Trump Strikes Conciliatory Tone at G7, But Sows Confusion
It as more and more businesses become digital first business. Intelligence data is proliferating as a powerful decision making tool. Could it provide a key competitive advantage. The find out when we return to the transformation minute from comcast business at the g seven summit president trump seeks dial down trade tensions with china whether or not china's calling up and saying let's make a deal. It seems like that's probably a little strong. There's no real indication. That china for its part has really changed changed. Its stance <hes> over the past couple of days and sources alleged that carlos gone used kickbacks to start a parallel business while they ran nissan whether it's criminal or nor by international business times many people would say that that shows somewhat questionable judgments and said that we've been company. Maybe create some sort of conflict of interest. This is what's news from the wall street journal. I'm charlie turner in new york. We'll have those stories in a moment first. I harrison other stories. We're following bristol. Myers squibb moved a step closer to completing at seventy four billion dollar purchase of cell gene amgen monday agreed to buy sell gene so tesla psoriasis treatment for thirteen point four billion dollars. The wall street journal's jared hopkins says bristol myers and cell gene see the deal as addressing antitrust concerns. The companies had mentioned several months ago that there were f. T. c. concerns related to anti inflammatory treatments and the issue here is the fact that bristol myers was developing or is developing the treatment kind of in this family of treatments so to speak it was acquiring from the soldier gene potential acquisition our future acquisition here a treatment. That's already on the market. Jared adds that for amgen. Oh tesla is a strong fit for its portfolio of anti inflammatory slamma tori treatments the house judiciary committee has subpoenaed former white house staff secretary rob porter as part of its investigation into whether president trump obstructed justice justice the subpoenaed to appear before the committee is democrats latest bid to compel a trump associate to publicly detail allegations that the president sought to interfere in former special counsel robert mueller's investigation committee chairman jerrold nadler democrat of new york has said his probe could lead the panel to recommend that the house vote to impeach the president the subpoena calls for mr porter to appear on september seventeenth student debt is soaring. It's now nearly one and a half trillion dollars and defaults are at a record that has been fertile ground for companies that promise to help stretched borrowers by navigating the maze of federal programs that can reduce or forgive debts for those who qualify such as public service workers or people on low incomes but the wall street journal says some services are outright scams and others make promises that are illegal catch our report report soaring student debt opens door to relief scams at wsj.com. Welcome back to the transformation minute from comcast comcast business could business intelligence data be one of the keys to smarter decision making. We asked denise hasty as v._p. Of comcast business turning business intelligence johnson to a real competitive advantage means turning data in those data insights into actionable plans so although these new tools help with business inside they also also spinal on a new business questions but those business questions can also drive business ideas and new revenue sources that we did not think possible as the oh gee seven summit wraps up in france. The question is where are we at this point on the trade battle with china stocks nosedived last friday after the chinese government launched retaliatory salutary tariffs against the u._s. To which president trump responded by threatening even stiffer tariffs on china but at the g seven summit mr trump sought to ease tensions since with china and the g. seven the vice chairman of china came out that he wants to see a deal made he wants it to be made under calm conditions. Nations yuzu were calm. I agree with them and that let's get more from the wall street journal's josh zoom brune who joins us from washington josh. The president said he got got a call from china saying in effect. Let's make a deal. Does anyone know what in particular he was referring to know and it seems like he overstated the state of play. Just it's a little bit the chinese in the u._s. Teams have had kind of ongoing conversations between lower level officials. They're still trying to iron out issues. They're still trying to figure figure out if china's actually coming to the u._s. In september that was the original schedule after the latest rounds of meeting which we're in shanghai was that china would come back to the u._s. In september we haven't seen the details of that meeting yet and so there has been some staff work about that but whether or not china's calling up and saying let's make a deal. It seems like that's probably a little old strong. There's no real indication that china for its part has really changed its stance over the past couple of days <hes> and you know as far as the two sides in this debate go. Did you ask stance will frequently kind of shift. <hes> based off based off president trump's statements. The chinese side doesn't do that as much they kind of tend to stake got a position and stick to it for a very long period of time and only move solely and only move a little bit yeah. This follows the events on sunday whereas the wall street journal reported president trump whiplashed the seven summit by saying he was having second thoughts about escalating the trade tensions with china and then the white house sought to clarify that statement right the white house came out and said the only second thoughts he had is that he didn't raise the tariffs hires that he wished he'd raise the tariffs tire <hes> so it's a little unclear we've seen this pattern from the white house before to where they take an action action that ends up being very negative for the financial markets that prompts a lot of people to worry about the economy and then a few days later they take steps to soften that so you know they they clearly wanna a still show that they're being tough on china but when it starts to affect the financial markets they want to kind of ease the blow from that and so this is part of that pattern we've seen many times or they're trying to thread that needle being hard on china but not being hard on the financial markets and as this weekend kind of shows. It's it's very hard to get that message across in particularly coherent way right as we speak stocks have recovered a portion of friday's losses in monday trading. It just seems like it's crucial to investors that the two great economic powers de escalate their trade fight yeah and the other part of it that is going on here is that there was also some <hes> de-escalation with the european union. I mean this one doesn't get quite as much attention but the trading relationship between the u._s. and the european union is actually larger than that with china. The european union's not a country. It's a collection of countries of course but when you add them all together. It's a much larger trading relationship than with china and there's been been a lot of tensions there as well. The u._s. is threatened car tariffs that would have a really big impact on germany in particular but to a lesser extent that the u._k. And italy the u._s. is certain big tariffs against france so there's been a lot of tensions between the u._s. and the e._u. and so i think there's probably also market relief that things seemed to go well today. Hey at least between when the president was talking with angela merkel in germany and with emmanuel macron in france does conversations appear to have gone pretty well and so there's probably a little bit of relief from that as well. It's not one hundred percent about china the summit there were also tensions that the g seven summit is apparently u._s. Officials did not like the format laid out what issues were being discussed discussed. I think discussions about niche topics yeah and those niche topics include climate change which none of the you know the other members of the g. seven don't consider climate change to be a niche inch topic <hes> and so there was a meeting apparently at the summit where all the heads of state from the other six you know went to this meeting about climate change which they've very seriously in the trump administration asian didn't tend and president trump didn't attend and so that kind of underscores the difference on some of these issues. You know a few other topics where they're having kind of a difficult time. <hes> one of the big ones wins is russia. I mean president trump said that he wants vladimir putin to come back into the g seven for a number of years. It was actually called the g eight and that was because russia also sup- precipitated in these summits <hes> in russia was thrown out <hes> back when they <hes> overtook the crimean peninsula the other six countries in g seven. You don't want to let russia back in for that. They say you can't just take over territory <hes> anymore. <hes> trump wants to look past that and let putin back in. You know. That's another issue where there's just just not agreement between the u._s. And the other six members and also the other main topic of discussion was iran. I guess trump was blindsided or said. He was blindsided by news. The top iranian officials showed up at the g seven summit. Yeah i mean most of those countries had worked on that iran nuclear deal a few years ago that the trump administration then pulled out of and so the other our countries have still kinda wanted to salvage something there the trump administration has has wanted to take a different approach towards iran. We've heard different statements over the weekend about whether or not the u._s. knew this was is going to happen. So you had to be honest. I don't know the truth of it. <hes> but in the press conference with a manual mccrone at the end of the summit trump wasn't super negative about iran and even raised as the possibility that trump and iranian state would meet at some point in the future although it's not clear exactly when that might be wall street journal reporter josh zimmer joining us from washington. Thanks josh thanks for having me next. The wall street journal reports on how nissan chief carlos gone built a parallel business <music> as an investor in silicon valley with his son using millions of dollars he received from an executive at a nissan business partner in oman. The wall street journal's nick kostov dav wrote the story and spoke with sam western so nick. This is a complicated story. But what do we know about the funds that carlos goan used used for his investments in silicon valley startups so this story really begins in twenty fifteen and that year the the goan set up open investment vehicle in delaware who'd shotgun investments and this vehicle is to invest in startups in silicon valley so do i this work does that going son antony who was working at the time for a silicon valley investor j. lonsdale he would find investments and find stops which he thought would do well and he woods either make the investment himself. If there were swollen investments they were larger investments he would oscar's dodds for permission and for funds to invest the money in today startup so for example he wanted to make an investment in grab and so he amount his dad saying the grab was interesting investment and his dad sent over two million dollars and anthony obviously made that investment excellent so anthony who's ready to hunt going really provided the funds and obviously these funds now no we're coming from a nissan san client who is based in no man and who deposits money in a funding in lebanon and which then mr going direct rex to shogun investments okay so so what do we know about this connection with the fund in lebanon so the money which ended up at the delaware funding which was been invested into various start ups. We know that it came from an executive at a nissan distributorship co-defender kumar he's an international and he transferred the money from his bank account in switzerland to lebanon-based vehicle and then the money was transferred over to shotgun investments in the u._s. Now would japanese prosecutors allege. What nissan investigators believe is that. This money was actually siphoned-off from incentive payments that nissan were paying to the distributor in. I'm so japanese. Prosecutors specifically say that of two five million dollar payments that nissan may to the distributor twenty seventeen in two thousand eighteen five million of that they charge was diverted through the international defender cuma lebanon and over to show gun investments in the u._s. Now how tall us gun has very strongly denied these allegations yeah obsolete colors golden denies the allegations completely and forcefully and says he will fight inco and if given a federal prevail he says that this was a private investment he was providing private investment advice and that there was absolutely no link between screened the money that nissan which paints distributor and the money to defend ukraine with providing in that ended up as shogun investments yeah we'll forgetting any notion of criminality analogy. We still know that he had a personal business dealing with a client of nissan. What can we learn from this story about the broader gun saga. I think the story can paint a fuller picture of college <unk> actions. I didn't know of time the since november people who've been talk talk about this case in black and white is gonna give t's not guilty if he's not guilty then he should be allowed to go free. We we don't have anything criminal here but at least it allows houses to save more weakened <unk> very say that he started a kind of parallel business with a with a nissan client where he helps to invest forty million euros of funds coming from this person whether it's criminal or not i think it by international business standards. Many people say that that that shows somewhat questionable schnabel judgments and also decided that he didn't he didn't tell the company maybe create some sort of conflict of interest so i think it allows houses to to paint a picture of his actions in the years the japanese prosecutors and listening to the wall street journal's nick kostov and that's what's news for monday afternoon. I'm charlie turner for the wall street journal. Thanks for listening.