Your Daily Dose of Financial News


As has been buzzed about for several months, music-streaming startup Spotify has officially filed [directly] a prospectus for its listing on the New York Stock Exchange – NYTimes and WSJ and Bloomberg

Bill Ackman’s 5-year battle (and $1 billion bet) against Herbalife is officially over. Pershing Square’s total losses in the venture aren’t known, but they’re thought to be “hundreds of millions” of dollars – WSJ and Bloomberg

Not that big Bill’s just sitting around.  He and Pershing have taken a stake in United Technologies, though it reportedly hasn’t decided whether to be active or not – WSJ and Bloomberg

The Upshot takes on the unknowns surrounding a US unemployment rate hovering around 4%, including the uncertainty facing new  Fed chair Jay Powell – NYTimes

Mortgage servicing giant Ocwen Financial has agreed to pay $360 million in cash to acquire rival PHH in a deal that also sees Ocwen assuming PHH’s $119 million in debt – Law360

Not that historically low unemployment and a strong economy is stopping some economists from worrying about the disaster inherent in the next recession – Bloomberg

Speaking of recession, it seems that the Great Recession left a lasting mark on many millennials reared during that crisis when it comes to carrying debt.  A recent survey shows that just 1 in 3 millennials carries a credit card, and for those who do, it “tends to be of the prepaid or debit variety” – Bloomberg

Bank of America finds itself in the throes of a sexual misconduct probe in its “hedge-fund-focused prime-brokerage unit” that has already resulted in the termination of three employees – WSJ

Global financial watchdog The Basel Committee on Banking Supervision has revised its regs on measuring credit risks at banks, suggesting that “lenders using credit ratings agencies must conduct sufficient due diligence, and that those lenders who cannot did not want to rely on external ratings must adopt a detailed non-ratings approach” – Law360

The US Senate, meanwhile, is poised to go the other way—especially for midsize banks – WSJ

After last week’s surprise revelation that China’s Geely had built up a 9.7% stake in Daimler, Germany is considering “tightening the rules that govern when an investor needed to disclose a holding in a company” – NYTimes

Another month, another Brexit disaster, as the UK’s Brexit talks are again “in peril” after PM Theresa May rejects the European Union’s draft deal – Bloomberg

Prepare yourselves for another unintended effect of our modern tech obsession: digital phenotyping—the emerging field that tries to glean an assessment of people’s well-being from their interaction with digital devices. There’s some fascinating stuff afoot (both good and bad) – NYTimes