Alibaba executive Chairman Jack Ma met with Donald Trump on Monday to discuss plans to create 1 million new U.S. jobs over the next five years. At the same time, Toyota said it plans to invest $10 billion in the US over the next 5 years.
Starting Tuesday Americans will be subjected to what will feel like endless hours of torture as Senate Democrats get their opportunity to question Trump cabinet appointees. Given that Republicans control a 52-48 majority in the Senate and that Democrats eliminated the 60-vote threshold in 2013, the Democrat theatrical displays will ultimately amount to nothing more than an attempt to discredit and shame Trump's appointees but should be fun nonetheless.
"It's finally happening - Fiat Chrysler just announced plans to invest $1BILLION in Michigan and Ohio plants, adding 2000 jobs. This after Ford said last week that it will expand in Michigan and U.S. instead of building a BILLION dollar plant in Mexico. Thank you Ford & Fiat C!"
Mexico's central bank spent over $4 billion last week in an effort to support the collapsing peso during U.S., Mexico and Asian trading, according to El Economista... So far that $4 billion has not stemmed the tide of selling with the peso still down 3% on the week.
Suddenly the coolest thing in corporate America is announcing major capital investments in the US while adding thousands of American jobs, in other words the opposite of the globalization trend of the past 30 years, in yet other words, doing precisely what Donald Trump demands.
As domestic unrest grows in Mexico amid gas price hikes and tensions mount over Trumpian policies, AP reports that Mexican prosecutors said Saturday they are searching for a gunman who opened fire on, and wounded an official of the U.S. consulate in the western city of Guadalajara. While motive is unclear, the shooting appeared to be a direct attempt to kill the consular employee.
Are investors so focused on Dow 20,000 that they've become complacent about the true risks of Donald Trump's vows to tear up trade agreements, erect 17 commercial tariffs, and deport millions of immigrants?
In October we noted that the death of Theranos has been long coming - ever since the WSJ' John Carreyrou did a phenomenal job, starting about one year ago, of exposing the fraud that is Clinton Global Initiative-darling Elizabeth Holmes - but now following the second round of massive job cuts, it appears the final nail in the coffin of this 'fake news' unicorn is being struck. As Bloomberg reports, the startup will eliminate 155 more positions, leaving 220 employees (down over 70% from highs).
"Some of these pre-term policies, where he’s cajoling companies to move production back into the United States, that’s fine, but it reminds me to some extent of policies in Italy long ago associated with Mussolini and government control of corporate interests" - Bill Gross