Your Daily Dose of Financial News

Demolition of an old house

The Journal’s weekend report on Facebook’s role in the unauthorized use of data from 50 million users wreaked havoc on the ‘Book’s stock yesterday, with losses spreading across the tech sector (and fellow its FANGers in particular) – Reuters and NYTimes and WSJ and Bloomberg

For the record, Breakingviews noticed – NYTimes [and so have some lawmakers – WSJ]

Finally some “good” news for the EU and Great Britain, which yesterday agreed on the terms of the latter’s 21-month transition after it leaves the Union in March 2019.  A spate of “thorny” issues—including the future of Ireland—remain unresolved, however – WSJ

Further reflection on China’s new central banker, including thoughts on why Mr. Yi is as important as the Fed’s Jay Powell – NYTimes

The oft-discussed and still-elusive Saudi Aramco IPO is continuing to “evolve,” with the kingdom “scaling back its ambitions for a public offering” and signaling its intent to focus “solely on the Saudi stock exchange [next year] while taking more time to decide if an international venue is with it.” Legal risks and the rising price of oil are reportedly key elements in the decision – WSJ

As we’ve been expecting here for a few weeks, mall mainstay Claire’s has filed for Chapter 11 bankruptcy protection, “hoping to shed $1.9 billion in debt and close some underperforming stores.” PE firm Apollo Global Mgmt purchased Claire’s in 2007 – NYTimes

With that in mind, are you a patterns kind of person? If so, you’d do well to keep an eye on the PE-owned Chinese restaurant chain PF Chang’s, which saw S&P downgrade its debt to CCC+, meaning that it is “currently vulnerable to nonpayment.” So yeah.  Patterns – WSJ

Your Trial Day 1 update from the epic DOJ/AT&T antitrust battle – Bloomberg

While the Fed’s first Open Markets Committee under new Chair Powell convenes ahead of a Wednesday announcement on possible rate hikes, Streetwise isn’t so confident that the Fed has a solid grasp on what exactly is going on with a seemingly booming economy at the moment – WSJ

The SEC unveiled a new spate of whistleblower awards, including a mammoth $83 million spread among 3 Bank of America whistleblowers who “helped the regulator reach a $415 million settlement” with the bank in 2016 over allegations of musing customer cash and securities to generate profits – WSJ and Law360

Had your heart set on snapping up a whole mess of Petros?  Sorry.  That’s a big no, right from the top – Bloomberg and Law360

Marketplace has pulled together a fascinating oral history of and reflection on the 2008 financial crisis from three players at the center of the government response to it all—Paulson, Geithner, and Bernanke. It’s well worth the time – Marketplace