Trump tweets he is working with Xi to keep ZTE in business

US President Donald Trump tweeted this morning he is working together with Chinese President Xi Jinping to keep ZTE in business, a move some are calling unprecendented and a lifeline for the embattled Chinese telecommunication giant.

Trump's tweet instructs the US Commerce Department—which is reviewing ZTE’s request for a stay of an order banning American companies from selling to the firm—to “get it done.”

The intervention comes less than a month after ZTE was hit by the ban. The company said the ban threatens its survival, and last week said it had ceased major business operations.

@realDonaldTrump: President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!
 

Liechtenstein, Singapore, Miami, Scotland, Hollywood

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

Subscribe here: https://goo.gl/bSQKwA

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.
 

Golan Heights, Syria, Mexico, AT&T, Pep Guardiola, Trade Tensions, Starbucks

Golan Heights, Syria, Mexico, AT&T, Pep Guardiola, Trade Tensions, Starbucks

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

Subscribe here: https://goo.gl/bSQKwA

TOP FIVE

✔️ Iran fires rockets into Golan Heights from Syria

✔️ Business hates Mexico’s presidential front-runner

✔️ Italian populist parties on verge of deal to govern

✔️ AT&T paid Trump lawyer for ‘insights’ into his boss

✔️ Guardiola eyes 100 points for record-breaking City
 

GEOECONOMICS

NYT: Iran fires rockets into Golan Heights from Syria, Israelis say

Israel strikes Iranian targets in Syria as regional tensions rise: WSJ reports, Israel’s military carried out strikes against Iranian targets in Syria after it said Iranian forces based there fired rockets at its soldiers in the Golan Heights, raising the risk of a wider regional war.

FT: Israeli aircraft pound Iranian military sites inside Syria

Mahathir seals victory in stunning Malaysia poll win: FT reports, veteran former PM’s comeback ends ruling coalition’s 60-year grip on power.

Italian populist parties on verge of deal to govern: FT reports, Five Star and League in talks after Berlusconi says he will not stand in the way.

Bloomberg: Business hates Mexico’s presidential front-runner. And he doesn’t care https://bloom.bg/2rrlERw

"Andrés Manuel López Obrador, the nation’s anti-Trump, has a 20-point lead in the polls."

China's specter looms over Modi's Nepal visit: Nikkei reports, Indian PM faces diplomatic hurdles but could win votes back home.

China draws up shopping list of US goods to avoid trade war: WSJ reports, China likely will offer to import more U.S. goods during negotiations in Washington next week as the two sides see one of the best ways to avert an all-out trade war is for Beijing to buy American.

US-China trade tensions increase after import delays: FT reports, Chinese inspectors are delaying imports of US agricultural products, luxury automobiles and even pet food, exacerbating tensions just days before bilateral trade talks are scheduled to resume. Industry executives said Chinese officials had not cited bilateral trade friction for any of the delays, which have been caused by more stringent environmental checks and quarantine procedures. Products affected by the new inspections include Lincoln automobiles — exported from the US by carmaker Ford — pork, apples, logs and pet food.

Telegraph: US exports to China hit record $128 billion

"Forty-nine US states have expanded their goods exports to China over the past decade, with 17 states experiencing triple-digit growth."

How China’s ‘Big Fund’ is helping the country catch up in the global semiconductor race: SCMP reports, low-profile fund is leading national effort to catch up in global semiconductor industry by raising funds and backing semiconductor start-ups and research and development.

AMERICAN POLITICS

FT: AT&T paid Trump lawyer for ‘insights’ into his boss

"I’m crushing it": How Michael Cohen, touting his access to President Trump, convinced companies to pay millions: WP reports, he pitched potential clients on his close association with the president, noting he still was President Trump’s lawyer, according to associates. He showed photos of himself with Trump and mentioned how frequently they spoke, even asking people to share news articles describing him as Trump's “fixer.”

NYT - Editorial: Trump’s shadowy money trail: Questions about his finances, and about whether his campaign helped Russia hack the 2016 election, need to be asked in the same breath.

Cohen got millions for insider access outside White House: NYT reports, through a secretive shell company, Michael Cohen, the president’s personal lawyer, was paid by major corporations and a law firm for help navigating Washington in the Trump era.

California is set to become the first state to require solar panels on all newly built single-family houses," effective in 2020.

Bloomberg: ‘Wild West’ Ohio beckons self-driving cars even after Uber death

Scientists: Hawaii volcano could soon spew 10-ton boulders from its summit: WP reports, when the lava level at the top of Kilauea drops to groundwater level, it could trigger powerful explosions that could send debris for miles and unleash torrents of molten rock and toxic gases.

ENTERPRISE

Bloomberg picks Amsterdam for its post-Brexit base.

ZTE says it halted major operations following US sales ban: WSJ reports, Chinese telecom firm ZTE said it halted major business operations, marking the deepest wound inflicted yet in the escalating trade rift between China and the US.

Chinese tech giant may be first victim of new US cold war: NYT reports, the electronics firm ZTE has found success in the American market like few other Chinese technology brands have. Now it is fighting for its life after the Trump administration banned the company from using parts made in America.

China’s ZTE halts operations as US ban bites: FT reports, telecoms group hopes for political solution to crippling sanctions barring US suppliers

AP: Chinese court sentences Anbang founder to 18 years for fraud

Wu Xiaohui, the former chairman of Anbang Insurance Group, had gained a reputation for ambitiously expanding into hotels, real estate and insurance from Canada to South Korea - including New York City’s Waldorf Hotel.

Starbucks: Could it get even more aggressive in China?Barron's reports, Starbucks, which has said it’s aiming for 5,000 shops in China by 2021, could bump that number even higher. "Coffee consumption in China is still a fraction of that of the U.S., but we estimate coffee consumption has grown double-digits over the last 10 years,” UBS analysis, with Starbucks a main beneficiary: The company was responsible for nearly 50% of specialist coffee shop transactions there in 2017, according to UBS data, up from below 35% in 2012.

Uber reveals plans for flying taxi-service by 2023: FT reports, ride-hailing company partners with Nasa to design urban air-traffic control system.

Toyota pours $22bn into R&D as Apple and Google close in: Nikkei reports, CEO calls it a 'fight for survival' as technology reshapes the auto industry.

TRENDS

‘We don’t take cash’: is this the future of money? Tougher for criminals, easier for hackers: what life is really like in a cashless society. https://on.ft.com/2I87s77

CULTURE

NYT: Mormon Church ends century-old partnership with Boy Scouts of America

LAT: 'Law & Order: SVU' inches closer to the record books with Season 20 renewal

SPORT

AFP: Guardiola eyes 100 points for record-breaking City

AFP: Celtics beat Sixers to bookspot in East finals