Financial Daily Dose 8.10.2020 | Top Story: Twitter Enters Fray in Pursuit of TikTok

Robins Kaplan LLP

Robins Kaplan LLP

With “Twit-tok” trending this weekend, you should be unsurprised to learn that Twitter has joined the group of suitors for TikTok, revealing that it’s held preliminary talks with the video-sharing app about a possible combo.  Still, Microsoft remains, by all accounts, the front-runner in the quest for TikTok – WSJ and Bloomberg

Meanwhile, NPR is reporting that TikTok plans to sue the Administration “as soon as Tuesday” over the White House’s executive order purporting to ban the video-sharing service from the U.S. – NPR and Bloomberg

Speaking of EOs, in weekend action, the White House issued a series of new ones “bypass[ing] the nation’s lawmakers” and acting to “defer payroll takes and replace an expired unemployment benefit with a lower amount after negotiations with Congress on a new coronavirus rescue package collapsed” – MarketWatch and Bloomberg and NYTimes and WSJ

Here’s why states are already pushing back – Bloomberg

Major shakeup at HBO, as WarnerMedia’s new boss, Jason Kilar, has removed three top execs who oversee both HBO and its streaming service, HBO Max – NYTimes and WSJ and Bloomberg

A breakdown of Friday’s US Jobs Report, that saw the U.S. add back 1.8 million jobs—a number that, while helpful, is far below the almost 5 million that came back in June – NYTimes and WSJ

The jobs report also pegged unemployment above the 10% mark, a figure that’s projected to stick around through 2021 and that suggests “tens of millions of households could be at risk of eviction in the coming months” – NYTimes and MarketWatch

Kodak’s massive $765 million government loan intended to help transform the company into a producer of generic drugs is “on hold pending probes into allegations of wrongdoing,” according to the U.S. International Development Finance Corporation—the U.S. agency that initially announced the loan less than two weeks ago – Bloomberg and WSJ

Bloomberg walks us through more of the backstory of Ben Meng’s “mysterious exit” as Calpers’ chief investment officer – Bloomberg

A strong Q2—with reported earnings over $24 billion—seems to indicate that the Oracle of Omaha’s got his groove back after a dismal first quarter – NYTimes and WSJ and Bloomberg and MarketWatch

Qualcomm is reportedly pushing the White House to “roll back restrictions on the sale of advanced components to the Chinese telecom giant Huawei Technologies Co., wading into the intensifying technology battle between the U.S. and China.” More specifically, Qualcomm is hoping that its chips could end up in Huawei’s 5G phones – WSJ

In an effort to fill massive amounts of space as malls reel from the shuttering of retail anchors like Sears and JC Penney, Simon Property Group—the “largest mall owner in the U.S.”—has been negotiating with Amazon to turn some of those spaces into Amazon distribution hubs – WSJ

Because why not throw another disaster in the mix, right? The CDC is warning about the risk of Legionnaires’ disease outbreaks “when people return to buildings left unoccupied for months,” thanks to the accumulation of bacteria in stagnant water not properly disinfected – NYTimes

I’m all in for this primer on how to actually proactively prepare for distance learning  this time around. And if you have little ones (or even medium to tall ones) running around as you read this, you probably should be too – NYTimes

Stay safe.

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Robins Kaplan LLP

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