U.S. and Chinese negotiators are working on a framework to end the trade dispute between the two countries, which would revolve around talks between President Trump and Chinese President Xi Jinping when they meet for international summits in November, the Wall Street Journal reports, citing officials from both countries.
The big picture: The Journal says both the U.S. and China have scheduled "midlevel talks" in Washington for next week. But as Axios' Erica Pandey notes, trade talks between the two countries have failed in the past, so there's no guarantee that the next round of discussions will bring an end to the escalating dispute. Nonetheless, both sides have incentives to find a way out, as businesses and consumers continue to feel the brunt of the tariffs.
Inspire Brands, the Roark Capital-backed owner of Arby's and Buffalo Wild Wings, has purchased a 12.3% ownership stake in itself from Wendy's (Nasdaq: WEN) for $450 million.
Why it's the BFD: Because Roark wants to take Inspire Brands public, as we reported when first disclosing its existence late last year, and this strengthens its position.
President Trump tweeted Friday that he is asking the SEC to study its quarterly financial reporting requirements for companies, suggesting that a twice-per-year requirement might encourage job growth.
"In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. 'Stop quarterly reporting & go to a six month system,' said one. That would allow greater flexibility & save money. I have asked the SEC to study!"
Correction: An earlier version of this story incorrectly stated that President Trump asked the SEC to consider ending quarterly jobs reports. It has been updated to reflect that he asked the SEC to study whetherits quarterly financial reporting requirements for companies should only be twice a year.
Walmart saw its largest sales growth in 10 years in the second quarter of 2018, executives said in an earnings call Thursday. Boosting those sales numbers was strong U.S. e-commerce sales, which ballooned 40%, and growth in grocery sales. Walmart's stock jumped about 10% on the news, CNBC reports.
Why it matters: Walmart has heavily invested in efforts to take on Amazon in online shopping, including a recent redesign of its website, and this Q2 earnings report reveals that their investment may be paying off. The company's successful report is also a good sign for retailers after many prominent stocks — including Macy's, JCPenney, Nordstrom, and Kohl's — plummeted Wednesday after Macy's reported no sales growth in Q2.
The Boston Globe today received a threatening telephone call that is being taken seriously by local and federal authorities, according to an email sent by a facilities manager to other tenants at the newspaper's headquarters.
Big picture: The Boston Globe today published an editorial pushing back against President Trump's claims that some in the media are an "enemy of the people," and also helped coordinate similar editorials in 300 other papers.
The White House's top lawyer made contact with Federal Communications Commission Chairman Ajit Pai to inquire about its review of the purchase of Tribune Media stations by the conservative broadcaster Sinclair, Pai told a Senate committee on Thursday.
Why it matters: The FCC — and merger reviews generally — are supposed to be independent from the White House. Pai explained, "no one has called from the White House to express a view. We received one status inquiry."
American jeweler Tiffany & Co. will begin selling on Chinese e-commerce giant Alibaba's "Luxury Pavilion" platform on its Tmall app.
The big picture: Enticing foreign brands is part of Alibaba's broader strategy to become the "gateway to China" for companies, many of which have had limited success in China's massive market when trying to go it alone. Already this month, Alibaba has announced deals with Starbucks and Kroger.
The Boston Globe invited newspapers across the country to stand up for the press with editorials today, and nearly 350 news organizations have pledged to participate, Marjorie Pritchard, op-ed editor at the Globe, told AP.
One example: The N.Y. Times, "A Free Press Needs You": "If you haven’t already, please subscribe to your local papers. Praise them when you think they’ve done a good job and criticize them when you think they could do better. We’re all in this together."
