Liechtenstein, Singapore, Miami, Scotland, Hollywood
Marc Ross Daily
May 11, 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
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TOP FIVE
✔️ Land of fairytale castles offers Brexit inspiration
✔️ Singapore will host Kim-Trump summit
✔️ P.F. Chang’s thinks China has big appetite for its ‘American Bistros’
✔️ The plastic straw is losing status in New York
✔️ Formula One will attempt to hold a race in Miami next year
GEOECONOMICS
NYT: Israel and Iran, newly emboldened, exchange blows in Syria face-off
"Israel has conducted scores of strikes on Iran and its allies inside Syria, rarely acknowledging them publicly. But before Thursday, Iran had not retaliated, seemingly handcuffed while it awaited Mr. Trump’s decision on the nuclear accord."
Land of fairytale castles offers Brexit inspiration: FT reports, UK looks to Liechtenstein in search of creative solutions to EU trade conundrum.
"the Alpine state’s place inside two separate regimes — the Swiss customs union and the EU-linked European Economic Area (EEA) — has made it a laboratory for Brussels-compliant, hybrid solutions to vexing trade problems."
Deadlocked Theresa May postpones key Brexit votes: FT reports, PM’s allies play down any short-term breakthrough on customs options.
What does Brexit mean? UK still can’t decide. It’s been two years, but Britons are fighting about it as hard as ever.
Bloomberg - Therese Raphael
Spain tries to foil re-election of Catalonia’s fugitive separatist leader: NYT reports, Puigdemont is fighting extradition for trial in Spain while trying to remain the main protagonist in the politics of Catalonia and the standoff with the Spanish government of Prime Minister Mariano Rajoy.
June 12: Singapore will host Kim-Trump summit. Plan accordingly.
US-China trade tensions cast doubt over Liu He visit: FT reports, China’s vice-premier Liu He’s trip to Washington next week for a second round of Sino-US trade talks might be delayed because of continuing rifts in the Trump administration and unfinished preparatory discussions, according to people briefed on the planned negotiations. There are also more signs that the US business community is becoming increasingly nervous about the prospect of the Trump administration imposing tariffs on Chinese exports, potentially triggering a trade war.
China tech giant sidelined, US imports held amid trade spat: AP reports, a Chinese tech giant has been brought to its knees. Tougher inspections at Chinese ports are holding up cars, apples and lumber imported from the U.S. These are among the early signs that the widening trade dispute between China and the U.S. is exacting a toll on both sides.
With jail sentences and corporate flameouts, China is tackling its debt: NYT reports, faced with the looming consequences of a decade-long borrowing binge, the Chinese government is intensifying its efforts stamp out risky lending and speculative froth from the world’s second-largest economy. To do it, Beijing is putting the brakes on shadowy forms of underground lending and making public spectacles of the worst offenders, even as it takes steps to ensure that small investors and the broader economy are not shaken.
China's EV sales are on course to top 1 million this year for the first time.
China buys up flying schools as pilot demand rises: FT reports, mainland airlines scour world for staff with talent shortage threatening growth. “The growth in Chinese aviation is unprecedented in our lifetimes and probably in history,” said Paul Jebely, a Hong-Kong-based lawyer specialising in aviation. “There have been more aircraft ordered than there are pilots to fly them.”
AMERICAN POLITICS
AI: The White House will establish a new committee with officials from across the federal government to look at issues related to artificial intelligence.
Trump administration vows to maintain US edge in AI technology: WSJ reports, White House tech adviser says the president wants to "ensure our great nation remains the global leader in AI."
Adelson gives $30 million to help GOP save the House: Politico reports, the donation to the Congressional Leadership Fund is a big boost to Republicans facing a tough midterm environment.
Oil prices could hit $100 a barrel next year, Bank of America says.
Pew: Americans are generally positive about free trade agreements, more critical of tariff increaseshttps://pewrsr.ch/2wvAlcd
"A majority of U.S. adults (56%) say free trade agreements have been a “good thing” for the country as a whole, while 30% say they have been a “bad thing.” That is the highest share expressing positive views of free trade agreements in three years."
Midwestern voters gave Trump a chance. Now, they’re the key to his political future. WP reports, over the first 15 months of the Trump presidency, The Post visited the Midwest for extended and sometimes repeated interviews with residents. What emerged is a story of how attitudes toward the president have changed, told through the voices of people in a unique part of Trump Nation.
“The people didn’t change, the Democrats did.” -- Brian Bruening, a restaurant owner
“I think the jury is still out on Trump, and the next year or so is going to be really important.” -- R. Everett Pannier, the mayor of Morrison, Ill.
China tariff retaliation threatens key states in Trump country: Bloomberg reports, retaliatory tariffs China is threatening against U.S. exports would hit hardest in states that helped propel Donald Trump to the presidency, bringing home the risks of a trade war ahead of midterm elections. Of the 10 states that face potential Chinese tariffs on more than $1 billion of their exports, seven backed Trump in 2016, according to a report by the American Action Forum, a Washington-based group that opposes protectionist trade policies. https://bloom.bg/2IDumqi
- Louisiana, Texas, Michigan and Ohio heavily exposed to levies
- About 81% of counties exposed to tariffs backed Trump in 2016
ENTERPRISE
LAT: Elon Musk unveils video of first underground LA tunnel, predicts rides within a few months
Here's the video: http://bit.ly/2wxDmZd
Amazon is partnering with homebuilder Lennar to create places to demo various smart home gadgets.
Goldman Sachs and Apple are preparing to launch a new joint credit card.
BT is to cut 13,000 jobs over three years, about 12% of its workforce, as it seeks to slim down its management and back-office roles.
Snap co-founder Evan Spiegel got paid more than $500 million last year.
Google amazed people with an incredibly lifelike digital assistant. A loyal reader in Cincinnati is a fan.
Facebook stock has returned to pre-Cambridge Analytica scandal levels.
Volkswagen in talks to manage part of Didi's ride-hailing company’s fleet and develop cars together.
P.F. Chang’s thinks China has big appetite for its ‘American Bistros’: Caixin reports, after serving US diners for over two decades, Asian-themed restaurant chain P.F. Chang’s has opened its first location in the country that inspired its dishes. The first Chinese store has been open in Shanghai for roughly two weeks. P.F. Chang’s CEO Michael Osanloo told Caixin on Friday that 70% of the diners were locals and 10% were expatriates.
American readers, please name for me your favorite Chinese casual restaurant chain that has global reach......
#SoftPower
Cisco is pulling all online ads from YouTube due to fears of the ads appearing on sensitive content on the platform.
TRENDS
HBR: A 40-year debate over corporate strategy gets revived by Elon Musk and Warren Buffett http://bit.ly/2I7MF7O
When Tesla CEO Elon Musk said that “moats are lame” during the company’s earnings call last week, he was calling out Warren Buffett, the chair of Berkshire Hathaway, who uses “moat” to describe barriers to imitation that stave off competition. “If your only defense against invading armies is a moat, you will not last long,” Musk continued. “What matters is the pace of innovation — that is the fundamental determinant of competitiveness.
The plastic straw is losing status in New York: NYT reports, the city hasn’t outlawed it, but many restaurants and cafes — concerned about the environment — are replacing it with paper, metal or no straw at all.
CULTURE
LAT: 'Love Boat' gets an honorary plaque on Hollywood Walk of Fame
Scotland woos Chinese couples with whiskey, kilts, and castles: The Times reports, it is the world’s largest and most lucrative wedding market and Scotland is preparing to roll out the red carpet to try to persuade Chinese couples to tie the knot in the land of whiskey, kilts and castles. The Chinese wedding industry is valued at more than £100 billion a year and the first direct air link between Beijing and Edinburgh will launch next month.
SOTD
Yuna - Lullabies (Adventure Club Remix) http://bit.ly/2G4Ddw4
SPORT
BBC: Wayne Rooney: Everton forward agrees 'deal in principle' to join MLS side DC United
AFP: Rooney 'hasn't asked to leave', says Everton boss Allardyce
FIFA pitches multibillion-dollar ‘Project Trophy’ to seven top clubs: NYT reports, Representatives of seven of the world’s richest soccer teams, including Manchester United, Barcelona and Real Madrid, visited FIFA on Wednesday for a private meeting aimed at winning the clubs in the increasingly fractious battle to set up a new multibillion-dollar world club championship. The group also included the English champion Manchester City, Italy’s Juventus, France’s Paris Saint-Germain and the perennial German champion Bayern Munich. The seven clubs invited to the meeting had combined revenues of more than $4 billion in 2017, and they command a massive global fan base that would be critical to making FIFA’s secretive discussions about the new tournament, code-named “Project Trophy,” a success.
Formula One will attempt to hold a race in Miami next year.
A baseball season with too many awful teams: WSJ reports, only one club has had a 100-loss season in the past four years. This season, six teams are on pace for at least 100 losses.
