On Friday evening, Caracal Global Founder Marc A. Ross spoke with CGTN's Susan Roberts on about the interactions and implications of the G7 Summit. He covered Trump, Putin, Singapore, Canada, and Cirque du Soleil.
G7, Hell, Singapore, Bitcoin, 3 World Trade Center, Ocean’s 8, Springboks
G7, Hell, Singapore, Bitcoin, 3 World Trade Center, Ocean’s 8, Springboks
Marc Ross Daily
June 11, 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
Subscribe here: https://goo.gl/bSQKwA
TOP FIVE
✔️ "Most people when they visit Canada have more fun"
✔️ Trump brings chaos to G7
✔️ Singapore summit officially begins at 9:00 pm ET
✔️ Exhausted aides eye the exits
✔️ Bitcoin took a tumble of over 7%
ROSS IN THE NEWS
"Most people when they visit Canada have more fun"
On Friday evening, I spoke with CGTN's Susan Roberts on about the interactions and implications of the G7 Summit. I covered Trump, Putin, Singapore, Canada, and Cirque du Soleil.
You can watch the clip here: https://youtu.be/k7ZkepbPwjU
GEOECONOMICS
I don't think Trudeau should burn in eternal hell fire, what do you think?
Toronto Star: ‘Special place in hell’: Trump aides hurl insults at Trudeau in unprecedented US attack on Canadian leader
CBC: Trump's tweets undo weekend of G7 diplomacy — and puzzle Canadian officials
Politico: White House ratchets up trade war with 'special place in hell' slug at Trudeau
WP: Trump accuses Canadian leader of being ‘dishonest’ and ‘weak’
LAT: Trump brings chaos to G7 with trade threats and praise for Russia – and then backs out of joint agreement
FT: Angry Trump torpedoes G7’s hard-won trade harmony
Bloomberg: Trump shocks leaders with Trudeau insult to upend G7 summit
WP: European leaders are indignant and defiant over Trump’s G7 statement. But they’re not surprised.
Chancellor Angela Merkel said that the fallout was “sobering and a bit depressing.”
DW - Editorial: Donald Trump, withdrawer-in-chief, strikes again, turns G7 into G6: Just when it seemed that the G7 leaders had eked out a joint communique and avoided an open rift, Donald Trump, in a stunning Twitter turnaround, retracted his endorsement. It's probably better that way.
On his way to Singapore, Trump said he was “on a mission of peace.”
The Singapore Summit officially begins at 9:00 pm ET, which is 9:00 am Tuesday Singapore time.
Since Trump's meeting with Kim Jong-un begins at 9:00 pm, so by 9:01 pm will know what to expect for the future of the planet....
@steveholland1: White House: “The discussions between the United States and North Korea are ongoing and have moved more quickly than expected.” Trump to leave Singapore Tues night after press avail
WP: In Trump, some fear the end of the world order
NYT: Trump upends global trade order built byUS
"Behind Mr. Trump’s outrage is his belief that the United States is at a disadvantage when it comes to global trade and is on the losing end of tariffs imposed by other nations. But to many of the country’s trading partners, the president’s criticisms ring hollow given that the United States places its own tariffs on everything from trucks and peanuts to sugar and stilettos."
Economist: America and the world - Donald Trump’s demolition theory of foreign policy won’t work
"Even if the president strikes a deal with North Korea, his approach will harm America and the world"
AP: Xi extols free trade at Asia meet as G7 ends in disarray
WSJ: Chinese, Russian presidents lead US criticism at regional summit
ZTE’s near-collapse may be China’s Sputnik moment: NYT reports, once derided as a technology backwater and copycat, China is justifiably proud of its technology boom. Its people zip around the country on high-speed trains. They can buy, and pay for, just about anything with their smartphones. For Chinese traveling abroad, the rest of the world can seem slow and antiquated. Now, that progress has been cast into doubt, and even some of the smartest people in the technology world are asking how they got it so wrong.
Bloomberg - Brendan Kelly OpEd: China’s richer than it thinks: Almost any foreign official, businessman or journalist visiting Beijing has heard the mantra that China can’t be expected to open up its markets or meet more stringent international standards because it’s still a developing economy. Maybe that argument was valid 20 years ago. Now it’s increasingly tenuous. More importantly, it’s damaging to China and the world. Policies designed for a developing nation are now holding it back.
Today: Peterson Institute event on US-China economic relationship
FT - Editorial: Theresa May’s soft approach to facing down a hard Brexit
Staunch Leavers are losing arguments as their threats prove empty
May seeks united Tory front as Commons votes test Brexit strategy: FT reports, attempts to overthrow peers’ amendments to withdrawal bill will be hard-fought.
Tangled in Brexit, the Tories are failing their business supporters: Leaving the EU has tied the party to positions that fail to promote prosperity.
FT - Patience Wheatcroft
DW: France bans cellphone use in public schools
Italian commitment: The euro is up after the new Italian finance minister, Giovanni Tria, said the country would remain committed to it.
WSJ: Putin asks Austrian leader to set up summit with Trump
Brigadoon Annapolis | Salon Dinner + Lectures = Sep. 20-21, 2018
"Lectures for this event will take place on the deck of the Liberte schooner during our morning sail. Digital humanism design and triple bottom line investing will be the focus of the discussions."
More info here: http://bit.ly/2rN7kCS
AMERICAN POLITICS
Inside the chaos of Donald Trump’s trade wars: FT reports, officials describe a White House in disarray with fierce infighting, no process for decisions and a president without a strategy. The Trump administration is now fighting trade battles on several different fronts with both friends and rivals, leaving governments scrambling to decipher what is negotiating bluster and what is actual policy. https://on.ft.com/2t4KzeH
"There is little, if any, policy process to guide the US side. Most of all, there is a president determined to keep his campaign promise to get tough on trade but with little consensus on how to proceed."
‘Drama, action, emotional power’: As exhausted aides eye the exits, Trump is re-energized: NYT reports, a West Wing where burned-out aides are eyeing the exits, as the mood in the White House is one of numbness and resignation that the president is growing only more emboldened to act on instinct alone. Trump, a former reality television star, may soon be working with a thinned-out cast in the middle of Season 2, well before the midterm elections. Several high-profile aides, including John F. Kelly, the president’s chief of staff, and Joe Hagin, a deputy of Mr. Kelly’s, are said to be thinking about how much longer they can stay. Last week, Mr. Kelly told visiting senators that the White House was “a miserable place to work,” according to a person with direct knowledge of the comment.
Meet the guys who tape Trump's papers back together: Politico reports, the president's unofficial 'filing system' involves tearing up documents into pieces, even when they're supposed to be preserved. https://politi.co/2y1IaHa
WSJ - Editorial: Congress vs. Trump on tariffs: Democrats gave Presidents too much trade power. The GOP should take it back. Mr. Trump might rage on Twitter, but Congress needs to send him a message that his protectionism isn’t cost-free. Otherwise he might believe he can get away with blowing up NAFTA, imposing a 25% tariff on imported cars, or shutting down trade with China.
WSJ: The art of the foreign-policy deal: An insider’s guide to Trump’s tactics: An examination of key foreign-policy moments from the president’s first 16 months reveals the traits he brings to bear in international dealings. https://on.wsj.com/2y3X67I
Yes, Democrats will be running in every California House race this fall. Here’s why this is big news. https://wapo.st/2sMTHo1
The first 2020 race is underway: Scrambling for New York donors: NYT reports, the American presidential races requiring an ever-dizzying amount of money, an early, behind-the-scenes 2020 contest is already taking place: the New York money primary.“When a candidate calls me to talk about ‘strategy and issues,’ you grab hold of your wallet for dear life,” said Robert Zimmerman, a prominent New York donor and a member of the Democratic National Committee who has been in touch with multiple prospective candidates. https://nyti.ms/2sWVyXi
Trump is trading on the protectionist mood: When even centrists are circling the wagons, we know we have entered a different world.
FT - Rana Foroohar
ENTERPRISE
Bitcoin took a tumble of over 7% yesterday after a South Korean cryptocurrency exchange called Coinrail said it had been the victim of an online heist.
Goodbye to net neutrality: The Obama-era regulations that barred broadband providers from slowing or blocking some types of Internet traffic expire today.
Amazon was urged to improve conditions for factory workers in China who make Echo speakers and Kindle e-readers.
Scoot-scoot: Uber and Lyft officially applied for e-scooter permits in San Francisco.
Beauty contest to host new Amazon base reveals ugly truths: Competition for ‘HQ2’ shows how hard it is to ensure city development benefits the poor.
FT - Edward Luce
TRENDS
FT: A tale of two systems: urban development in China and India https://on.ft.com/2l2NUat
Ideology, centralization, and corruption set different paces of progress
CULTURE
WTC: Building at 3 World Trade Center will open this week, soaring 1,079 feet as the fifth-tallest building in New York City.
At the Tony Awards, “Harry Potter and the Cursed Child” and “The Band’s Visit” dominated. Also, Robert De Niro shouted "F*** Trump! It's no longer 'down with Trump.' It's f*** Trump!"
“Ocean’s 8” opened at No. 1 at the box office.
Kanye West’s latest album, “Ye,” hit No. 1 on the Billboard 200 chart.
SPORT
Springboks’ first black captain converts a scarred nation: FT reports, South Africa unites behind rugby player who has overcome a relic of apartheid. https://on.ft.com/2l00Aii
Justify became the 13th horse to win the Triple Crown
The 2018 World Cup starts Thursday, June 14 @ 11:00 am ET with an opening match between the host Russia playing Saudi Arabia.
FIFA team rankings:
1. Germany
2. Brazil
3. Belgium
4. Portugal
5. Argentina
6. Switzerland
7. France
8. Poland
9. Chile
10. Spain
Messi and Ronaldo primed for final World Cup hurrah as England get real: Guardian reports, restrained hopes around Gareth Southgate’s side are a good thing in a tournament that represents the last chance for two greats to join Maradona and Pelé in the World Cup pantheon.
The top 10 players to watch at World Cup 2018https://wapo.st/2Jh8CxK
FT: World Cup: applying economic theory to predict the winner https://on.ft.com/2y0Abdw
"France will beat Spain in the final, with Brazil in third place . . . maybe"
G20, G7, D-Day, Millennials, Drone-brella, YouTube, Björn Borg
G20, G7, D-Day, Millennials, Drone-brella, YouTube, Björn Borg
Marc Ross Daily
June 6, 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
Subscribe here: https://goo.gl/bSQKwA
TOP FIVE
✔️ In G20, 41% of GDP controlled by populists vs 4% in 2007
✔️ Can any G7 leaders corral Trump?
✔️ Today: 74th anniversary of D-Day
✔️ Companies to pour $2.5 trillion into buybacks and dividends this year
✔️ Why startups keep choosing human names
ROSS RANT
ZTE built to spy and bribe - the focus of commercial dispute in Texas
According to court documents filed in the Texas, ZTE, the Chinese telecommunications company bidding for major contracts in Australia, and at the center of Donald Trump’s trade war with Beijing, was established partly as a front for military intelligence and has been linked to corruption in 18 countries.
The new claims form part of an ongoing commercial litigation alleging that ZTE bribed Liberian officials, to unseat a US company which had won the right to upgrade the West African country’s telecommunications networks.
Contained in the Summary of Claims are allegations ZTE was formed partly with the aim of spying for Beijing.
“China's Ministry of Aerospace founded ZTE as a front to send officers abroad under non-diplomatic covers such as scientists, businessmen, and executives for the purpose of collecting intelligence,” the documents filed in the 191st District Court of Dallas reveal.
The corporate governance and origins of China's telecom companies expose them up to nasty headlines, investigations, commercial disputes, and secrets.
China's biggest business need to decide - are they a Chinese company or global company - they can't be both.
US-China technology and data war - political fear or business reality?
The dominance of US semiconductor technology in Chinese phones makes for great angst in Beijing. It reveals Americans firms are generations ahead in semiconductor and other technologies - we are talking 20 to 30 years. In assembly factories across China, the critical parts that go into phones, tablets, routers, vehicles, even airplanes, are often imports from advanced economies like the United States.
The Chinese government has ambitious plans to end this dependence.
“Techno-nationalism has a long and stellar history in China,” said Damien Ma, fellow and associate director of Paulson Institute think tank in Chicago. “During Mao’s time, they always wanted to have some semblance of technological self-sufficiency. And I don’t think that in itself is surprising or odd. Many countries want it.”
Many Trump administration officials call these Chinese plans “frightening” and a direct national security threat and a sound reason to impose tariffs on Chinese products. Some American academics and politicians fear China will soon enjoy global domination of many high-tech sectors at the expense of many Western industrial economies.
Does this matter?
Will it happen?
Do you think America's biggest and best businesses are sitting still and not moving forward?
Also, do you think China can execute?
Business plans and business talk mean little if you can't execute, ship, and scale.
GEOECONOMICS
Bloomberg: In G20, 41% of GDP controlled by populists vs 4% in 2007
Trade war fears largely exaggerated, says expert https://s.nikkei.com/2sLbWKh
Professor Richard Baldwin of the Graduate Institute in Geneva has argued that some parts of Asia face a greater challenge than other regions as the world enters its third phase of globalization.
Can any G7 leaders corral Trump? https://bloom.bg/2Hq0ol2
Save the date: The UK government has set June 12 as the date the EU withdrawal bill comes back to the House of Commons for one marathon session. The Commons will try to overturn all 15 amendments inserted by the House of Lords. It will be a showdown between different factions of Tory lawmakers as they vote on measures aimed at keeping the UK in the on single market and customs union.
The Times: Labour bids for ‘softest’ Brexit deal in new shift
UK: Benjamin Netanyahu arrives in Britain to meet Theresa May.
Bloomberg: Mexican peso falls to lowest in a year as NAFTA seen delayed
Mexico says it is fighting back as US tariffs hit: NYT reports, Mexico said it would impose tariffs on cheese, whiskey and other American goods in response to steel and aluminum levies. The move further strains relations as the US, Canada, and Mexico try to rewrite their free trade agreement.
Putin invites Kim to Russia in September: Nikkei reports, Russia's government has invited Kim Jong Un to make an official visit this September in what appears to be a move by President Vladimir Putin to ensure that Moscow is not overshadowed by the North Korean leader's upcoming summit with U.S. President Donald Trump.
Putin moves to capitalize on Europe’s fury with Trump: NYT reports, Russia’s goals of shedding European sanctions and regaining respectability suddenly seem in reach as the U.S. treats its allies as trade rivals.
Italy splits with allies and demands end to Russia sanctions: The Times reports, Italy’s new populist government has broken ranks with its allies in western Europe by calling for an end to sanctions on Russia. Giuseppe Conte, the prime minister, used his debut speech to parliament to call for a fresh approach to relations with President Putin.
FT: White House presses US airlines to resist Beijing over Taiwan
LeBron is a player... in US-China trade thanks to NBA deals: Bloomberg reports, while LeBron James and Stephen Curry are battling on the basketball court in the NBA finals, they’re also on the frontcourt of the US-China trade tussle. That’s because American licensing activities in China have been increasing, and deals by the National Basketball Association and other sports, entertainment and software groups have helped fuel a trade surplus -- in services, at least -- between the US and China.
Today: Japanese PM Shinzo Abe meets with Trump at the White House
AMERICAN POLITICS
Congress unlikely to meet deadline for 2018 NAFTA renegotiation, lawmaker says: The US won’t have time to renegotiate NAFTA with Canada and Mexico this year, Senate Majority Whip John Cornyn has said, Bloomberg reports. Cornyn said it looked like they “are kicking it over to 2019” because Congress won’t have time to vote on a deal before the legislative session ends.
WP - Editorial: It’s time for Congress to take back trade: The executive branch threatens vital economic and political relationships, requiring a legislative check. Article I, Section 8 clearly assigns the legislative branch the power to “lay and collect . . . duties,” and “to regulate commerce with foreign nations.” It’s time for Capitol Hill to take it back.
WSJ: California Democrats on track to advance in key races for House control
LAT: It's Newsom vs. Cox in November as Villaraigosa tumbles in governor's race
FT: Schultz gives up coffee to test presidential waters
Bloomberg: Schultz has Trump-topping wealth to fund a run for the White House
Washington state AG Bob Ferguson is suing Alphabet Inc.'s Google and Facebook for allegedly failing to provide adequate information about who is purchasing election advertisements on their platforms.
ENTERPRISE
Companies to pour $2.5 trillion into buybacks and dividends this year: Cash-rich companies will invest $2.5 trillion this year in share buybacks, dividends and mergers and acquisitions activity, CNBC reports.
Bloomberg: Apple announces slew of new anti-addiction iPhone controls
- Time limits will switch some apps off, based on user settings
- Parents will now be able to limit kids usage of certain apps
GM aims to launch 10 new-energy vehicle models in China between 2016 and 2020. From 2021 through 2023, GM will double the number of new-energy vehicles available in the domestic market.
Tesla revealed it is working with China to build electric cars and battery packs in Shanghai - its second "gigafactory."
Facebook gave data access to Chinese firm flagged by US intelligence: NYT reports, Facebook has data-sharing partnerships with at least four Chinese electronics companies, including a manufacturing giant that has a close relationship with China’s government, the social media company said on Tuesday. The agreements, which date to at least 2010, gave private access to some user data to Huawei, a telecommunications equipment company that has been flagged by American intelligence officials as a national security threat, as well as to Lenovo, Oppo and TCL.
TRENDS
Why millennials are world’s most powerful consumers https://on.ft.com/2sOJs2C
Why startups keep choosing human names: Marcus, Oscar, Casper—it seems as if every new company is named after someone’s roommate, or even their cat. There’s a reason for that. https://bloom.bg/2Hqphgl
“A short first name changes everything—as it’s unexpected, less concerned with sounding corporate and serious and is inherently more human,” said Steve Manning, the founder of a Sausalito, California-based naming agency that, of course, goes by one name: Igor.
AFP: Japan 'drone-brella' promises hands-free sun cover
CULTURE
Today: 74th anniversary of D-Day
RIP: Kate Spade dies in apparent suicide
LAT: Warner Bros.' 'Ocean's 8' is expected to unseat 'Solo' at the box office this weekend
OTD: In 1962 the Beatles first met their future producer George Martin at an Abbey Road audition.
SPORT
Own goal: The inside story of how the USMNT missed the 2018 World Cup: The Ringer reports, in October, the United States failed to qualify for the World Cup for the first time in more than 30 years. A loss to Trinidad and Tobago sealed their fate, but according to players, coaches, commentators, and executives across American soccer, the disaster doesn’t come down to just one unfortunate result. No, it was the culmination of nearly a decade of mismanagement that broke the team’s spirit and condemned them to failure. http://bit.ly/2sIff59
TLDR: Culture. Culture. Culture.
NBA Finals: Game 3 tonight @ 9:00 pm ET
HBD: Björn Borg, tennis player, five-time Wimbledon champion, 62
To celebrate - make time to watch Borg vs McEnroe https://imdb.to/2HnTVqE