Your Daily Dose of Financial News

Robins Kaplan LLP

After more than 110 years as one of its mainstays, General Electric is out of the Dow Jones Industrial Average. It will be replaced by drugstore retailer Walgreens Boots Alliance – WSJ and Bloomberg

Wall Street, it appears, can no longer look past the “escalating” US/China trade war – NYTimes and MarketWatch

Commerce Secretary Wilbur Ross is facing tough questions after shorting stock in a shipping firm “days after learning that reporters were preparing a potentially negative story about his dealings with the Kremlin-linked company.” Ethics watchdogs argue that the sale “created the appearance that Mr. Ross was acting on nonpublic information to potentially profit” – NYTimes and Forbes

Ford and VW announced on Tuesday that they’re considering a strategic alliance that would see the companies work on developing “a range of commercial vehicles as well as other projects” together to “better compete globally as cars become more technologically advanced and customer expectations evolve” – WSJ and MarketWatch

The SEC announced yesterday that it secured an asset freeze that helped bust an investment-adviser-run Ponzi scheme that conned more than 600 investors out of $102 million over at least 6 years – Law360

Elon Musk is blaming a chunk of Tesla’s current production woes on employee sabotage – NYTimes and Bloomberg

Bond traders are rather nervously preparing for the first step in the Treasury yield curve inversion, which could hit as early as next week. An inverted curve (in which long-term debt instruments have a lower yield than short-term instruments do) has in the past been a fairly consistent precursor of recessions – Bloomberg

UK authorities have also cleared a path for Fox to stay in the battle for Sky PLC, all but assuring a bidding war for the satellite TV giant – WSJ

New FDIC chief Jelena McWilliams has announced her intention to make the agency “more responsive to the industry’s concerns” and plans on starting by reviewing how big bank “living will” requirements are enforced – WSJ and Bloomberg

Sometimes there’s little left to do but shut up and dance.  This will help – Vimeo

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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