The daily business briefing: July 23, 2018

1. G20 leaders call for dialogue to ease trade tensions

Finance leaders from the G20 countries concluded a two-day meeting on Sunday with a call for more dialogue to keep trade tensions from hurting global economic growth. Finance ministers and central bank governors from the world's 20 largest economies were unable to reach consensus on how to end escalating tariffs such as the Trump administration's battles with the European Union and China. In a joint statement after their meeting in Buenos Aires, Argentina, the G20 members called for stepping up "dialogue and actions to mitigate risks and enhance confidence." The language demonstrated rising urgency following a March statement in which the leaders merely said they "recognize the need for further dialogue."

Reuters

2. Jeep executive takes over at Fiat Chrysler, ending Marchionne era

Jeep executive Mike Manley is taking over as CEO of Fiat Chrysler Automobiles following longtime leader Sergio Marchionne's recent health problems. The 66-year-old Marchionne, who presided over the turnaround of once-failing Fiat and the takeover of Chrysler, suffered rapidly deteriorating health after recent surgery and is "unable to return to work," Fiat Chrysler said. Manley, 54, has closely collaborated with Marchionne, who had already announced he would step down in early 2019. Shareholders still must confirm the move at their upcoming meeting. "It's an end of an era," said Rebecca Lindland, executive analyst at Kelley Blue Book. Boards also picked replacements for Marchionne as Ferrari CEO and CNH Industrial chairman. Fiat Chrysler shares fell by 4 percent on Monday.

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The Associated Press

3. Papa John's board approves 'poison pill' to keep away controversial founder

The Papa John's board of directors on Sunday adopted a "poison pill" to block founder John Schnatter from regaining a controlling interest in the pizza chain, The Wall Street Journal reported, citing people familiar with the matter. An announcement is expected Monday. Boards can use shareholder-rights plans, also known as poison pills, to prevent hostile takeovers by activist investors or others. Schnatter, who owns 29 percent of the company, stepped down as chairman on July 11 after it was revealed that he had used a racial slur during a May conference call. Schnatter has suggested he still wants some control over the company.

The Wall Street Journal MarketWatch

4. Mexico's president-elect urges Trump to collaborate on NAFTA, migration

Mexico's president-elect, Andres Manuel Lopez Obrador, sent President Trump a letter earlier this month calling for renewed NAFTA negotiations and a joint U.S. effort with Mexico and Central American countries to stem migration. On Sunday, Lopez Obrador's proposed foreign minister read the letter during a press conference. Lopez Obrador urged Trump in the letter to join him for an initiative to combat poverty and violence in Central America, two of the issues that cause people to flee to the United States, and discussed setting up a fund for development in the region. Lopez Obrador will be inaugurated on Dec. 1.

Bloomberg

5. Stock futures inch down in cautious start to the week

U.S. stock futures edged down early Monday, pointing to a cautious open to the week as trade and geopolitical tensions continued to weigh on markets. Futures for the Dow Jones Industrial Average were down by just 16 points to 25,014, while those of the S&P 500 inched down by just over 2 points to 2,798. Nasdaq-100 futures were down by 24 points, or 0.3 percent, to 7,336. One thing weighing on tech stocks was a report that electric-car maker Tesla had asked suppliers for refunds to help it become profitable. Tesla shares fell by 3.6 percent in pre-market trading.

MarketWatch