Brexit, IMF, Angela Merkel, Emmanuel Macron, Netflix, Volkswagen, The Masters

Brexit, IMF, Angela Merkel, Emmanuel Macron, Netflix, Volkswagen, The Masters

Caracal Global Daily
April 11, 2019
Curation and commentary from Marc A. Ross

Reporting from Alexandria, Virginia 

Caracal Global Daily  = News + Analysis at the Intersection of Globalization + Disruption + Politics

TOP FIVE

✔️ EU leaders agree to six-month Brexit delay

✔️ Gliding missiles that fly faster than Mach 5 are coming

✔️ Netflix is making a major play for the Egyptian Theatre in Hollywood

✔️ Chuck E. Cheese operates 515 locations nationwide

✔️ HBD: Jeremy Clarkson, TV presenter, Top Gear and Grand Tour

GLOBALIZATION

WSJ: WikiLeaks’s Assange arrested at Ecuador embassy in London

Assange has been holed up for almost seven years. 

IMF warning: The IMF's new chief economist, Gita Gopinath, does not foresee a global recession, but she does warn of "many downside risks." The fund reckons global growth will be 3.3% this year—a 0.2 percentage point downgrade from earlier forecasts—and 3.6% next year. Particular weaknesses are seen in the U.K., Germany, Italy, Latin America, the Middle East and North Africa.

Europe’s small, open countries brace for Brexit: Ireland, the Netherlands, and Belgium are most exposed.

EU gives UK more time to resolve Brexit: WSJ reports, European Union leaders agreed to postpone Brexit until Oct. 31 to allow British Prime Minister Theresa May more time to try to get the UK’s Parliament to approve the country’s divorce deal with the bloc.

EU leaders agree to six-month Brexit delay: FT reports, Theresa May told she has until end of October to finalize UK’s departure.

The prime minister is due to update the Commons today on the new deadline of October 31, which was set at the extraordinary European Council.

Iain Duncan Smith led calls for Theresa May to name her departure date following the news overnight that Brexit would be delayed for a further six months.

UK business lobby accused this morning of “driving small firms to despair” with “debating, dithering and delay” in the three years since Britain voted to leave the European Union. 

Philip Stephens: Britain can now change its mind about Brexit: Macron’s emergence as a latter-day de Gaulle should not stop a second referendum.

Angela Merkel vs. Emmanuel Macron: Battle between her legacy and his future plays out at summit.

Renewed tensions between Italy and Brussels: Italy's populist government has conceded it won’t hit the budget-deficit target agreed on with EU authorities, setting the stage for another standoff with Brussels. The finance ministry said this year's deficit will be 2.4% of GDP, rather than 2% agreed upon in December after tense negotiations. Those discussions resulted in a rise in borrowing costs for Italian banks, businesses, and households, reviving memories of the eurozone’s 2010-12 debt crisis, from which Italy has yet to fully recover.

Did Russia meddle in Magadascar's election? A BBC investigation has revealed that at least six candidates were offered money by Russians in the lead up to last year’s presidential elections in Madagascar. The presence of Russian political strategists with alleged ties to the Kremlin, posing as tourists with the alleged aim of helping to control the tightly fought race, has raised questions whether democracy in the former French colony has been fatally compromised. https://bbc.in/2Kq5tRi

US military wary of China’s foothold in Venezuela: Foreign Policy reports, the head of US Southern Command says Beijing is using disinformation and debt diplomacy to dig in as Maduro clings to power. 

US warship cruises disputed sea in Philippine war games: AFP reports, the amphibious assault ship USS Wasp, with at least 10 F-35B stealth jets on deck, stood guard as amphibious tanks rolled onto a Philippine beach located a short sail from islands also claimed by China.

China sweetens its cloud offer in US trade talks: WSJ reports, Beijing sweetened an offer to open its cloud-computing sector to foreign companies, in a bid to forge a trade deal after U.S. negotiators rejected an earlier proposal.

US, China agree to establish trade deal enforcement offices: Mnuchin: Reuters reports, the United States and China have largely agreed on a mechanism to police any trade agreement they reach, including establishing new "enforcement offices," US Treasury Secretary Steven Mnuchin said on Wednesday.

Janah Ganesh: Donald Trump’s trade obsession keeps the peace with China: The US president is not interested in a clash of philosophies because of his fixation.

Hong Kong's stock market capitalization overnight surpassed Japan's for the first time since the Chinese equity bubble popped in 2015.

FT: Japan wants better access to US in return for free trade deal

Tokyo says Trump administration will have to offer significant concessions.

An agreement that does not include concessions to Japan would be illegal under World Trade Organization rules and stands no chance of ratification by Japan’s Diet, according to a senior trade official directly involved in preparations for the talks.

Nikkei: China's 'Japan hands' make comeback as US ties wilt

Newly appointed Tokyo ambassador puts Rolodex in motion for Xi visit preparation.

As China's next ambassador in Tokyo, Kong Xuanyou will pave the way for President Xi Jinping to visit Japan, possibly twice, this year. 

Australia to pick its next leader—with an election: WSJ reports, Australia’s conservative government said it would hold national elections on May 18, betting on tax cuts and security spending to fend off a challenge by center-left opponents.

Australia will hold new elections in May: DW reports, Prime Minister Scott Morrison moved to dissolve parliament and call for new elections. The conservative leader will face a challenge from center-left Labor leader Bill Shorten, who currently leads in the polls.

Edward Luce: Trump is building a populist global club: Benjamin Netanyahu’s win would not have happened without the US president’s help.

AFP: Sudan's defence minister says army has arrested President Omar al-Bashir

Sudan’s military overthrows the president, ending his 30-year rule: WP reports, the apparent ouster of President Omar al-Bashir came after months of growing protests across Sudan.

In letter on clerical sex abuse, Pope Benedict XVI decries ’60s sexual revolution, describes seminaries filled with ‘homosexual cliques’: WP reports, the pope emeritus broke his years of silence on major church affairs, attributing the clerical sex abuse crisis to a breakdown of church and societal moral teaching and said he felt compelled to assist “in this difficult hour.”

DISRUPTION

Black hole picture captured for first time in space ‘breakthrough’: The image of a black hole captured by the Event Horizon Telescope. Photograph: EHT Collaboration.

A network of eight radio telescopes around the world helped to record the image.

Hypersonic missiles: Gliding missiles that fly faster than Mach 5 are coming. They combine the speed of intercontinental ballistic missiles with the accuracy of cruise missiles.

10 breakthrough technologies for 2019 curated by Bill Gates. http://bit.ly/2UNpXqY

POLITICS

Ex-Obama counsel expects to be charged soon in Mueller-related case: NYT reports, Gregory B. Craig may soon be indicted on charges related to his work for the Russia-aligned government of Ukraine, lawyers said. Craig would become the first top Democrat to be charged in a case developed by the special counsel.

Pete Buttigieg challenges religious right on their own turf: NYT reports, Buttigieg has confronted evangelicals like Vice President Mike Pence, questioning the moral authority of religious leaders who have stayed silent on Trump’s conduct.

New York City declares a public health emergency over measles outbreak, mandates vaccination: New York City declared a public health emergency yesterday over a measles outbreak that has sickened 285 people — most of them in an Orthodox Jewish community — since last fall.

COMMERCE

Netflix continues pursuit for Oscar glory: In a deal reported to be worth tens of millions of dollars, Netflix is making a major play for the Egyptian Theatre in Hollywood. Owning the cinema would allow Netflix to more easily showcase films that it wants to put up for Academy Award contention without dealing with traditional theatrical release windows.

JetBlue appears to be gearing up for service across the Atlantic.

YouTube broadens its already huge array of e-sports content.

Standard & Poors is rolling out a new version of its S&P 500 index, but focused on "socially-minded" companies.

Standard Chartered will pay US and British authorities more than $1 billion to settle a probe over allegedly violating Iran sanctions.

Boeing revealed it received zero 737 Max orders last month.

Chuck E. Cheese: The company averages $1.6 million per restaurant and operates 515 locations nationwide.

NYT: Uber is said to aim for IPO valuation of up to $100 billion

Volkswagen AG is exploring purchasing a big stake in its Chinese electric vehicle joint venture partner JAC Motors.

The twilight of combustion comes for Germany's empire of engines: The nation that invented the heart of the car at the dawn of the 20th century might struggle to adapt to the coming electric era. https://bloom.bg/2KtP0LJ

Nikkei: Tesla and Panasonic freeze spending on $4.5bn gigafactory

The Japanese company also suspends planned investment in Shanghai plant.

Walmart to refit 500 more stores to lure back online shoppers: FT reports, biggest US retailer focuses on improving existing estate as it battles with Amazon.

What is Huawei and why is the US government so afraid of it? LAT reports, Ren Zhengfei turned a company with no intellectual property into the world’s largest telecom. Washington says he had help from Beijing.

WP: Stadium wants to be America’s biggest sports network. And it doesn’t want to be on cable.

CULTURE

“Killing Eve” delights because it is so anti-Bond: The series, which has recently returned for a second season, plays with the tropes of the thriller genre. https://econ.st/2KnNN8G

Will Apple just kill iTunes already? Adam Clark Estes writes, people have been complaining about iTunes for ages. The bloated and confusingly arcane piece of software has been updated and repurposed and jerry-rigged to handle new tasks for the past 18 years, and one developer says it won't live to see its 19th birthday.

HBD: Jeremy Clarkson, TV presenter, Top Gear and Grand Tour

Simon Kuper: Why the elite media are surviving in this populist age: ‘A reader introduced himself as “an FT/Economist liberal”. Elite media are becoming clubs.’

The bursting, beautiful shelves of famous bibliophiles: Amid the decluttering craze, we asked José Andrés, Andrew Sean Greer and other famous book lovers for the stories behind their collections. https://wapo.st/2KtlFkM

SPORT

The Masters tournament begins at Augusta National Golf Club in Georgia.

IMF, 2025, Brexit, Carlos Ghosn, Tim Ryan, Mickey Mouse

IMF, 2025, Brexit, Carlos Ghosn, Tim Ryan, Mickey Mouse

Caracal Global Daily
April 4, 2019
Curation and commentary from Marc A. Ross

Reporting from Alexandria, Virginia 

Caracal Global Daily  = News + Analysis at the Intersection of Globalization + Disruption + Politics

TOP FIVE

✔️ IMF warns that tech giants stifle innovation and threaten stability

✔️ PM clutches at straws as Brexit deadline evaporates

✔️ Inside the race to build the burger of the future

✔️ America’s biggest economic challenge may be demographic decline

✔️ The disciplined pursuit of less

GLOBALIZATION

IMF warns that tech giants stifle innovation and threaten stability: The Guardian reports, adding its contribution to the growing public debate about the corporate power exercised by the US tech giants such as Google, Amazon, Apple, and Facebook, the IMF said it would be concerned if there was any further increase in the clout of already dominant firms. The IMF said there was a need for stronger competition policy to ensure that established firms did not block the entry of potential rivals and called for excess profits to be targeted by a tougher international tax regime.

@stevenportnoy: JUST IN: Trump says the incident at Mar-a-Lago was "just a fluke," says he's not concerned about Chinese espionage at his Florida club.

US bid to maintain tariffs snarls trade talks with China: WSJ reports, US demands that punitive tariffs remain to ensure China enacts overhauls has emerged as one of the biggest sticking points as trade negotiators opened new talks.

Bloomberg: US said to set 2025 target for China to fulfill trade pledges

Does Made in China 2025 still work for everyone?

Trump may announce plans for a summit with China’s President Xi Jinping on Thursday when he meets with the country’s vice premier.

Trump meets with the Chinese leader’s special envoy, Vice Premier Liu He, at the White House today at 4:30 pm ET.

GOP strategists believe trade deal with China—whatever the terms—will reduce uncertainty in the global economy and could give a boost to markets.

Keyword = whatever

US and China draw closer to final trade agreement: FT reports, top US and Chinese officials have resolved most of the issues standing in the way of a deal to end their long-running trade dispute but are still haggling over how to implement and enforce the agreement, people briefed on the talks have said. 

Lighthizer is insisting on Washington’s right to unilaterally impose punitive tariffs on China if there is a violation of the agreement, and a guarantee that China would not retaliate with its own tariffs or challenge the action at the World Trade Organization — difficult concessions for Beijing to accept because they are seen as undermining its sovereignty.

Xi-Trump summit in Osaka in play as China braces for longer fight: Nikkei reports, the great powers' battle for hegemony threatens to make trade deal tentative at best.

My guess = a Trump - Xi | US-China summit will be announced today and will take place in Osaka, Japan on the sidelines of the G20 meeting set for June 28-29.

Audrey Jiajia Li: Uber but for Xi Jinping: Shiny new app, same old propaganda.

Xuexi Qiangguo — “study and make the nation great” — has become ubiquitous in China, an instant messenger, news aggregator and social network all in one. Introduced by the Publicity Department of the Central Committee of the Communist Party in January, the first and second characters in the name, when combined — xuexi — mean “study/learn”; the same character, xi, also happens to be the character in President Xi Jinping’s last name. The app’s name, thus, can also be read as “study Xi and make the nation great.” And they are, by the tens of millions.

As of late March, Xuexi Qiangguo had been downloaded over 73 million times on Huawei’s app store. 

Nicholas Kristof: Even after a trade deal, be wary of China: When an agreement is reached, President Trump may hail it as a triumph. But other big problems need attention.

Trump and Xi will probably soon reach a trade agreement, but that won't solve the biggest problems.

In short, the Xi regime is complicated. It cheats, oppresses and brutalizes, but it also educates, enriches and saves lives.

US businesses stock up after Trump’s threat to shut border: FT reports, companies say they are increasing inventories to guard against supply-chain risks.

Forget advice toast running short, America would stop manufacturing.

US shift on Mexican border triggers trade bottleneck: WSJ reports, Mexican officials and business leaders along the U.S.-Mexico border warned that delays at ports of entry are causing tens of millions of dollars in losses for shippers and logistics companies. 

Ethiopia calls for review of Boeing 737 Max flight controls: FT reports, investigators find that pilots were not to blame for crash near Addis Ababa last month.

German factory orders post biggest slump in two years: FT reports, manufacturing orders fell 4.2% from the previous month amid drop in foreign demand.

Brexit: A bill to prevent no-deal passes Commons by one vote.

PM clutches at straws as Brexit deadline evaporates: The Times reports, Theresa May’s two-year strategy to deliver Brexit was always reliant on a single factor that is today now beyond her control: the threat of a deadline. Last night, by the narrowest of margins, MPs voted through a bill that would give the Commons the power to veto or amend any Article 50 extension request tabled by the prime minister.

@hattiesimplepol: Pretty big day in the end: 
- PM/Corbyn talks
- Juncker says no to short extension to A50
- Cooper bill (which would effectively prevent no deal) passes Commons grilling by 313-312
- Ministerial resignations
- Speaker had to step in to cast a vote rejecting more indicative votes

MPs approve bill to force May to seek Brexit delay: FT reports, measure passes by single vote as PM and Corbyn begin talks on future ties with EU.

I love the Brits - they demand to leave the EU but will only do so if they have a deal from the EU.

Theresa May’s appeal to Labour to help to implement Brexit is an admission of failure yet may be the only course to avoid no-deal.

Philip Stephens: Goodbye EU, and goodbye the United Kingdom: The invented identity of ‘Britishness’ is unravelling as English nationalism takes hold.

Rob Mudge: Brexit: What's gone wrong for the UK's Labour Party? UK Prime Minister Theresa May's final Brexit gamble is to seek help from an equally divided and dysfunctional Labour Party. It's almost like the blind leading the blind.

Brexit chaos stirs bafflement in UK ex-colonies: AFP reports, across much of Britain's former Asian colonies, many are greeting the UK's impending departure from the European Union with a mixture of bafflement, apathy, amusement -- and a touch of schadenfreude. Britain long justified imperial subjugation by arguing Rule Britannia brought order, stability and shared prosperity -- even after its retreat from colonialism birthed a host of troubled new nations still saddled with historical grievances and legacies to this day.

Dubliners cautious as Merkel jets into town amid Brexit impasse: DW reports, the German chancellor is in Dublin to meet the Irish taoiseach, with questions over the future of the Irish border central. The capital's residents hope more support will come for the Irish position.

DISRUPTION

Inside the race to build the burger of the future: Trump says Democrats and environmental wackos are waging a war on beef. But corporations, not politicians or activists, are leading the post-meat revolution. https://politi.co/2K3tgGx

The heart of a swimmer vs. the heart of a runner: Regular exercise changes the look and workings of the human heart. And researchers are discovering that different sports affect the heart differently. https://nyti.ms/2Uwmw7W

POLITICS

NYT: Some on Mueller’s team say report was more damaging than Barr revealed

Members of Robert Mueller’s team have said their findings are more troubling for Trump than Attorney General William Barr had indicated.

At stake in the dispute is who shapes the public’s initial understanding of one of the most consequential government investigations in US history.

Timothy L. O'Brien: Mueller team finally cracks over William Barr’s letters: US newspapers report that the attorney general has underplayed the obstruction findings. Given his background, maybe he should have recused himself.

House panel seeks to interview Trump inaugural organizer: WSJ reports, the House Intelligence Committee’s move indicates Congress is expanding a probe into how more than $100 million was raised and spent.

OTD: In 1818 the US Congress fixed the number of stripes in the American flag at 13, with one star to be added for each new state.

Where is Howard Schultz? Oh, he's doing a Fox News town hall tonight at 6:00 pm.

Wisconsin, ground zero for 2020 politics, looks like a tossup again: NYT reports, for Democrats, an effort to rebuild their Midwestern “blue wall” for the 2020 election is showing gains in Michigan and Pennsylvania.

Tim Ryan (D-OH) is scheduled to appear on “The View” today, where he is expected to announce his presidential campaign, according to a BuzzFeed article.

Stacey Abrams (D-GA) said she wants to make a decision this month about running for a US Senate seat from her home state and thinks she could hold off on making a decision about running for president until this fall.

Update: Caracal Global = 2020 Presidential Candidates by Tier: http://bit.ly/2UtzWl1

Up 1 (Now Tier 1)

Bernie Sanders (D)

Down 1 (Now Tier 2)

Elizabeth Warren (D)
Amy Klobuchar (D)
Howard Schultz (I)

Up 1 (Now Tier 3)

Pete Buttigieg (D)

Down 1 (Now Tier 4)

Kirsten Gillibrand (D)

America’s biggest economic challenge may be demographic decline: Slower growth in the working-age population is a problem in much of the country. Could targeted immigration policy help solve it? https://nyti.ms/2UzW4Ky

TLDR: Yes. 

COMMERCE

Andreessen Horowitz is blowing up the venture capital model (again) http://bit.ly/2K227nb

Carlos Ghosn was arrested again in Tokyo after prosecutors said they suspected the former Nissan chairman abused his position for personal gain.

Tesla reported a 31 percent drop in deliveries of vehicles in the first quarter, the company said.

Ford to launch 30 new models in China to stem plummeting sales.

German AV tests: VW joins BMW in testing self-driving cars on German city streets.

Condé Nast announced that Roger L. Lynch, most recently the head of Pandora, would be its new chief executive.

Hard Rock Hotel Las Vegas closing will happen, but not for a while: LAT reports, there’s still time to stay at the Hard Rock Hotel & Casino in Las Vegas before it closes. Plans to shut the resort next fall and turn it over to Virgin Hotels have been postponed until February. In the meantime, Hard Rock is opening a lounge and restaurant for those who want to visit the Strip resort. Virgin now expects to start renovations in February with a hotel opening in November 2020 after election day.

AFP: Singapore casino resort to get $3.3 billion expansion

How Disney grew its $3 billion Mickey Mouse business–by selling to adults: Apple, Gucci, Kate Spade, Uniqlo, L’Oréal, and Maybelline are just a few of the companies that sell Mickey-branded products for grown-ups. Here’s how Disney made adults fall in love with a cartoon character. http://bit.ly/2K9n3c2

Superdry founder faces struggle to end brand’s arid spell: FT reports, Julian Dunkerton confronts empty boardroom and falling share price on first day back.

One of my favorite docs = Cut From a Different Cloth follows Idris Elba as he teams up with Superdry founders, Julian Dunkerton, and James Holder, to launch a new fashion line. 

UniCredit waits in wings to bid for Commerzbank: FT reports, Italian lender prepares rival offer should Deutsche Bank deal falter.

LAT: HBO to relocate its West Coast home from Santa Monica to Culver City

China Tobacco looks to take on global cigarette makers: FT reports, the combination of a slowing domestic economy and efforts by health officials to curb smoking in a country where over a quarter of the adult population are regular users, means the company is now taking aim at western rivals in global markets.

A monopoly in the world’s largest cigarette market is no longer enough for China National Tobacco.

Reuters: Elite US school MIT cuts ties with Chinese tech firms Huawei, ZTE

CULTURE

The most colorful places in the world http://bit.ly/2K5fcML

Extreme loneliness or the perfect balance? How to work from home and stay healthy: More and more people are working where they live, attracted by the promise of flexibility, efficiency, and no commute. But does this come at a cost to their wellbeing? http://bit.ly/2K3BH4J

The disciplined pursuit of less http://bit.ly/2K54SUM

Brexit, US-China Trade, Reiwa, NATO, Toyota, Deserted Island

Brexit, US-China Trade, Reiwa, NATO, Toyota, Deserted Island

Caracal Global Daily
April 3, 2019
Curation and commentary from Marc A. Ross

Reporting from Alexandria, Virginia 

Caracal Global Daily  = News + Analysis at the Intersection of Globalization + Disruption + Politics

TOP FIVE

✔️ May courts opposition in bid to break Brexit impasse

✔️ US shopping center vacancies rise to eight-year high

✔️ Democrats need a candidate who speaks to Springsteen voters

✔️ P&G faces backlash over diaper, sanitary waste

✔️ Rolling Stone's 50 greatest grunge albums

ROSS RANT

Why thought leadership

Thought leadership is the spreading of an idea.

STOCK is the process for the spreading of an idea.

Strategy.

Tactics.

Organization.

Consistency.

Know-how. 

Thought leadership has the power to create new opportunities for commerce and culture.

What idea are you holding back?
 

GLOBALIZATION

May courts opposition in bid to break Brexit impasse: WSJ reports, Theresa May made an about-face by saying she would pursue a different Brexit deal with the opposition Labour Party, an approach that could keep the country more closely bound to the bloc than previously envisioned. 

May inflames Tory civil war with shift to softer Brexit: FT reports, PM seeks second EU delay to reach deal with Corbyn in blow to cabinet hardliners.

William Hague: When I took over, the Conservatives were in ruins. For the next leader, things could be even worse: For me, having become Tory leader after the election disaster of 1997, it has been impossible to read the newspapers of recent days without the haunting memories of those times coming back. So preoccupied had Conservatives become, in the mid-90s, with differences of opinion over Europe and calculations about who would be the next leader, that many of us failed to notice that the world outside our ranks was changing.

I worked on William Hague's 2001 campaign - an amazing experience coupled with an amazing defeat.

Robert Shrimsley: A government of national unity is another Brexit fantasy: There is no sign that either May or Corbyn is ready to make the compromises required.

Tom Frideman: The United Kingdom has gone mad: The problem with holding out for a perfect Brexit plan is that you can’t fix stupid.

627 million: Brexit has cost the United Kingdom an estimated $627 million in lost economic output per week since the 2016 referendum, according to Goldman Sachs.

Malaysia hits out at US and China behavior in trade war: FT reports, trade minister urges countries to ‘stop thinking of themselves’ as tension hits other countries.

US + China: Moody's says a global recession will be "highly likely" if there's no US-China trade deal within the next few months. Professor of government Minxin Pei warns of the worst recession in recent Chinese history. And Malaysia's trade minister, Darell Leiking, has urged the US and China to "stop thinking only of themselves" as their spat affects everyone.

Martin Wolf: The Chinese economy is stabilizing: FT reports, but significant doubts linger about President Xi Jinping’s commitment to private enterprise.

US and China draw closer to final trade agreement: FT reports, two sides haggle over implementation and enforcement issues as talks are set to resume.

Chinese Vice Premier Liu He will resume negotiations with his US counterparts in Washington today.

Simmering South China Sea heats up: AP reports, the US Navy amphibious assault ship Wasp arrived in Subic Bay, the Philippines, Saturday with its complement of Marines and F-35 Lightning II fighter jets in preparation for joint exercises with the Philippines. 

Woman arrested after entering Mar-a-Lago, allegedly with malware: WSJ reports, a woman carrying two Chinese passports was arrested and charged with unlawfully entering President Trump’s Mar-a-Lago resort with a thumb drive containing malware and lying to federal agents about her plans. 

Court documents say the woman told Secret Service agents that a Chinese friend instructed her to travel from Shanghai to President Trump's Florida resort and make contact with a member of his family.

The Secret Service said in a statement that "Mar-a-Lago Club’s management determines which members and guests are granted access to the property" -- not the Secret Service.

South Korea first to roll out 5G services, beating US and China: Reuters reports, South Korea will become the first country to commercially launch fifth-generation (5G) services on Friday as it rolls out the latest wireless technology with Samsung Electronics’ new 5G-enabled smartphone Galaxy S10.

Nikkei: China and US tied atop global 5G leaderboard

Study finds two powers hold edge despite South Korea's early rollout.

Current, former Pentagon leaders sound alarm on Chinese technology in 5G networks: WP reports, defense officials are concerned that future combat operations could be compromised through advanced wireless systems.

Japan Times: Reiwa is all about 'beautiful harmony' and has nothing to do with 'command'

74% happy with Reiwa as name for Japan's next era, with Abe Cabinet approval rate rising to 52.8%.

Microsoft to provide automatic updates to handle Japan era name change to Reiwa.

Xi Jinping + Japan: Xi is expected to visit Japan in July when the nation hosts the Group of 20 summit.
 
The 2019 G20 Osaka summit will be the fourteenth meeting of Group of Twenty. It will be held on 28–29 June 2019 in Osaka. It will be the first-ever G20 summit to be hosted in Japan.

94: A new report from the UN estimates that 94 percent of Venezuelans live in poverty today. Once South America's wealthiest country, Venezuela is experiencing one of the worst economic collapses ever recorded.

In Trump times, agreeing to disagree becomes norm at G7 meetings: Reuters reports, foreign ministers from the Group of Seven nations meet on Friday in France to prepare for the leaders' summit in August, but the absence of U.S. Secretary of State Mike Pompeo underscores how tough agreeing common ground between allies has become.

AFP: Amid transatlantic discord, what's the point of the G7?

The United States is due to assume the G7 presidency in 2020.

The 45th G7 summit will be held on August 25–27, 2019, in Biarritz, Nouvelle-Aquitaine, France. 

Germany, France to launch multilateralism alliance: DW reports, Germany's Heiko Maas and Jean-Yves Le Drian have unveiled plans for an "Alliance for Multilateralism." Canada, Japan and Australia have already shown interest in joining the German-Franco initiative.

NATO at 70: New initiatives to boost security in eastern Europe and the Black Sea are welcome but the alliance faces bigger challenges.

Today: NATO Secretary General Jens Stoltenberg will address Congress today at 11:00 am ET.

OTD: In 1922 Joseph Stalin was appointed general secretary of the Communist Party of the Soviet Union.

DISRUPTION

US shopping center vacancies rise to eight-year high: FT reports, increase comes on signs of faltering consumer spending and pressure from ecommerce.

58.4 percent market share for EVs in Norway: In March, fully electric cars made up nearly 60 percent of the new-car market in Norway, a world record. A recent increase in the electric sales coincided with deliveries of Tesla’s Model 3 and Audi’s e-tron. The country aims to end sales of all fossil-fuel vehicles by 2025.

David Perell: What did Gutenberg’s printing press actually change?

Book prices fell. The raw price of books fell by 2.4 percent a year for over a hundred years after Gutenberg.

In places where there was an increase in competition among printers, prices fell swiftly and dramatically. Competition works. When an additional printing firm entered a given city market, book prices there fell by 25%.

POLITICS

LAT: For a guy who’s not running, Joe Biden is having a tough campaign

Morning Consult Political Intelligence report:

Pete Buttigieg's net favorability has jumped up by 11 points since Morning Consult began tracking in early February - the biggest increase of any candidate.

Joe Biden continues to lead the pack of potential candidates with 33 percent, followed by Bernie Sanders at 25 percent, and Kamala Harris and Beto O'Rourke tied at 8 percent.

Eric Altman: The Democrats need a candidate who speaks to Springsteen voters: Who is the one that can win back Trump voters and Clinton-sitter-outers who feel forgotten by the Democrats? They’re the guys who worked the assembly line for decades but now get minimum wage at Walmart; the women feeding their families cold cuts for dinner and trying to make ends meet by selling vitamins from home; the manufacturing employees filled with xenophobic rage because the companies that used to employ them have moved their operations abroad.

Farm politics: Democrats see a chance to cut into Trump’s support across the rural Midwest as the White House’s trade policies exacerbate the strain on farmers stretched by low commodity prices and natural disasters, including major floods.

Trump’s takeover of the Republican party is almost complete: NYT reports, in every state important to the 2020 race, Trump and his lieutenants are in firm control of the Republican electoral machinery, and they are taking steps to extend and tighten their grip. It is, in every institutional sense, Trump’s party.

@axios: John Kasich has formed a center-right, Ohio-based group, Two Paths America, to promote solutions that he considers more positive than Trump and more modern than Ronald Reagan.

Trump leaves Washington reeling as he struggles with domestic agenda: WP reports, Republicans are trying to cope with the whiplash as the president rolls out new policies on health care and immigration.

Pot convictions: Prosecutors in LA and San Joaquin counties have announced plans to automatically clear about 54,000 marijuana-related convictions. Now that pot is legal in California, there’s a growing movement to offer a clean slate to those encumbered by their past. 

Uber spent $2m lobbying for NY congestion charge: FT reports, car-booking giant was biggest backer of campaign to levy tolls on vehicles entering Manhattan.

COMMERCE

Slack plans to go public via direct listing on the NYSE in June or July.

WWE tumbled before closing up following a scathing John Oliver segment. Oliver’s popular HBO show, 'Last Week Tonight' dropped an absolutely punishing elbow from the top rope, criticizing Vince McMahon’s treatment of his talent. 

Television is mythology and mythology is strong.

WeWork's parent The We Company has announced Mexican architect Michel Rojkind of Rojkind Arquitectos as its new senior vice president of architecture. The We Company, which is a larger extension of WeWork, released news today that Michel Rojkind will head up the company's architecture initiatives. Rojkind will join Danish architect and BIG founder Bjarke Ingels, who was hired as WeWork's chief architect in May 2018.

WSJ: P&G faces backlash over diaper, sanitary waste

Nikkei: Foxconn shrinks Android arm and plots shift to automotive electronics

FIH Mobile's woes highlight troubles for second-tier smartphone makers.

Toyota to allow free access to 24,000 hybrid and electric vehicle tech patents to boost market: Japan Times, it remains uncertain whether the use of Toyota patents will be as widespread as the carmaker hopes, observers said.

GM, Ford, and Toyota join to advance self-driving testing, standards: Reuters reports, General Motors Co, Ford Motor Co, and Toyota Motor Corp said in a statement they were joining forces with automotive engineering group SAE International to establish autonomous vehicle “safety guiding principles to help inform standards development.

CULTURE

Productivity isn’t about time management. It’s about attention management. “Time management” is not a solution — it’s actually part of the problem. A better option is attention management: Prioritize the people and projects that matter, and it won’t matter how long anything takes. Attention management is the art of focusing on getting things done for the right reasons, in the right places and at the right moments. https://nyti.ms/2Um0x3F

Shared by a loyal reader from Washington, DC. Merci beaucoup.

WP: Rep. Jeff Flake spends a week alone on deserted island https://buff.ly/2TVIihi

From 2009.

#BrigadoonRemote

Rolling Stone's 50 greatest grunge albums: From Mudhoney to Mother Love Bone and beyond — the finest releases from the maladjusted new breed that remade rock. http://bit.ly/2JZ4K9y

@TEDTalks: “There’s very good evidence that shows when you confront people with a ton of facts that contradict their worldview, it actually causes them to hold their existing beliefs