Your Evening Briefing
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Good afternoon. Hurricane Harvey is growing stronger, the world’s longest flight is becoming longer, and the number of summer Fridays left is getting smaller. —Megan Hess
Hurricane Harvey strengthened to a Category 3 storm as it headed toward landfall in Texas. It is forecast to become the worst storm to strike the region in more than a decade. The price of gasoline rallied as it threatened to wreak havoc on the heart of America’s energy sector. “It is becoming pretty clear [Friday] morning that Harvey will be mentioned alongside Katrina and Sandy in the history books,” said Todd Crawford, chief meteorologist at The Weather Company.
No matter who wins the Mayweather-McGregor fight, the biggest loser is HBO. For the last bout of his career, Floyd Mayweather Jr. will fight MMA star Conor McGregor. According to insiders, Mayweather timed the announcement and staged the fight in a manner designed to deal maximum damage to his former network partner, HBO, and two of its biggest pay-per-view fights of 2017.
The world’s longest flight is coming. Right now, all the money in the world won’t get you from Sydney to New York or the U.K. without a pit stop, because commercial planes just don’t have that kind of range. That may soon change. Australian carrier Qantas wants to fly from Sydney to New York or London nonstop — with a little help from new Boeing and Airbus models. They would jet across the Pacific Ocean to New York in about 18 hours, a shift that may herald the death of airline hubs.
Janet Yellen says any changes to post-crisis financial rules should be modest because they’ve made the banking system safer. Speaking in Jackson Hole, Wyoming, the Federal Reserve chair issued her broadest defense so far of the government’s response to the 2008 financial-market meltdown, while outlining some areas that regulators could review to improve efficiency in the financial system. She also distanced herself from President Trump.
Samsung’s heir is set to spend the next five years in prison. The sentence was handed down to Jay. Y. Lee after a court convicted him of bribing his way to greater control of the Samsung empire his family founded. The trial, part of a bigger corruption scandal that brought down South Korea’s president, transfixed the nation as it shone a spotlight on the close ties between chaebol business groups and the political elite.
Hollister returns from the dead. The teen label got a makeover with less logos, new stories, and cheaper clothes — and it’s working. Hollister reported its third straight quarter of positive comparative store sales Thursday, up 5 percent from the same period the year prior. “We have very much evolved from what was a very specific thought of a beach brand,” said Abercrombie CEO Fran Horowitz.
Great Gatsby’s mansion in Long Island is listed for $17 million. The home where F. Scott Fitzgerald placed his hero in the book is now being sold by James Mai, a financial whiz made immortal in The Big Short for foreseeing the 2008 financial crisis. Neighbors of the 13-bedroom waterfront home have included Vanderbilts and Guggenheims.