Monday, December 5, 2016

Trump lashes out at China after getting criticism over phone call with Taiwan

Trump lashes out at China after getting criticism over phone call with Taiwan

donald trumpDonald Trump in New Hampshire. Scott Eisen/Getty Images
President-elect Donald Trump lashed out at China on Sunday, accusing the nation of manipulating its currency and blasting it for the military buildup in the South China Sea.
"Did China ask us if it was OK to devalue their currency (making it hard for our companies to compete), heavily tax our products going into their country (the U.S. doesn't tax them) or to build a massive military complex in the middle of the South China Sea? I don't think so!" Trump said on Twitter.
The tweets came amid Chinese complaints over Trump's precedent-breaking phone call with Taiwanese President Tsai Ing-wen on Friday.
The 10-minute phone call marked the first time a US president or president-elect had spoken with Taiwanese leadership in more than 30 years. Taiwan and China have been engaged in a multidecade dispute over China's governance of the island.
The exchange — dismissed by Trump as a "congratulatory call" — elicited a formal diplomatic protest from China and a sharp rebuke from China's state-controlled newspaper on Saturday.
"It exposed nothing but his and his transition team's inexperience in dealing with foreign affairs," an editorial in the paper said.
Trump's top advisers also moved to tamp down criticism over the call Sunday, and Vice President-elect Mike Pence referred to it as "nothing more than a courtesy call."
But Trump's tweets on Sunday threaten to further strain the relationship between China and the US as he prepares to take office, as they touched on two of the most sensitive issues of dispute between the two countries.
According to CBS News, Trump was incorrect in saying the US doesn't tax Chinese imports, though China's tariffs on US products are higher. Chinese products are subject to tariffs of 2.5% to 2.9%.
At the same time, critics have long accused China of manipulating its currency, most recently in August 2015, when the country's central bank made a surprise move to devalue its currency. On the campaign trail, Trump threatened to formally label China as a currency manipulator, a move that would bring about economic penalties.

Saturday, December 3, 2016

Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more

Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more

iger barra dimon 4x3Bob Iger, CEO of Disney; Mary Barra, CEO of General Motors; and Jamie Dimon, CEO of JPMorgan.Scott Olson/Getty Images; Bill Pugliano/Getty Images; Justin Sullivan/Getty images
Private-equity giant Blackstone said on Friday that its CEO, Steve Schwarzman, would head a group of business leaders to "frequently" advise President-elect Donald Trump on economic matters.
"President-elect Donald J. Trump today announced that he is establishing the President's Strategic and Policy Forum," said the press release from Blackstone.
"The Forum, which is composed of some of America's most highly respected and successful business leaders, will be called upon to meet with the president frequently to share their specific experience and knowledge as the president implements his plan to bring back jobs and Make America Great Again," Blackstone said in the release.
The members of the forum include CEOs from Disney, JPMorgan, General Motors, and BlackRock. Here's the full list, from the press release:
  • Stephen Schwarzman (forum chairman), chairman, CEO, and cofounder of Blackstone
  • Paul Atkins, CEO of Patomak Global Partners, former commissioner of the Securities and Exchange Commission
  • Mary Barra, chairwoman and CEO, General Motors
  • Toby Cosgrove, CEO, Cleveland Clinic
  • Jamie Dimon, chairman and CEO, JPMorgan Chase & Co.
  • Larry Fink, chairman and CEO, BlackRock
  • Bob Iger, chairman and CEO, The Walt Disney Company
  • Rich Lesser, president and CEO, Boston Consulting Group
  • Doug McMillon, president and CEO, Wal-Mart Stores Inc.
  • Jim McNerney, former chairman, president, and CEO of Boeing
  • Adebayo "Bayo" Ogunlesi, chairman and managing partner, Global Infrastructure Partners
  • Ginni Rometty, chairwoman, president, and CEO of IBM
  • Kevin Warsh, Shepard Family Distinguished Visiting Fellow in economics at the Hoover Institute, former member of the Board of Governors of the Federal Reserve System
  • Mark Weinberger, global chairman and CEO, EY
  • Jack Welch, former chairman and CEO, General Electric
  • Daniel Yergin, Pulitzer Prize winner, vice chairman of IHS Markit
The group will advise Trump on how to institute policies to encourage job growth and improve productivity, according to the release.
"This forum brings together CEOs and business leaders who know what it takes to create jobs and drive economic growth," Trump said in the release. "My administration is committed to drawing on private sector expertise and cutting the government red tape that is holding back our businesses from hiring, innovating, and expanding right here in America."
The group's first meeting will be in the first week of February.

Friday, December 2, 2016

Theranos is getting rid of high-profile board members including Henry Kissinger and George Shultz

Theranos is getting rid of high-profile board members including Henry Kissinger and George Shultz

Elizabeth Holmes TheranosTheranos CEO Elizabeth Holmes. Larry Busacca/Getty
Theranos is making a huge change to its leadership.
In 2017, the company said, the board of counselors will be retired. The board of counselors consisted mostly of former directors with strong government connections but little scientific experience, such as Henry Kissinger and George Shultz, and it served as an advisory board to the company's founder, Elizabeth Holmes.
James Mattis, a retired Marine general who is President-elect Donald Trump's pick for secretary of defense, will stay on the company's board of directors.
Theranos also announced that Riley Bechtel, who sat on the board of directors, would also be departing immediately, citing health issues. On Monday, The Wall Street Journal reported that Bechtel had invested in Theranos, which hadn't been publicly disclosed.
When the blood-testing company was first facing major criticism over its technology in October 2015, one of the problems cited was that its board of directors included few professionals with science credentials. To counter that, Theranos moved many of those members onto a board of counselors and later made a scientific and medical advisory board.
The members of the board of counselors are among some of the highest-profile names supporting Theranos and Holmes, who is the company's CEO.
Among those who will no longer be with the company:
  • Henry A. Kissinger — former US secretary of state
  • William H. Frist — heart and lung transplant surgeon and former US senator
  • Sam Nunn — former US senator who served as chairman of the Senate Armed Services Committee and the Permanent Subcommittee on Investigations
  • William J. Perry — former US secretary of defense
  • George P. Shultz — former US secretary of state
  • Gary Roughead — retired US Navy admiral
Here's Theranos' current board of directors, including Daniel Warmenhoven, who will be replacing Bechtel.
  • Elizabeth Holmes — CEO and chairman of the board of Theranos
  • James N. Mattis — retired US Marine Corps general and President-elect Donald Trump's pick for secretary of defense
  • David Boies — lawyer and chairman of Boies, Schiller & Flexner LLP, who until November, The Journal reports, Theranos had used for legal work as well
  • Daniel Warmenhoven — former CEO at NetApp
  • William H. Foege — former director of the Centers for Disease Control and Prevention
  • Richard Kovacevich — former CEO of Wells Fargo
  • Fabrizio Bonanni — former executive vice president at the biopharmaceutical company Amgen.

Twitter bought a small, virtually unknown startup to get a new chief of product

Twitter bought a small, virtually unknown startup to get a new chief of product

XOqnRpMLKeith Coleman is Twitter's new VP of Product.Keith Coleman / Twitter
TWTR Twitter
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Almost a year after its last product VP jumped ship, Twitter has finally found a replacement to take on the challenging job of rekindling the service's stalled user growth.
Twitter's new VP of Product is Keith Coleman, a longtime Google product manager who has been working at a small, little known startup called Yes for the past few years.
Twitter took an interesting route to hire Coleman: it acquired his seven-person startup.
Coleman announced that his team is joining Twitter on Thursday in a blog post. A Twitter spokesperson confirmed that he'll join the company as VP of Product and report to CTO Adam Messinger. Twitter would not provide financial details of its deal to acquire Yes.

A cursed job?

Twitter's product has long been criticized for being too difficult to use for average users and the company's head of product role has a reputation for carrying something of a curse: Coleman will be the fifth person since 2014 to fill the head of product role at Twitter.
Twitter's last product VP was Kevin Weil, who left in January 2016 to be head of product at Facebook-owned Instagram. 
With Twitter cofounder and CEO Jack Dorsey also considered the company's unofficial product visionary, finding someone willing to take the job has not been easy. One source close to the company told Business Insider that Twitter has struggled to fill the role since Weil left in January. Jeff Seibert served as consumer product boss in the wake of Weil's departure for a short time before he was taken off the position over the summer.
Before founding Yes in 2014, Coleman worked at Google for over a decade and led product management for Gmail and Gchat.
His startup's two apps, Frenzy and WYD, will be shut down in the coming weeks. It's not clear how successful Yes was as a company, nor if it raised any venture capital. 
Coleman does not appear to be a heavy Twitter user. Although he joined the service in 2007, he has tweeted only 143 times to date. 
Twitter CEO Jack Dorsey and Messinger welcomed Coleman and his team in a pair of tweets on Thursday:

Couldn't be more pleased to welcome @kcoleman as VP of Product. He and his team are great additions to Twitter. Welcome onboard!

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