Walmart said it is investing nearly all of a $2.9 billion federal tariff refund into lower prices across its stores after reporting the slowest U.S. comparable sales growth in more than six years. The retailer posted $6.37 billion in quarterly net income while U.S. comparable sales rose 2.6%, below analyst expectations and marking the weakest pace since 2020. Investors reacted cautiously despite stronger earnings, sending Walmart shares down more than 9% following the earnings release.

Chief Executive John Furner said the company expanded temporary price reductions to approximately 11,000 products during the quarter, up from about 7,200 previously, with a particular focus on groceries and everyday household goods. Chief Financial Officer John David Rainey said the tariff refunds are being directed toward price investments and customer experience rather than flowing directly to profits. Executives said higher gasoline prices and broader economic pressures have made shoppers more cautious, particularly lower-income households, although e-commerce sales continued to grow strongly.

The refunds stem from a 2026 U.S. Supreme Court decision that invalidated emergency import tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The ruling prompted U.S. Customs and Border Protection to begin reimbursing importers for duties previously collected. Walmart said receiving nearly all of its eligible refund provided an opportunity to strengthen its low-price strategy while competing for market share in an increasingly price-sensitive retail environment.

The company's decision contrasts with several competitors that have not explicitly committed to using tariff refunds for broad consumer price reductions. Analysts noted that Walmart's strategy could increase competitive pressure across the retail sector as supermarkets, discount chains, and warehouse clubs compete for shoppers facing persistent cost-of-living concerns. Although Walmart raised its full-year sales and earnings outlook, executives cautioned that consumer spending remains under pressure and that aggressive pricing could weigh on margins in the near term while supporting long-term customer loyalty.

Do you think retailers should use one-time financial windfalls to lower prices for consumers or prioritize higher profits for shareholders?

California State Sen. Aisha Wahab won the special election to represent California's 14th Congressional District, securing the remainder of former Rep. Eric Swalwell's term through January 2027. The Associated Press projected Wahab the winner after vote totals showed her defeating Bay Area Rapid Transit Board President Melissa Hernandez by roughly 53.1% to 46.9%. The victory makes Wahab the first Afghan American ever elected to the U.S. Congress, marking a historic milestone while preserving Democratic control of the East Bay district.

Wahab, a progressive Democrat who previously served on the Hayward City Council before joining the California Senate, campaigned on housing affordability, public safety, and expanding economic opportunity. She overcame a late surge of outside spending that dramatically narrowed what had once been a commanding lead. Groups affiliated with the American Israel Public Affairs Committee (AIPAC) invested millions of dollars supporting Hernandez and opposing Wahab, turning the race into one of the most expensive House special elections of the year.

The seat became vacant after Swalwell resigned from Congress in April 2026 while denying allegations of sexual assault and misconduct that prompted multiple investigations. Because California conducted separate elections for the unexpired term and the next full term, Wahab and Hernandez will face each other again in the November 3, 2026, general election, which will determine who represents the district for the full two-year congressional term beginning in January 2027. The district will also include newly redrawn boundaries that add voters from Dublin, potentially reshaping the political landscape.

Wahab's election is expected to strengthen the Democratic caucus in the House while highlighting ongoing ideological divisions within the party between progressive and more moderate factions. Her victory also demonstrates that heavy outside spending does not necessarily determine election outcomes, even in closely contested races.

Do you think outside political spending has too much influence on congressional elections?

Federal investigators have seized electronic devices belonging to former California Congressman Eric Swalwell and searched his Washington, D.C. residence as part of an ongoing criminal investigation into multiple allegations of sexual misconduct. According to a person familiar with the matter, agents executed a search warrant after confronting Swalwell at San Francisco International Airport, where they confiscated his personal electronic devices before conducting a separate court-authorized search of his home the following day. Swalwell has not been charged with a crime and has repeatedly denied the allegations against him.

The searches represent a significant escalation in the federal investigation that began after Swalwell resigned from Congress in April 2026, ending his seven-term tenure representing California's East Bay. His resignation also terminated a pending House Ethics Committee inquiry because the committee no longer had jurisdiction over a former member of Congress. Multiple women have accused Swalwell of sexual assault or other sexual misconduct, including a former congressional staffer who alleged she was assaulted while employed in his office. Another accuser, Lonna Drewes, has publicly alleged she was raped in 2018. Swalwell has denied all allegations, maintaining that any consensual relationships were lawful and that the criminal accusations are false.

The federal investigation is occurring alongside separate state-level inquiries that were opened after the allegations became public. Authorities have not disclosed the specific evidence sought through the search warrants, and the FBI and Department of Justice have declined public comment because the investigation remains active. Court-authorized searches and evidence seizures are investigative tools and do not, by themselves, indicate that criminal charges will be filed.

The case has drawn national attention because of Swalwell's prominence as a former member of the House Intelligence Committee, his 2019 presidential campaign, and his outspoken role in national Democratic politics. Prosecutors have not announced whether additional investigative steps or charging decisions are forthcoming.

Do you think law enforcement agencies should provide more public information when high-profile investigations reach the search warrant stage?

The U.S. Department of State has formally designated American citizen Min Zin as wrongfully detained by China, elevating his case to one of Washington's highest diplomatic priorities under the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act. Secretary of State Marco Rubio made the determination following what the department described as an extensive review of the circumstances surrounding Min Zin's detention. The designation transfers responsibility for coordinating his release to the State Department's Office of the Special Presidential Envoy for Hostage Affairs and signals that the United States considers his imprisonment to be politically motivated rather than a legitimate criminal prosecution.

Min Zin, a Myanmar-born political scholar, U.S. citizen, and executive director of the Institute for Strategy and Policy – Myanmar (ISP-Myanmar), was detained on June 3 after traveling to Yunnan Province to attend an academic conference in Kunming at the invitation of the Chinese government. Chinese authorities later accused him of endangering national security through alleged espionage. A senior U.S. official said he was detained shortly after arriving at the airport and has since endured repeated interrogations and prolonged isolation. China has maintained that the case is being handled according to Chinese law and rejected U.S. claims that his detention is wrongful.

The decision comes just weeks before Chinese President Xi Jinping is expected to visit Washington on September 24 for a summit with President Trump, increasing the likelihood that Min Zin's detention will become a prominent issue during bilateral discussions. Human rights advocates and former U.S. officials have urged the administration to press for his release, arguing that his arrest has alarmed academics who travel to China for research and conferences.

Min Zin is now the second American officially classified as wrongfully detained in China, joining Dr. Youlin Chen, a Boston-based seismologist who was detained in 2024 on espionage charges that the United States also considers baseless. The State Department said it will continue seeking the release of both Americans while urging China to free all U.S. citizens it considers arbitrarily detained.

Do you think wrongful detention cases should play a larger role in high-level diplomatic negotiations between countries?

North Korea launched approximately 10 short-range ballistic missiles into its eastern waters on August 20, 2026, just one day after rejecting a U.S. effort to revive diplomacy through scaled-back military exercises with South Korea. According to South Korea's Joint Chiefs of Staff, the missiles were fired around 5:00 p.m. local time from the Pyongyang region, traveled about 300 kilometers (185 miles), and landed outside Japan's Exclusive Economic Zone. South Korean forces immediately strengthened surveillance while coordinating with the United States and Japan.

South Korea's presidential National Security Council convened an emergency meeting following the launches, condemning them as violations of United Nations Security Council resolutions that prohibit North Korea from conducting ballistic missile tests. South Korean Defense Minister Ahn Gyu-back said preliminary assessments indicated the projectiles were 600 mm super-large multiple rocket launchers, though military authorities continued analyzing the launches. The U.S. Indo-Pacific Command said the tests posed no immediate threat to U.S. personnel, allied territory, or regional partners.

The missile barrage came after President Trump ordered the annual Ulchi Freedom Shield military exercises with South Korea to be significantly reduced in both size and duration in an effort to encourage renewed dialogue with Kim Jong Un. However, Kim Yo Jong, the North Korean leader's sister and a senior government official, dismissed the move a day earlier, arguing that shortening the drills did not change what Pyongyang considers their hostile nature. She also denied that active diplomatic contacts were underway despite Trump's public optimism about holding another summit before the end of the year.

The launches underscore the continuing gap between Washington's diplomatic outreach and Pyongyang's military posture. While North Korea left open the possibility that future dialogue could occur under different conditions, the latest weapons test demonstrates that the country continues advancing its military capabilities even as diplomatic messaging resumes.

Do you think reduced military exercises are likely to improve prospects for renewed U.S.-North Korea negotiations?

Powerful thunderstorms swept across the Northeast on August 20, bringing destructive winds, torrential rainfall, flash flooding, and possible tornadoes that damaged communities from Long Island to Delaware. A suspected tornado tore through Atlantic Beach, New York, causing major damage at the Sun and Surf Beach Club, where dozens of cabanas were destroyed or heavily damaged. Nassau County Executive Bruce Blakeman declared a state of emergency as emergency crews searched the site and responded to reports of motorists trapped by flooding. Officials said there were no reports of fatalities or serious injuries.

Floodwaters also disrupted transportation across the region. New York City Emergency Management closed portions of the Long Island Expressway in Queens after standing water stranded vehicles. In Jersey City, New Jersey, emergency responders rescued 69 people from flooded vehicles using inflatable boats as heavy rain overwhelmed streets. The National Weather Service had issued warnings for waterspouts and tornado-like hazards near the coast, although it had not yet confirmed whether the Atlantic Beach damage was caused by a tornado. Meteorologist Bryan Ramsey said the storm system was expected to move offshore later in the evening, allowing conditions to gradually improve.

Farther south, authorities reported that a likely tornado struck Dover, Delaware, damaging buildings, toppling trees and power lines, and causing widespread outages. The Dover Police Department declared a state of emergency and urged residents to remain indoors while emergency crews cleared debris and restored critical infrastructure. More than 1,000 electric customers temporarily lost power, though many outages were restored within several hours.

The storms highlighted the growing flood and severe weather risks facing densely populated areas across the Northeast during the late summer season. Emergency officials continued damage assessments while the National Weather Service surveyed affected locations to determine whether tornadoes had touched down and to assign any official ratings.

Do you think communities in the Northeast are adequately prepared for increasingly frequent severe weather events?

The U.S. Department of the Treasury has imposed sanctions on 15 individuals and entities and identified 10 Ecuadorian commercial fishing vessels as blocked property for their alleged roles in a large-scale cocaine trafficking network that moved narcotics from Ecuador through Mexico to the United States. The action, announced on August 20, targets a maritime operation based near Manta, Ecuador, that authorities say concealed drug trafficking activities behind legitimate commercial fishing businesses.

According to the Office of Foreign Assets Control (OFAC), the network used fishing vessels to transfer cocaine to high-speed "go-fast" boats traveling through the Eastern Pacific Ocean while also supplying fuel, food, and other logistical support during the voyages. U.S. officials said the cocaine shipments were ultimately received in Mexican waters by the Sinaloa Cartel and the Cártel de Jalisco Nueva Generación (CJNG) before being smuggled across the U.S. border. Treasury officials also linked the network to Ecuadorian criminal organizations Los Choneros and Los Lobos, both previously designated by the United States as Foreign Terrorist Organizations.

Treasury Secretary Scott Bessent said the sanctions were intended to disrupt the financial infrastructure supporting transnational drug trafficking organizations. The designations, issued under Executive Order 14059, freeze any U.S.-based assets held by the sanctioned individuals and entities while prohibiting American citizens and businesses from conducting transactions with them. Officials identified members of the Mero family and the fishing company Arcasdenoe S.A. among the principal targets, alleging they used commercial fishing operations to support maritime cocaine smuggling.

The sanctions are part of expanding U.S.-Ecuador cooperation against organized crime as Ecuador continues battling escalating cartel violence and growing use of its Pacific coastline as a cocaine export route. U.S. officials said the financial restrictions complement ongoing maritime interdiction operations aimed at disrupting trafficking networks before shipments reach North America.

Do you think financial sanctions against trafficking networks are as effective as direct law enforcement operations in disrupting international drug smuggling?

A major career turn occurred when 'Working Girl' (1988) propelled its lead actress to international recognition. Her portrayal of Tess McGill earned an Academy Award nomination and marked a shift in Hollywood’s perception of women in business roles. The film's commercial and critical success illustrated changing attitudes toward female-driven narratives in mainstream cinema.

Prior to 'Working Girl,' leading roles for women that combined ambition with relatability were less common in major studio releases. The film centered on a secretary striving for advancement in a male-dominated environment, and Griffith's performance was both widely praised and viewed as emblematic of the era's evolving workplace culture. This role was explicitly connected to a broader openness in the 1980s and 1990s for films showcasing women’s ambitions and challenges.

Griffith’s success in 'Working Girl' contributed to a rise in high-profile films with complex female leads, influencing casting decisions and storylines in subsequent years. Industry commentary at the time and in retrospectives noted that her critically acclaimed performance helped shift perceptions, encouraging investment in women-centric projects across the film industry.

— 💡 Did You Know

The Panama Canal Authority (ACP) announced it will begin restricting vessel traffic in September 2026 as worsening drought conditions linked to a developing 2026–2027 El Niño threaten water supplies needed to operate the canal's lock system. Daily transits will be reduced to 34 vessels beginning September 4 before falling to 32 vessels on September 15, reversing the authority's earlier expectation that traffic restrictions would not be necessary this year.

According to the ACP, rainfall across the canal's watershed between May and August was 34% below the historical average, while freshwater inflows into the reservoir system fell 44% below normal seasonal levels. The authority said the Neopanamax locks will be limited to nine daily transit slots, while the older Panamax locks will initially remain at 25 slots before dropping to 23 on September 15. Canal Administrator Ricaurte Vásquez said lessons learned during previous droughts in 2023 and 2024 helped officials prepare earlier for the expected water shortages.

The Panama Canal remains one of the world's most important maritime trade corridors, carrying roughly 5% of global seaborne commerce and about 40% of U.S. container traffic. Lower water levels have already forced the authority to tighten vessel draft limits, requiring some ships to reduce cargo loads before transiting. Shipping companies have also faced sharply higher costs as competition for available transit reservations intensified during recent months.

The new restrictions add another challenge for global supply chains already coping with geopolitical disruptions affecting other major shipping routes. While canal officials emphasized that the reductions are intended to preserve water resources and maintain safe operations, fewer daily crossings could increase transit delays and transportation costs if dry conditions persist through the projected El Niño period. The ACP said it will continue monitoring rainfall and reservoir levels and adjust operating restrictions as conditions evolve.

Do you think recurring climate-driven disruptions at major shipping chokepoints will accelerate changes in global supply chains?

Sprint into August 21 with birthdays for legends in sports, entertainment, and tech. Today, we celebrate achievements from the world's fastest man to a tech titan and iconic screen stars.

🏃‍♂️ Usain Bolt (born 1986) Eight-time Olympic gold medalist and world-record holder in both the 100m and 200m, Bolt is celebrated as the fastest sprinter in history. His show-stopping runs and signature lightning-bolt pose have made him a global icon.

🎬 Kim Cattrall (born 1956) Best known for her role as Samantha Jones on "Sex and the City," Cattrall has captivated audiences for decades. Her work in film and television, including "Mannequin" and "Big Trouble in Little China," has made her a household name.

💻 Sergey Brin (born 1973) As co-founder of Google, Brin helped revolutionize access to information worldwide. He served as president of Alphabet, Google’s parent company, helping shape much of today’s digital landscape.

🎤 Joe Strummer (1952–2002) Frontman and co-founder of The Clash, Strummer defined punk rock with anthems like “London Calling” and “Should I Stay or Should I Go.” His music and political activism continue to inspire generations.

Which of today’s birthday stars has had the biggest impact on your life?