📫 Trump vs Harris: The $300B Decision

Good morning, founders and investors!

The gloves are off in the US presidential race, with Trump and Harris trading jabs on China policy during last night's debate.

Meanwhile, across the Pacific, Asia-Pacific markets are feeling jittery ahead of US inflation data. It seems like everyone's playing economic chess, but who will end up in checkmate?

Week’s Top Updates

→ Wall Street's S&P 500 ended the week up by 0.5%, though gains were moderated by concerns over economic slowdowns. (more)

→ Discussions around economic numbers have been prominent, especially in the context of the Trump-Harris debate, focusing on key metrics like GDP growth, employment rates, and inflation, indicating a robust yet scrutinized economic recovery. (more)

→ Sports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon. (more)

→ Abu Dhabi National Oil Company (ADNOC) is expected to make a formal offer to acquire Covestro, opens new tab for about 14.4 billion euros ($15.90 billion) including debt. (more)

→ Amazon Web Services announced plans to invest $10.45 billion over the next five years to build and operate data centers in the U.K. (more)

Markets

This Week's Big Picture

Harris and Trump Face Off in Philly

Vice President Kamala Harris and former President Donald Trump met for their first-ever presidential debate on Tuesday, setting the stage for what's shaping up to be a high-stakes election.

Harris, tasked with reinvigorating the Democratic campaign after President Biden's withdrawal, brought her prosecutorial background to the stage. Trump, meanwhile, aimed to link Harris with Biden's perceived shortcomings.

Key takeaways:

• Economy: Harris claimed her administration had to "clean up Donald Trump's mess," while Trump criticized current economic policies.

• Foreign Policy: Trump refused to say whether he wants Ukraine to win its war against Russia, stating he just wants it "finished." Harris countered that Ukraine has a right to its independence.

• Immigration: Trump made controversial claims about immigrants, which Harris dismissed, pointing to her endorsements from 200 Republicans, including former VP Dick Cheney.

• Abortion Rights: Trump praised the Supreme Court for overturning Roe v. Wade, while Harris pledged to reinstate federal abortion rights.

• 2020 Election: Trump continued to dispute the 2020 results, with Harris responding, "You did in fact lose that election."

In a surprising turn, pop star Taylor Swift broke her election silence to endorse Harris immediately after the debate.

Looking ahead, Harris has called for a second debate in October.

With polls tightening and both candidates showing strong performances, this election is far from decided. Business leaders should stay tuned – the policies of the next administration could significantly impact markets and regulations.

Trend Spotlight

Pet Health Insurance on the Rise

Pet health insurance is emerging as a hot trend in the pet care industry, promising to revolutionize how pet owners manage their furry friends' healthcare costs.

According to Grand View Research, the global pet insurance market reached $9.4 billion in 2022 and is expected to grow at a compound annual growth rate of 17.04% through 2030. That's some serious growth, folks!

The technology relies on several key components:

• Customizable plans: Offering various coverage options

• Digital claims processing: Streamlining reimbursements

• Preventive care coverage: Encouraging regular check-ups

• AI-powered risk assessment: Tailoring premiums to individual pets

Major players are already staking their claim in this space. Traditional insurers like Nationwide and Progressive offer pet coverage, indicating the market's potential.

Startups are driving innovation, too. Lemonade, an AI-powered insurer, launched its pet insurance coverage in 2020.

Other notable players include Healthy Paws, fetchpet, and the non-profit ASPCA.

Business Applications:

• Veterinary clinics: Partnering with insurers for seamless claim processing

• Pet retailers: Offering insurance as an add-on service

• Pet tech companies: Integrating insurance with health monitoring devices

• Pet food brands: Collaborating on wellness programs tied to insurance

However, the road isn't entirely smooth. Out of the 3.1 million insured pets in the US, 83% are dogs and only 17% are cats, indicating a significant untapped market.

Education on the benefits of pet insurance and addressing concerns about coverage limitations are significant hurdles the industry needs to overcome.

Funding Roundup

• AI-powered venture capital firm TRAC is leveraging its proprietary algorithm to give its portfolio companies a competitive edge in fundraising.
  

• Skype founder’s VC firm raises $1.24 billion to back European tech startups.
  

• PhoreMost, a UK-based biopharmaceutical company, has secured an additional $12M in Series B financing, bringing the total to over $50M.
  

• Magic, an AI startup that creates models to automate code generation and software development, has landed $320 million in its latest funding round.
  

• Sweden-based Starhive no-code app builder, has successfully raised $3M in a seed funding round, aimed at accelerating the global expansion of its platform.

And That's a wrap

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