Would I lie to you? Would I lie to you honey? Now would I say something that wasn't true?
Marc Ross Daily
July 18, 2018
Curation and commentary from Marc A. Ross
Reporting from Alexandria, Virginia
Marc Ross Daily = Business News at the Intersection of Global Politics + Policy + Profits
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TOP FIVE
✔️ May’s Brexit plan narrowly survives in parliament
✔️ Frankfurt losing edge in Brexit race as Paris gains ground
✔️ Chinese consumers ready to boycott US goods in trade war
✔️ Besieged Trump says he misspoke on Russia
✔️ Stripe is getting into book publishing
GEOECONOMICS
"The International Monetary Fund is keeping its forecast for global economic growth unchanged at 3.9 percent this year"
Mexico: Andres Manuel Lopez Obrador, the landslide winner of Mexico’s elections, may not take office until December, but he plans to start advancing his agenda immediately.
May’s Brexit plan narrowly survives in parliament: WSJ reports, Prime Minister Theresa May’s Brexit plan narrowly passed in parliament, a struggle that casts doubt on whether she can negotiate an exit deal with the European Union that is acceptable to British lawmakers.
The Times: Back me or we hold an election, May told Brexit rebels
Hague says no to number two: Former Tory leader William Hague writes in the Telegraph that a second referendum is a “beguiling idea” that would prove “completely disastrous” for Britain.
Bloomberg: Frankfurt losing edge in Brexit race as Paris gains ground
160: A stockpile of gold estimated to be worth $160 billion is locked away in Hindu temples across India.
QOTD: “On the question of whom to believe, whom not to believe, and whether it’s possible to believe at all: you cannot believe anyone." -- Valdimir Putin
Reuters: Greenland plans office in Beijing to boost trade ties with China
Many Chinese consumers ready to boycott US goods in trade war: FT reports, the survey found that 54 percent of 2,000 respondents in 300 cities across China would “probably” or “definitely” stop buying US-branded goods “in the event of a trade war”.
USA Today - China's US Ambassador Cui Tiankai OpEd: Donald Trump's trade war is unjustified and unfair
"Donald Trump's plan to levy tariffs on China is unjustified and will not be effective. There will be no winner in this trade war. Only losers."
Latest sign of China’s slowdown: A technology cash crunch: NYT reports, China is struggling with weakened investment and household consumption and increasing corporate and local government defaults. It could present Xi Jinping with his most difficult problem since he became the country’s top leader in 2013. Will China’s 40 years of continuous economic expansion stop under his rule? If so, how will 1.4 billion Chinese react when they realize that the country’s upward trajectory is coming to an end?
China built an army of influence agents in the US: The Russians may be getting all the attention for influencing American opinion and policy. But Beijing has been at it for decades. https://thebea.st/2utVbVA
AMERICAN POLITICS
‘She was like a novelty’: How an alleged covert Russian agent gained access to elite conservative circles: WP reports, Maria Butina, who was indicted this week, befriended leaders of the National Rifle Association and the Conservative Political Action Conference, and sidled up to Republican presidential candidates. But by August 2016, the FBI was watching, officials said.
Facing heavy criticism, Trump now says he misspoke over Putin-friendly remarks: LAT reports, in his attempt to walk back his remarks, Trump said he accepts the consensus of American intelligence agencies that Russia interfered in the election.
WSJ: Trump reverses on election meddling, backs US intelligence findings
NYT: Besieged Trump says he misspoke on Russia
Trump says he accepts evidence of Russian meddling: FT reports, president says he misspoke when he sided with Putin over US intelligence.
George Will: This sad, embarrassing wreck of a manhttps://wapo.st/2zJnx3r
"America’s child president had a play date with a KGB alumnus, who surely enjoyed providing daycare. It was a useful, because illuminating, event: Now we shall see how many Republicans retain a capacity for embarrassment."
Bloomberg: As cost of trade war grows, farmers remain with Trump-for now
Auto industry pushes White House to back off tariffs: WSJ reports, automakers, parts suppliers and dealers are joining forces to push back against plans to apply tariffs of up to 25% on vehicles and components imported into the US.
Treasury struggles with House GOP on foreign investments: Bloomberg reports, the White House last month decided against the harshest measures to restrict Chinese investment through invoking a national emergency law and instead rallied support for existing legislation to strengthen the Committee on Foreign Investment in the US, or CFIUS. US lawmakers from the Senate and House of Representatives are negotiating a compromise for two separate bills that they aim to pass with an annual defense spending bill later this month.
Consumers considering replacing big-ticket items such as washing machines and televisions are shopping now to avoid tariffs set to take effect on imports in the coming months.
Fed speaks: Federal Reserve Chairman Jerome Powell told Congress trade wars are bad for economic growth and bad for wage growth.
Lawmakers to take aim at urban, rural broadband divide: The Hill reports, lawmakers in the House are trying to tackle the "digital divide" - the disparity between internet access in highly connected urban areas and rural areas that lack fast broadband - or broadband at all.
OTD: In 1969 US Senator Edward Kennedy’s car careered off a bridge on Chappaquiddick Island killing his passenger, Mary Jo Kopechne.
I watched Chappaquiddick this weekend - powerful and well acted by Jason Clark and Ed Helms. See the trailer here: http://bit.ly/2uy68Wn
ENTERPRISE
WSJ: Google hit with record $5 billion EU fine in Android case
HBD: Steve Forbes, editor-in-chief, Forbes magazine, and two-time GOP presidential candidate, 71
Chinese VC funds pour $2.4bn into Silicon Valley start-ups: FT reports, Chinese venture capital funds inked $2.4bn in deals between January and May this year and are on track to double the record they set last year on US investments, according to data from independent research house Rhodium Group. The success of the venture funds, whose main focus has been communications technology and biotech.
Salesforce has signed an agreement to acquire Datorama, a marketing tech company whose platform connects and consolidates data from different sources, for $800 million.
HBD: Sir Richard Branson, founder and chairman, Virgin Group, 68
The Verge: Lyft will offer discounts to people who use bikes and scooters to connect to transit
NYT: MGM sues victims of shooting, seeking to avoid liability
Didi Chuxing Technology is looking to spin off its car services unit in a deal worth up to $1.5 billion ahead of its expected initial public offering.
Axios: Payments company Stripe is getting into book publishing
SCMP: BMW is the envy of carmakers as first with 75 percent stake in China
OTD: In 1955 Disneyland opened in California
50 years after Concorde, US start-up eyes supersonic future: AFP reports, A US start-up is aiming to revive commercial supersonic flight 50 years after the ill-fated Concorde first took to the skies. Blake Scholl, the former Amazon staffer who co-founded Boom Supersonic, delivered the pledge this week in front of a fully-restored Concorde jet at the Brooklands aviation and motor museum in Weybridge, southwest of London.
Swatch announced an all-time record in half-year sales saying it has millennials to thank for bringing wristwatches back.
TRENDS
Ending one-use plastic waste: Starbucks and McDonald’s team up to rethink cups.
American homes keep getting bigger: In 1920, the average floor area was 1,048 square feet, which rose to 1,500 by 1970 and today sits at around 2,657 square feet.
VC RMB: Chinese venture capital investment in the US came close to $2.4 billion in the January through May period.
QOTD: “If companies are not looking ten years ahead in the future, then they are in denial about where they are going.” - Amelia Kallman, futurist and entrepreneur, on the future of work and employment.
CULTURE
This is your brain on Cirque du Soleil: The beloved entertainment giant is working with a neuroscientist to try to measure the emotion of awe. It’s all in the name of designing better shows. http://bit.ly/2zLu5hR
CHN BO flop: Asura is a Chinese epic fantasy film that cost 755 million yuan ($113 million) to produce. In its opening weekend, it made a mere 49 million yuan, or about $7 million. Movie flops can happen on both sides of the Pacific.
Thom Browne makes a play for soccer superstardom with FC Barcelona http://bit.ly/2zPMgTO
The best burgers in Los Angeles, according to top chefshttps://bloom.bg/2uwGjpN
SPORT
The Open = current odds from Oddsshark.com:
Dustin Johnson +1200
Justin Rose +1600
Rickie Fowler +1600
Rory McIlroy +1600
Jordan Spieth +2200
Jon Rahm +2200
Tommy Fleetwood +2200
Justin Thomas +2200
Brooks Koepka +2200
Tiger Woods +2200
Henrik Stenson +2800
Sergio Garcia +2800
World Cup US viewers: Nielsen Media gives Fox's coverage of the France-Croatia final 11.8 million viewers, off significantly from the 17.3 million viewers who tuned into ABC and ESPN for the 2014 match. In fairness, the 2014 World Cup final had traditional world soccer powers Germany vs. Argentina.
World Cup expectation rankings: Who over- and under-performed in Russia? https://on.si.com/2uwuhMQ
NBA: The Toronto Raptors have agreed to a deal to acquire All-NBA forward Kawhi Leonard in a larger trade package that includes All-Star forward DeMar DeRozan, league sources told ESPN.
@AP_Sports: Record 10 homers as AL wins All-Star Game 8-6 in 10 innings
