Year 1, Edition: 205 Miami, Monday, October 21st 2019
Politics: After days of relentless criticism, President Donald Trump abruptly reversed course late Saturday when he announced he would scrap plans to hold next year’s G-7 gathering of world leaders at one of his family’s resorts (Politico).
The Facebook CEO Mark Zuckerberg is due to testify Wednesday before the House Financial Services Committee. The panel is scrutinizing the tech giant’s plans for a digital currency called Libra. Lawmakers have raised concerns about its implication for financial markets, cybercrime and consumer privacy (CNN).
US:Three soldiers were killed and three others were injured when their tank overturned into water during an overnight training exercise at Fort Stewart-Hunter Army Airfield in south Georgia, the Army said Sunday (NBC News).
Mark Hurd, who was co-chief of Oracle and former head of HP during a period rocked by scandals, died Friday. He was 62. The company confirmed Hurd’s death to CNBC but declined to provide a statement (CNBC).
Economy:Nobel-prize winning economist Robert Shiller believes a recession may be years away due to a bullish Trump effect in the market. According to the Yale University professor, President Donald Trump is creating an environment that’s conducive to strong consumer spending, and it’s a major force that should hold off a recession (CNBC).
Wall Street. The Dow Jones Industrial Average fell sharply on Friday. The Dow Jones down 0.95%. Meanwhile, S&P 500 pulled back 0.4%, while the Nasdaq Composite slid 0.8% (CNBC).
Asian markets Asia Pacific markets traded mixed on Monday as Brexit developments over the weekend created further uncertainty over the United Kingdom’s impending departure from the European Union. In Japan, the Nikkei 225 rose 0.25%, while the Topix index added 0.41%. South Korea’s Kospi finished up 0.2%. Mainland Chinese shares traded down: The Shanghai composite closed near flat, the Shenzhen composite declined 0.11% (CNBC).
CEO Corner: “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it” (Steve Jobs/ Inc).
World: United Kingdom. Prime Minister Boris Johnson was forced by law to send a letter asking the EU for a new delay on Brexit, but did not sign it. The PM now wants MPs to say a clear “yes” or “no” to the deal on Monday, adding: “We cannot allow Parliament’s letter to lead to Parliament’s delay”. Mr. Johnson reached a new deal with the EU last week, but it needs to be approved by the UK Parliament (BBC News).
The Spain government president, Pedro Sánchez, travels to Barcelona this morning to visit the injured agents in the incidents that have been experienced this week in Catalonia and to hold meetings with the State Security Forces and Bodies that have faced the violence of independence groups (El Mundo / Spain).
An anti-government protest in Hong Kong has turned violent, with police and protesters firing tear gas and petrol bombs. The march took place despite recent attacks on protesters. Crowds of protesters staged an illegal march through the Hong Kong district of Kowloon on Sunday. Hong Kong’s hospital authority said that some 24 people were hurt and being treated at hospitals, including six with serious injuries (DW).
Latin America/ Region: The president of Chile, Sebastián Piñera, announced this Saturday, in the midst of serious disturbances in the country, the suspension of the increase in the passages of the Santiago metro until reaching an agreement that protects citizens from the impact of drastic increases in the dollar in setting rates (Infobae). Army chief Javier Iturriaga announced the implementation of the total curfew throughout Santiago, which runs from 10 p.m. to 7 a.m., due to the persistence of mass protests motivated by a rise in Metro fares (Infobae) . Five people have died after a garment factory outside of Santiago was set ablaze, bringing the death toll from the unrest to eight (DW).
Bolivia. President Evo Morales is leading in early returns from the presidential election first round, but appears headed for a runoff (DW). The official provisional count with more than 80% of the scrutiny points to an insufficient victory of Evo Morales and a second round with former president Carlos Mesa, something unprecedented in the country. Morales, who has been in power for nearly 14 years, obtained 45.28% of the vote compared to 38.6% of Mesa, a 66-year-old journalist and historian who already ruled between 2003 and 2005 (BBC World).
Companies & Business: Coca-Cola on Friday reported quarterly revenue that topped analysts’ expectations as more customers are drawn in by healthier options, like Zero Sugar soda and smaller size cans. Shares of the company rose 2.5% in premarket trading (CNBC).
Johnson & Johnson said it was recalling “a single lot” of Johnson’s Baby Powder after tests revealed traces of asbestos (MarketWatch).
General Motors plans to build a new family of premium electric pickup trucks and sport-utility vehicles at its Detroit-Hamtramck plant beginning in late 2021, possibly reviving the imposing Hummer brand on some of them, several people familiar with the plans said (Reuters).