Your Daily Dose of Financial News

Robins Kaplan LLP

General Motors delivered the harsh news on Monday that it plans to idle five North American factories and cut more than 14,000 jobs in an effort to save costs – NYTimes and WSJ and Bloomberg and Marketplace

The closings raise the specter that the American economy is not nearly as strong as some numbers would indicate – WSJ and Bloomberg

All of which cast something of a long shadow over an otherwise banner Cyber Monday – Bloomberg

Fresh off of Chinese approval of its $30 billion acquisition of Rockwell Collins, the industrial conglomerate United Technologies has announced plans to split into three companies over the next two years. An eponymous unit will focus on aerospace, while its Otis unit will center on elevators and escalators and a Carrier unit on heating and cooling equipment – NYTimes and WSJ

The latest from the High Court includes an update on oral argument in a case against Apple and its “exclusive market for selling iPhone apps,” an action brought by a group of consumers “challenging Apple’s requirement that all software for its phones be sold and purchased through its App Store” – WSJ and Law360

Dealbook has a good idea of what December IPOs have meant (not great), which makes it wonder whether Tencent Music’s impending NY offering is a wise move or a foolhardy enterprise – NYTimes

Amazon’s latest disruption project is—surprise, surprise—advertising, where it’s parlaying its massive online sales (and corresponding trove of consumer data) into online ad sales. Though commanding just 4% of the digital ad market, Amazon’s ad revenue is on pace to double this year and projected to increase nearly $30 billion in the next five years – WSJ

JPMorgan and Citigroup have reached a $182.5 million deal with a proposed class of investors to resolve claims that they (along with other big banks) manipulated Euribor – Law360

Another 10% drop on Monday helped drive Bitcoin near the $3500 mark, a figure it hit on Saturday for the first time since September 2017 – MarketWatch

Campbell Soup and Daniel Loeb’s Third Point have settled their differences and reached a deal that will see two of Third Point’s hand-selected directors join the Campbell board – WSJ and Law360

This weekend, Gritty moved beyond just the stuff of waking nightmares and into the vaunted realm of wedding crasher.  I mean, you gotta love this guy – Mashable

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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