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- July 11, 2024
July 11, 2024
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Good Morning, it’s Thursday, July 11
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U.S.
The return of searing heat in Houston has worsened conditions for those still without power after Hurricane Beryl. Over 1.7 million homes and businesses in Texas lacked electricity Wednesday, down from a peak of 2.7 million on Monday. State officials faced scrutiny over the power utility's preparedness. Lt. Gov. Dan Patrick announced a sports complex would temporarily house up to 250 hospital patients awaiting discharge. Beryl, which made landfall as a Category 1 hurricane, has caused at least seven U.S. deaths and 11 in the Caribbean. The storm weakened and was centered over Indiana by Wednesday. Flood watches were issued for parts of the Midwest and Northeast. In Houston, Beryl repeated the misery of May's storms, with high temperatures and humidity making conditions dangerous. Residents sought relief in community centers. CenterPoint Energy defended its response, while officials emphasized restoring power as the top priority. Sixteen hospitals were running on generators as of Tuesday morning.
WORLD
At a factory in Zhejiang province, China, discarded cotton clothing and linens are shredded as part of a recycling effort at Wenzhou Tiancheng Textile Company, one of China’s largest cotton recycling plants. Textile waste is a global issue, with only 12% recycled worldwide and just 1% turned into new garments. China, the largest textile producer and consumer, discards over 26 million tons of clothes annually, mostly ending up in landfills. The country’s clothing industry is dominated by fast fashion, with 70% of domestic sales being synthetic, non-recyclable materials. Major brands like Shein and Temu contribute to this problem, with low scores on sustainability practices.
China’s recycling efforts are hampered by policies banning the use of recycled cotton for new garments, leading to exports of recycled materials. Despite rising incomes and a preference for new clothes, some younger Chinese are embracing sustainable fashion. Designers like Da Bao and Zhang Na are creating new garments from secondhand clothes and unconventional materials. However, sustainable fashion faces challenges due to higher production costs and consumer reluctance to pay more for recycled items.
For significant change, government support and clear targets are needed, similar to those that boosted China’s electric vehicle industry. Currently, the recycled cotton from Wenzhou Tiancheng is primarily exported, and fast fashion remains prevalent in China.
MONEY
Costco Wholesale will increase annual membership fees by $5 to $10 in the U.S. and Canada starting Sept. 1, marking the first hike in seven years. The fee for "gold star" and business members will rise to $65, and for executive members to $130. This change affects around 52 million memberships. Costco, which has over 133 million members, offers perks like free samples, discounts, and a 2% annual reward on qualified purchases. Despite inflation, Costco has kept prices low, but the fee increase was deemed necessary. Following the announcement, Costco's stock price rose. The company reported $24.48 billion in net sales for June 2024, a 7.4% increase from 2023.
HEALTH
Pharmacy benefit managers (PBMs), which negotiate prescription drug access for millions of Americans, are profiting while squeezing patients and independent pharmacies, according to a Federal Trade Commission (FTC) report. The FTC's 2022 inquiry found that dominant PBMs significantly influence drug availability and pricing, and impose harmful terms on independent pharmacies. The six largest PBMs handle nearly 95% of US prescriptions, with the top three – CVS Caremark, Express Scripts, and Optum Rx – linked to health insurers and pharmacies. PBMs, acting as middlemen, may steer patients to their own pharmacies. The Biden administration and Congress are pushing for more transparency in the PBM industry, which is blamed for rising medication costs. The PBM trade group criticized the FTC report as biased, while CVS Caremark defended its role in lowering drug prices.
ENTERTAINMENT
"Fly Me to the Moon" cleverly uses the Apollo 11 mission as the backdrop for an old-style romance, starring Scarlett Johansson and Channing Tatum. Johansson plays a corporate marketing specialist recruited by NASA to sell the moon to a skeptical public, while Tatum is NASA’s launch director. The film, directed by Greg Berlanti and written by Rose Gilroy, juxtaposes the cynicism of today with the can-do spirit of the Apollo program. Despite a subplot about a fake moon landing, the heart of the film lies in the chemistry between the leads. Berlanti, known for romantic films like “Love, Simon,” brings star power and period charm to this movie. "Fly Me to the Moon" premieres July 12 in US theaters and is rated PG-13.
TRAVEL
JetBlue sparked controversy by introducing dynamic pricing for baggage fees, with a first checked bag costing $45 for off-peak flights and $50 during peak times. A second checked bag can cost up to $70, with higher prices if booked within 24 hours of a flight. Dynamic pricing, already common in mileage reward redemptions, is spreading across the travel industry. Henry Harteveldt of Atmosphere Research Group explains that this reflects supply and demand economics, predicting it will become more prevalent. However, he notes the downside is the unpredictability of costs for consumers, criticizing airlines for not considering travelers in their pricing decisions.
FOOD
McDonald's has introduced a new McFlurry flavor: the Kit Kat Banana Split McFlurry, featuring vanilla soft serve, banana, strawberry clusters, and Kit Kat pieces. Available from July 10 for a limited time at participating U.S. locations, this flavor is a must-try for dessert lovers. McDonald's frequently innovates its McFlurry lineup, with past flavors like the Grandma McFlurry, Strawberry Shortcake McFlurry, and Peanut Butter Crunch McFlurry. However, McDonald's soft-serve machines often break down, causing frustration. To avoid disappointment, check the website McBroken to see if your local machine is working before visiting.
NOSTALGIA
FUN STUFF
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