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Aug 9, 2023 • 4 min read

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U.S. Destroyer Dispatch:

Recently, the U.S. military identified 11 warships, belonging to China and Russia, maneuvering in the international waters near the Aleutian Islands, a chain of islands that stretch off Alaska's west coast.
In response to this naval activity, the U.S. decided to bolster its presence in the region. It dispatched four destroyers, which are advanced naval vessels designed for a variety of combat scenarios, and two warplanes to monitor and potentially counteract the activities of the foreign vessels.
Under international maritime law, nations have sovereignty over an area known as their "territorial sea," which extends 12 nautical miles (about 13.8 miles) from their coastline. Within this zone, the country has the right to regulate maritime activity. Outside of this zone, in what's often referred to as international waters, foreign vessels are generally free to operate without interference.
This move by the U.S. can be seen as a show of strength and readiness, emphasizing its commitment to maintaining its interests and security in the region. Following the increased U.S. military presence, the Chinese and Russian ships withdrew from the area.

Bank Penalties:

U.S. regulators imposed $549 million in fines on Wells Fargo and various smaller and non-U.S. firms for not keeping electronic records of employee chats.
The SEC fined 11 companies a total of $289 million due to severe record-keeping issues, while the CFTC fined four banks, including Wells Fargo, totaling $260 million. These actions aim to curb Wall Street staff from using secure messaging apps like Signal and WhatsApp for work discussions.
Since late 2021, large banks like JPMorgan and Goldman Sachs have faced similar penalties, with fines surpassing $2 billion. Starting in 2019, firms acknowledged their employees used apps like WhatsApp for business talks, breaching federal laws. Wells Fargo received the highest fine of $200 million on Tuesday.

Reed Jobs Cancer Fund:

Reed Jobs, son of Apple co-founder Steve Jobs, has launched a venture capital firm named Yosemite to fund innovative cancer treatments after his father died from the disease.
The firm has secured $200 million from notable investors, including billionaire venture capitalist John Doerr, Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T.
The firm's name, Yosemite, is inspired by the national park where Steve and Laurene married. While Yosemite will function as a for-profit business, it will also oversee a donor-advised fund, aiming to reinvest profits into other promising ideas.

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