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As widely expected, the Fed nudged short term interest rates up another quarter percent yesterday and reflected its belief in the strength of the US economy by promising another two rate hikes this year – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace

Comcast has wasted no time in moving hard for 21st Century Fox following this week’s AT&T/Time Warner ruling. On Wednesday, it dropped an all-cash $65 billion offer for the bulk of Fox’s holdings, setting up “a showdown with the Walt Disney Company for Rupert Murdoch’s media empire” – NYTimes and WSJ and Bloomberg and ThePost and Law360

The Times has been thinking about other winners and losers from the blockbuster antitrust ruling – NYTimes

While others have been thinking about how to remake market mechanisms to respond to pervasive monopolistic creep – WSJ

The US is prepping tariffs on “tens of billions of dollars of Chinese goods” as early as this Friday—a move that, if finalized, will likely “spark heavy retaliation from Beijing”- WSJ and Bloomberg

A former Barclays trader accused of illegally manipulating Euribor is claiming “honest mistake” as his defense – Law360

ZTE, relishing its saved status just a week ago, saw its stock drop more than 40% yesterday on news that Congress was moving to block the White House’s lifeline to the Chinese tech company, even in the face of the Administration’s promise to block any Congressional actionNYTimes and WSJ

How’s this for a stamp of legitimacy: the U.S. Dep’t of Veterans Affairs is evaluating a proposal to use blockchain technology “to streamline its contract closing process” – Law360

Stryker’s denied that it’s not in deal talks with Boston Scientific, despite a Journal story to the contrary on Monday – WSJ

VW will pay $1.2 billion in fines in its home country over an “emissions-cheating scheme that continues to unfold”—a relative drop in the bucket compared to the nearly $26 billion the company’s paid to resolve criminal and civil charges in the US – NYTimes and WSJ

Back here in the States, the remains of Lehman Bros. has resolved a $1.2 billion derivatives lawsuit with Credit Suisse—one of the “last remaining big legal battles involving the failed investment bank nearly a decade after its collapse” – WSJ

Golf’s US Open kicks off today at Shinnecock Hills on Long Island. The New Yorker gives us some thoughts on how the 127-year-old track will fare in the face of the heavy hitters who define the modern game – The NewYorker

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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