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Opening Bell 6.7.18

ZTE agreements; Quarterly qualms; Divine stuffed animals and more!

Putin tells Europe on U.S. trade threat: 'I told you so' [Reuters]

“That is exactly what is happening now. Nobody wanted to listen, and nobody did anything to stop this from developing. Well, there you go, you’ve been hit. Dinner is served ... please sit down and eat.”

Putin also accused the United States of upsetting the strategic nuclear balance, and said nobody should take any hasty steps: “The understanding that a third world war could be the end of civilization should restrain us.”

U.S. Trade Is Trump’s Main Focus at G-7 Gathering [WSJ]

For decades, the G-7 summit has been a venue for the richest countries to coordinate policies around trade and shared values, and the U.S. was the group’s undisputed leader. Now, many observers believe the Trump administration seems less interested in maintaining the post-World War II trading system and more concerned with domestic priorities.

ZTE Pays $1 Billion Fine in Settlement With U.S [WSJ]

According to Mr. Ross, speaking on CNBC, ZTE must change its management and its board, pay the fine, and put $400 million in escrow, which it will forfeit if it violates U.S. sanctions on North Korea and Iran. In addition, he said, “we still retain the power to shut them down again,” if the U.S. finds the company doesn’t abide by the settlement terms.

Mr. Ross said the compliance team would be staffed by Chinese-speaking U.S. agents and would report to ZTE’s new management as well as the Commerce Department. But critics of the deal doubt that will be sufficient to keep tabs on the company’s actions.

Mr. Ross said that the ZTE deal isn’t part of the overall trade fight between the U.S. and China. It is far from clear that the agreement will forestall the U.S. from assessing tariffs on $50 billion of Chinese goods after June 15, as the U.S. has threatened.

Dimon, Buffett Urge CEOs to End Quarterly Earnings Forecasts [Bloomberg]

“Quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability,” they said.

The two men are among the financial industry’s most powerful leaders. They have said the practice of telling Wall Street what to expect from earnings can distort management’s priorities. In the latest appeal, they said companies often hesitate to spend on technology, hiring, and research and development to meet quarterly earnings forecasts that can be affected by seasonal factors beyond their control.

B.C. couple loses child custody after stuffed lion purportedly transmitting the word of God acted as their lawyer [Vancouver Sun]

The unusual child custody trial featured the couple speaking in tongues to a stuffed animal they said transmitted the word of God directly to them and refusing legal assistance because Jesus Christ — through the stuffed lion — was their lawyer, witness and judge.

In November, when the girl was one, the Provincial Court of British Columbia formally declared she was in need of protection and placed her in provincial custody, a decision the parents appealed to the B.C. Supreme Court. The parents claimed the judge violated their Charter rights, discriminated against them as Christians and made procedural errors.



Opening Bell 6.04.18

Tesla troubles; Allies and enemies; Failure to launch; Pasta problems and more!


Opening Bell 7.11.18

More tariffs; Twitter troubles; Escape room captures criminal and more!

(Trump image courtesy Flickr user Gage Skidmore)

Opening Bell 7.20.18

More China tariffs; Putin hedges; Jenny McCarthy gets spooked and more!


Opening Bell 7.25.18

Waymo and Walmart; Boeing falls; Armpit advertisements and more!


Opening Bell 7.2.18

WTO rumors; Tesla walks the walk; Shoe camera explosions and more!


Opening Bell 7.27.18

GDP reports; Twitter falls; Seth Rogen intercom and more!

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

Opening Bell 7.13.18

JPMorgan earnings; Activist investors; Woodchucks eating cars and more!


Opening Bell 7.26.18

Trump tariff talks; Facebook selloff; Free press questions and more!