Financial Daily Dose 10.11.2019 | Top Story: France’s Renault Cans CEO Over Ties to ex-Nissan Chief Carlos Ghosn

Robins Kaplan LLP

Robins Kaplan LLP

Because the Nissan leadership scandal is about as well-contained as Chernobyl in the early days [thanks, HBO], French automaker Renault has voted this morning to remove Chief Executive Thierry Bolloré amid concerns over the car maker’s performance and Bolloré’s close ties to former Nissan chair Carlos Ghosn – NYTimes and WSJ and Bloomberg

Top leaders from both GM [CEO Mary Barra] and the UAW met this week in an effort to kick stalled labor talks back into gear – WSJ and Bloomberg and NYTimes

California’s largest utility, PG&E—currently in the midst of blacking out 600,000 households in an effort to reduce fire hazards—took a hit in bankruptcy court this week as bankruptcy judge Dennis Montali determined that “PG&E no longer had the sole right to shape the terms of its reorganization, opening a path in court for backers of a rival proposal” – NYTimes and MarketWatch and Law360

The Fed is finalizing plans that would amount to “some of the most significant rollbacks of bank rules” since the 2016 election, including “easing liquidity and capital rules for large U.S. banks” and likely lowering regulatory costs for many regional lenders – WSJ and Law360 and NYTimes

Victoria’s Secret is laying off roughly 15% of its employees at its OH HQ in the wake of general retail struggles and continued fallout from parent-company L Brands CEO Les Wexner’s role in the Epstein scandal – NYTimes

California’s AG Office has made good on its promise to issue guidance for enforcement of the state’s landmark (and super messy) Consumer Privacy Act, which is set to take effect on January 1 despite a whole sea of enforcement question marks – Law360

Investment bankers helping shepherd Saudi Aramco through its drawn-out IPO process are expected to deliver their final recommendations about the company’s valuation as early as Friday, with “the headline number expected to fall well short of the $2 trillion targeted by Saudi Arabia’s Crown Prince Mohammed bin Salman” – WSJ and Bloomberg

Despite plenty of adversity (much of their own making) the US and China are raising hopes for a “limited trade agreement” that would prevent the White House’s “planned tariff increase from going into effect this month and set rules around how China manages its currency” – NYTimes and Bloomberg and MarketWatch

CFTC chair Heath Tarbert minced no words this week in declaring cryptocurrency Ether a “commodity in line with Bitcoin” that “falls under the purview of the Commodity Exchange Act” – Law360

Walmart has named John Furner as president and CEO of Walmart US effective Nov. 1. Furner replaces the outgoing Greg Foran, who’s heading to Air New Zealand – MarketWatch

Halloween’s rapidly approaching. Let’s head into the weekend with some Friday scaries, shall we? Meet the crypt-keeper parasitic wasp (and then good luck trying to go about your day normally) – NYTimes

Have a good weekend.

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Robins Kaplan LLP

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