Good morning! Here’s what you need to know.
1. Apple is planning to hold its annual launch event for the new iPhone on September 12. Apple is expected to launch three new iPhone models at its September event.
2. North Korea launched a missile that flew over the northern Japanese island of Hokkaido at 5:58 a.m. local time, according to Japanese government officials. Japan’s NHK News reported that the missile passed over Japan, warning people in northern Japan to take necessary precautions.
3. On its first day as part of Amazon.com, organic grocery chain Whole Foods Market Inc slashed prices on popular items like avocados and apples. In another sign of changes to come, a display offering Amazon’s Echo and smaller Echo Dot hands-free smart speakers for $US99.99 and $US44.99, respectively, was nestled amid the colourful produce at the Whole Foods in downtown Los Angeles.
4. Fannie Mae said on Monday 36,583 single-family homes whose mortgages it guarantees were in the initial impact area of Harvey, the most powerful storm to hit Texas in more than 50 years. These homes in Harvey’s path have about $US5.1 billion in unpaid principal balance, the mortgage finance agency said.
5. Wearable device maker Fitbit launched its newest device, the Ionic smartwatch, with features ranging from fitness tracking to contactless payment, as it gears up to compete with rivals such as Apple. Once the market leader in wearables, Fitbit has recently struggled due to fierce competition and had earlier blamed a shift among consumers toward feature-rich devices and smartwatches for its revenue decline.
6. A conglomerate controlled by Russian billionaire Mikhail Gutseriev and his family is selling off a $US400 million portfolio of assets, including Russia’s only completed building designed by architect Zaha Hadid, two real estate sources told Reuters. The Gutseriev family’s Safmar holding includes a bank, B&N, which, according to ratings agency Fitch, has seen a decline in liquidity. The holding has said it was considering a capital injection for the unit.
7. Expedia Chief Executive Dara Khosrowshahi has been asked to lead Uber, according to an internal memo sent to Expedia staff. “Nothing has been yet finalised, but having extensively discussed this with Dara, I believe it is his intention to accept,” Expedia Chairman Barry Diller wrote in the memo seen by Reuters.
8. Volkswagen’s premium carmaker Audi announced its biggest management reshuffle in years as it seeks a fresh start in the aftermath of the diesel emissions scandal. Audi, which is the biggest contributor of profits to VW, said it was replacing finance chief Axel Strotbek, production chief Hubert Waltl, human resources head Thomas Sigi and sales chief Dietmar Voggenreiter.
9. The New York State Department of Financial Services is seeking to fine Habib Bank nearly $US630 million for deficiencies relating to compliance with state and federal laws at its only US branch, an official of the Pakistan bank said. If imposed, the penalty would be the largest ever faced by a Pakistani financial institution.
10. Rob Walton has sold shares from his family company. Walton, who is the son of founder Sam Walton and served as chairman of Walmart until 2015, has unloaded shares of the retailer totaling $US62.3 million, according to SEC filings reviewed by CNBC.