>>> Weekend Papers Summary

Weekend Papers Summary

NY TIMES (Saturday): During a call in July, Donald Trump called on Ukrainian president Volodymyr Zelensky to investigate former vice president Joseph Biden’s son, according to a person familiar with the conversation, an apparently blatant mixture of foreign policy with his 2020 re-election campaign; +/- FB: Social site’s suspension of tens of thousands of apps for improperly accessing personal information was a tacit admission that the scale of its data privacy issues was far larger than it had previously acknowledged; The F.B.I. has used secret subpoenas to obtain personal data from far more companies than previously disclosed, newly released documents show, including usernames, locations, IP addresses and records of purchases; Kim Myong-gil, North Korea’s new envoy to nuclear talks with the U.S., welcomed the ouster of National Security Adviser, John Bolton, and Trump’s suggestion he would use a “new method” in negotiating with the Pyongyang; German chancellor Angela Merkel’s government agreed to support a $60B package of climate policies aimed at helping Germany meet its goal of reducing greenhouse gas emissions by 2030; California, joined by 22 other states and the District of Columbia, filed suit against the Trump administration for its unprecedented legal reversal of states’ authority to establish their own rules on climate-warming tailpipe emissions; India once had the world’s fastest-growing economy—manufacturing everything from underwear to cars—but it has been battered by global and domestic forces, and its troubles are a warning sign for other developing countries; +/- Airbnb: Interviews with current and former employees and investors reveal the company’s 6,000-person work force has become increasingly frustrated by not being able to cash in stock that was received in compensation packages, and waiting for the IPO has become a growing source of stress; +/- AMZN, AAPL, FB, GOOGL: The House Judiciary Committee asked more than 80 companies for information about how their businesses may have been harmed by the tech giants, according to sources, a sign Congress is increasing the scope of its investigation into Silicon Valley’s power; Trump said China was a “threat to the world” and suggested Beijing was eager to make a trade deal because his tariffs were hurting the Chinese economy, comments that come as the two countries prepare to resume negotiations; (Sunday): Allegations that Trump courted foreign interference from Ukraine to damage Democratic presidential candidate Joe Biden prompted Biden to demand a House investigation of Trump’s phone call with Ukraine’s leader and Trump to call the whole thing a “witch hunt”; As China presented itself as a partner for El Salvador’s future, Trump may have played into Beijing’s hands by offering little beyond threats to the Central American nation and its neighbors for not doing enough to curb migration, though it has shifted to criticizing China’s legacy in the developing world; Democratic presidential contender Elizabeth Warren is the new Iowa polling leader, narrowly in first place ahead of former vice president Joe Biden, according to a new poll of the state from The Des Moines Register and CNN; Sunday Business: Lead story says that Silicon Valley tech companies, which long gave workers purpose, optimism, and self-confidence now find that staff are anxious about a number of things, prompting the launch of therapy start-ups that offer familiar care along with streamlined paperwork, data-driven approaches, and “happiness analysis”; Magazine: In an opinion piece, former vice president Al Gore, says the climate crisis is the battle of our time, and that the tools and political power necessary to create change are in place to win the battle.

WSJ (Weekend): The U.S. said it would send military forces and hardware to Gulf allies and moved to sever some of Iran’s last ties to world markets on Friday by sanctioning its central bank, while preparing to outline a case for international action when world leaders gather at the United Nations; Donald Trump dismissed the trade war with China as “a little spat” and rejected the notion of accepting a partial trade agreement, saying Beijing’s plan to boost purchases of U.S. agriculture exports alone isn’t enough; +/- AMZN, FB: As concerns about the health hazards of vaping mount, a market for cannabis-vaping products and the tools to create counterfeits is thriving online on big tech platforms, where they are legal under certain circumstances; Federal Reserve officials are studying whether infrastructure issues contributed to a spike in short-term lending rates this week, after the central bank said it would extend recent operations to inject cash into money markets; The Trump administration reached a deal with El Salvador to send some asylum seekers from third countries back there, part of a larger effort to dissuade migrants from entering the U.S. illegally; Indian prime minister Narendra Modi is set to come to the U.S. for a week to discuss a plan to loosen restrictions on U.S. goods in a bid to ease simmering trade tensions and garner fresh investment into India’s flagging economy; + NFLX: In the battle to dominate the new entertainment landscape, Hollywood studios are imitating Netflix, transforming how they do business with writers, producers and stars—and how money is made in entertainment; +/- AMZN: About 18 months ago a new nonprofit group called Free and Fair Markets Initiative launched a national campaign criticizing Amazon’s business practices, but didn’t reveal that it was receiving funding from SPG, WMT, and ORCL; +/- AAPL: Camera technology has become an important differentiator in China, where Huawei leads rivals, a situation Apple hopes to change with the iPhone 11, which features cameras that are higher end than those on previous models; Intelligent Investor: “WeWork’s postponed IPO shows how hollow the narrative about the superiority of private markets can be,” and why it’s important for investors to wary of the myth that private markets are superior to public ones; H.O.T.S.: In a slow economy, investors appear to be setting a high bar for improvements in corporate earnings—but trouble can result when companies try to hit unrealistic targets; +/- AAPL: Tech giant is expected to have another slow year of iPhone sales, but that may work out well if its three new models do better than low official expectations; The Hong Kong government decided to peg its currency to the dollar during a time of turmoil to restore confidence, but its exchange-rate system should weather the storm.

FT (Weekend): The Fed’s move to step up efforts to reduce volatility in short-term lending markets may not last—U.S. banks and investors have warned that a market flare-up may occur again during quarter and year ends, when there is a typically a high-demand for cash; + GOOGL: Google claims to have built the first quantum computer that can carry out calculations beyond the ability of today’s most powerful supercomputers, a possibility eagerly anticipated by researchers; related story says Google chief Sundar Pichai is urging U.S. regulators not to rush into a crackdown on artificial intelligence; Big Read piece says the recent attacks on Saudi Arabian oil infrastructure not only caused the biggest disruption to the kingdom’s oil industry in 86 years, they exposed the vulnerability of the country to the simmering row between the U.S. and Iran; Lex Column: The most convincing explanation for Airbnb’s slow-mo IPO is that it needs to mollify employees clamoring to sell stock options that may expire soon; Newly appointed RBS chief Alison Rose has a reputation for quite competence, and she will need all of that and some political skills to succeed at one of the thorniest jobs in banking; T needs to slim down its balance sheet, and selling all or part of DirecTV is the best way to do so; Comment: For all its bluster and hubris, WeWork isn’t the Pets.com of 2019 or a bellwether of a dysfunctional market, says Philip Delves Broughton—it’s is a real business serving a real need, and it has a future.

NY POST: (Saturday): Lead business story reports on Carl Icahn’s planned move to Florida, where he will lease space in a as-yet-to-be-constructed office tower in a Miami suburb; + AAPL: Chief Steve Cook made an unannounced appearance at the company’s newly renovated Fifth Avenue store, where me mingled with customers waiting to buy the new iPhone 11; (Sunday): Distressed student loan borrowers in New York, are turning to slick Wall Street con artists who promise to lower repayments and facilitate loan forgiveness, but most such companies are scams; related story says high student loan indebtedness among a significant number of young college grads could negatively impact their chances of borrowing later in life for houses or cars.