Your Daily Dose of Financial News

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More trouble for the embattled British PM Theresa May. We learned yesterday that Britain’s second-largest construction firm—Carillion—was forced into liquidation after amassing a staggering $1.35 billion in debt. The downfall of the “parastatal” Carillion, which employs more than 19,000, threatens not only the solvency of “hundreds of contractors and smaller businesses,” but puts the company’s pension plan (and its $800 million deficit) on the government’s books – NYTimes and WSJ and Bloomberg and MarketWatch

Despite recent troubles, Intel and a few other giants have dominated the chip-making biz for years, a reality that’s discouraged start-ups in the field. Yet that dominance is proving unstable, as investors have poured more than $1.5 billion into chip start-ups in the past year thanks, in no small part, to the rise of A.I. – NYTimes

A rough weekend for Bitcoin means waking up to a 20% drop this morning. Ouch – Bloomberg and MarketWatch

Fiat Chrysler CEO Sergio Marchionne knows that the status quo isn’t working. But he’s reportedly ruled out splitting up the company or selling its popular Jeep business in order to pull it off.  Marchionne is set to unveil the carmaker’s new strategic plan on June 1 – WSJ

In a decision late last week, the 2d Circuit reversed a trial court decision certifying a shareholder class alleging that Goldman Sachs lied about its ethical compliance ahead of a billion-dollar loss in the Abacus CDO deal – Law360

Spotify, by working on an “unusual public share listing” that will provide both guidance and financial models directly to investors in an effort to help set pricing, is looking to upend the IPO business much as it did the music biz. Though the company’s move holds risks, the company could save scores of millions in the process, and a strong listing could further destabilize the struggling IPO market – WSJ

Major UK banks Barclays, Lloyds Banking Group, and RBS are all denying FDIC allegations that they colluded to suppress Libor rates between 2007 and 2009 – Law360

Austerity’s back in vogue in Greece, where lawmakers have passed measures dialing back spending in an effort to satisfy international creditors and to secure additional bailout funding – NYTimes

The Supremes will take up the thorny question of whether the SEC’s in-house court system violates the Constitution’s appointments clause. A broad decision “could call into question the legitimacy of past rulings” by the ALJs – Law360

Streetwise sizes up the state of the markets and argues that the Big Mo is back, fundamentals be damned – WSJ

Blackberry’s looking for something of a surprise second act with its Jarvis system—a product that helps carmakers detect security flaws in their software in an effort to avoid cyberhacking – Bloomberg

You’ll pardon us Minnesotans for showing a bit of uncharacteristic emotion over the weekend.  We’re not especially used to being on this side of things – CityPages

MDR