TOP NEWS
The Libra Backlash
Facebook's efforts to create a cryptocurrency are facing growing resistance, as the Trump administration said Libra would raise national security concerns. This time, the administration has backing from some quarters it is often at odds with: Democrats, and European officials, who will meet in France this week to discuss cryptocurrencies. Facebook executive David Marcus is expected to appear before the Senate Banking Committee today. WSJ
StanChart CEO Calls Investors "Immature"
Faced with the largest investor revolt since 2014 over executive pay—with 40% of the company's investors not backing a new renumeration policy that affects pension size—StanChart CEO Bill Winters called investors' complaints "immature and unhelpful." One large shareholder shot back, saying Winters' was "in the minority of one" for thinking there was no issue with the size of his pension cash allowance, which is the largest of any chief executive for a bank listed in the U.K. FT
The Cost of the Trade War
Will the revenue from tariffs compensate for losses in industries hurt by the trade war? Not even close, according to an analysis by the New York Times. Revenue on $250 billion worth of Chinese goods so far will not cover the cost of a bailout just for U.S. farmers: that revenue has brought in $20.8 billion so far while farmers have been promised a $28 billion package to help blunt the impact. Other industries, including plane manufacturers and tech companies, are also feeling the impact. New York Times
Stewart Butterfield Isn't Worried
Speaking at Fortune's Brainstorm Tech conference in Aspen, the Slack CEO praised Microsoft as an "incredible company" but brushed off concerns about tough competition over the two companies' non-email work chat platforms. Slack has 600,000 users across 150 countries, but the incumbent is still Microsoft—its Team app reportedly has 10 million users. Fortune
Striving for Customer Success
It's one thing to want a customer to succeed, it's another to focus your organization around customer success and outcomes.In this first-of-its-kind market study, Deloitte explores the process and benefits of going beyond establishment of a Customer Success function.
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AROUND THE WATER COOLER
Chinese Diplomats Start to Tweet
Twitter has become part of the landscape for politicians, and perhaps nowhere more so than under the Trump administration. But now Chinese diplomats are increasingly tweeting, too. Just last week, China's ambassador to the U.S. opened an account—and tweeted about Taiwan. Reuters
The 1MDB Haul Just Keeps Getting Bigger
Vintage movie posters—including one for the French release of the original King Kong—luxury watches, and a Jean-Michel Basquiat drawing have been added to the list of items purchased with money stolen from Malaysia's development fund. Those items were given as gifts to a Wolf of Wall Street producer from Riza Aziz, stepson of the former Malaysian prime minister. Bloomberg
The Seltzer Bubble
Demand for sparkling water is on the up and up—buoyed by concerns about health, it's seeing double-digit growth. That's bringing big brands into the market, along with a range of buzzy upstarts. But is this all a bit fizzy for an industry that's selling, well, fancy water? New York Times
Anatomy of an A.I. Disaster
A former Youtube engineer, who worked on the company's A.I. recommendation algorithm, runs through how the Youtube pedophilia scandal happened—in which disturbing videos were recommended and pushed through the platform—and how, as more data is fed into the algorithm and A.I. get stronger, the risks of a similar scandal only rises, and becomes harder to catch. Wired
This edition of CEO Daily was edited by Katherine Dunn. Find previous editions here, and sign up for other Fortune newsletters here.
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