Marc Ross Daily
August 5, 2019
Curation and commentary from Marc A. Ross
Reporting from Alexandria, Virginia
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RMB, Brexit, Kashmir, Texas Republicans, Fiat Chrysler, Jürgen Klopp
✔️ GOP Senators pledge to back Johnson in US trade deal after Brexit
✔️ Richard Thaler: ‘If you want people to do something, make it easy’
✔️ A fourth Texas Republican Congressman plans to retire in 2020
✔️ Fiat Chrysler says door still open to Renault merger
✔️ Jürgen Klopp brings in pro surfer to help players deal with stress
Bloomberg Radio | Sound On - August 2, 2019
Last Friday, I joined Bloomberg Radio's Sound On program.
Bloomberg Chief Washington Correspondent Kevin Cirilli was the host and Matt Brooks, Republican strategist and Executive Director of the Republican Jewish Coalition, also joined the program for a wide-ranging discussion.
US job numbers
US-China trade talks + new tariffs
Dem debate in Detroit + Election 2020
You can catch the 34-minute episode - here.
Bloomberg: China hits back at Trump by weakening yuan, halting crop imports
FT: Renminbi falls past Rmb7 per dollar for first time in 11 years
China lets yuan slide through key 7 level for first time in decade as trade war worsens: Reuters reports, China let the yuan breach the key 7-per-dollar level on Monday for the first time in more than a decade, in a sign Beijing might be willing to tolerate more currency weakness that could further inflame a trade conflict with the United States.
Guardian: China's yuan sinks amid fears Beijing may give up on US trade talks
Leadership could be ‘weaponizing’ its currency, says one analyst, as Asia stock markets sink to six-month low.
Shuli Ren: Yuan at 7 is China’s warning shot to Trump: Beijing is showing it won’t be used as a pawn in the president’s campaign for lower rates and a weaker dollar.
Trump ordered new Chinese tariffs over advisers’ objections: WSJ reports, Trump overruled advisers to ramp up tariffs on China after a heated exchange in which he insisted it was the best way to make China comply with demands.
Hong Kong's protests - how will they end? It is time “to say no to chaos and violence”. In her first meeting with the press in two weeks Carrie Lam, Hong Kong’s chief executive, warned that pro-democracy activists were pushing the city to the verge of a “very dangerous situation”. But she gave no clue as to how her government intended to bring said chaos to an end.
Hong Kong’s police used tear gas on protesters who they said had thrown stones, and announced 82 arrests during Monday’s protests. Activists had called for a general strike in the hardening conflict with the territory’s government. Carrie Lam, the chief executive, rejected calls for an independent inquiry into police violence against protesters, saying an internal investigation was ongoing.
Hong Kong strike disrupts city as leader warns of ‘dangerous situation’: WP reports, the strike caused the closure of thousands of businesses, crippled the city’s subway system and caused hundreds of flight cancellations.
Hong Kong leader warns city in a 'very dangerous situation': DW reports, protesters should "say no to chaos," city leader Carrie Lam said in her first media appearance in days. Police said they had made a record 82 arrests after demonstrations held as part of a general strike turned violent.
Reuters: Japanese car sales slump in South Korea as diplomatic row worsens
NYT: As Japan and South Korea feud intensifies, US seems unwilling, or unable, to help
The US and South Korea kick off two weeks of joint military exercises on the Korean peninsula.
US seeks to renew Pacific islands security pact to foil China: Reuters reports, US Secretary of State Mike Pompeo said on Monday negotiations have begun with three Pacific island nations to renew a national security agreement that would help Washington counter growing Chinese influence in the region.
Australia won't host US missiles, prime minister says: Reuters reports, US intermediate-range missiles will not be deployed in Australia, Prime Minister Scott Morrison said on Monday, after the United States revealed ambitions to site missiles in the Asia-Pacific region.
Gideon Rachman: The Asian strategic order is dying: Forty years of prosperity in the region are now under threat. https://on.ft.com/2YqMzjz
"The past 40 years have been a period of unprecedented growth and prosperity across east Asia, which has also transformed the global economy. But Asia’s economic miracle relied on peace and stability. Those conditions were established in the mid-1970s, with the end of the Vietnam war and America’s rapprochement with China."
Nikkei: Indonesia April-June GDP up 5.05% as Jokowi seeks boost
India began a crackdown in Kashmir with a midnight order banning free assembly. The contested region’s politicians were placed under house arrest and most phone and internet service severed. Thousands of extra paramilitary troops had been deployed over the past week; on Friday the army announced it found a cache of Pakistani weapons, and advised non-Kashmiris to flee.
Bloomberg: India scraps Kashmir's long-held autonomy, escalating tensions
Political leaders placed under house arrest as crisis worsens
Extra troops, evacuating pilgrims and tourists raises fears
India moves to revoke Kashmir’s special status amid crackdown: NYT reports, the move was widely seen as a blow to Kashmir’s autonomy and is likely to ignite turmoil in the disputed mountainous region along the India-Pakistan border. In anticipation of the announcement, India flooded the area with thousands of troops, evacuated tourists, closed schools and cut off internet service.
India abolishes Kashmir's autonomous status: DW reports, the region, which has seen tensions rise in recent days, is set to lose its special status under new government measures. Kashmir has been claimed by both India and Pakistan since partition in 1947.
AFP: Mexico FM says El Paso shooting 'terrorist' act
Real estate mogul Trump sold condos to regime-connected Venezuelans: Politico reports, at least half a dozen Venezuelans linked to government officials purchased Trump condominiums in New York City and South Florida prior to Trump becoming president.
Canadians must decide if they want to remain a liberal beacon: The Economist reports, as much of the West has turned to populism, Canada has charted a different course, says Brooke Unger.
The Times: Republican senators pledge to back Boris Johnson in US trade deal after Brexit
The letter, which was put together by Senator Tom Cotton from Arkansas, congratulates Johnson on his election as leader and openly compares him to his hero Winston Churchill, urging him to “roar” for Britain as Churchill did during the Second World War.
"we pledge our friendship in the future to the United Kingdom. Our soldiers have fought together from the beaches of Normandy to the mountains of Afghanistan. Together, we have toppled tyrants and liberated the oppressed. The shared story of our special relationship is a great one indeed, and we look forward to adding more chapters still."
Long live the Tory revolution! How the party of Burke became the party of Rousseau. https://econ.st/2YqYiPo
Bloomberg: Neither EU nor UK ready for no-deal Brexit, study finds
EU less prepared than Britain for a no-deal split, CBI says
New UK leader Johnson aims to ‘turbo-charge’ preparations
The Economist: Preparing for no deal is a paradoxical process
And separating theatre from reality is tricky.
Matthew d’Ancona: A no-deal Brexit even after a no-confidence vote: how could it happen? Britain could crash out of the EU during an election campaign: it’s clear we have Vote Leave masquerading as government.
The Dominic Cummings approach to government: a beginner’s guide http://bit.ly/2Yvhc7S
The Times: Majority of Scots back independence as no-deal Brexit looms, Ashcroft poll shows
@britainelects: Scottish independence voting intention:
We already have the world’s most efficient carbon capture technology: Bloomberg reports, empress trees mature several times faster than your average oak or pine and absorb about 103 tons of carbon a year per acre.
Richard Thaler: ‘If you want people to do something, make it easy’: The master of behavioral economics on the power of the nudge — and why Remain was destined to lose. https://on.ft.com/2MIBwLF
WSJ: Back-to-back shootings in Texas, Ohio shake nation
NYT: Back-to-back outbreaks of gun violence in El Paso and Dayton stun country
Gun control is thrust into 2020 campaign, but laws face hurdles: WSJ reports, the shootings thrust back into the national spotlight the debate over gun-control laws, which is likely to dominate the presidential campaign in coming days even as legislation faces steep odds of passing.
Jillian Peterson and James Densley: We have studied every mass shooting since 1966. Here’s what we’ve learned about the shooters. https://lat.ms/2Yviq2Y
A fourth Texas Republican Congressman plans to retire in 2020: Representative Kenny Marchant of Texas is planning to announce his retirement on Monday, according to two Republican officials, becoming the fourth Republican House member from Texas in recent weeks to head for the exits rather than face re-election in 2020 in a state that is rapidly becoming more competitive.
Republicans warn Texas is in play: WP reports, three congressional retirements in the state, most notably Rep. Will Hurd’s, have unsettled Republicans, who increasingly see the state as a 2020 battleground.
A total of 11 House Republicans plan to retire or seek another office in 2020; just three House Democrats have announced they won't run again. The Democrats hold a 37-seat majority in the House with two vacancies at the moment.
Trump says cities are ‘a mess.’ They’re actually enjoying a golden age. https://wapo.st/2MDQKS9
Brigadoon Remote 2019 | Fife, Scotland
- November 11-15, 2019
- One hour outside of Edinburgh, Scotland
- RT shuttle service from Edinburgh Waverley railway station
- Three meals and wine, cocktails, coffee, teas, snacks included
- One off-site whiskey tour + dinner in St. Andrews
- Private ensuite bedrooms
- Booking only 7 rooms
- Couples welcomed and shared rooms possible
- Venue = Carphin House
More details + tickets - here.
SmartNews, the Japanese news discovery app that has amassed 20 million subscribers in the US, has raised $28 million in its latest funding round, bringing the company's valuation to $1.1 billion. The company is currently the largest news aggregation service in Japan, but has been rapidly growing its US footprint.
Bitcoin jumps above $11,000.
Top 10 Meaningful Brands of 2019:
6. Johnson & Johnson
Full list - here: http://bit.ly/2MIBpzJ
Fiat Chrysler says door still open to Renault merger: FT reports, FCA chief ‘interested in hearing’ from French rival as talks open over Nissan stake.
Reuters: Fiat Chrysler CEO: We'll talk alliances, but we can go it alone
Murdoch's Fox Corp to buy fintech Credible Labs in $397 million deal: Reuters reports, US broadcaster Fox Corp on Monday agreed to buy Credible Labs Inc in a deal valuing the online finance broker at $397 million, as the Murdoch-controlled firm hunts for growth following the sale of its film and TV assets to Disney.
Pilita Clark: Smart people understand why it pays to swear at work: Researchers say people who swear can seem more honest, credible and persuasive. https://on.ft.com/2YsikJh
Tom Brady, who turned 42 on Saturday, agreed to a two-year contract extension with the Patriots, running through the 2021 season.
How athletes are turning arena entrances into fashion shows: SI reports, the runways of Milan and...the ramps of Madison Square Garden? Tapping into personal style, athletes are transforming arena tunnels intoconcrete catwalks.
Jürgen Klopp brings in professional surfer to help players deal with stress: The Times reports, Liverpool have received a motivational speech from a German surfer about managing stress and dealing with panic as part of their preparations for the new season. Sebastian Steudtner visited the club’s training camp in Evian last week and held a session for the first-team squad in a swimming pool, which focused on breathing techniques and holding your breath.
Alejandro Bedoya calls out Congress during MLS game over mass shootings: Guardian reports, Philadelphia Union captain Alejandro Bedoya brought attention to this weekend’s mass shootings in Ohio and Texas when he called out Congress after scoring for his team in Washington DC. The USA international scored his team’s opening goal in their 5-1 win over DC United on Sunday. After Bedoya scored he ran over to a TV microphone and shouted: “Hey Congress, do something now. End gun violence. Let’s go!” The comment could be heard on Fox Sports’ coverage of the game.
Enjoy the ride + plan accordingly.