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Comcast has withdrawn from its bidding war with Disney over 21st Century Fox’s assets, but it will continue in its pursuit of British satellite TV provider Sky PLC – NYTimes and WSJ and Bloomberg and Law360

The White House’s rather heavy-handed intervention in the Broadcom/Qualcomm takeover dispute from a few months ago was all about protecting San Diego-based Qualcomm. But fallout from the Administration’s trade war with China is putting Qualcomm through an equally trying ringer – NYTimes

Alcoa’s found that the tariffs—the first round of which were seemingly specifically designed to benefit America’s top aluminum producer—have made life much more complicated (and expensive), too – NYTimes

The shelving of its own public offering appears not to be deterring Saudi Aramco from going shopping – WSJ

As Wells Fargo struggles to climb out of a mammoth scandal hole of its own digging, it’s currently working through a process of refunding monthly fees to customers for add-on products that they didn’t understand or request – WSJ and Bloomberg

Hedge fund investors pulled roughly $3 billion from funds in Q2—the first “quarterly outflow since early 2017”—with investors moving away from bets on economic trends “as global trade tensions rise” – Bloomberg

Forbes blows open the doors on a whole mess of cultural problems at Papa John’s beyond John Schnatter’s recent foibles – Forbes

As if Jay Powell doesn’t have enough to juggle, he’s now reacting to Presidential criticism over his planned interest-rate hike timeline—a “rare rebuke by a sitting president that upends longstanding executive branch protocol to avoid commenting on monetary policy” – NYTimes and WSJ and MarketWatch

Yesterday’s confirmation hearings for the White House’s CFPB pick, Kathy Kraninger, were the bumpy road that many expected – Law360

Oft-maligned Philly is in the midst of a bit of revival, with hipsters and immigrants alike making it an ex-New York destination of choice in a quest for a more affordable American Dream – NYTimes

Carnoustie’s nasty 18th looks to again be a major factor in this weekend’s hunt for the Open Championship – NYTimes

On the road again early next week, so enjoy a brief respite, and we’ll see you back here on the 26th.

Have a good weekend.

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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