Your Daily Dose of Financial News

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Amazon announced yesterday that it will immediately raise the minimum wage it pays to all 250,000 of its employees (and the 100k it plans to hire for the holiday season) to at least $15/hour, more than double the current federal standard – NYTimes and WSJ and Bloomberg and Marketplace

We’ve talked plenty about Tesla’s boardroom issues.  How’s it going on the ground? Well, its struggles have moved from production to deliveries [even though its numbers are finally moving in the right direction] – WSJ and Bloomberg

Chinese music-streaming service Tencent Music has filed for a US IPO, “kicking off what will likely be one of the biggest technology IPOs to date” – WSJ

Fed Chair Jay Powell, speaking at the annual meeting of the National Association for Business Economics in Boston on Tuesday, conceded that the US economy is “enjoying an unusual but sustainable period of low unemployment and low inflation,” but he also made a point to describe it as “not too good to be true” – NYTimes

A warming globe is far more than a matter of debate for the world’s insurance companies, who are scrambling to put a value on the “unpredictable future” caused by climate change – WSJ

SDNY Judge Paul Englemayer lit into both sides in a $25 million competition suit against JPMorgan over what he deemed “extremely excessive” redactions, saying that the parties unnecessarily redacted “up to 90 percent” of the information in the parties’ briefing over their experts – Law360

Shuttered San Francisco-based firm Sedgwick LLP, which closed its doors early in the year, has filed for Chapter 11 bankruptcy – Law360

The SEC is moving to loosen regs to “exempt more public companies from needing an auditor’s opinion on their internal controls” – MarketWatch

The FDA paid an unexpected visit to Juul Labs’ San Francisco HQ last week and collected more than a thousand pages of documents focusing on sales and marketing practices by the e-cigarette upstart – WSJ and Bloomberg

Toys R Us is dead.  So . . . .  Long live Toys R Us? [the bankruptcy auction’s off, my friends] – WSJ

Insurer Zurich has created what it’s calling the first cyber insurance policy to “offer computer network monitoring and preemptive services to help businesses prevent a data breach”—a direct response to the EU’s GDPR and its potentially massive fines for information breaches – Law360

I’ve always loved the iconic NASA Earthrise shot.  This fantastic film from the Times gives us the inside scoop on how the photo came about and how it affected the astronauts who witnessed the moment in real time – NYTimes

MDR

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