1. Trump optimistic on trade ahead of meeting with Xi
President Trump on Friday expressed optimism about negotiations for a U.S.-China trade deal ahead of his meeting with Chinese President Xi Jinping at the Group of 20 summit in Osaka, Japan. "At a minimum, it will be productive — we'll see what happens and what comes out of it," Trump said about the planned Saturday meeting. He denied reports that in order to arrange the meeting he had promised not to follow through on his threat to impose tariffs of up to 25 percent on $300 billion worth of annual imports from China. Trump also appeared to make light of Russia's interference in his favor in the 2016 presidential election, wagging his finger at Russian President Vladimir Putin and saying, "Don't meddle in the election."
2. Apple chief designer Jony Ive leaving to start design company
Apple Chief Design Officer Jony Ive plans to leave later this year to form his own design company, which will be called LoveFrom. Apple said Ive, who was a close creative collaborator with Apple co-founder Steve Jobs and played a key role in developing the iPhone, will continue to collaborate with Apple at the new company, but analysts still said the departure was jarring. "It's the most significant departure of somebody who was a core part of the growth story" under Jobs, said Ben Bajarin, analyst with Creative Strategies. The iPhone maker's shares fell by as much as 1.5 percent in after-market trading, enough to reduce the company's market capitalization by $9 billion.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Economy grew by strong 3.1 percent in first quarter
The U.S. economy grew at a 3.1 percent rate in the first quarter of 2019, the Commerce Department reported Thursday. Economists consider that rate healthy, but there are increasing signs that growth has slowed in the second three-month period this year, partly due to President Trump's trade war with China and other global tensions. Economists believe the rate for April through June will come in near 2 percent, with similarly modest gains in the rest of the year. The Trump administration's formal forecast is for strong economic growth above 3 percent for the rest of 2019. The economy grew by 2.9 percent for all of 2018, the biggest annual gain since 2015.
4. Stock futures rise ahead of Trump-Xi meeting
U.S. stock index futures gained ground early Friday in a sign of cautious optimism ahead of President Trump's Saturday meeting with Chinese President Xi Jinping on the sidelines of the Group of 20 summit in Osaka, Japan. Futures for the Dow Jones Industrial Average rose by 0.4 percent, while those of the S&P 500 and the Nasdaq gained 0.3 percent and 0.2 percent, respectively. Trump and Xi are aiming to resolve sticking points and put the world's two largest economies on track to reach a deal to end their trade war. Still, both sides remained firm ahead of the meeting. China called for Trump to lift sanctions on Chinese tech giant Huawei, and Trump reiterated his threat to impose more tariffs on Chinese goods.
5. Merlin Entertainments shares soar on $7.5 billion acquisition deal
Shares of U.K.-listed Madame Tussauds owner Merlin Entertainments jumped by 14 percent on Friday after the company agreed to be acquired in a deal valuing it at $7.5 billion. Merlin, the world's second biggest theme park operator behind Disney, operates Legoland Parks. Its board recommended that shareholders accept an acquisition offer that will leave 50 percent of the company owned by Kirkbi, the private investment company of Lego's founding family. The other half will be owned by private-equity firm Blackstone and Canadian pension fund CPPIB. Merlin is trying to rebound from a loss in traffic that followed problems including a 2015 roller-coaster crash. "This offer represents an opportunity for Merlin shareholders to realize value for their investment in cash at an attractive valuation," Merlin said.
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designationThe Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across SyriaTHE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weaponsThe Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarrayIn the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
