The Week in Business: Facebook’s Role in Impeachment

The N.B.A. vs. China

Tensions between the United States and China plagued yet another industry last week: the N.B.A. An exhibition game between the Los Angeles Lakers and the Brooklyn Nets, held in Shanghai on Thursday, was supposed to symbolize common ground between the two countries. (Hey, we all like basketball — maybe our governments can agree on other things, too!) But the N.B.A.’s multibillion-dollar relationship with China became another lightning rod for conflict when an executive at the Houston Rockets tweeted his support for pro-democracy protests in Hong Kong. Chinese television networks dropped the game and some ticket holders boycotted it. Meanwhile, Mr. Trump announced that officials from the two countries had reached a “phase one” trade agreement that would halt the next round of tariff increases on Chinese goods, which were set to go into effect on Tuesday. The deal provides a temporary détente in a yearlong trade war.

More Troubles at Victoria’s Secret

Once famous for defining female sexiness (cleavage, minimal body fat, salivating men), the largest lingerie company in the United States has had a long fall in the #MeToo era. The brand laid off 15 percent of its staff last week — an unusual move for a retailer heading into the holiday season, but these are unusual times. Sales have sagged for years as consumers’ underwear tastes shifted toward more inclusive, body-positive brands. And it certainly didn’t help that Victoria’s Secret has been caught up in the Jeffrey Epstein sex-trafficking scandal ever since Lesley Wexner, the chief executive of the store’s parent company, was revealed as one of Mr. Epstein’s biggest financial clients and closest associates.

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What’s Next? (Oct. 13-19)

Lights Out, California

In an effort to prevent a repeat of last year’s devastating wildfires, California’s largest utility, Pacific Gas and Electric, shut down power to hundreds of thousands of homes and businesses in the northern part of the state last week. Citing dry conditions and extreme winds that could damage power lines and spark flames, PGE said the blackouts could last several more days while electrical equipment is inspected. The economic fallout from the power cuts could be huge, but most residents would rather be safe than sorry — especially as fires have already displaced over 100,000 people in the Los Angeles area.

Article source: https://www.nytimes.com/2019/10/13/business/economy/this-week-in-business-facebook-impeachment-power-california.html?emc=rss&partner=rss