The daily business briefing: September 17, 2019
Johnson faces protests as he talks Brexit with Juncker, Netflix snags Seinfeld in the battle for popular sitcoms, and more
- 1. Johnson discusses Brexit with European Commission leader
- 2. Netflix acquires Seinfeld in race to snap up popular sitcoms
- 3. A split Fed meets under pressure from Trump to cut rates
- 4. House launches investigation of Transportation Secretary Elaine Chao
- 5. Stocks struggle against ongoing Saudi oil concerns
1. Johnson discusses Brexit with European Commission leader
U.K. Prime Minister Boris Johnson on Monday held his first face-to-face meeting with European Commission President Jean-Claude Juncker to discuss revising the ill-fated agreement on the terms of Britain's exit from the European Union. Protesters booed Johnson as he visited Luxembourg for the meeting. The two sides failed to make concrete progress. Johnson dropped out of a planned news conference because of raucous anti-Brexit protests, but said he remained optimistic. "Yes there is a good chance of a deal," he said. Johnson has vowed to lead Britain out of the 28-nation trading bloc on Oct. 31, with or without a deal. British lawmakers have passed a law seeking to block such a move, which Johnson's critics say would be disastrous for Britain's economy.
2. Netflix acquires Seinfeld in race to snap up popular sitcoms
Seinfeld is headed to Netflix in 2021 after the streaming giant purchased the show's global rights, Netflix and Sony confirmed Monday. This is a major get for the streamer, which took two significant blows after it was revealed that The Office and Friends would both be leaving the service and jumping to Netflix competitors. Netflix reportedly pursued the Seinfeld rights aggressively and beat out bids from Hulu, Amazon, WarnerMedia, NBCUniversal, and Viacom. Currently, Seinfeld's streaming home in the U.S. is Hulu, which bought the rights in a $150 million annual deal expiring in 2021. Netflix's deal is reportedly for five years.
Subscribe to 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. A split Fed meets under pressure from Trump to cut rates
Divided Federal Reserve policy makers start a two-day meeting on Tuesday that is expected to end with another quarter-point interest-rate cut. Some Fed leaders want to hold off on further cuts, while others are pushing for one or two more to help boost the economy. An oil price surge that followed weekend attacks on Saudi Arabian oil facilities compounded fears of a global economic slowdown, already a concern due partly to the impact of the U.S.-China trade war. Ahead of the meeting, President Trump resumed his criticism of the Fed for failing to slash rates more aggressively. "Will Fed ever get into the game? Dollar strongest EVER!" Trump tweeted Monday. "Big Interest Rate Drop, Stimulus!"
4. House launches investigation of Transportation Secretary Elaine Chao
The House Oversight Committee on Monday started an investigation into whether Transportation Secretary Elaine Chao improperly used her Cabinet position to benefit her family's company. Two Democratic leaders, Reps. Elijah Cummings (D-Md.) and Raja Krishnamoorthi (D-Ill.), sent a letter asking Chao to hand over documents regarding the Foremost Group, a company owned by Chao's father and sisters that transports goods between China and the U.S. The committee also asked why Chao hadn't fulfilled a promise to sell her stake in construction giant Vulcan Materials. Chao denies any wrongdoing. The Transportation Department said it looked forward to responding to the committee, and said the negative reports about Chao's family were "stale and only attempt to undermine her long career of public service."
5. Stocks struggle against ongoing Saudi oil concerns
U.S. stock index futures pointed to a slightly lower open Tuesday, as a spike in oil prices stoked fears of a global economic slowdown. Futures for the Dow Jones Industrial Average and the S&P 500 were down by about 0.1 percent. The Dow fell by 0.5 percent on Monday, snapping an eight-day winning streak. The S&P 500 and the Nasdaq fell by 0.3 percent. Crude-oil futures inched down on Tuesday after making their biggest one-day jump on record on Monday. The turmoil came after weekend attacks on oil facilities in Saudi Arabia resulted in the shutting off of half of the oil-rich country's production.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
The Onion is having a very ironic laugh with Infowars
The Explainer The satirical newspaper is purchasing the controversial website out of bankruptcy
By Justin Klawans, The Week US Published
-
'Rahmbo, back from Japan, will be looking for a job? Really?'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
What's next for electric vehicles under Trump?
Today's Big Question And what does that mean for Tesla's Elon Musk?
By Joel Mathis, The Week US Published
-
Has the Taliban banned women from speaking?
Today's Big Question 'Rambling' message about 'bizarre' restriction joins series of recent decrees that amount to silencing of Afghanistan's women
By Harriet Marsden, The Week UK Published
-
Cuba's energy crisis
The Explainer Already beset by a host of issues, the island nation is struggling with nationwide blackouts
By Rebekah Evans, The Week UK Published
-
Putin's fixation with shamans
Under the Radar Secretive Russian leader, said to be fascinated with occult and pagan rituals, allegedly asked for blessing over nuclear weapons
By Harriet Marsden, The Week UK Published
-
Chimpanzees are dying of human diseases
Under the radar Great apes are vulnerable to human pathogens thanks to genetic similarity, increased contact and no immunity
By Harriet Marsden, The Week UK Published
-
Deaths of Jesse Baird and Luke Davies hang over Sydney's Mardi Gras
The Explainer Police officer, the former partner of TV presenter victim, charged with two counts of murder after turning himself in
By Austin Chen, The Week UK Published
-
Quiz of The Week: 24 February - 1 March
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Sorcha Bradley, The Week UK Published
-
Will mounting discontent affect Iran election?
Today's Big Question Low turnout is expected in poll seen as crucial test for Tehran's leadership
By Sorcha Bradley, The Week UK Published
-
Sweden clears final NATO hurdle with Hungary vote
Speed Read Hungary's parliament overwhelmingly approved Sweden's accession to NATO
By Peter Weber, The Week US Published