Richard Liu, the billionaire CEO of Chinese e-commerce giant JD.com, was arrested in Minneapolis Friday on suspicion of rape, according to the city's police department.
The latest: Liu, who was released Saturday without any charges, is back at work in China, a company spokesperson told Axios. A Minneapolis police spokesman told the Wall Street Journal that the investigation into the alleged incident is ongoing.
Why it matters: This high-level U.S. diplomacy is freighted with importance for the Trump administration’s South Asia strategy. The White House sees India as a key partner in U.S. efforts to push back against Beijing’s rising influence in Asia.Pompeo and Mattis will try to reaffirm the strength of the U.S.–India relationship, which has suffered recent strains after years of growth and warmth.
An analysis by UBS estimates that the United Kingdom's GDP is 2.1% lower than it would have been had the country voted to remain in the European Union, reports Bloomberg.
The big picture: Brexit won't take effect until March of next year, but the study suggests uncertainty surrounding trade and potential supply chain disruptions has already resulted in lower investment (down 4%) and consumption (down 1.7%). With negotiations stalled ahead of a November deadline, the U.K. has officially begun preparing for the far-reaching economic and social consequences of a "no deal Brexit."
Chinese President Xi Jinping is hosting leaders from all but one of Africa’s countries in Beijing (eSwatini, previously Swaziland, skipped). He has promised $60 billion in development funding.
Why it matters: Chinese investment is improving African infrastructure and spreading Beijing’s influence abroad. It’s also trapping some countries under debts they will likely never be able to repay.
China wants to link a string of megacities into a "Greater Bay Area" to rival San Francisco, New York and Tokyo, the Financial Times’ Ben Bland reports.
Why it matters: "Along with the Belt and Road Initiative, a signature project for [Xi Jinping], Beijing sees the Greater Bay Area as a way not just to further integrate Hong Kong and Macau, which were handed back by the UK and Portugal respectively in the late 1990s... It is also hoping to turbo-charge growth in one of the country’s most economically vibrant regions and accelerate the nationwide transition from manufacturing and exports to services and domestic demand."
Richard Liu, founder and CEO of Chinese e-commerce giant JD.com, returned to China today, days after his arrest in Minneapolis on sexual misconduct charges during a business trip.
The details: Li was detained Friday and released the next day. A Minneapolis Police Department spokesman said it had not decided whether to bring charges, per the Washington Post. The alleged assault could be a misdemeanor or a felony, authorities said.
