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Mexico doesn’t want BRICS

President Andres Manuel Lopez Obrador affirmed on Tuesday that Mexico has chosen to prioritize the strengthening of its economic ties with the United States and other nations within the Americas, instead of pursuing membership in the BRICS alliance.

During his regular morning press conference, Obrador, or AMLO as he is commonly known, clarified Mexico’s stance, stating, “While we applaud the participation of other countries in this bloc, we will not be seeking membership. Our focus remains on nurturing the partnership with North America and the entire Americas, driven by factors such as geographical proximity and geopolitics.”

His comments were in response to recent media reports suggesting that Mexico, along with 18 other countries, had expressed interest in joining the BRICS coalition composed of Brazil, Russia, India, China, and South Africa. The prospective membership issue was anticipated to be a topic of discussion at the upcoming BRICS summit in Cape Town.

You can read more on the matter here.

What’s going on?

• US CPI Rises to 3.2% in July (theDeepDive)

• Mic Cardi B Threw at A Fan Sells for Almost $100K for Charity (theDeepDive)

• Hawaii wildfires ravage Maui island resort city, killing dozens (Reuters)

• US Scientists Achieve Second Net Energy Gain in Nuclear Fusion Breakthrough (theDeepDive)

• UK retailer Wilko collapses, putting 12,500 jobs at risk (Reuters)

• US Oil Production Set to Break Records Amidst Global Supply Tightening (theDeepDive)

• College Endowment Investment Gains Are Being Eroded by Inflation (Bloomberg)

• ‘Majority Territory’: Support for Conservatives Is Gaining Significant Momentum in Canada (theDeepDive)

• Niger Coup Detains Son Of Ambassador To France, Snubs Diplomatic Efforts From ECOWAS & African Union (theDeepDive)

• China’s Trade Unexpectedly Plummets Amid Weaker Global Demand (theDeepDive)

What’s the latest?

• US Inflation and Economic Impact: US inflation increased in July, largely due to housing costs, breaking a 12-month decline. Core inflation, excluding volatile prices, remained relatively steady. This trend raises concerns about cost dynamics.

• Maui Wildfires Devastate: Fueled by distant Hurricane Dora's winds, wildfires wreak havoc in Maui, claiming at least 36 lives, destroying Lahaina's historic town, and forcing evacuees into the sea. Over 2,100 sought refuge in shelters, while stranded travelers occupied Kahului Airport. The Coast Guard rescued 14 individuals.

• Energy Transition Investments: Blackstone raises $7.1 billion for a Green Private Credit Fund supporting renewable sectors. General Motors introduces an all-electric luxury SUV, highlighting the shift towards cleaner energy and tech.

• Ukrainian Black Sea Corridor: Ukraine opens a "humanitarian corridor" in the Black Sea for safe cargo passage amid regional tensions. While enhancing transparency, potential military actions still pose challenges.

• US FBI Aids Ecuador Assassination Probe: The Biden administration intends to send the FBI to Ecuador to assist in the investigation of presidential candidate Fernando Villavicencio's assassination. Brian Nichols, US Secretary of State's assistant, condemned the attack and called for a thorough investigation.

Dave Portnoy Reclaims Barstool Sports

The stock market and stuff

• Goodbye ESG Scores: S&P Abandons Numerical ESG Ratings amid Rising Criticism (theDeepDive)

• Coach owner creates US luxury giant with $8.5 bln deal for Michael Kors parent (Reuters)

• Alibaba Takes a Step Toward Comeback As Growth Finally Returns (Bloomberg)

• Disney Hikes Streaming Price As Q3 2023 Sees Decline In Subscribers (theDeepDive)

In the juniors

• Canopy Growth Reviewing Strategic Options For BioSteel, Including Potential Sale (theDeepDive)

• Curaleaf Sees Losses Climb In Q2 (theDeepDive)

• Canopy Growth Squeaks A Smaller Loss In Fiscal Q1 2024, Going Concern Doubts Still Loom (theDeepDive)

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