Good evening. Here is your news brief.
Apple’s newest machine costs more than a BMW. The top-of-the-line version of the Mac Pro desktop computer will leave a $50,199 hole in your wallet. That’s more than 10 grand pricier than an entry-level Bimmer. Oh, and the monitor is sold separately.
A wild day in Washington
The US House served Trump with articles of impeachment... After weeks of hearings, House Judiciary chair Jerry Nadler settled on abuse of power and obstructing congress as the "high crimes and misdemeanors" for which president Donald Trump should be removed from office.
...but agreed with him on a trade deal... Democrats are claiming victory after reaching an agreement with the White House on an update to the 25-year-old North American Free Trade Agreement—but the Senate will not take it up this year due to president Trump’s impending impeachment trial, The Hill reports.
As of Tuesday, the World Trade Organization's appellate body no longer has enough members to function because the US is blocking new member appointments. So WTO dispute rulings will not be enforceable going forward. With the global trading system under this kind of pressure, regional deals like USMCA
As of Tuesday, the World Trade Organization's appellate body no longer has enough members to function because the US is blocking new member appointments. So WTO dispute rulings will not be enforceable going forward. With the global trading system under this kind of pressure, regional deals like USMCA (new NAFTA) will become an even more important part of trade policy.
... meanwhile, it's opposite day at the Supreme Court... The US government is in the business of prosecuting criminal defendants, not defending them. But in a rare case today, the US is standing with a Mexican citizen arrested for selling drugs.
...and even insurance companies got in on the act. US health insurers sued the government for denying their claims—apparently failing to see any irony—saying that they are owed $12 billion for losses in connection to Obamacare's "risk corridors."
I couldn't help chortling in court today when the attorney for a bunch of US health insurers complained that there was nothing more pernicious than an insurance program that won't pay what's promised. HA! Americans would have had a good laugh if cameras were allowed in the courtroom. But they are not
I couldn't help chortling in court today when the attorney for a bunch of US health insurers complained that there was nothing more pernicious than an insurance program that won't pay what's promised. HA! Americans would have had a good laugh if cameras were allowed in the courtroom. But they are not so few got a chance to see insurers fighting the US government for allegedly promised funds and experiencing what the insured feel when dealing with health institutions.
Journalists love a deadline
Netflix hits and misses
Netflix has finally outdone Hollywood at the Golden Globes... With 17 nominations, the streaming giant drew more nods than any other TV or motion picture distributor.
...while Wall Street is souring on them. Reuters reports that four brokerage firms have recently downgraded Netflix’s stock, the latest among them estimating that the streaming service will lose 4 million premium US subscribers in 2020—necessitating a lower-price option to survive the streaming wars.
Global tech battles for Africa
Energize your meetings with a power playlist
Judgement day for the world's most valuable fintech
Looking for a new job?
How safe are volcano vacations?
Matters of debate
Public sidewalks shouldn't be private test facilities. The Associated Press reports that San Francisco's Board of Supervisors has unanimously approved new regulations that will require businesses to get permits before testing high-tech ideas—think e-scooters and delivery robots—in public.
Private companies shouldn’t bankroll the public good. Corporations can use their funding power in public-private partnerships to influence policymakers’ priorities, mask their own bad behavior, or even cause additional harm.
I don't think a blanket ban on public private partnerships is the solution. More transparency is. But done right, public private partnerships can help fund critical work for the social good that otherwise won't be funded.
There's no question that there's an underlying risk of bias and foul play behind public-private partnerships, but we're also in an age of accountability where customers are clamoring for transparency.
That desire can help these partnerships get better and take on the bad actors. It's ambitious, but
There's no question that there's an underlying risk of bias and foul play behind public-private partnerships, but we're also in an age of accountability where customers are clamoring for transparency.
That desire can help these partnerships get better and take on the bad actors. It's ambitious, but necessary, especially since we can put money to the right work.
Not all companies are as duplicitous as some the pharma companies that fund research into their own products. Some companies go so far as to obscure their participation on good works that have no relationship with their business. Companies are no better or worse than the people that run them . Each case
Not all companies are as duplicitous as some the pharma companies that fund research into their own products. Some companies go so far as to obscure their participation on good works that have no relationship with their business. Companies are no better or worse than the people that run them . Each case needs to be evaluated on its own merits
What is the real purpose of companies? Only their behavior can tell us. Employee and consumer expectations have changed and it won’t be long before business leaders are forced to catch up.
It will be interesting to see how companies measure success now that the Business Roundtable has challenged them to think differently about purpose. From my perspective, those that follow purpose like a north star and make decisions that go beyond the bottom line, will be positioned to win.
The purpose of corporations is being increasingly challenged. It can't merely be for shareholder returns. The Business Roundtable dropped shareholder primacy in August as the debate intensifies. Perhaps we are indeed all becoming Japanese, for when I arrived there in the 1990s they told me that the shareholder
The purpose of corporations is being increasingly challenged. It can't merely be for shareholder returns. The Business Roundtable dropped shareholder primacy in August as the debate intensifies. Perhaps we are indeed all becoming Japanese, for when I arrived there in the 1990s they told me that the shareholder wasn't the most important stakeholder, to the shock of my investor friends. Maybe we are returning to old values.
Roger Martin has said that there is a real market, where goods and services are made and traded, and an expectations market which looks further out and makes bets on what things will look like in the future. In the world of sports, these 2 markets are separate. But in the business world business managers often overtly intervene in the expectations market. For example by doing share buy backs in order to push the stock price higher. In a world of shareholder primacy, US companies have been putting all the gains from recent corporate tax cuts into buybacks instead of investment or employee wages which was allegedly the policymakers goal for the cuts. Western society is starting to acknowledge that there are other stakeholders apart from shareholders (and the board of directors who have a vested interested in doing buybacks to push up short term share prices). In a world of changing employee and consumer tastes and demands - whilst the economy appears unfair to many - I would expect these debates to continue.
Arts, letters, and the future
Time to ride off into that sunset...for now.
Energize your meetings with empowering videos like the ones used by TED
Quartz at Work
Health insurers fighting claim denials made some seriously ironic arguments at the Supreme Court
Quartz
After the White Island volcano tragedy, can visitors trust New Zealand’s adventure tourism?
Quartzy
Apple’s top-of-the-line computer costs more than a BMW
Quartz
Employee activism hits Nike as its staff demands more support for women
Quartz at Work
The US’s top 15 emerging jobs of 2020, according to LinkedIn
Quartz at Work
Netflix has finally outdone Hollywood at the Golden Globes
Quartz
Samsung is making a comeback but China’s Transsion is still Africa’s top phone maker
Quartz Africa
Video games have become a new form of literature
Quartzy
The UK votes on December 12th. Here are the three ways it could go
Quartz
