Financial Daily Dose 5.7.2019 | Top Story: Occidental Ups Cash Bid for Anadarko

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Occidental has increased the cash portion of its recent bid for rival Anadarko, upping the cash side of its $38 billion offer to 78% (from 50%). Chevron now has 4 days to sweeten its bid or lose out – NYTimes and WSJ and Bloomberg

Some details of the White House’s sudden shift over the weekend to increase tariffs on hundreds of billions of Chinese goods – NYTimes and WSJ and Bloomberg

Bridgewater Co-CEO Eileen Murray is reportedly weighing leaving the world’s largest hedge fund to assume the open CEO position at Wells Fargo – WSJ

The Federal Reserve has named “sales of risky corporate debt” as the “top vulnerability facing the U.S. financial system”—the second time in 6 months that the Fed cited “nonfinancial corporate borrowing, particularly leveraged loans” as an area of major concern – WSJ and Bloomberg

Good news for the CFPB on Monday. The Ninth Circuit ruled that the CFPB’s “single-director structure is constitutionally sound, rejecting a California law firm’s bid to be freed from one of the agency’s civil investigative demands and heading off a circuit split on the issue” – Law360

The skinny on Tesla’s new car insurance venture, including a “no crazy driving” pledge – WSJ

Ex-Goldman Sachs banker Roger Ng pleaded not guilty in Brooklyn federal court on Monday in connection with the 1MDB scandal that saw billions of dollars looted from a Malaysian sovereign wealth fund. Ng had been in Malaysian custody for the past year before being extradited to the US for the plea hearing – NYTimes and WSJ and Law360

In a shift, Google announced that it will launch “new tools to limit the use of tracking cookies,” a move cast in terms of increased consumer privacy options that has the side benefit of “strengthen[ing] the search giant’s advertising dominance and deal[ing] a blow to other digital-marketing companies” – WSJ

Platinum Partners co-founder Mark Nordlicht is back in jail after an “altercation the former hedge fund executive had last week with a female prosecutor during his securities fraud trial” – Law360 and WSJ

Throwbacks continue to be all the rage in the sporting world. And that impulse has apparently made its way to the U.S. Army, which has drawn inspiration from the branch’s WWII-era green gabardine coat and khaki trousers uni – NYTimes

Of course, if fashion floats your boat, last night was your superbowl – NYTimes

MDR

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