Ejecutiva Magazine

THE ROCKET DAILY REPORT: English version

The economy added 128,000 jobs in October, beating expectations of 75,000 new positions added last month.

Year 1, Edition: 215 Miami, Monday, November 4th 2019

Politics: Sen. Elizabeth Warren pledged Friday not to raise middle-class taxes to fund her “Medicare for All” plan, responding to pressure she faced as she emerged as a front-runner in the race for the 2020 Democratic presidential nomination. In a new outline, Warren’s campaign said her single-payer health plan would cost the country “just under” $52 trillion over a decade, which includes $20.5 trillion in new federal spending. It estimates the proposal would cost just less than the estimated $52 trillion in spending for the current system over 10 years (CNBC).
Former Democrat Representative Beto O’Rourke of Texas is dropping out of the presidential race, ending the campaign (The New York Times).
US: President Donald Trump is making his move to Florida official. The president, a native of the Queens borough, tweeted on Thursday night that he and his family will be making Palm Beach, Florida, their permanent residence. “I cherish New York, and the people of New York, and always will,” Trump tweeted. “But unfortunately, despite the fact I pay millions of dollars in city, state and local taxes each year, I have been treated very badly by the political leaders of both the city and state,” he wrote. The warm weather isn’t the only reason why someone would want to leave New York for the Sunshine State. Florida doesn’t tax personal income, and it has no estate or inheritance tax. In New York, the top state income tax rate is 8.82%. Residents of New York City also face top rate of 3.8% on income (CNBC).
Economy: China said Friday that it has reached a consensus with the U.S. in principle after a phone call among high-level trade negotiators this week. The Chinese Ministry of Commerce said Vice Premier Liu He had a phone call with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Friday. It said the two sides conducted “serious and constructive” discussions on “core” trade points and talked about arrangements for the next round of talks (CNBC).
Wall Street. Stocks rose sharply on Friday as investor sentiment got a lift from much stronger-than-expected U.S. jobs data. The Dow Jones Industrial Average closed 1.1% higher. The S&P 500 gained 1%. The Nasdaq Composite also hit an all-time high, climbing 1.1% (CNBC).
Asian markets rose on Monday amid optimism on the U.S.-China trade front. Mainland Chinese shares advanced on the day, with the Shanghai composite up 0.58%, and Shenzhen component gaining 0.67%. The Shenzhen composite also advanced 0.592%. In Hong Kong, the Hang Seng index jumped 1.38%. Elsewhere, South Korea’s Kospi advanced 1.43% (CNBC).
CEO Corner: “Success is often achieved by those who don’t know that failure is inevitable” (Coco Chanel, fashion designer/ CNBC).
Economy II: The economy added 128,000 jobs in October, beating expectations of 75,000 new positions added last month. The unexpected figure comes despite a 40-day strike at General Motors and increasing economic anxiety that continues to weigh on business investment amid President Donald Trump’s trade war. The unemployment rate ticked back up to 3.6 percent, according to the monthly employment data released Friday by the Bureau of Labor Statistics (NBC News).

World: According to the October edition of the World Bank Commodity Markets Outlook report, it is expected that, following the sharp declines registered in 2019, energy and metal prices will continue to fall in 2020 due to deterioration of global growth prospects and the consequent decrease in demand (World Bank).
Five people have been injured in a knife attack at the site of a pro-democracy protest in Hong Kong. The attack happened at the Cityplaza mall in the Tai Koo district on Hong Kong Island. The local hospital authority said four men and one woman were injured, with two in critical condition (BBC News).
Iraq. Hundreds of thousands took to the streets to demand an overhaul of Iraq’s political system. Protesters also took aim at Iran’s influence, with Iraq’s top cleric warning foreign powers from interfering in protests. Since the first wave of protests began in early October, at least 250 people have been killed while an estimated 10,000 people have been injured by security forces (DW).

Latin America/ Region: El Salvador’s President Nayib Bukele has ordered all Venezuelan diplomats to leave the country within 48 hours. In a statement, Mr Bukele said this was in line with his government’s position that Venezuelan President Nicolás Maduro was no longer legitimate (BBC News).

Companies & Business: Google parent company Alphabet will buy Fitbit, putting the tech giant head to head with Apple in the fitness tracking space. The deal values Fitbit around $2.1 billion at a fully diluted equity value, according to Friday’s announcement. The deal is expected to close in 2020, according to the announcement (CNBC).
McDonald’s announced Sunday that its chief executive has “separated from the Company” after demonstrating “poor judgment” in having a relationship with an employee. It was determined by McDonald’s Board of Directors that Steve Easterbrook violated company policy by engaging in the consensual relationship, the company said in a press release. Easterbrook has been replaced with Chris Kempczinski, who served as president of McDonald’s USA, to lead the company (NBC News).
The Kingdom of Saudi Arabia officially launched its initial public offering (IPO) for its state-owned oil company Saudi Aramco on Sunday, announcing that a domestic listing will happen in December. Saudi Aramco is the world’s largest integrated oil and gas company. The company has been valued at around $2 trillion by Saudi Crown Prince Mohammed bin Salman, but Reuters cite bankers and company insiders as saying its value is closer to $1.5 trillion (CNBC).
Dozens of older Boeing 737 planes have been grounded worldwide after inspectors found cracks in a part that connects wings to fuselages, the manufacturer said (CNBC).
Microsoft Japan tested a four-day workweek and has found the experiment a huge boon to employee productivity. The tech giant recorded an almost 40% jump in productivity levels after cutting its work hours as part of a wider project to promote healthier work-life balance. The firm closed its doors on Fridays and gave its 2,300 employees three-day weekends for the full month to assess the merits of a reduced workweek (CNBC).
Miscellanies:This Sunday the British Lewis Hamilton of Mercedes Benz added a new title in the United States Grand Prix (Austin, Texas) of Formula 1 to be crowned for the sixth time in his career as champion of the highest category of world racing (Infobae).
One of Puerto Rico’s most well-known celebrities, television personality and astrologer Walter Mercado, died of apparent kidney failure at a hospital in San Juan on Sunday, according to a family spokesperson who confirmed his passing to Telemundo. Mercado was 88 (NBC News).

Karen Blanco

Karen Blanco

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