US Retail Sales Spike Record 17.7% | North Korea Threats | Trump Signs Order Over Police Misconduct

US Retail Sales Spike Record 17.7% | North Korea Threats | Trump Signs Executive Order Over Police Misconduct

Tuesday, June 16, 2020 | 11:45 AM

Market

U.S. retail sales rose record 17.7% after historic collapse in March and April as states reopen but spending is still down 6.1% from a year earlier, signaling a long and uncertain economic recovery (NPR).

World

North Korea blew up a liaison office with South Korea that serves as a de facto embassy between the two countries without formal economic ties, dramatically escalating tensions on the Korean peninsula (WaPo).

US

President Trump will sign an executive order on Tuesday addressing police misconduct by setting incentives to get police forces to adopt best practices for the use of force and creating a tracking program for bad officers. The order follows nationwide unrest in the aftermath of George Floyd’s killing last month (WSJ)

World

At least three Indian soldiers were killed in a deadly confrontation near the disputed Halayaman border between India and China, according to Indian officials. It was the first deadly conflict between the countries since 1975 (AP).

US

The Trump administration is preparing a $1 trillion infrastructure spending proposal as part of its stimulus package to revive growth in the U.S., according to people familiar with the plan (Bloomberg).

Business

EU launched two antitrust probes into whether Apple violated competition laws through its Apple Pay Service and Apple Store. If found guilty, Apple could face a fine of up to 10% of its annual revenue and be forced to adjust its business practices (WSJ).

US

FDA withdrew emergency approval of hydroxychloroquine for treating the coronavirus, citing that the malaria drugs are “unlikely to be effective” (NYT). 

extra: hydroxychloroquine was promoted by President Trump who previously said he is taking the drug. 

Business

T-Mobile suffered a daylong service outage on Monday that affected users nationwide. A company spokeswoman blamed the problem on a routing issue (WSJ).

~extra: T-Mobile’s purchase of Sprint Corp in April left the combined company with more than 100 million customers. 

Daily Briefing

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~happy Tuesday

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