Innovation and Tech
Tim Cook visits China. Apple CEO Tim Cook was in Beijing this week to meet with the chief of China's market regulator. They discussed Apple expanding investment into China, among other topics, according to the Chinese agency. The meeting comes on the heels of Apple's controversial decision to remove a Hong Kong protest-related app from its App Store for alleged targeting of police officers. Critics of Apple's decision accused the company of appeasing mainland China, a key market for Apple. CNBC
Facebook vs. P.R.C. Facebook's Mark Zuckerberg, speaking at Georgetown University this week, extolled the importance of free speech and said global tech companies like Facebook must fight to protect it or the global Internet may start resembling China's censored version. Seemingly resigned to the fact that he will never get Facebook into the Chinese market, Zuckerberg criticized TikTok for censoring content deemed sensitive by the Chinese government and said he is not going to open Facebook data centers in China out of security concerns—a far cry from 2015, when he unsuccessfully asked Xi Jinping to help name his newborn child. Bloomberg
Economy and Trade
Is the deal real? More than a week after the White House announced a preliminary "phase one" trade deal between the U.S. and China, the two sides have yet to release written details about the terms of their agreement. The lack of documentation has led analysts and investors to speculate that, in fact, no agreement was reached during Trump's meeting with Chinese vice premier Liu He in Washington last Friday. But Liu, speaking at a conference in Nanchang yesterday, suggested some sort of bargain is in the works. "The two sides have made substantial progress in many fields, laying an important foundation for the signing of a phased agreement," he said. CNBC
Slowing growth. China's third-quarter economic growth dipped to its to its slowest pace in nearly three decades, with GDP rising only 6.0% year-on-year after an already faltering second quarter that saw just 6.2% growth. The U.S.-China trade war is starting to hit factory production, and analysts say the slowdown is mainly due to weakness in export industries. Some analysts note that China's growth was slowing before the trade war, and the slowdown will not be solved by a simple resolution of China's dispute with the U.S. Fortune
Shaky stocks. Asian stocks fell, erasing the week's earlier gains, in response to China's third-quarter slowdown, which came out 0.1 percentage points lower than economists predicted. Hong Kong's Hang Seng Index dropped 0.48% at close on Friday Hong Kong time, the Shanghai composite ended Friday 1.32% lower, and the Shenzhen composite was down 1.17%. Analysts pinned the stumble in shares on "macro uncertainty" around the U.S.-China trade war and widespread doubts that last week's "mini-deal" will bring economic relief. Apart from Japan, stocks elsewhere in Asia-Pacific lowered as well. CNN
CEO Daily 10/14
More Confident CMOs
Many CMOs struggle to find a voice at the executive table. How can they elevate their influence and fully realize the role's potential? Deloitte explores.
Read more
In Case You Missed It
Samsung's Departure is New Blow to Chinese Manufacturing Financial Times
What America Didn't Anticipate About China The Atlantic
China's Love-Hate Relationship With Gaming Won't Stop it From Dominating the Industry TechNode
More Chinese Are Home Schooling Their Kids The Economist
China's Security Threat to the U.S. is Bigger Than Huawei Axios
Politics and Policy
Disputed claims. China denied NBA commissioner Adam Silver's claim that Beijing pressured him to fire Houston Rockets manager Daryl Morey after Morey wrote a message on Twitter in support of the Hong Kong protests and sparked an international firestorm. Silver had said that there was no chance of Morey being fired or disciplined, despite pressure from China to do so. At the same event, Silver said the fallout from Morey's tweet, which angered the Chinese government and many fans, has already cost the NBA "substantial" losses in revenue. Reuters
Lee takes a stand. Singapore Prime Minister Lee Hsien Loong has earned praise on Chinese social media and state media after he criticized the increasingly anti-China protests in Hong Kong, saying they aim to "humiliate and bring down the government," and fulfilling protesters' demands will not solve the city's problems. Lee also said that Singapore, a financial hub like Hong Kong, "would be destroyed" if the same thing happened there. South China Morning Post
No extradition. Chan Tong-kai, the 20-year-old murder suspect whose case sparked the ongoing Hong Kong protests, will be released from jail in Hong Kong next week, and plans to turn himself in to authorities in Taiwan, where he is wanted for the killing of his pregnant girlfriend. Chan's case was the Hong Kong government's main argument in favor of the now-shelved extradition bill that started off the protests in June. Under the bill, suspects could be extradited to mainland China. Taiwan is a self-governing island that China claims as its own, and previously said it would not accept the suspect under the extradition bill. A reverend who has met with Chan says Chan hopes his decision will help calm the unrest in Hong Kong. South China Morning Post
This edition of CEO Daily was edited by Naomi Xu Elegant. Find previous editions here, and sign up for other Fortune newsletters here.
No comments:
Post a Comment