President Trump says he doesn't see any recession on the horizon. "We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money," he said yesterday. Trump reportedly called bank chiefs Wednesday, after the stock market tanked, to give him a "read on the health of the U.S. consumer." CNBC
SoftBank is becoming doubly exposed in its quest to raise cash for its A.I.-focused second $100 Vision Fund—it's asking employees to invest, and it's lending them the cash to do so. The Japanese conglomerate is reportedly lending as much as $20 billion to employees, with three quarters going to CEO Masayoshi San. Wall Street Journal
Oil prices are up following a drone attack on a Saudi oil facility, apparently perpetrated by Yemeni separatists. Saudi Aramco says the attack caused a fire at a gas plant but did not affect oil production. Meanwhile, OPEC has cut its forecast for demand growth, warning of a slight surplus next year. Reuters
Argentina's economy minister has resigned, saying his team needs "significant renewal" in the context of the financial crisis that was worsened a week ago with President Mauricio Macri's shock defeat in a primary poll. Nicolas Dujovne will be replaced by the Buenos Aires provincial economy minister, Hernan Lacunza. BBC
With CEOs facing radical disruption and increasingly complex strategic challenges, a good board can be crucial to company success. But how can you make sure the relationship is productive and, most importantly, strategic? Deloitte explains.
AROUND THE WATER COOLER
Almost two-thirds of business economists surveyed by Bloomberg believe that cancelling student debt would negatively impact the U.S. economy. Said cancellation is a key campaign point for Democratic candidates such as Elizabeth Warren. The U.S. student debt level now comes to $1.6 trillion, and many people will die before they have completely payed off their loans. Bloomberg
U.K. government documents leaked on the weekend, showing that the now-likely no-deal Brexit would lead to food, fuel and medicine shortages. The new government of Boris Johnson claims the documents are old and don't reflect the planning that has recently taken place, but the opposition Labour Party is demanding that Parliament end its summer recess early to debate the crisis. Reuters
Fortune's Shawn Tully provides a deep dive into the duel between forensic accountant Harry Markopolos and GE, in which the former accuses the latter of hiding losses. He writes: "Is it really possible that a crack new CEO and board, armed with all the right credentials, can fail to understand a complex, opaque business to the point where what they think is a resurgent enterprise is really on the brink of failure?" Fortune
If there were to be an outright U.S.-China war, Chinese missiles would be able to cripple U.S. forces across the Western Pacific region within hours, Australia-based researchers have warned. Chinese military analysts disagree, saying the U.S. remains the region's superior power. South China Morning Post
This edition of CEO Daily was edited by David Meyer. Find previous editions here, and sign up for other Fortune newsletters here.