Your Daily Dose of Financial News

Demolition of an old house
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Campbell’s Soup CEO Denise Morrison retired abruptly late last Friday. Though the company’s stock has struggled in the past year, Morrison gave no reason for stepping down—a move that drops the number of female chief executives of S&P 500 Index publicly traded companies to just 23 – NYTimes

Both China and the US are working to put a good face on the end of another round of trade talks, and while China will indeed increase its purchase of American-made goods and services, the previously reported $200 billion figure was not part of any official deal – NYTimes and WSJ and Bloomberg

Still, the concessions were apparently enough for the US to table its planned tariffs on China and put the trade war “on hold” for now – Bloomberg and NYTimes

Talk of his CEO-demise have been greatly exaggerated before, but it seems that Goldman Sachs’ Lloyd Blankfein really is heading for the door this fall, leaving GS president David Solomon poised to assume the top spot – NYTimes and WSJ

A shareholder has hit Wells, its CEO, board chair, and other top officials with a derivative suit in California federal court accusing the bank of enabling “a culture of lawlessness” at the bank – Law360

Midsize banks—your Main Street vs. Wall Street variety—have seen a growth in business lending in the past year, but they’re also “feeling squeezed” by a new set of rivals—“nonbanks like hedge funds and private-equity firms that are elbowing into business loans.”  And why those nonbanks? Well, nonbank means non-regulated.  Which helps their cause – WSJ

The Times gives us this fascinating look at the fall of Time Inc.—a one-time media empire that is now being sold for parts – NYTimes

Meanwhile, the Journal’s weekend long-read focused on one of the most important but least-known figures at Theranos—Elizabeth Holmes’ boyfriend Ramesh “sunny “ Balwani, who jointly ran the company with her for 7 years – WSJ

In their effort to fight what feels like an endless wave of cybercrime, banks are turning to “military-style tactics” including “combat exercises, intelligence hubs . . . and threat analysts” to defend themselves – NYTimes

The CFTC and SEC have been trading shots across the bow in the internal war-of-sorts to decide which agency will regulate cryptocurrencies. Last week, the CFTC put it on the record in Massachusetts federal court that cryptos are commodities that fall within its purview.  SEC: the ball’s in your court – Law360

In the aftermath of the financial crisis, Moody’s and the other big ratings agencies eventually caught some criticism for the inflated ratings they gave much of the financial instruments that collapsed during the crisis. Yet a decade on, even with efforts to diversify its business, the firm “still relies on its core ratings unit for the bulk of its revenue” – WSJ

Greece and its creditors have agreed on a checklist of final steps that will soon lead to the country’s exit from its multi-year bailout program – Bloomberg

Scientists are suggesting that the key to  understanding human aging may have been “sitting under the microscope for us to see” the whole time, with nucleoli size now emerging as a possible “cellular hallmark of longevity” – NYTimes

MDR

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