Trump vs China
President Trump has moved against Chinese tech firms, hard. Yesterday he signed executive orders banning U.S. firms or persons from transacting with TikTok parent ByteDance or Tencent's WeChat. The orders take effect in 45 days. TikTok is threatening legal action. Tencent's share price plummeted by over 6%, though it should be noted that only WeChat is affected here—Tencent's other investments are not, which is good, as they also include the likes of Fortnite-maker Epic Games and Spotify. The White House also proposed forcing Chinese companies with U.S. listings to give those up, unless they comply with new audit requirements. Fortune
Twitter is to start telling users which accounts are run by state-affiliated media, such as China Daily, Russia Today, Sputnik and others. However, the labels won't be put on the accounts of outlets such as NPR and the BBC, on the basis that these are just "state-financed media organizations with editorial independence." Politico
New York Attorney General Letitia James wants to dissolve the National Rifle Association on the basis of alleged corruption and illegal conduct. Her suit alleges that the NRA diverted $64 million away from its charitable mission for personal use by leaders including Wayne LaPierre, over just three years. James: "The NRA’s influence is so powerful that the organization went unchecked for decades while top executives funneled millions into their own pockets." Fortune
President Trump's advisers avoided giving him military options in his dealings with Iran and North Korea, because they feared him accidentally taking the U.S. to war. Senior Pentagon officials even warned Iran that they could not predict what the president would do. That's according to (attributed) accounts contained in a new book by CNN's chief national security correspondent, Jim Sciutto. CNN
AROUND THE WATER COOLER
British Airways says it is making progress on its planned job cuts, which are to total 12,000 lost employees. Half that tally have already agreed to take voluntary redundancy. BA's remaining employees will get letters today, telling them whether they're staying or going, and–if they're staying–whether they would need to accept a new contract. Reuters
The EU is setting up a "gateway" system to allow interoperability between various countries' contact-tracing apps, so they work across borders. However, the system will likely only use apps based on the decentralized approach that is backed by Google and Apple. So no luck for people using the French or Hungarian apps, which went for the centralized model that raises privacy fears, but produces a bit more useful data for health care workers. And also no luck for people visiting France, which is a problem because a lot of people in Europe do just that. Financial Times
Fortune's Shawn Tully looks at stock valuations, which have only been this high three times in history, and tries to figure out what happens next, based on what happened after those three previous occasions. "Conclusion: A 31.1 CAPE is a dangerously high starting point for buying stocks. The price investors are willing to pay for each dollar of earnings will probably shrink from here. And EPS is already getting pounded by the COVID-19 lockdown, and the idea profits will soar in the recovery to compensate for the fall in multiples, and then some, is far-fetched." Fortune
Journalist Constance Hale and management professor Ella Bell Smith write for Fortune that the need for vice presidents to offer "leadership muscle" is being overlooked as people debate who Joe Biden should pick as his running mate. All the women on his shortlist have the necessary grit, they write, but the ideal candidate will also need influence and grace. Fortune
This edition of CEO Daily was edited by David Meyer.
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