Here are the headlines you Need2Know for Wednesday, August 12, 2020:

BIDEN PICKS HARRIS

THE PICK: Joe Biden chose Kamala Harris to be his vice president, making the first-term California senator the first Black and first Asian-American woman to ever join a national presidential ticket. Biden said his decision was made, in part, due to his late son Beau’s admiration for Harris when they were both state attorneys general. WASH POST

HER STORY: Harris, 55, was born to a Jamaican father and Indian mother in Oakland, and has spent her adult life in law and politics. She did her undergrad at Howard (making her the first HBCU grad on a major ticket). She was San Francisco District Attorney, then California Attorney General before getting elected to the Senate in 2016. She was an early and strong supporter of President Obama, but has also been criticized from the left for her years spent as a prosecutor and her moderate views. Here’s a profile of Harris from last year: NEW YORKER

COLLEGE SPORTS: DOMINOES FALL: The Big Ten and Pac-12 became the first major conferences to punt on the college sports season, announcing they’d attempt to play football and other fall sports in the spring semester if the pandemic has eased by then. That means no USC, no Oregon, no Michigan, no Ohio State -- and it could lead to the rest of the Power 5 conferences following suit and throwing in the towel. The decision to postpone the season was unanimous within the Pac-12 member schools; it’s not known whether the 14 schools that make up the Big Ten were unanimous in support. NBC NEWS

PRIMARY RESULTS: The “Squad” is likely to remain intact for at least another two years. Rep. Ilhan Omar overcame a Democratic primary challenge and is on the path to reelection in November. Omar, Rep. Rashida Tlaib and Rep. Alexandria Ocasio-Cortez have all won their primaries; Rep. Ayanna Pressley is running unopposed in hers next month. Meanwhile, Marjorie Taylor Greene, an open supporter of the QAnon conspiracy theory that the FBI says is a domestic terrorism threat, won her primary in a deep-red district in Georgia, all but ensuring she will be elected to Congress in November. REUTERS

MAURITIUS OIL SPILL: An environmental disaster has been slowly unfolding off the coast of the African island nation of Mauritius. Two weeks after an oil tanker ran aground in a coral reef, spilling 1,000 tons of fuel across the pristine coastline, the ship is now on the verge of splitting in two. If that happens, another 2,000 tons of oil will spill if a salvage team can’t pump it out in time. AL JAZEERA

RACE FOR A VACCINE: Public health officials around the world greeted Russia’s announcement that it has approved the world’s first coronavirus vaccine with deep skepticism. The drug was tested in monkeys and some humans, but did not go through comprehensive human trials. The Russian government plans to start inoculating teachers and medical workers this month with the vaccine, which they’re calling “Sputnik V” after the first satellite launched into orbit by the Soviet Union. ABC NEWS

WORLD'S NEWEST BILLIONAIRE: When Steve Jobs died in 2011, Apple’s market cap was about $350 billion. Now it’s approaching $2 trillion, and the man who has led the company since Jobs’ passing just became a billionaire. But unlike fellow tech billionaires like Mark Zuckerberg, Elon Musk and Jeff Bezos, Tim Cook belongs to a tiny club of CEOs who became billionaires without having founded the companies they run. BLOOMBERG

PHOENIX SUNS: AMERICA'S COVID TEAM: The Phoenix Suns made it into the NBA bubble by a hair -- they came with the worst record among Western Conference teams -- but are now the only undefeated team in Orlando. The Suns are 7-0 in the bubble and on the cusp of qualifying for the postseason play-in tournament, led by phenom point guard Devin Booker. Ahead of Tuesday’s game, the team surprised players by having their family members announce the starting lineup from home: WATCH

APPLE SIGNS SCORSESE: Martin Scorsese has inked a first-look deal with Apple that will have the Goodfellas director helming TV and film products for Apple TV+. Apple is making big moves in Hollywood -- it just signed Leonardo DiCaprio’s production company to another first-look deal, and is  getting serious about buying up big studio movies that would have otherwise gone to theaters. Scorsese and DiCaprio are already working together for Apple on Killers of the Flower Moon, set to start production next year. VARIETY

SPOTTED...

...Portia de Rossi on a hike with her mom in Santa Barbara, after confirming that wife Ellen DeGeneres will continue to host her talk show and is “doing great”: SEE PICS

LEFTOVERS: BLOCKBUSTER SLEEPOVER: There’s one Blockbuster video store left in the world, and it’s in the town of Bend, Oregon. The manager of the store is teaming up with Airbnb to list it as an overnight stay for up to four people over a period of three days in late September. The cost: $4 a night. The extremely limited bookings open up Aug. 17: SEE THE LISTING

Listen to the N2K Podcast! Looking for more context and analysis on the big stories of the day? Check out our podcast! Hosts Jill and Carlo break down the headlines, every weekday morning Listen on Apple or Spotify, or watch on YouTube, and send us your feedback!

Share:
More In Culture
California Starts Largest U.S. Food Waste Recycling Program
California's new composting law will affect what residents do in their kitchens. As of this week, Californians will have to recycle excess food in an effort to reduce emissions caused by food waste. Cities and counties will turn recycled food into compost or use it as a renewable energy source. California's new law is the largest mandatory residential food waste recycling program in the country. Rachel Wagoner, Director of the California Department of Resources, Recycling and Recovery called the law 'the biggest change to trash' since recycling started in the 1980s. She joined Cheddar Climate to discuss.
Sweetgreen Launches Salad Subscription Service 'Sweetpass'
Fast-casual restaurant chain Sweetgreen is rolling out its first salad subscription service called sweetpass as it looks to customers tackling new year weight loss and health goals. Members will receive up to 30 percent off of purchases.
Severe Snowstorm Blankets D.C., Mid-Atlantic Region
Washington DC and the surrounding areas saw a record breaking snow storm Monday as a strong storm system works its way across the eastern U.S. The extreme weather event caused extensive damage in the greater Washington area, leaving thousands in the region without power. Jonathan Porter, Chief Meteorologist, AccuWeather, joined Wake Up with Cheddar to discuss the fierce storm.
Over 3,000 Flights Canceled on Monday Over Severe Weather, Crew Shortages
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
End of Child Tax Credit Could Mean Slide Back Into Increasing Child Poverty
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
NYT Piece Claims Silicon Valley Investors and Founders Contorted Legal Tax Break to Avoid Taxes on Investment Profits
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
Competitive Stock-Trading Mobile App Zingeroo Raises $8.5 Million
There is a new player in the mobile app stock trading space. Zingeroo recently announced a funding round of $8.5 million. The company says it aims to bring 'friendly competition' to stock trading, by literally breaking trading down into daily and weekly competitions between friends. Zingeroo also says it hopes its new approach can make trading more accessible, educational, and social than ever before. Zingeroo co-founder and CEO Zoe Barry joins Cheddar News' Closing Bell for more.
Load More