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    A$AP Rocky Riles Up Crowd in First Concert Since ‘Scary Humbling Experience’ in Swedish Jail

    A$AP had a chance to get wild for the night at Real Street Festival in Anaheim on Sunday. And given his current legal situation, awaiting a verdict on assault charges in Sweden, he took full advantage of it.

    The rapper closed out the second and final night of the festival hosted by REAL 92.3 FM, appearing before a crowd at the Honda Center festival grounds that chanted “F— Sweden!” during Rocky’s his first gig since his release last week from a Swedish jail where he was held for over three weeks.

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    Marvin Bagley withdraws from Team USA to focus on NBA season

    On Sunday, Sacramento Kings forward Marvin Bagley became the latest player to withdraw from the national team ahead of the FIBA World Cup in China. According to Marc Stein of The New York Times, Bagley will instead take the time to focus on the upcoming NBA season.

    Stein added that the two players fighting for the final spot on the 12-man roster are Bagley’s teammates in Sacramento: Harrison Barnes and De’Aaron Fox.

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    Toni Morrison, iconic author and activist, will leave behind an impressive net worth

    Toni Morrison, iconic author and the first African-American woman to win a Nobel prize, passed away at age 88.

    Before her passing, Morrison, born in Ohio on February 18, 1931, was regarded as one of the most prolific authors of all time. The Howard University graduate is known for critically-acclaimed works of literature on the black experience including “Beloved,” “Song of Solomon” and “Sula.”

    According to Celebrity Net Worth, Morrison was worth $20 million. The site reports most of her wealth was obtained through her many highly-regarded novels and co-writing children’s’ books with her son, Slade. Check out a few of her best sellers below.




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    When the unthinkable happens: U.S.-China trade negotiations break down for good

    It’s impossible to forecast where the U.S.-China trade confrontation is going, although given what the bond market is doing, it’s no place good.

    The markets are trading on headlines that may become economic events, but the worst-case scenario of much higher tariffs and a much bigger slowdown in global trade has not developed yet. In other words, I don’t think we are yet at the point of no return in this trade negotiation.

    I have long held the view that, because of deflationary trends in Europe and Japan, the 10-year U.S. Treasury will fall to less than 1%. The present deterioration in relations with China is adding to those deflationary trends, so a longer cycle of acrimonious recrimination actually has a deflationary impact because of the slowdown in flow of goods and services, and not inflationary because of higher tariffs, as some investors think (see chart).

    Read: Trade war is raising the risk of U.S. recession, Goldman Sachs warns

    Low interest rates give a boost to companies with good balance sheets, strong cash flows and high dividend yields that have more limited exposure to the trade confrontation. I can’t be more specific for the purposes of this piece — although I will try to have more picks in future missives — as in my situation I have some hard restrictions on “buy this” or “sell that,” so what I say is insight for people to make their own decisions; I am sort of over-intellectualizing it out of necessity and compliance. That said, the U.S. semiconductor sector does see some serious headwinds in further escalation of the trade war.


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    Gold ends higher as global angst knocks stocks and bond yields are down

    Gold futures finished higher Monday, near a six-year peak above $1,500-an-ounce set last week, as the U.S.-China trade battle showed few signs of letting up, and as demonstrations in Hong Kong heightened fears about the health of global markets and economies.

    December gold GCZ19, +0.56%  on Comex rose $8.70, or 0.6%, to $1,517.20 an ounce, while September silver SIU19, +0.58%  added 14 cent, or 0.8%, to end at $17.071 an ounce.

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    T-Pain Remembers Borrowing Money For Burger King After Blowing $40 Million

    T-Pain sat down for an interview with The Breakfast Club where he made a sobering admission. The unofficial “Godfather of Auto-Tune” said at one point in his career he had roughly $40 million in his bank account, but due to bad business decisions, he wound up with nothing.

    “That’s when I was running out of money,” he said in a clip. “That’s when my accountant was like, ‘Dude, you just bought a Bugatti, you’re out of money.’ And I was like, ‘No I’m not. I got this house I wanna get. I got this other house for my assistants, for my runners and producers.’

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    NYPD Commander Reportedly Won’t Be Charged For Shoot 50 Cent “On Sight” Comment

    A Brooklyn-based commander in the New York City Police Department is reportedly off the hook for threatening 50 Cent. According to the New York Daily News, an investigation into 72nd Precinct Deputy Inspector Emanuel Gonzalez telling cops to shoot 50 “on sight” has been closed.

    “This allegation was unsubstantiated and closed,” an NYPD spokeswoman told the Daily News.

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    More than 300 released after ICE arrests nearly 700 in Mississippi raids

    After U.S. Immigration and Customs Enforcement arrested nearly 700 potentially undocumented immigrant workers in Mississippi, more than 300 of those taken into custody were released on Thursday, according to Bryan Cox, an ICE spokesman.

    “All persons released were transported back to their respective arrest locations,” Cox said. “We took them all back to the plants where they were arrested. No one had to procure transportation to get themselves back.”

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    De La Soul Says Tommy Boy “Not In Business Of Giving Artists Back Their Masters”

    De La Soul and Tommy Boy Records have been attempting to reach an agreement regarding the trio’s extensive catalog for several months. But according to a recent Instagram post, it looks like those negotiations have fallen flat.

    On Thursday (August 8), Pos, Maseo and Dave issued a statement to their collective account and explained why they wouldn’t be cosigning their first six albums being released on any digital platforms, including 1989’s 3 Feet High & Rising, 1991’s De La Soul Is Dead, 1993’s Buhloone Mindstate and 1996’s Stakes Is High — all Tommy Boy releases.

    Tommy Boy’s founder and CEO Tom Silverman still owns all of De La’s masters.

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    House passes bill to hike the federal minimum wage to $15 per hour

    The House passed a bill Thursday to hike the federal minimum wage to $15 per hour in a win for liberal activists who have long pushed to give low-wage workers a raise.

    The Democratic-held chamber passed the plan in a 231-199 vote. Six Democrats opposed it, while three Republicans supported it.

    The measure would gradually hike the U.S. pay floor to $15 by 2025, then index further hikes to median wage growth. It would also phase out lower minimum wage paid to tipped workers.

    House Democrats view the legislation as a core piece of their agenda to boost pay and economic growth. As President Donald Trump runs for reelection in 2020, the party argues strong economic growth and a roaring stock market have not done enough to lift the workers who most need relief.

    “I commend my colleagues for taking this important step towards creating an economy that works for everyone,” said Rep. Bobby Scott, a Virginia Democrat who introduced the legislation, in a statement. “Now, Senate Republicans must decide to either stand with American workers or turn their backs on hardworking people across the country.”

    Congress last raised the federal minimum wage to $7.25 per hour about a decade ago. Now, 29 states and Washington, D.C., have higher pay floors than the U.S., while seven states have approved $15 per hour minimum wages. Those increases have boosted pay for the working class despite the federal inaction.

    The bill has little chance of becoming law before next November’s election. Senate Majority Leader Mitch McConnell has no plans to bring the legislation up in his chamber. On Thursday, he told Fox Business Network that it would “depress the economy at a time of economic boom,” adding, “we’re not going to be doing that in the Senate.”

    The White House also warned this week that Trump would veto the measure if it came to his desk. The Trump administration argued its policies are “driving economic growth and increasing workers’ take-home pay far more effectively and efficiently” than the Democratic plan. The White House contended it would “eliminate jobs and reduce total wages for American workers.”

    In an analysis earlier this month, the nonpartisan Congressional Budget Office estimated the bill would give 17 million U.S. workers a raise — and could lift wages for millions more. It would also boost the annual income of 1.3 million people above the poverty level.

    At the same time, the measure would cause about 1.3 million Americans to lose jobs, according to the CBO. It would also “reduce business income and raise prices” as companies pass on higher labor costs, the CBO said.

    Here are the main pieces of the Raise the Wage Act:

    It would increase the federal pay floor to $15 per hour by 2025, then index future increase to median wage gains.
    The minimum wage hikes would take effect on the following schedule: $8.40 in 2019, $9.50 in 2020, $10.60 in 2021, $11.70 in 2022, $12.80 in 2023, $13.90 in 2024 and $15 in 2025.
    It would eventually abolish the lower minimum wage for tipped workers.
    The bill would eliminate a seldom used pay floor for teen workers that pays them less than the minimum wage.
    It would also toss out subminimum wages for workers with disabilities.
    An amendment adopted Thursday, proposed by Rep. Tom O’Halleran, requires a Government Accountability Office report on the effects of minimum wage increases. House and Senate committees could use the report to recommend changes to curb any negative effects of the bill.

    Activists such as Fight for $15, a movement started by striking fast-food workers, helped to spur $15 per hour minimum wage laws around the country. In a tweet, the group said: “Organizing workers. Strikes work. We’re not even close to done!”

    Some major business groups opposed the legislation. The level of support the bill got in the House was “disappointing,” Neil Bradley, chief policy officer at the U.S. Chamber of Commerce, told CNBC. He said “it appears that politics beat basic economics today.”

    Last week, Bradley wrote a letter to House members saying the organization — the largest business group in the world — would work with Congress on “a minimum wage increase that would benefit employees and employers.” He told CNBC that a federal pay floor above $10 per hour is “imminently doable.”

    Sean Kennedy, executive vice president of public affairs at the National Restaurant Association, which represents more than 500,000 restaurant businesses, in a statement called House plan “the wrong wage at the wrong time, implemented in the wrong way.”

    In a statement, National Federation of Independent Business President and CEO Juanita Duggan also called the bill a “devastating blow to small business.”

    Source: CNBC

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