Good Friday morning. Here’s what to watch for. (Want this by email? Sign up here.)
President Trump is optimistic about striking a trade deal with China — but Chinese officials are hesitant, according to Keith Bradsher and Ana Swanson of the NYT:
“Beijing officials are wary” that what currently looks like a positive trade deal for them, which doesn’t require big changes to the economy, could turn bad, Mr. Bradsher and Ms. Swanson explain. They worry about “Mr. Trump’s propensity for last-minute changes,” according to unidentified sources.
Those fears could derail a planned summit meeting between President Trump and President Xi Jinping of China, where Mr. Trump hopes to sign a deal. “Persuading Mr. Xi to attend such a summit meeting is no easy task, given his imperative of appearing strong before a domestic audience,” Mr. Bradsher and Ms. Swanson note.
“The biggest barrier to a deal continues to be the enforcement of terms,” Mr. Bradsher and Ms. Swanson add. “The United States has insisted that it retain the right to raise tariffs if China violates the agreement, without retaliation by Beijing. But some Chinese officials have criticized the arrangement as a potential infringement of China’s sovereign rights.”
More: China exports and imports both fell in February, as an economic slowdown and trade fights weighed on the nation.
The dust has settled on Mark Zuckerberg’s surprise announcement that the social network would refocus its business on privacy. Now, people are starting to dissect what, exactly, the news means for its business model.
“Facebook is entering a transition phase where it will continue to sell targeted ads on its public social networks, while inventing a new business model,” Thomas Husson, a senior analyst at the research company Forrester, told the FT. In other words, think of it as less of a pivot and as more of a diversification.
So it will “still gather data from its existing sources,” Christopher Mims of the WSJ writes, “but also increasingly from messaging apps. These would double as interfaces with businesses and, eventually, usurp the functions of our credit cards and digital wallets.” Expect to see Facebook make announcements about payments, commerce and its own crypto token in the not-too-distant future.
Diversification is a play for long-term survival, especially if regulators clamp down on the mass collection of data and targeted ads that have been the company’s bread and butter. The faster Facebook can spin up alternative revenue streams — and acting as a global payments network could be a lucrative one — the better its chances of continuing to grow.
Bank of America released a report yesterday, on the eve of International Women’s Day, that shows the state of the global disparity in wealth between men and women. There’s reason for both hope and dismay, according to Ortenca Aliaj of the FT.
• The report says that improving women’s equality could raise global growth over the next six years by trillion — or, as Ms. Aliaj writes, “roughly the same as the U.S. and China’s combined annual economic output.”
• Women are expected to control trillion of global financial assets by 2020, double what they held in 2010.
• “The economic gender gap is closing at a ‘snail’s pace’ and it could take another 202 years to reach equality at the current rate.”
• “Women in western Europe might start earning the same as men for the same roles in 60 years, while women in North America might have to wait another 165 years, the report calculated.”
• “Data compiled from more than 10,000 respondents showed that men were more optimistic about higher pay rises over the next year while women expected to perform at least two and a half times more unpaid work than men.”
More: The private equity and venture capital industries have trillion in assets under management — but female entrepreneurs receive just a fraction of it, according to a new report.
As Huawei, the Chinese telecom giant, takes the U.S. government to court over a ban limiting the use of its products in federal agencies, the company has won the support of its government.
• “We support relevant companies and individuals to take up legal weapons to safeguard their rights and interests, and not be silent lambs,” Wang Yi, Beijing’s top diplomat, said at a news conference yesterday.
• “What we’re standing up for is not just the interests of a company, but also a country or nation’s legitimate right to innovate and by extension the basic right of all countries who wish to climb up the technology ladder,” he added.
But Mr. Wang’s comments don’t address U.S. claims that Huawei equipment could be used by China to spy on American communications. As CNBC notes, Chinese law suggests that domestic companies are legally obligated to help the government with intelligence work — and may be forbidden from talking about it.
With less than a week to go before Parliament makes a final vote on Prime Minister Theresa May’s Brexit deal, she is expected to try to shift the focus from Britain to the E.U.
“Just as MPs will face a big choice next week, the E.U. has to make a choice too,” Mrs. May is expected to say in a speech today, according to the BBC. “It is in the European interest for the U.K. to leave with a deal.”
“The decisions that the European Union makes over the next few days will have a big impact on the outcome of the vote,” she will add, referring to her hope that European officials will make binding legal changes to the Irish border details of her deal. Those look necessary if Mrs. May is to win over lawmakers.
Such a public plea for compromise shows how tough the negotiations have been. “Talks are expected to continue into the weekend,” Bloomberg notes. “If they fail, Parliament will likely vote against May’s deal for the second time, plunging the country into political chaos.”
Just a few months ago, the European Central Bank put the brakes on a vast economic stimulus program. Yesterday, it unexpectedly reversed course, Jack Ewing of the NYT writes:
• The E.C.B. voted unanimously “to bring back a stimulus measure intended to encourage lending. The move will help banks in countries with weaker economies like Italy that may have trouble raising money on capital markets at reasonable rates.”
• “The bank also pushed back the date of its earliest possible increase in benchmark interest rates by at least four months.”
• “The quick turnabout, from confidence to concern, reflects the broader weakness in the global economy. A slowdown in China, exacerbated by rising trade tensions with the United States, has reverberated around the world, dragging down growth in Europe and elsewhere.”
• “Mario Draghi, the president of the European Central Bank, implicitly blamed White House policies for the economic damage behind the decision. ‘Lower confidence produced by the trade discussions’ was a key cause of economic slowdowns in Europe, China and emerging markets, Mr. Draghi said.”
• “He added, though, that he did not expect a recession.”
You might think that Martin Shkreli, the “pharma bro” imprisoned for fraud, would have curtailed his business efforts. You’d be wrong, as Rob Copeland and Bradley Hope of the WSJ point out.
• “Wielding little more than a contraband smartphone, the disgraced pharmaceutical executive remains the shadow power at Phoenixus AG,” the company that, under a different name, drew outrage for jacking up the prices of rare drugs.
• He conducts drug research from the prison’s computer lab and, until recently, tweeted insults at the likes of Jack Dorsey of Twitter.
• His friends at a prison in Fort Dix, N.J., include inmates like “Krispy” and “D-Block.” (Their reported nickname for Mr. Shkreli is unprintable here.)
• “A few weeks ago he rang up his handpicked chief executive during a safari vacation — to fire him, according to a person familiar with the exchange.” That was later changed to a suspension.
• “His back-of-the-commissary-envelope calculation indicates that Phoenixus could be worth .7 billion by the time he is due to be freed in 2023, according to a person familiar with his thinking.” His business plan involves buying rare drugs and spending on research and development.
• But minority shareholders in the company are tired of Mr. Shkreli’s behavior. “This investment is an absolute disaster,” Sabine Gritti, one of those investors, told the WSJ.
Uber, Lyft, Airbnb, Slack and a host of other Silicon Valley companies are poised to go public this year, making employees and investors who own shares very rich. Nellie Bowles of the NYT explores how they plan to spend their wealth:
They will push up real estate prices. The Bay Area, known for its unaffordable housing, may get even pricier. “People are like, ‘I’m not going to sell till next year, because there are going to be bajillionaries everywhere,’” Herman Chan, a real estate agent with Sotheby’s, told Ms. Bowles.
There will be parties. Companies that go public want to celebrate, and hospitality companies are happy to oblige. One planner told Ms. Bowles that start-up I.P.O. party budgets can exceed million, adding, “They’re wanting to bring in A-list celebrities to perform at the dinner tables for the executives.”
Trophy purchases will be made. But wealth advisers are trying to persuade new clients to show a little restraint. “I don’t think a lot of them think there ever could be a downturn,” Ryan S. Cole of Citrine Capital told the NYT, adding, “They shouldn’t be buying boats.”
Jan Stahlberg, a co-founder of the Swedish private equity firm EQT, is leaving to start an impact-investing fund.
• Norway gave its sovereign wealth fund permission to sell off its holdings in pure-play oil companies. (Bloomberg)
• Airbnb agreed to buy HotelTonight, a site for last-minute hotel bookings. (NYT)
• A group led by Amazon and the New York Yankees is reportedly close to buying the YES Network, the Yankee’s regional sports channel, from 21st Century Fox for about .5 billion. (NY Post)
• SoftBank announced a new billion fund to invest in Latin American start-ups. (WSJ)
• The billionaire family that controls the maker of OxyContin has been dropped by Hildene Capital Management, a hedge fund that had managed some of their money. (WSJ)
Politics and policy
• House Democrats are looking into claims that President Trump wanted the White House to block AT&T’s bid for Time Warner. (CNBC)
• The Labor Department proposed expanding overtime eligibility to cover most salaried workers earning less than ,000 a year. (NYT)
• Michael Cohen sued the Trump Organization over what he says are .9 million in unpaid legal fees. (NYT)
• Paul Manafort was sentenced to 47 months in prison in one of two cases against him, well below federal guidelines. (NYT)
• Wall Street is betting on business software because of the sector’s fast growth. (FT)
• Elon Musk’s federal security clearance is at risk over his pot use. (Bloomberg)
• Facebook announced a plan to curb vaccine misinformation. (NYT)
• Tim Cook changed his Twitter handle to “Tim Apple”— after President Trump misidentified him during a meeting this week. (Bloomberg)
Best of the rest
• Carlos Ghosn’s lawyer explained why his client left jail in disguise — and admitted that it didn’t work very well. (WSJ)
• Governments and investors are taking a new interest in Africa. Will it play out better for Africans this time? (Economist)
• Modern Monetary Theory is gaining favor among American politicians. But should we try it out in a smaller country first? (Upshot)
• Philadelphia has become the first U.S. city to ban cashless stores. (WSJ)
Thanks for reading! We’ll see you next week.
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快本港台报码“【嗯】？”【棠】【梨】【只】【觉】【得】【自】【己】【是】【睡】【了】【一】【觉】，【刚】【想】【要】【起】【来】，【整】【个】【人】【就】【晕】【乎】【乎】【的】，【再】【一】【次】【倒】【进】【了】【艾】【德】【里】【安】【的】【怀】【里】。 “【我】【怎】【么】【了】？”【棠】【梨】【问】【道】，【就】【好】【像】【是】【大】【病】【一】【场】【醒】【过】【来】【一】【样】，【浑】【身】【没】【劲】。 “【虚】【耗】【过】【度】。”【艾】【德】【里】【安】【拿】【过】【杯】【子】，【插】【上】【吸】【管】，【让】【棠】【梨】【喝】【下】【去】，【有】【助】【于】【恢】【复】。 “【我】【就】【说】【了】【吧】，【这】【一】【次】，【你】【太】【过】【分】【了】。”【棠】【梨】
【江】【浪】【脚】【跟】【轻】【轻】【磕】【了】【一】【下】【马】【腹】。 【五】【花】【马】【这】【时】【才】【如】【同】【大】【梦】【初】【醒】，【迈】【开】【小】【碎】【步】，【向】【白】【衣】【男】【子】【站】【立】【的】【地】【方】【走】【去】。 【白】【衣】【男】【子】【从】【腰】【间】【抽】【出】【一】【柄】【雪】【亮】【的】【佩】【剑】：“【本】【来】【想】【让】【你】【无】【声】【无】【息】【的】【消】【失】，【可】【是】【你】【不】【领】【情】，【只】【好】【多】【受】【些】【痛】【苦】【了】！” 【刚】【才】【创】【建】【的】【圣】【域】，【耗】【尽】【了】【白】【衣】【男】【子】【六】【成】【的】【修】【为】，【所】【以】【他】【暂】【时】【是】【无】【法】【发】【动】【同】【样】【的】【圣】【域】。
Chapter 597 【出】【于】【好】【奇】，【更】【出】【于】【死】【道】【友】【不】【死】【贫】【道】【的】【心】【态】，【几】【个】【人】【不】【约】【而】【同】【的】【凑】【过】【去】【看】，【与】【其】【说】【是】【关】【心】【队】【友】，【更】【不】【如】【说】【是】【看】【热】【闹】。 【颜】【秋】【意】【肃】【着】【一】【张】【脸】，【抖】【搂】【开】【手】【中】【的】【纸】【张】，“【看】【吧】。” 【一】【张】A4【纸】【上】【干】【干】【净】【净】【连】【个】【笔】【画】【都】【没】【有】。 【冉】【美】【玉】【惊】【讶】【道】，“【这】……【啥】【意】【思】？” 【颜】【秋】【意】【面】【无】【表】【情】，【她】
“【什】【么】【人】【竟】【然】【如】【此】【大】【胆】……“ “【要】【给】【她】【点】【颜】【色】【瞧】【瞧】。“”……“【一】【时】【间】，【诸】【如】【此】【类】【的】【话】【络】【绎】【不】【绝】，【元】【一】【也】【不】【甚】【在】【意】，【她】【对】【着】【主】【持】【人】【说】【到】：”【如】【何】，【不】【行】【吗】？“ 【中】【年】【人】【这】【才】【答】【道】：“【当】【然】……【当】【然】【可】【以】。“ 【在】【接】【下】【来】【的】【时】【辰】【里】，【看】【台】【上】【的】【人】【更】【是】【一】【时】【也】【不】【转】【移】【眼】【睛】【地】【看】【着】【台】【上】【女】【人】【的】【招】【式】，【她】【的】【招】【式】【实】【在】【是】【太】
【一】【个】【月】【的】【时】【间】，【很】【快】【就】【在】【各】【方】【势】【力】【的】【筹】【备】【当】【中】【过】【去】【了】，【当】【李】【陌】【再】【一】【次】【见】【到】【巴】【立】【明】【的】【时】【候】，【正】【是】【在】【海】【港】【码】【头】【处】。 【只】【见】【此】【时】【的】【巴】【立】【明】【变】【化】【颇】【大】，【一】【身】【休】【闲】【的】【装】【扮】，【头】【发】【胡】【须】【也】【不】【似】【先】【前】【那】【般】【乱】【糟】【糟】【的】【了】，【而】【是】【变】【得】【极】【为】【整】【齐】，【虽】【然】【身】【材】【高】【大】，【但】【却】【丝】【毫】【看】【不】【出】【彪】【悍】【的】【气】【质】，【不】【过】【当】【巴】【立】【明】【张】【口】【的】【一】【句】【话】，【便】【让】【李】【陌】【忍】【俊】【不】快本港台报码“【做】【得】【很】【好】，【乘】【龙】~” 【见】【乘】【龙】【可】【以】【说】【是】【无】【伤】【地】【解】【决】【了】【对】【方】，【水】【轻】【柔】【微】【微】【笑】【着】【夸】【赞】【到】。 “【呜】~” 【听】【到】【自】【己】【主】【人】【的】【夸】【赞】，【乘】【龙】【高】【兴】【的】【眼】【睛】【都】【眯】【了】【起】【来】。 【虽】【然】【这】【不】【是】【第】【一】【次】【被】【夸】【赞】【了】，【但】【是】【每】【次】【它】【都】【会】【很】【高】【兴】。 【它】【就】【是】【这】【么】【单】【纯】…… 【水】【轻】【柔】【看】【着】【倒】【下】【的】【超】【级】【大】【甲】，【微】【微】【松】【了】【口】【气】。 【说】【真】【的】，【她】【之】
“【小】【姐】，【府】【上】【来】【客】【人】【了】。” 【屋】【外】【传】【来】【丫】【鬟】【的】【声】【音】，【上】【官】【翎】【暂】【住】【秦】【府】【同】【时】【也】【买】【了】【一】【些】【丫】【鬟】【回】【来】【打】【理】【这】【间】【宅】【院】。 【客】【人】？【上】【官】【翎】【从】【叶】【语】【身】【上】【起】【身】【边】【穿】【衣】【服】【边】【向】【外】【头】【问】【道】：“【是】【什】【么】【人】？” “【是】【位】【姑】【娘】，【说】【是】【小】【姐】【和】【姑】【爷】【的】【朋】【友】，【姓】【诗】。” 【听】【到】【这】【话】【上】【官】【翎】【回】【头】【就】【瞪】【了】【一】【眼】【叶】【语】，【道】：“【找】【你】【的】，【还】【不】【起】【来】！”
“【这】【就】【是】【你】【相】【中】【的】【人】？” 【遥】【远】【东】【方】【的】【五】【行】【山】【脉】【之】【中】，【巨】【大】【漆】【黑】【的】【身】【影】【收】【回】【了】【自】【己】【的】【目】【光】。 【正】【悠】【然】【欣】【赏】【此】【地】【充】【满】【毁】【灭】【与】【堕】【落】【美】【感】【风】【景】【的】【雪】【莉】【轻】【轻】【一】【笑】，“【啊】【啦】，【你】【在】【看】【他】【呀】？” “【是】【他】【在】【看】【我】。”【漆】【黑】【的】【身】【影】【平】【淡】【道】。 “【呵】【呵】，【这】【种】【语】【气】【真】【不】【愧】【是】【你】【啊】，【莱】【斯】【利】。【即】【使】【是】【在】【我】【们】【之】【中】，【你】【也】【是】【最】【顶】【尖】【的】【逸】