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Nov 30, 2018

Whats News I WSJ: U.S., China Seek a Trade Deal; Trump Cancels Putin Meeting; California Rethinks Wildfire Tactics.





What’s News




Good Morning

Here’s what we’re watching as the U.S. business day gets under way:


U.S. and China seek a trade deal. As the Group of 20 leaders' summit in Buenos Aires kicks off, Washington and Beijing are exploring a deal in which the U.S. holds off on more tariffs in exchange for talks on changes in Chinese economic policy.
Trump canceled a planned meeting with Putin. On Twitter, the U.S. president cited Russia’s recent seizure of three Ukrainian naval ships as the reason why, adding that he was open to rescheduling the meeting “as soon as this situation is resolved!”
U.S. president to navigate tense Turkish-Saudi rivalry. The murder of Jamal Khashoggi in the Saudi consulate in Istanbul has deepened the rift between the two longtime U.S. allies.
A rebranded Nafta is expected to be signed this morning. Representatives from the U.S., Mexico and Canada will sign the new trade pact at the summit. Shortly, before the deal was struck, Canada gave the Trump administration one big win to avoid being left out.





Cohen told Mueller he lied about a Trump Moscow project. In a surprise court hearing, Michael Cohen pleaded guilty to one charge brought by Robert Mueller’s office of lying to congress about a Russian real-estate project, saying he purposely minimized the president's connection to it.

Saudis struggle to share the pain of pumping less oil. Before OPEC's meeting next week where it is set to decide how much oil to produce in 2019, Iraq and other producers will press Saudi Arabia to bear the brunt of cuts, potentially undermining efforts to reverse the oil-price slide.


California rethinks its tactics for fighting wildfires. The Camp Fire, the state’s deadliest and most destructive wildfire, has left communities reevaluating everything from their evacuation routes to communications systems.


Big data is changing society—we want to hear your thoughts. Journalists at WSJ are researching how online surveillance influences people's behavior. We want to hear from you. Please join this project by filling out the questions and sharing the survey with your friends.


What's Trending




ANDREW HARRER/BLOOMBERG NEWS

“I thought you told me he was going to be good.” President Trump calls the Federal Reserve "crazy" and "a much bigger problem than China." Fed chief Jerome Powell has one response: silence.
Fed minutes point to a December interest-rate rise. However, officials appeared more tentative about maintaining a pace of quarterly increases after that, meeting minutes show.


Consumers step up spending to start the fourth quarter. Powered by strong income gains, Americans spent more in October. At the same time, inflation was subdued, which could take pressure off the Fed to keep raising short-term interest rates next year.


GM's factory shutdown plans give it leverage in labor talks. The auto maker's proposed closure of several U.S. factories will give it a bargaining chip next year during contract talks with the United Auto Workers union to extract concessions on wages and other benefits.






Prized “rare earth” minerals feel the scorch of tariffs. The only mine in the U.S. that produces minerals needed to make smartphones, electronics and military gear is bolstered by national-security policy, but slammed by the trade fight with China.


The White House will hold a roundtable with tech executives. The panel, to be held next Thursday, will discuss “bold, transformational ideas” that can "help ensure U.S. leadership in industries of the future,” according to a White House email.



Chart of the Day






OK, computer: How much is my house worth? Regulators have proposed loosening real-estate appraisal requirements to enable a majority of U.S. homes to be bought and sold without being evaluated by a licensed human appraiser. That potentially opens the door for cheaper, faster, but largely untested property valuations based on computer algorithms.


News From Other Sources

The U.S. charges Mike Lynch over $11 billion Autonomy sale to HP. The charges, which carry a maximum penalty of 20 years in prison, include 14 counts of conspiracy and fraud.


via Financial Times


How a future Trump cabinet member gave a serial sex abuser the deal of a lifetime. Millionaire Jeffrey Epstein was accused of sexually abusing dozens of underage girls. Prosecutors, including the future labor secretary, cut Mr. Epstein an extraordinary plea deal.


via Miami Herald


Facebook’s Sheryl Sandberg told staff to investigate financial dealings by George Soros. Ms. Sandberg wanted to determine whether the billionaire had a financial incentive to see Facebook’s share price decline, the company said.


via Bloomberg


This Day in History

Nov. 30, 1998

Deutsche Bank Acquires Bankers Trust for $10.1 billion


The German lender said that the combination would result in a loss of 5,500 jobs out of a new world-wide workforce of 96,442. The purchase made Deutsche the world's biggest bank in assets at the time.

Yesterday, Deutsche Bank's offices were raided as part of a German investigation into whether the firm helped clients launder money through tax havens. The bank has confirmed the investigation and said it would cooperate closely with the authorities.






THE WALL STREET JOURNAL

—Compiled and edited by Phil Nobile in New York and Katy Barnato in London

Source: WSJ










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