TOP NEWS
The EU-U.S. Trade War
Tariffs on European imports into the U.S.—on $7.5 billion worth of goods, covering everything from aircraft to cheese and champagne—have been approved to begin October 18, following a WTO green light after the body ruled that subsidies for European planemaker Airbus were illegal. The tariffs open a new front in the U.S. trade war, just as the country is trying to negotiate a resolution with China. Fortune
Hong Kong to Ban Masks
Following the worst violence in 50 years on the island on Tuesday—amid China's national day celebrations—Hong Kong's leaders are planning to ban face masks, using a British colonial-era law dating from 1922. A meeting on Friday is expected to ban the masks, which protestors wear to protect themselves from tear gas and conceal their identities. Fortune
Gloomy Markets
On Thursday, the U.K. appeared to tip into recession, as September PMI data tumbled to a six-month low, and services and construction data also fell. The gloom was felt beyond the U.K., though, as markets were wary after a rough Wednesday, when the rising threat of a Europe-U.S. trade war, panic over clashes in Hong Kong, and unresolved questions about Brexit combined to give the FTSE 100 its worst day since 2016. BBC / FT
Insurance Boss Attacks Draghi
Oliver Bäte, CEO of Allianz, Europe's largest insurer, accused European Central Bank president Mario Draghi of "politicization" of monetary policy in the eurozone, by flooding the EU with cheap money in a way that has made it more difficult to make the fiscal reforms needed to address the region's economic issues. "The reason why we're not doing fiscal [reforms] is because you're making it easy for people to spend money they don't have," Bäte said, addressing Draghi. FT
Making Factories Smarter
To ignite stalled labor productivity, manufacturers are pursuing smart factory initiatives, which utilize cutting edge, efficiency-boosting technology. Deloitte and the Manufacturers Alliance for Productivity and Innovation explore the benefits.
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AROUND THE WATER COOLER
Making Money In Syria
As the Syrian war drags on and regular Syrians slide deeper into poverty, some of the country's richest families are still living a gilded life: partying in Dubai clubs and traveling by Ferrari around France. But as Assad has taken control of more of the country, he is reorganizing Syria's 'rentier' economy, steeped in political alliances and outright corruption, and even the old oligarchs may not be safe. FT
Starbucks Is Caught In the Middle
Starbucks' storefronts are increasingly being tagged and defaced as Hong Kong protests escalate—collateral damage in the battle over control of the island territory. But they are also an example of the delicate balance international chains must walk as they weigh Hong Kong's push for democracy against the opportunities in China's growing market. Fortune
Silicon Valley and the Pentagon
In Silicon Valley, government defense contracts and big tech companies have frequently been at odds, with employees at Amazon and elsewhere protesting projects they see as stepping over the line. But Anduril, a tech company that has sometimes aligned itself with Trump loyalists, has no such qualms: the company now makes defense drones. Businessweek
What's Going On At USA Swimming?
The U.S. Justice Department and the IRS are investigating USA Swimming for alleged business misconduct, possible tax violations—and accusations of sexual abuse. An investigation by the Wall Street Journal tracks reports that the Olympic organization used a complex network of financial tools to suppress sexual assault reports and prevent them from threatening its reputation, and its bottom line. The organization said it supported the government investigation but was "confident in the integrity of its finances and tax filings." WSJ
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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