollar on imports from China. It’s a 10% addition on top of existing rates pushing the trade war up another notch, in retaliation for the tariff imposed on $300 billion dollars of Chinese imports. China is also reinstating tariffs on cars and auto parts originating from America.
3) The race for the next internet revolution is on with Bezos and Musk planning to use low orbiting satellites to provide broad band world wide service. Jeff Bezos’ Project Kuiper’ will used a constellation of 3,236 satellites for broad band internet communications with service costing lower than today’s high speed internet service, allowing Americans to save more than $30 billion dollars a year. While testing is now in progress, there are tentative plans to begin serving customers as early as next year.
4) Stock market closings for – 23 AUG 19:
Dow 25,628.90 down 623.34
Nasdaq 7,751.77 down 239.62
S&P 500 2,847.11 down 75.84
10 Year Yield: down at 1.53%
Oil: down at $53.97