Chinese Communist Party, Trade Talks, Macron, Pompeo, Amazon

Chinese Communist Party, Trade Talks, Macron, Pompeo, Amazon

Marc Ross Daily
April 23, 2018
Curation and commentary from Marc A. Ross

Reporting from Amsterdam, Netherlands

Marc Ross Daily  = Global Business News at the Intersection of Politics + Policy + Profits

Subscribe here: https://goo.gl/bSQKwA

TOP FIVE

✔️ Foreign business and the Chinese Communist Party

✔️ China and US poised for fresh trade talks

✔️ How China is buying its way into Europe

✔️ Senate panel poised to vote against backing Pompeo

✔️ Amazon to double down on groceries

ROSS RANT

Foreign business and the Chinese Communist Party - additional stress to US-China commercial relations

It is widely agreed by foreign multinational corporations operating in China that the Chinese Communist Party (CCP) is strengthening its influence — often gaining direct decision-making power — over the international firms doing business in China.

CCP officials are increasingly calling on companies to support the creation of party organizations among their employees. The potential for party groups to influence corporate decision making has raised concern among many US company executives - such an environment is only adding more stress to the US-China commercial relationship.

Since taking power, Xi has reasserted the CCP's supremacy, with himself as its “core” leader. This has meant greater control over personnel and strategy at state-owned enterprises, which control about 40 percent of the China’s industrial production, as well as schools and universities. Xi’s chief policy-making instrument has been an increasing array of party “leading small groups,” which set and coordinate policy. 

Foreign companies are concerned about the establishment of a party unit in a foreign company and what this means should the CCP play a broader role in foreign companies’ operational decision making. For example, making decisions which are political rather than for business reasons. 

No doubt American business is telling the Trump administration such moves by the CCP into potential management roles of foreign-invested enterprises is not a positive step for the commercial relationship. 

Should the current trade irritation between China and the United States worsen, Beijing could be moved to intensify the party’s role in foreign business further, even allowing the boycotting of American goods and services, creating yet more headaches for businesses operating in China.

This real time business environment has put American companies in particular in the middle of a brewing fight between Beijing and Washington.

Enjoy the ride.

GEOECONOMICS

China ‘welcomes’ Mnuchin’s interest in traveling to Beijing for trade talks: WSJ reports, Treasury Secretary Steven Mnuchin says he may be heading to Beijing for trade negotiations, suggesting an easing of US-China tensions that have widened to include big-name companies in both countries. Mr. Mnuchin said Saturday he is considering the China trip, and on Sunday, China’s Commerce Ministry said in a terse statement that “the Chinese side welcomes this.” The display of good will, following weeks of harsh words from both sides, gives rise to hope of a thaw in a trade stalemate that has seen both countries slap tariffs on some goods and threaten to impose them on a lengthening list of products.

FT: China and US poised for fresh trade talks

Bloomberg:US hints at China truce as world warns of trade-war threat

The Times: Trade war fears eased by plans for US-China talks

US questions Cosco’s takeover of cargo terminal in Long Beach: WSJ reports, Chinese shipping giant willing to divest California port operations to clear CFIUS review of $6.3 billion takeover of Asian rival.

In US-North Korea talks, China is left out and worried: NYT reports, Beijing is concerned that a grand deal with North Korea’s longtime enemies could diminish its influence over Pyongyang, experts said.

Bloomberg: How China is buying its way into Europe https://bloom.bg/2qRtcxn

"For more than a decade, Chinese political and corporate leaders have been scouring the globe with seemingly bottomless wallets in hand. From Asia to Africa, the U.S. and Latin America, the results are hard to ignore as China has asserted itself as an emerging world power. Less well known is China’s diffuse but expanding footprint in Europe."

Ahead of summit, South Korea says it will stop blasting K-Pop, propaganda along border with the North: LAT reports, the South Korean military has announced it will muffle high-decibel propaganda loudspeakers along the highly fortified border as a gesture of goodwill ahead of this week's summit between the two nations' leaders.

Macron has little to show for his efforts to court Trump: NYT reports, President Emmanuel Macron of France leaves on Monday for a state visit to Washington, where he will try, once again, to close the gap with President Trump on climate change, Iran and trade.

Macron will visit DC today with a tour of Mt. Vernon followed by a dinner on the property - more meetings, press conference, and proper State Dinner tomorrow.

LAT: French, German leaders will bring Trump the same message: Save the Iran nuclear deal

Hiring tumbles at UK fund houses as Brexit plans kick in: FT reports, asset managers cut back on London appointments and bolster European bases.

FT - Editorial: Stop our oceans choking on a plastic overdose: Governments and companies must act globally to clean up the seas.

AMERICAN POLITICS

WSJ: Senate panel poised to vote against backing Pompeo

Romney faces clearer path to GOP Senate nomination despite Utah convention setback: WP reports, although his challenger depicts Mitt Romney as an establishment interloper, the 2012 presidential nominee has a financial edge and greater name recognition in his bid to replace Utah Sen. Orrin G. Hatch.

"Clyburn urges full leadership shakeup If Democrats fail to retake House"

GOP split as banks take on gun industry: Politico reports, it's a conundrum that puts free-market principles at odds with gun rights, and Republicans across the board are genuinely split.

ENTERPRISE

Tencent music plans IPO; Valuation could exceed $25 billion: WSJ reports, Tencent Music, China’s largest music-streaming company, is preparing what would be one of the largest tech IPOs ever.

WSJ: US-China trade war is bad news for Google’s expansion

"Google is relying on several Chinese companies to distribute its Android apps to millions of less-affluent smartphone users, even as rising trade tensions between China and the U.S. are making those partnerships more risky."

China's ZTE and Huawei to take big hits from US restrictions: Nikkei reports, cut-off access to 5G tech and tainted images will hurt device makers.

Guidance for employees on nonpaying customers: WSJ reports, recent arrests of two nonpaying visitors at a Philadelphia Starbucks have raised questions among some employees about how to handle such situations.

FT: General Electric: Zombieland

"Conglomerate can only get by on dullness for so long"

#Ouch

Tata Consultancy Services is set to be India’s first $100bn in a nearly a decade.

Reuters: Amazon to double down on groceries; foray deeper into fresh produce in India

NYT: Is Facebook’s Campbell Brown a force to be reckoned with? Or is she fake news? https://nyti.ms/2qRuyrX

CULTURE

FT: Why we are irrational about MBA rankings https://on.ft.com/2HmjeKy

Israel, 5G, Telecom, Macron, Berlin, TPP, Starbucks, Porsche, Golden Knights

Israel, 5G, Telecom, Macron, Berlin, TPP, Starbucks, Porsche, Golden Knights

Marc Ross Daily
April 18, 2018
Curation and commentary from Marc A. Ross

Reporting from Alexandria, Virginia

Marc Ross Daily  = Global Business News at the Intersection of Politics + Policy + Profits

Subscribe here: https://goo.gl/bSQKwA

TOP FIVE

✔️ Israel at 70

✔️ The 5G race: China and South Korea are winning

✔️ U.S. moves to block sales by Chinese telecom equipment makers

✔️ WWII bomb to force mass evacuation in central Berlin Friday

✔️ Barbara Bush remembered as a tough, classy 'force of nature'

ROSS RANT

The 5G race: China and South Korea are winning

The 5G race is being won by China and South Korea, according to a report conducted by research firm Analysys Mason and released today by CTIA, America's premier wireless industry association.

According to the research, China is in the lead, followed by South Korea, the U.S. and Japan. Germany, the U.K., and France are in the second tier of countries in terms of readiness.

America lags in “5G readiness” due to reliance on private providers -- Verizon, AT&T, T-Mobile, and Sprint -- to build antenna infrastructure. China’s wireless providers, on the other hand, are streamlined by government mandate. 

Why this matters - 5G systems support 1k more devices per meter than 4G, using higher frequencies and secondary antennae to relay signals. It also eliminates the transmission inconsistencies and slowdowns caused by buildings, mountains, and crowds.

The global competition is propelling 5G development much faster than was originally expected, with carriers and some cities moving quickly to install infrastructure, said CTIA president and CEO Meredith Attwell Baker, a former FCC commissioner.

The Trump administration see this situation as a threat, especially from China.

Last month the administration blocked Broadcom's proposed buyout of Qualcomm on national security grounds. The administration also fears that Broadcom's business practices would weaken Qualcomm's and the U.S.'s 5G position — allowing Huawei a bigger advantage.

Key findings by Analysys Mason include:

- All major Chinese providers have committed to specific launch dates and the government has committed to at least 100 MHz of mid-band spectrum and 2,000 MHz of high-band spectrum for each wireless provider.

- Countries around the world are moving quickly to make spectrum available for 5G. This year alone, the U.K., Spain, and Italy are all holding 5G spectrum auctions.

- At the end of 2018, the U.S. will rank sixth out of the 10 countries in mid-band (3–24GHz) spectrum availability, a critical band for 5G. The U.S. joins Russia and Canada as the only countries currently without announced plans to allocate mid-band spectrum on an exclusive basis to mobile by the end of 2020.

- Countries like the U.K. and regions like the European Union are taking significant steps to modernize infrastructure rules to facilitate the deployment of 5G networks.

Read can read the report here: http://bit.ly/2HFbTqA

GEOECONOMICS

AP: Israel at 70: Satisfaction and grim disquiet share the stage

"It has a standard of living that rivals Western Europe, without the natural resources. It can boast of scientific achievements and military and technological clout beyond its modest size. It controls most of biblical Israel, and despite widespread criticism of its policies toward the Palestinians, it has cultivated good diplomatic ties with most of the world."

China seeks trade firewall with U.S. allies in rush of ambassador meetings - sources: Reuters reports, China’s international trade representative held a series of meetings with the ambassadors from major European nations last week to ask them to stand together with Beijing against U.S. protectionism, according to four sources familiar with the discussions. Some of the western diplomats involved in the meetings with Fu Ziying, who is also a vice-commerce minister, have viewed the approaches as a sign of how anxious Beijing is getting about the expanding conflict with Washington, the sources said.

China overtakes U.S. as top export market in one more nation: Bloomberg reports, China has displaced the U.S. over the past decade as the top export market for many Asian economies, including Japan, South Korea, Thailand, Indonesia, and the Philippines. India is one of the few countries in the region that still counts America as a bigger market for goods than China.

Bloomberg: China takes carrot-and-stick approach to U.S. trade tensions

“We’ve seen comments from China about their plans to liberalize, but until we see the regulations and laws that will actually implement these plans, it’s hard to say what the benefit will be,” said Erin Ennis, senior vice president at the US-China Business Council, in Washington.

Guardian: China defiant after new US security regulations target telecoms firms

U.S. moves to block sales by Chinese telecom equipment makers: NYT reports, the United States undercut China’s technology ambitions on Tuesday, advancing a new rule that would limit the ability of Chinese telecommunications companies to sell their products in this country. The Federal Communications Commission voted unanimously to move forward with a plan that would prevent federally subsidized telecommunications carriers from using suppliers deemed to pose a risk to American national security. The decision takes direct aim at Huawei, which makes telecommunications network equipment and smartphones, and its main Chinese rival, ZTE, sending a message that the government doesn’t trust them.

Decades after Mao Zedong denounced horse racing as immoral, China is to allow an experiment that some hope will lead to wider adoption of the sport. 

FT: China cuts required reserve ratio in ‘subtle easing’ move

China’s $1 billion white elephant: Bloomberg reports, each year roughly 60,000 ships vital to the global economy sail through the Indian Ocean past a Chinese-operated port on the southern tip of Sri Lanka. Almost none of them stop to unload cargo. The eight-year-old Hambantota port -- with almost no container traffic and trampled fences that elephants traverse with ease -- has become a prime example of what can go wrong for countries involved in President Xi Jinping’s “Belt and Road” trade and infrastructure initiative. Sri Lanka borrowed heavily to build the port, couldn’t repay the loans, and then gave China a 99-year lease for debt relief. https://bloom.bg/2J60kYX

China’s shock call for ban on lethal autonomous weapon systems: IHS Jane’s 360 reports, China has called on nations “to negotiate and conclude a succinct protocol to ban the use of fully autonomous weapon systems”, in so doing becoming the first Permanent Member of the UN Security Council to call for a ban on ‘lethal autonomous weapon systems’ (LAWS). 

Pakistan shuns US for Chinese high-tech weapons: FT reports, Pakistan is focusing instead on the rollout of the next batch of the JF-17, the fighter jet it is developing with China, and which is catching up with the F-16 in terms of capabilities.

India desperate to replenish ATMs before cash crunch spreads: Nikkei reports, currency shortage comes amid clean-up at banks plagued by fraud, bad debt

Theresa May faces a new Brexit challenge from the House of Lords: Bloomberg reports, UK PM Theresa May’s Brexit strategy faces a renewed threat on Wednesday when her flagship bill returns to Parliament’s upper chamber, where Lords of all political stripes are seeking to amend it. A proposal to keep Britain in a customs union with the EU after leaving the bloc may pass by more than 50 votes, according to Dianne Hayter, a Labour peer who sponsored the amendment with independent member John Kerr, former Conservative Party Chairman Chris Patten, and Liberal Democrat Sarah Ludford.

State Dinner: President Emmanuel Macron of France and Mrs. Macron will be welcomed to the White House on Tuesday, April 24 for a State Dinner.

AFP: WWII bomb to force mass evacuation in central Berlin Friday

"The discovery of an unexploded World War II bomb will force a mass evacuation around Berlin's central railway station, covering several government ministries and a hospital"

Italy’s president hopes neutral politician can break stalemate: WSJ reports, Italy’s President Sergio Mattarella asked a parliamentary leader to mediate among party chiefs in an attempt to form a government, hoping a neutral figure can end the political paralysis that has persisted since March’s elections.

Trump reflects America at the moment, which has hardly anything to do with traditional values: Neil Macdonald of CBC opines, what would be the reaction if, say, a foreign leader flatly stated that Trump personifies all that is best in America? My guess is that a lot of Republicans would take that as an insult. Or at least be taken aback. Because everyone knows Trump personifies few of the values Americans are brought up to believe their country stands for. http://bit.ly/2vo7pSJ

AFP: Quebec wary of bitcoin gold rush

"a sea of 7,000-odd computers hidden away in this industrial park at a center operated by Bitfarms, one of the emerging players of the cryptocurrency "mining" boom."

Mexico leftist opens up 22 point lead in presidency race: poll: Reuters reports, Mexican leftist presidential candidate Andres Manuel Lopez Obrador has extended his lead in the race to win the July 1 election, opening up a gap of 22 percentage points in effective terms, a poll by newspaper Reforma showed on Wednesday.

New leader in Cuba: What's in store after the Castros?http://p.dw.com/p/2wBvd

"Analysts say little will change as Miguel Diaz-Canel is expected to take over the presidency in Cuba." 

AMERICAN POLITICS

NYT: Trump, in another apparent reversal, says trans-pacific trade pact has ‘too many contingencies’ 

FT: Trump hails meeting between CIA chief and Kim Jong Un

Trump will welcome the leader of Nigeria, President Muhammadu Buhari, on April 30.

Yahoo: Power to the party: Why political reforms can be bad for democracy https://yhoo.it/2HwsPlx

"Populism is popular these days, and many Americans want to make the political system more fair. ... But ... anti-party reforms have gone too far and are now having a multitude of negative impacts."

"Anti-establishment thinking has been one of the most constant and dominant trends of the last half-century. ... Yet ... institutions can protect us from the abuse of power."

Sean Hannity’s rising role in Trump’s world: ‘He basically has a desk in the place’: WP reports,the conservative commentator is so close to Trump that some White House aides have dubbed him the unofficial chief of staff. For a president who feels that he is under siege, Hannity offers what he prizes most: loyalty and a mass audience.

Whiskey sour? China importers fret over U.S. trade battle: Reuters reports, when spirits dealer Daniel Taytslin brought his first pallet of American Ragtime Rye whiskey into Shanghai in early April, the 672 bottles faced a 5 percent import tariff at China's customs.

ENTERPRISE

Amazon is suspending plans to sell and distribute prescription drugs and instead will continue to focus on "less sensitive" medical supplies.

WSJ: Retail rivals Amazon and Best Buy team up to sell smart TVs

Amazon has launched an international shopping feature that will allow customers across the world to shop more than 45M items that can be shipped to their country from the U.S.

Coffee brands fight California ruling on cancer warnings: WSJ reports,  Los Angeles judge's recent ruling in a lawsuit over cancer labels has galvanized coffee brands and retailers, including Starbucks Corp., to push harder to avoid carrying the labels.

WP: Starbucks arrests: Who decides whether you’re a patron or a trespasser?

@kairyssdal: Starbucks Coffee Company today announced it will be closing its more than 8,000 company-owned stores in the United States on the afternoon of May 29 to conduct racial-bias education

Alibaba is developing its own driverless cars: TR reports, the Chinese tech giant comes to the self-driving game later than rivals Baidu and Tencent but says it will build an entire ecosystem around autonomous cars. The effort is led by Gang Wang, a scientist at the company’s AI lab and one of MIT Technology Review’s 35 Innovators Under 35 in 2017.

Meet the CEO who could become China's wealthiest man after Xiaomi IPO: SCMP reports, stock exchange officials from New York to Hong Kong, Shanghai and Singapore, are trying to pitch their bourses for what would probably be the largest global initial public offering in four years.

Moncler transformed ski parkas with $1,000 price tags. What’s next? Bloomberg reports, the company made expensive puffy jackets a status symbol. Now it has plenty of competition and must find new ways to grow.

TRENDS

Why China will win the global race for complete AI dominance: Wired reports, Kai-Fu Lee – a former Apple, Microsoft and Google executive turned investor – is placing big bets on machine learning. And China is leading the way. http://bit.ly/2HacAuY

Norway, China spearhead the e-mobility drivehttp://p.dw.com/p/2wEHJ

CULTURE

Barbara Bush dies at age 92: WSJ reports, Barbara Pierce Bush went from a privileged childhood to become the wife of one president and mother of another, serving throughout as a pugnacious guardian of what had become America’s most prominent political family. 

LAT: Barbara Bush remembered as a tough, classy 'force of nature'

Matriarch of a presidential family dies at 92: WP reports, Bush embraced her image as America’s warmhearted grandmother, which belied her influence and mettle during a half-century in the public eye. Within the Bush clan, she was known as “the enforcer.”

LAT: Porsche's L.A. Experience Center is a theme park for grown-ups who love to drive https://lat.ms/2Hus10s

The 11 keys to keeping the band together: On the occasion of their 12th album and 27th year together, Sloan shares their wisdom on how to make musical matrimony last. http://bit.ly/2JUmVsU

SPORT

Las Vegas Golden Knights: The team became the first expansion team in NHL history to sweep their first playoff series.

Macron, Russians, Nepal, Trump Tariffs, Homaro Cantu, Instacart, WIP

Macron, Russians, Nepal, Trump Tariffs, Homaro Cantu, Instacart, WIP

Marc Ross Daily
April 6, 2018
Curation and commentary from Marc A. Ross

Reporting from Alexandria, Virginia

Marc Ross Daily  = Global Business News at the Intersection of Politics + Policy + Profits

Subscribe here: https://goo.gl/bSQKwA

TOP FIVE

✔️ Macron sets out overhaul of French parliament

✔️ Trump administration punishes Russians

✔️ Nepal's PM walks tightrope on India visit

✔️  Trump orders officials to look at $100 billion in new Chinese tariffs

✔️ Ds crowd midterm field, banking on turnout surge
 

GEOECONOMICS

@AP: BREAKING: Trump administration punishes 7 Russian oligarchs, 17 government officials with sanctions.

Macron sets out overhaul of French parliament: FT reports, plans to reduce seats, use more PR and simplify procedure put in train

Merkel and Trump are planning talks in Washington on April 27.

Anti-migrant party urged to ditch Silvio Berlusconi: The Times, the leader of Five Star Movement has challenged the anti-migrant party League to dump ally Silvio Berlusconi and join forces in a populist government instead. The Italian president has begun talks to patch together a new government after the elections on March 4produced a hung parliament.

Carlos Puigdemont, a wanted man in Spain for having led Catalonia’s unconstitutional referendum on independence last year, was released on bail by a German court.

Nepal's prime minister walks tightrope on India visit: Nikkei reports, courted by Delhi and Beijing, Oli wants to extract investments from both

Trump orders officials to look at $100 billion in new Chinese tariffs: The Hill reports, Trump on Thursday ordered the U.S. Trade Representative (USTR) to consider slapping $100 billion in additional tariffs on China, escalating a heated trade dispute between Washington and Beijing. The move comes one day after China proposed $50 billion in tariffs on a variety of US goods in response to Trump’s own tariff threat.  "In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate," Trump said in a statement issued by the White House.

WP: Trump seeks additional tariffs on $100 billion of Chinese goods in escalation of trade confrontation

AP: China vows to fight US ‘at any cost’ as trade spat worsens

@CNBCnow: BREAKING: China will not hesitate with 'major response' to new tariffs - Ministry of Commerce

@AFP: #UPDATE China calls on the EU to take a joint stand against US protectionism as the tit-for-tat trade rift between Washington and Beijing threatened to entangle Europe http://u.afp.com/oqDF

Why China is confident it can beat Trump in a trade war: NYT reports, China’s leaders sound supremely confident that they can win a trade war with President Trump. “China is not afraid of a trade war,” the vice minister of finance, Zhu Guangyao, declared at a news conference to discuss possible countermeasures. More than once, he cited the history of the “new China” — which began its extraordinary economic revival four decades ago — as evidence that it would “never succumb to external pressure.”

CNBC: US-China Business Council president on negotiating with China: John Frisbie, US-China Business Council president, discusses the outlook for the US-China trade environment as both countries announce tit-for-tat tariffs against each other. https://cnb.cx/2GXaaPB

Bloomberg TV: John Frisbie says the business community want US, China to come to the table: US-China Business Council President John Frisbie discusses trade tariffs and who gets hurt from a trade war. He speaks with Alix Steel on "Bloomberg Daybreak: Americas." https://bloom.bg/2JowBva

AMERICAN POLITICS

Democrats crowd midterm field, banking on turnout surge: WSJ reports, Democrats are fielding challengers for nearly every Republican House incumbent this year, including some of the reddest territory in the country, in a radical change from the last midterm election in 2014.

In an already tough election year, Dana Rohrabacher is struggling with his own party: LAT reports, The Orange County Republican has drawn more than a half-dozen Democratic challengers, some of whom have raised more cash than the 15-term congressman. Election handicappers declared his race a toss-up, protesters have shown up at his home and district office, and Rohrabacher's name has frequently come up during the investigation into Russian election meddling because of his connections to key figures in the inquiry. Then Scott Baugh, a well-known Republican who spent more than a decade leading the county party, decided to run against him. https://lat.ms/2HaBcjW

Vice interview with Trey Gowdy - make time to watch it - the truth is ugly: Republican Trey Gowdy Was Known For Being Hyperpartisan — Until Trump http://bit.ly/2H5bujc

Trump will skip this year WHCA dinner.

@BenSasse: Hopefully the President is just blowing off steam, but setting Amer agriculture on fire is not a plan. 

Crain's Detroit Business: How Michigan businesses would be affected by China tariffs http://bit.ly/2IAL722

News Observer: ‘It really hits North Carolina’: China goes after tobacco in latest tariff fight http://bit.ly/2EmVbc9

The Jersey Journal - Editorial: Is the threat of a US-China trade war anything more than sabre rattling?

Trump’s easy campaign promises run into the difficulties of reality: WP reports, Freed from the caution of former advisers, Trump has spent recent weeks returning to the gut-level basics that got him elected: tough talk on China, a promise of an immigration crackdown and an isolationist approach to national security.  Several people who have spoken to the president say he is telling advisers that he is finally expediting the policies that got him elected and is more comfortable without a number of aides around him who were tempering his instincts. And he often cites rising poll numbers in recent weeks as a reason he should do it his own way, these people said. 

Top 20% of Americans will pay 87% of income tax https://on.wsj.com/2HeaGGB

John Kasich is back in New Hampshire. It’s not for the foliage. NYT reports, on the itinerary for the Ohio governor and 2016 presidential hopeful: a diner visit, a Q. and A. at a college and criticism of President Trump amid speculation about a 2020 run.

Patagonia vs. Donald Trump: We all knew the legendary outerwear company Patagonia lived and breathed the adventurous life. We knew they cared about the environment. But it wasn’t till Trump came along that we realized they were ready to fight. http://bit.ly/2q9EdK7

ENTERPRISE

Amazon is considering whether to use Alexa to launch a person-to-person payments feature.

Bon Appetit: What's the Deal with the Food at T.J. Maxx? A look inside the sourcing of America's messiest (and most eccentric) discount pantry. http://bit.ly/2GzQ0LX

WSJ: GE urged to dump auditor KPMG after 109 years by proxy advisers

Nine West reportedly could file for bankruptcy protection as soon as today.

Instacart has raised another $150 million from existing investors like Coatue Management.

MGM Resorts has made "back-channel" approaches to Wynn Resorts about a takeover.

Tencent shows off their vision for the future of unmanned retail http://bit.ly/2GEo7T2

“WeChat payment, whether in retail, catering or other formats, is gradually promoting and cooperating with the entire retail industry in China, including department stores, supermarkets, and convenience stores. There is no one format that does not support WeChat payment.” 

TRENDS

Another 10 promising retail technology ventureshttp://bit.ly/2IukED5

"Having rooms with business model canvases, sharpies and sticky notes is not innovation culture." -- @tendayiviki

@ThisIsSethsBlog: Words on slides http://tinyurl.com/ya9vm2j6

Four key lessons in entrepreneurship from the hottest names in hip-hop http://bit.ly/2Ep6Bwl

1. They just start
2. The tools are practically free
3. Make language your leverage
4. Everything’s a WIP (work in progress)

CULTURE

LAT: Al Pacino portrays beloved and disgraced Penn State football coach Joe Paterno in new HBO film

Meet the shoe surgeon, whose sneaker designs sell for up to $10,000: WSJ reports, LA-based Dominic Chambrone takes sneakerhead devotion and expertise to the next level. https://on.wsj.com/2GGFVJh

The life and death of Homaro Cantu, the genius chef who wanted to change the world: Guardian reports, how a homeless child grew up to become the most inventive chef in history. http://bit.ly/2uSkVh5

SOTD

A Flock of Seagulls- Space Age Love Song http://bit.ly/2HeJI1D

SPORT

I've been there: Sergio Gárcia, the defending Masters champion, was front and center of an extraordinary scene on the return to the course which yielded his greatest triumph as he took 13 strokes at the par-five 15th.

Masters leaderboard:

1 -  Jordan Spieth -6
T2 -  Tony Finau -4
T2 -  Matt Kuchar -4
T4 -  Henrik Stenson -3
T4 -  Adam Hadwin -3
T4 -  Patrick Reed -3
T4 -  Charley Hoffman -3
T4 -  Hao-Tong Li -3
T4 -  Rory McIlroy -3
T4 -  Rafael Cabrera-Bello -3

WSJ - Jason Gay: My Masters is Paris-Roubaix. Golf is fun, but on Sunday morning, cycling offers a rock fight for the ageshttps://on.wsj.com/2HaChs0

Women on the verge: Outside Magazine reports, the champions, trendsetters, and fighters reshaping the outside world. http://bit.ly/2q9dZYl