"It’s a significant shift in our thinking"
Marc Ross Daily
August 1, 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
✔️ US and China are trying to restart talks
✔️ US considers higher tariffs on $200 billion in Chinese import
✔️ Pakistan hits back at US resistance to IMF bailout
✔️ UK surpasses US and China for fintech investment
✔️ Eison Triple Threads will recommend clothes based on your Spotify data
ROSS RANT
To be a better thought leader - think CAGE
Create Attention Generate Engagement
Create
Attention
Generate
Engagement
GEOECONOMICS
Venezuela in three acts: The nationalization of the oil industry in 1976, Hugo Chavez’s raiding of its coffers to fund social programs in the 2000s, and Venezuela’s near-total dependence on oil left it with few options when prices tanked beginning in 2014.
A lesson here - don't be a petrol-state.
AFP: Brazil expected to keep key interest rate steady at 6.5 percent
Egypt is set to open the world’s largest solar farm next year: The desert south of Cairo will house the new $2.8 billion facility.
Bitcoin drops 5 percent to one-week low, briefly below $7,700
@PM_Thornton #Taiwan's President Tsai Ing-wen to transit in US on trip to #Paraguay and #Belize President will stop in Los Angeles and Houston during her tour next month https://sc.mp/2ApXrTw via @SCMPNews
WSJ: ‘Shocked’ by latest US tariff plan, Beijing seeks retaliatory action
"China can’t match Washington’s new tariffs as it has in previous rounds, so it is reviewing plans to hit back in other ways"
Beijing could send an even louder signal by taking aim at a couple of high-profile mergers. For example, Walt Disney Co.’s $71.3 billion bid for 21st Century Fox’s entertainment assets needs Chinese regulatory approval.
Bring out the big chairs: The US and China are trying to restart talks aimed at averting a full-blown trade war. Negotiations to resolve the dispute have been stalled for weeks.
US and China look to revive trade talks: Nikkei reports, Wall Street jumps on news of closed-door discussions to avert all-out trade war.
US considers higher tariffs on $200 billion in Chinese imports: Bloomberg reports, the Trump administration will propose raising to 25 percent its planned 10 percent tariffs on $200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said. The US imposed 25 percent tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. Trump has threatened an additional $200 billion with levies of 10 percent, a level the administration may raise to 25 percent in a Federal Register notice in coming days
Chinese economy starts to feel impact of US tariffs: WSJ reports, China’s leadership pledged to ensure economic stability as its trade fight with the U.S. started to pinch growth, signaling that a bigger stimulus could be ahead.
As China’s woes mount, Xi faces rare rebuke at home: NYT reports, as China confronts economic headwinds, a vaccine scandal and trade tensions, a legal scholar named Xu Zhangrun decided to speak out. It could be dangerous for him.
Pakistan hits back at US resistance to IMF bailout: FT reports, Islamabad accuses Washington of using its need for funds to try to limit Chinese investment.
OTD: In 1914 Germany declared war on Russia
UK surpasses US and China for fintech investment: Financial-technology investment in the first half of 2018 was higher in the UK than in the US and China, reaching $16.1 billion.
May’s Brexit plea to Macron: The Times reports, PM Theresa May will cut short her summer holiday in an attempt to persuade Emmanuel Macron to soften his stance on Brexit despite warnings that he is preparing to stand firm. The prime minister will attend a crucial meeting with the French president on Friday
OTD: In 1798 Nelson defeated the French at the Battle of the Nile
The death toll from Crimean War, 1853-1856 (including non-combat deaths):
Ottoman Empire: 45,400
French Empire: 95,615
British Empire: 22,182
Russian Empire: 450,216
AMERICAN POLITICS
Election 2018: The Koch network plans to spend between $300 million to $400 million on politics and policy during the 2018 cycle.
NYT: Koch’s frustrations with Trump spill over into publicfeud
DC buzz: Most people inside the beltway say that the GOP will lose the House, if the election were held today. Of course, the election is three months from now, but the political picture has darkened for the GOP.
In Florida, not all politics are local, as Trump shapes governor's race: NYT reports, the Sarasota County Republican fair and rally last Saturday left little mystery about what is animating the party this year. There was a "Trump Shop" outside the arena, selling T-shirts extolling the president's dominance.
You need to see this dumb campaign ad running in Florida - really- it is so dumb: http://bit.ly/2v3lh2g
@chucktodd: Actual ad for the GOP frontrunner for FLGOV. This goes beyond doubling down on Trump. Need a whole new set of words to describe this strategy.
Prosecutors say Manafort’s wealth fueled by lies to IRS, banks: WP reports, prosecutors said in their opening statement at Paul Manafort's trial on 18 charges of financial fraud that President Trump’s former campaign chairman failed to pay taxes on some of the millions of dollars he made working as a strategist for a political party in Ukraine, and then lied to banks to get loans when those payments stopped.
Deep throat is back: Bob Woodward has been quietly working on a book about Trump, entitled “Fear: Trump in the White House” that will come out Sept. 11.
WH COS: White House Chief of Staff John Kelly has accepted President Trump's offer to stay through 2020
Here are the 207 arguments Trump has made against the Mueller investigation https://ti.me/2M4S7WY
Pence blames Russia for 2016 Election interference: VP Pence put the blame for 2016 election interference squarely on Russia and pledged that the Trump administration would step up efforts to deter cyberattacks against US democracy.
AdAge: Facebook finds ongoing evidence of election interference
"Whoever set up these accounts went to much greater lengths to obscure their true identities than the Russian-based Internet Research Agency has in the past," says the company.
RIP: Former congressman and Oakland mayor Ron Dellums died at 82
WP: Layoffs from Trump tariffs are piling up. So are calls for more bailouts.
Team Trump picking the winners and losers of the economy is totally lame.
'It’s a significant shift in our thinking': Business takes freshlook at Democrats: Politico reports, if businesses shift significant support away from Republicans, it could deal a blow to GOP fundraising. But some Democrats are skeptical that the talk will translate into cash for their campaigns.
Hogan questions Trump trade policy during visit to heavily Democratic Montgomery Co.: WP reports, the Republican governor said he believes he can win the county, the most populous jurisdiction in the state, in November. A spokesman for Democratic challenger Ben Jealous dismissed that prediction.
Big names, big mentions: Since 2008, members of Congress have mentioned the Fortune 100 companies over 84,000 times.
ENTERPRISE
Deutsche Bank announced it’s moving a portion of its business out of London in anticipation of the UK’s exit from the EU.
Eison Triple Threads will recommend clothes based on your Spotify data.
I am keen to see the outfits Art Blakey, The Tragically Hip, and Underworld generate....
Uber shuts down its self-driving trucks program.
Tesla has held preliminary talks with two German states about establishing a European Gigafactory.
BMW's electric car ambitions are getting a boost with news of the company's €1 billion ($1.17 billion) investment in a new factory in Hungary.
WSJ: Pentagon signs $885 million AI contract with Booz Allen
Amazon Studios is working on a redesign of the mobile Prime Video app.
FT: Apple’s iPhone X drives forecast-busting revenues
Harley Davidson will start selling lightweight motorcycles in Asia to counter falling sales in the US.
P&G raises prices on popular brands as costs rise: FT reports, consumer giant passes on to shoppers the extra cost of commodities hit by trade tariffs.
Vivendi SA said it is looking to sell as much as 50 percent of Universal Music Group.
Under Armour's top marketing executive is headed to Nike, sources say: Adweek reports, the woman who spent the past eight-plus months overseeing Under Armour's global marketing efforts has accepted a position with Nike, according to two sources familiar with the matter. Earlier today, Adweek broke the news that SVP, global head of brand management Adrienne Lofton had resigned after approximately nine years and two stints with the apparel company.
MoviePass, the probably-too-good-to-be-true $9.95 monthly movie theater subscription service, seems to be in its death throes.
Etsy is doing its first national TV commercial.
Samsung's Galaxy S9 flagship smartphone missed its sales targets.
Personal shopping competition: Net-a-Porter, MatchesFashion and other e-commerce players are courting the 1 percent with private dinners, personal shoppers, and couture.
Cheaper luxury gets Chinese excited: Louis Vuitton, Gucci, Hermès and Burberry all reduced their prices in China this month.
Tory Burch will open its first Australian store in Sydney.
LAT: The RealReal's first SoCal store boasts a dedicated men's space, a handbag vault and a 'sneakerdome'
Yahoo plans to launch a financial news streaming network by the end of the year.
Tencent has tumbled 25 percent from its January peak, erasing about $143 billion in market value.
Starbucks reports its loyalty Rewards members reached 15.1 million active users.
Levi’s plans to slash emissions in global supply chain by 2025.
TRENDS
A South Carolina school district has permanently done away with snow days: In the event of inclement weather, students in every grade will now be expected to complete their assignments online. Some parents complained that they lack Internet access at home.
Dehydration: Studies show that even a little bit of dehydration can cause some serious brain fog. One study found that subjects who were about 1 percent dehydrated saw an estimated 12 percent more total errors on a card game that measured cognitive flexibility.
CULTURE
Beyoncé will appear on the cover of Vogue in September.
Anna Wintour to stay 'indefinitely' at Vogue, quashing exit rumors: Reuters reports, Anna Wintour, the influential editor of Vogue magazine, is remaining in her job "indefinitely," publisher Conde Nast said on Tuesday, refuting rumors that she was on her way out after 30 years.
House of Highlights hits 10 million followers.
HBD: Coolio, rapper, Gangsta’s Paradise (1995), 55
Summer camp for the ultra-wealthy teaches kids how to stay rich: Attendees at Next Gen functions hosted by the likes of UBS, Citi Private Bank, and Credit Suisse will one day rank among the world’s most sought-after clients. https://bloom.bg/2v5hamf
The perfect age to plan a round-the-world trip https://on.ft.com/2M7xpFP
HBD: Sam Mendes, film director, American Beauty (1999), Skyfall (2012), Spectre (2015), 53
American land use: Here's how America uses all that land to feed itself, power the economy and extract value for business and pleasure. https://bloom.bg/2LQLvyl
SPORT
Robot wars are the new popular college sport: China has a leg up in the complex student competitions.
ESPN: NBA signs deal with MGM to be gaming partner
NBA Commissioner Adam Silver announced that the league struck a deal that makes MGM Resorts the exclusive official gaming partner of the NBA and WNBA.
Industry sources pegged the deal to be for three years and at least $25 million.
AFP: 'Heading the ball' riskier for female players: study
Today: 2018 MLS All-Star Game = Major League Soccer all-stars playing Italian Serie A champions Juventus
