TOP NEWS
China policy
China’s adherence to its COVID-zero policy has prompted the country’s worst stock selloff in over two years—in the order of a 5% drop—and U.S. stock futures are also down following a grim Friday. (Bonus read 1: Beijing residents fear a Shanghai-style lockdown, and many have been panic-buying groceries as a result.) (Bonus read 2: Sri Lanka’s stock exchange opened for the first time in two weeks, and the market responded to a 700-point interest rate hike by knocking stocks so badly that a shutdown was triggered.) Wall Street Journal
Musky Twitter
Negotiations between Twitter’s board and suitor Elon Musk reportedly continued into the early hours of this morning, and a deal may be imminent. Musk has lined up $46.5 billion in financing for his unsolicited takeover attempt. New York Times
Macron reelected
France has a two-term president for the first time since Jacques Chirac: The centrist Emmanuel Macron was convincingly reelected yesterday, defeating the far-right Marine Le Pen, much to the relief of most of the EU. The nationalist, anti-environmentalist, Putin-adjacent Le Pen still did better than she ever has before. Meanwhile, in Slovenia’s election, liberals have booted out the right-wing government of Janez Janša. Politico
Palm oil
Indonesia has instituted a surprise palm oil export ban, which will have an immediate and drastic effect on edible-oil markets as Indonesia is the world’s biggest palm oil producer, and the alternatives (think Ukrainian sunflower oil, for example) are already in short supply. Reuters
AROUND THE WATERCOOLER
Bitcoin drop
Bitcoin’s down more than 3%, as investors shy away from risk assets in the expectation of Fed rate hikes. Bloomberg
Asteroid mission
China is examining ways to take out asteroids that threaten Earth, and will send a spacecraft out to an asteroid in a few years’ time, to study it and somehow change its course. Bloomberg
Non–mea culpa
Do read this extraordinary interview with Russian-gas executive and former German Chancellor Gerhard Schröder, in which he refuses to see anything wrong with being so close to Putin, and defends the now-canceled Nord Stream 2 pipeline for which he so strongly lobbied. This interview may be what leads Schröder’s Social Democratic Party to finally try kicking him out. New York Times
Malls to clinics
Many shopping malls in the U.S., having been hammered by the pandemic, are now being partially converted to medical clinics. Kaiser Health News
This edition of CEO Daily was edited by David Meyer.