Good morning. This is Hanna Lee.

The White House has been taking direct stakes in companies across sectors this summer, in what one former U.S. official called "corporate socialism." It's a strange move from an administration that is nominally against communism. We'll get into that below. 

THE LATEST

• Canadian troops will stay in Latvia for an additional three years, with Prime Minister Mark Carney announcing an extension of the country's largest overseas mission to 2029.
   
• You may have heard a certain pop star and football player are now engaged. We'll have more on that at the bottom of this newsletter...

The U.S. government has taken stakes in Intel and Nvidia. The defence industry could be next

(Mandel Ngan/AFP/Getty Images)

The White House has announced a number of direct interventions across sectors this summer. And U.S. Commerce Secretary Howard Lutnick has suggested the defence industry may be next. 

What's happening: The U.S. has taken stakes including a 15 per cent share of MP Materials, a rare earth miner, and a 9.9 per cent stake in Intel, one of Silicon Valley's most storied funds. That last move drew particular reaction, as the government is now a large shareholder in a company currently shedding more than 20,000 workers. 

What this means: It's a hypocritical move from U.S. President Donald Trump, who's been known to call his political rivals all kinds of communists and Marxists. It's also an expensive one for a government already in debt. A former U.S. official called it "corporate socialism," where the profits are privatized, the losses are socialized — and the taxpayers are left footing the bill.

You might have heard about the flesh-eating screwworm. Here's why you shouldn't freak out

(Daniel Becerril/Reuters)

Yes, the name sounds otherworldly, and yes, the parasite has recently infected a traveller from Canada. But don't be too worried just yet, unless you have — or are — a cow.

What's happening: The New World screwworm burrows its way into the skin of a living animal host and feeds on tissue. But human cases of infestations are incredibly rare, and it isn't passed from person to person. While there is a growing outbreak in Central America and Mexico, it's easily treated and has few implications.

The bigger concern: For livestock, and cattle in particular, infections can be very damaging and cause significant losses for farmers. The screwworms were largely eliminated decades ago, and it's not clear what's led to the recent Central American resurgence. But one thing worth noting: The parasite cannot survive Canada's winter temperatures.

KPop Demon Hunters is Netflix's most-watched movie ever. Its creator is as surprised as you

(Netflix)

Netflix's most-streamed movie ever is an unexpected one, to say the least. KPop Demon Hunters is an animated musical about a hyperspecific, non-American music genre that was also co-directed by a Torontonian. But its success has implications for the streamer's future releases.

What's happening: Its co-director, Maggie Kang, didn't anticipate this kind of success, either. Sony originally passed on the title, instead opting to assist with production while having Netflix act as a distributor and investor. The focus on K-pop and the all-Asian cast meant it wasn't a sure sell to a North American audience.

Why it was a hit: It helps that K-pop remains wildly popular, with much of the film's soundtrack dominating charts. Its plot also helped draw more attention by bringing together seemingly disparate interests. The smash success led Netflix to release the title theatrically after it had already premiered on its platform. It's unconventional, and it may have created a blueprint for future films, as well. 

In case you missed it

• Canada Post lost $407 million in the second quarter, it announced yesterday, its largest quarterly loss.
   
• A black widow spider has been spotted near Calgary, considered an extremely rare sighting.
   
• Canada is narrowing its choices for its new submarines to German and South Korean bidders.
   
• The Canada-U.S. trade minister said he had a "constructive meeting" with his U.S. counterpart, as trade negotiations continue.

IN LIGHTER NEWS

Taylor Swift and Travis Kelce are in their engagement era

(@TaylorSwift/Instagram)

Pop superstar Taylor Swift and Kansas City tight end Travis Kelce are engaged after two years of dating. The two announced the news on Instagram, with photos of Kelce proposing to Swift in a flower-filled garden. Congratulations to the power couple. To celebrate, I'll be listening to her best song.