Your Daily Dose of Financial News

Robins Kaplan LLP

The world’s keeping a wary eye on Turkey’s economic well-being, especially given the precipitous drop in the value of the country’s currency (which has pushed up prices for consumers and corporations) and President Erdogan’s recent move naming his son-in-law Turkey’s new economic chief – NYTimes and WSJ

Tesla’s announced plans to build a production plant and development center in China, with a goal of producing up to 500k electric cars a year – NYTimes and WSJ and Bloomberg and Marketplace

Rupert Murdoch has upped the ante for Sky in an effort to outbid Comcast for the European satellite broadcaster. The latest offer values Sky at $33 billion—a 12% premium as compared to Comcast’s bid – NYTimes and Bloomberg and WSJ

The SEC has charged former Heartland Payment Systems CEO Robert Carr with insider trading, alleging that Carr “gave a romantic partner details about his company’s planned sale to a larger rival before they became public” – WSJ and Law360

The latest from the Trade War front includes the White House’s release of a list of an additional $200 billion in Chinese products that will be subjected to new tariffs. China dubbed itself “shocked” by the move and vowed to retaliateBloomberg and NYTimes and WSJ

Morgan Stanley promoted a top trading executive (Ted Pick) and longtime investment banker (Franck Petitgas) to prominent new roles, fueling speculation about the duos potential future as a successor to current CEO James Gorman – WSJ

The Second Circuit has slapped down an attempt to resurrect an ERISA-based forex-rigging suit against Credit Suisse, Deutsche Bank, and 10 other banks. The panel found that “bank-run retirement plan participants didn’t prove the banks acted as fiduciaries” – Law360

Some thoughts on what a Justice Kavanaugh would mean for the business community based on a dozen-year record of appellate court rulings – NYTimes and Bloomberg and Marketplace

Deutsche Bank has taken the rather unusual step of turning to one of its investors—PE firm Cerberus Capital—for assistance in righting the ship by tackling “runaway costs” and boosting “lagging profits” – WSJ

In the coming days, the EU’s antitrust watchdog is expected to determine that Google “illegally abused the dominance of its Android operating system for mobile phones” and levy a massive multi-billion dollar fine against the company as a result – WSJ

A bit of timely Blue Zone mindset to help focus on the un-cynical power of positivity – NYTimes

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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