Your daily dose of financial news

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More on what the rise of online e-commerce upstarts like Dollar Shave Club may mean for old-school outfits like Procter & Gamble (starting with a bunch more cash than they had expected for things like marketing and product development) – NYTimes

Look to Miami for the latest legal troubles for the country’s biggest banks. After most have finally put to bed the remnants of Great Recession RMBS litigation, a new tack by the city is looking to hold them responsible for lower property values and tax revenue and increased emergency services costs as a result of allegedly unfair loans and the inevitable foreclosure crisis they caused – WSJ

Instagram’s hard turn into Snapchat territory could touch off an interesting battle between the photo & video-sharing platforms—one that could even go legal before all’s said and done (and seen and shared) – NYTimes

Wall Street regulators are reportedly pushing big banks to provide investors with far more detail about their trading businesses—an effort to shine a light on a largely opaque (and “huge and volatile”) source of Wall Street revenue – WSJ

Bitcoin’s the latest digital currency to suffer a major theft from its Hong Kong exchange, with hackers making away with $65 million yesterday. News of the hack sent the currency’s value way down; more than $1.5 billion has been “wiped out from bitcoin’s market capitalization this week” alone – Bloomberg and NYTimes

Scuttlebutt in the drug-maker world suggests that rivals Merck and Allergan both have their eye on Biogen and the possibility of a mega deal – WSJ

HSBC’s Q2 profit appears to be yet another casualty of the Brexit tumult. The bank posted 40% losses earlier today, prompting it to appease shareholders with a $2.5 billion buyback plan  – NYTimes and WSJ

So long, Exxon. It’s all about tech at the moment – WSJ

And [in unrelated news] maybe austerity is heading out the door with it?  Maybe? – Bloomberg

Sure, the athletes will be pinning a lifetime of hopes and dreams on the next few weeks at the Olympics. But let’s not forget the big banks’ stake in it all (and given the amount of advertising you can expect to see, I think you’d be awfully hard pressed to forget) – NYTimes

Speaking of, there’ll be lots to watch as the Rio games kicks off on Friday. The Times suggests you cast your gaze down to the athletes’ feet, where an intricate game of camouflage is as much a part of the Games these days as the Olympic rings – NYTimes

Welcome to the 2016 Great Cargo Shorts debate. This is a thing, I promise – WSJ

MDR

Follow me on Twitter: @reifmd

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