"It's not a lie if you believe it."
Marc Ross Daily
July 19, 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
✔️ Europe and Asia move to bolster global systems
✔️ Johnson issues battle cry to block ‘botched’ Brexit
✔️ China makes US companies foreign-policy tools
✔️ Trump struggles to explain Putin posture
✔️ Human-driven cars to disappear says SoftBank's Son
GEOECONOMICS
NYT: Europe and Asia move to bolster global systems that Trump has attacked
“From trade to regulation to security, America’s traditional allies are accelerating their efforts to buttress a global system that President Trump has seemed prepared to tear down.”
EU readies new trade retaliation list before Trump visit: Reuters reports, the European Union's trade commissioner said on Thursday she hopes an EU mission to Washington will ease a transatlantic trade dispute but the bloc is preparing a list of U.S. imports to hit if the United States imposes tariffs on EU cars.
‘Not too late to save Brexit’, says Johnson in resignation speech: FT reports, former foreign secretary makes a thinly veiled attack on Eurosceptic colleagues loyal to the prime minister.
Johnson issues battle cry to block ‘botched’ Brexit: FT reports, former UK foreign secretary makes a thinly veiled pitch for Conservative party leadership.
May to woo grassroots Tories on Brexit tour: The Times, Theresa May will go on a tour of Britain this summer in an attempt to convince skeptical Tory members to back her plan for Brexit. The scale of unrest among grassroots Conservatives emerged yesterday as Boris Johnson used a resignation speech to galvanize the party’s membership against the prime minister’s Chequers plan.
HBD: Nicola Sturgeon, first minister of Scotland and leader of the Scottish National Party, 48
Erdogan, flush with victory, seizes new powers in Turkey: NYT reports, in a flurry of decrees since his inauguration last week, President Recep Tayyip Erdogan of Turkey has made clear that he will wield unchecked authority in all walks of life.
AFP: Israel passes controversial 'nation-state' law
WSJ: China makes US companies foreign-policy tools
"The People’s Republic of China is targeting international airline companies, threatening to “take disciplinary actions” against them unless they start referring to Taiwan as part of China by the end of July. Directing this type of intimidation at private companies marks a new and dangerous trend in the Chinese government’s push to marginalize and isolate Taiwan."
Economist: In its trade war with America, China dials down the hype
"Xi Jinping is worried that anti-Trump rhetoric could be counter-productive. Keep calm and carry on. Accentuate the positive."
China has 487 electric-car makers, and local governments are clamoring for more: WSJ reports, in June, the National Development and Reform Commission and China Construction Bank announced a new $47 billion fund for EVs and other high-tech industries. Regional governments are making similar funding commitments. Direct government subsidies on electric-vehicle sales have totaled $15 billion over the last five years. The Ministry of Industry and Information Technology, which oversees the auto sector, declined to comment.
A government picking winners and losers of the economy never ends wells for companies and consumers. Enjoy the ride.
The Chinese Communist party entangles big tech: FT reports, even after four decades of market-based economic reforms, the party places a high priority on maintaining state control over the strategic uplands of the economy — from finance to energy and media. Given the party’s chequered history with the private sector, the global prominence of some of the big tech groups could become a source of considerable tension in the future, say observers.
Team Xi wants to control the new commanding heights of the economy. Enjoy the ride.
As Russians describe ‘verbal agreements’ at summit, US officials scramble for clarity: WP reports, officials at the most senior levels across the U.S. military have been attempting to determine what President Trump may have agreed to on national security issues in his one-on-one with Russian President Vladimir Putin in Helsinki.
Outrage erupts over Trump-Putin conversation about letting Russia interrogate ex-US diplomat: WP reports, White House press secretary Sarah Huckabee Sanders declined to rule out the Kremlin’s request to question former ambassador Michael McFaul and other Americans that Russia suspects of interfering in its affairs.
AMERICAN POLITICS
NYT: From the start, Trump has muddied a clear message: Putin interfered
"Trump’s shifting narratives this week underscore the degree to which he picks and chooses intelligence to suit his political purposes. Two weeks before his inauguration, he was shown highly classified intelligence showing that President Vladimir Putin of Russia had personally ordered efforts to disrupt the 2016 election. But since then, Mr. Trump has sought to spread the blame for the meddling."
Toronto Star: Trump has said 1,340,330 words as president. They’re getting more dishonest, a Star study shows http://bit.ly/2zSZgYB
US-MX: Trump said the US and Mexico are "getting closer" to a bilateral trade deal and he might prioritize that over a separate one with Canada.
The peso jumped on the news.
Trump’s foreign policy will not outlast his tenure: Janan Ganesh of the FT writes, American voters are with him on many subjects, but they are not anti-western. https://on.ft.com/2LrxnZe
White House struggles to contain outcry over summit: Reuters reports, Trump adopted his usual defiant posture two days after a summit with Vladimir Putin. The American leader also called his critics deranged.
Bloomberg: Trump struggles to explain Putin posture
US crude oil output hit 11 million barrels per day for the first time.
CNBC: Trump trade advisor Peter Navarro: 'Zero-sum game' between China and the rest of the world: "We have to defend ourselves," Navarro said, citing Chinese theft of U.S. intellectual property on technology. "They're attacking our crown jewels. They make no bones about it."
Trump threatens auto tariffs despite broad opposition: WSJ reports, Trump stood by his threats to levy sweeping tariffs on automobile imports as a way to extract concessions from trading partners, despite industry opposition and discontent in Congress with the plan.
Tariffs imperil BMW in South Carolina. People aren’t happy. NYT reports, the automaker became the No. 1 exporter of American-made cars, transforming Spartanburg, SC. But a global trade battle threatens the town’s livelihood.
‘We’re fighting against our own country’: Trump’s tariffs on Mexico are causing layoffs in the US: WP reports, trade restrictions aimed at preventing U.S. jobs from heading elsewhere have instead hampered one Missouri company’s effort to create jobs in the United States. Officials at Mid Continent say that without relief, the nail plant could be out of business by Labor Day — or that remaining production could move to Mexico or another country.
Today: The Commerce Department is to hold a hearing today on whether imported cars and car parts harm national security.
China dominates many US supply chains. In fact, China is the dominant supplier in the top import categories (telecom equipment, computers, toys, furniture, computer parts, footwear, electrical machinery), and in most cases dwarfs the second-largest supplier. -- Thomas Costerg - Pictet Wealth Management
Reuters: US housing starts hit nine-month low; permits drop
WP: Oprah could be the biggest threat to Trump in 2020, Bannon says
3,362,431 acres: More than 3 million acres, an area nearly the size of Connecticut, have burned in wildfires in the U.S. so far this year.
ENTERPRISE
Amazon said this year's Prime Day was its "biggest in history," with more than 100 million products purchased during the event.
Petco has created a new store format called PetCoach, which devotes the majority of its space to services including veterinary care, dog walking, training, and grooming.
Human-driven cars to disappear says SoftBank's Son: Nikkei reports, tech mogul slams Japanese government for its ride-sharing ban.
HBD: Howard Schultz, chairman emeritus, Starbucks, 65
Comcast drops Fox bid.
TRENDS
@SocialMedia411: Samsung rumored to be releasing a folding screen smartphone in early-2019
Why hiring the ‘best’ people produces the least creative results http://bit.ly/2zXFhYK
Entrepreneurship lessons from hip-hop http://bit.ly/2LuDQT5
* They just start
* Accept that we’re in a “noise arms race”
* High volume to cut throughnoise
* Tapping into platforms (yes, Kanye-as-a-Service)
Midwest rising: Midwestern success stories show that innovation ecosystems are taking root in the heartland. https://tcrn.ch/2zZes6S
@Forbes: 5 of the biggest startups in ag-tech today http://on.forbes.com/6014DqDEo
BBC: Google's Loon brings internet-by-balloon to Kenya
A timely reminder that using data to make decisions can go very wrong http://bit.ly/2zRcFAq
CULTURE
Today: Comic-Con International San Diego takes over the San Diego Convention Center.
LAT: The Brady Bunch house is for sale. Its broker expects an 'avalanche' — of lookers, at least
30 new badges: The Girl Scouts introduced 30 new badges, meant to help girls tackle “some of society’s most pressing needs,” according to the organization.
Where Denmark’s elite go to (modestly) summer: Homes in Skagen, about five hours from Copenhagen, often lack luxury amenities. Still, heiresses and CEOs attracted to its artsy history and sea views keep residences. https://on.wsj.com/2zRPQwv
Hipster heartbreak as curfew looms over London bars: The Times reports, clubs, bars and restaurants in one of London’s most vibrant boroughs will be forced to close at 11pm under controversial licensing laws voted in last night.
@Gizmodo: The Joker origin movie is now simply called 'Joker', and is out next year http://gizmo.do/d70aDeo
Stephen Curry takes a shot at a new game: Producing for Hollywood http://bit.ly/2LzwM7y
The prettiest fall fashion, shot in Lake Como: Explore the sun-soaked romance of Italy's Lake Como in the season's most effortless and unexpected pieces. http://bit.ly/2zUvenA
SPORT
OTD: In 1996 Muhammad Ali lit the flame to open the Olympic Games in Atlanta, Georgia.
Video: Jim Kelly accepts Jimmy V Award for perseverancehttp://bit.ly/2LwoGwD
F1: Lewis Hamilton finally ended speculation over his future on Thursday as the four-time world champion signed a blockbuster two-year contract extension with Mercedes. Hamilton's deal is worth a reported £40 million ($52 million) per year, cementing the British star's status as Formula One's highest-paid driver and his country's top-earning sportsman.
ESPN: UNC's Larry Fedora says the game of football is 'under attack'
Guardian: UNC coach says softening of football could bring down America and military
"Our game is under attack," Fedora told reporters. "I fear the game will be pushed so far from what we know that we won't recognize it in 10 years. And if it does, our country will go down, too."
@SInow: The 141 survivors of Larry Nassar’s abuse presented a “new vision of courage” as they accepted the Arthur Ashe Courage Award
Video: The 2018 Hockey Night In Canada season-ending montage http://bit.ly/2LwyKWs
