Your Daily Dose of Financial News

Robins Kaplan LLP

Though expected after its earlier move to cut its revenue forecast, Apple’s official quarterly profits reporting yesterday still disappointed, as the company posted its “first holiday-quarter drop in both revenue and profit in over a decade” – WSJ and NYTimes and Bloomberg and MarketWatch

That and news of a major FaceTime bugs that lets users eavesdrop even if a call recipient doesn’t answer her phone made it a particularly trying Tuesday for the Cupertino crew – NYTimes

Thoughts on what we’ll hear from Fed Chair Powell in his post-Open Markets Committee meeting remarks today – WSJ

Our post-amendments-day check-in with the UK parliament shows PM May having survived yet another “critical vote” that “could have delayed Brexit, undermin[ing] her strategy for leaving the European Union.” The Prime Minister (and her country, no less) still face a rocky road ahead, and her “only card remains that, even if Parliament thoroughly dislikes her Brexit plan, Britain’s politicians remain divided and paralyzed over the alternatives” – NYTimes and WSJ and Bloomberg and MarketWatch

Barclays will pay $27 million to resolve a securities fraud class action over the bank’s “alleged mismanagement of its off-exchange trading [aka dark] pool” – Law360

Wisconsin’s much-touted Foxconn plant, a favorite of former Governor Walker and the White House, is likely to look much different than advertised – Bloomberg

The outflow of Chinese investors in the US commercial real estate market has continued to start the new year, with net purchases hitting their “lowest level since 2012.” The Beijing-directed move from buyers to net sellers is part of a “powerful reversal from the previous five years, when Chinese investors went on a massive buying spree, often handily outbidding other investors for U.S. trophy properties” – WSJ

Official CBO figures now show that the longest government shutdown in American history took an $11 billion chunk out of the US economy, “with nearly a quarter of that total permanently lost” – NYTimes

New figures show that VC funding for fintech startups “climbed to a record $39.6 billion in 2018,” with most of the capital being shelled out in a “handful of big-money deals”  – Law360

Streetwise weighs in on the potential trouble spots associated with a Federal Reserve that’s traded gradual rate hikes for a holding pattern – WSJ

NY’s banking regulator is fining Standard Chartered Bank $40 million as part of a deal to resolve claims that the bank participated in a Forex-rigging scheme—the “last settlement to come from a long-standing investigation into misconduct and manipulation in the foreign exchange market” – Law360

-26 air temps this morning in my backyard. -50 with the wind. So yeah, feels like the right time to drop some Polar Vortex knowledge on you – 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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