Your Daily Dose of Financial News

Robins Kaplan LLP

The US dialed up the heat in its trade war with China even further last night, announcing the imposition of tariffs by September 24th on an additional $200 billion worth of Chinese goods. When combined with the existing tariffs, the US will now tax nearly half of all Chinese imports into America – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace and Law360

US markets weren’t loving the news – WSJ and MarketWatch

More on Marc Benioff’s big purchase of Time Inc. – NYTimes and WSJ

Federal antitrust authorities have signed off on the proposed merger between health insurer Cigna and pharmacy benefit manager Express Scripts, a $52 billion deal announced last March – NYTimes

Tyson Foods CEO Tom Hayes is unexpectedly stepping down at the end of the month, less than two years into his tenure. Hayes cited “personal reasons” for his departure and will be replaced by longtime Tyson exec Noel White – WSJ

Breakingviews suggests that the perfect storm of “higher losses and lower margins” for reinsurers—many of whom are still recovering from 2017’s devastating natural disasters even as the 2018 hurricane season is in full effect—is likely to bring about a “wave of deal making” – NYTimes

Finra has reached an agreement with trader Simon Librati that will see him banned from the US brokerage industry for 5 years and owe $400,000 in fines. Librati—a pioneer in the “lucrative business of overseas day trading—was accused of manipulating American markets from overseas trading floors – WSJ

A pair of payday lender trade groups is seeking to put the brakes on the CFPB’s payday lending rule, arguing that the proposal would “restrict more than 90 percent of the payday loans currently made” if it takes effect, as scheduled, in August next year – Law360

Coke’s going back to its roots. Like waaaay back to its roots, and it’ll get by with a little help from its friends – Bloomberg

On Monday, SDNY Judge Jed Rakoff sentenced Peter B. Johnson—a “former executive of bankrupt Transmar commodity Group Ltd” to 30 months in prison for his role in a “massive” $350 million asset fraud at the “family-run cocoa commodity trading company – Law360

Ahh, the mysterious joy of kakigori—a traditional Japanese shaved ice dessert that’s as exacting to make as it is open delicious interpretations. Coming soon, if you’re lucky, to a restaurant near 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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