Your Daily Dose of Financial News

Demolition of an old house

Google has announced plans to shutter Google Plus, its “floundering answer to Facebook,” following the discovery of a security vulnerability that “exposed the private data of up to 500,000 users of the service.”  Google revealed yesterday that it had discovered the glitch in March but waited until this week to disclose it because the company “hadn’t found anyone that had been affected,” a potentially fateful decision in light of GDPR breach reporting requirements – NYTimes and WSJ and Bloomberg and Mashable

Checking in with the result of the Disney acquisition of 21st Century Fox, which means the integration of several key Fox entertainment execs in prominent roles at Walt Disney Television and ABC – NYTimes and Bloomberg

Activist Nelson Peltz’s Trian Fund Mgmt is considering a takeover bid for Papa John’s, the pizza empire that put itself up for sale “amid an acrimonious fight with its founder, John Schnatter” – WSJ

The Journal walks us through some of the “18,927” ways (via identification code-fudging) that Chinese importers are circumventing American tariffs – WSJ

Even as tech industry giants are lobbying for a federal cybersecurity law that would place cyber enforcement in the hands of the FTC, a separate agency—the SEC—is staking a claim on cyber enforcement of sorts with its first action under a 5-year-old “Identity Theft Red Flags Rule.” A few weeks ago, the agency used the Rule to censure Voya Financial for “allowing hackers to access social security numbers, account balances and even details of client investment accounts”—a violation so egregious that the SEC deemed it “willful” – NYTimes

Netflix is launching a new production hub in New Mexico with its purchase of ABQ Studios, a production studio complex that Netflix intends to use to further expand its original programming content – WSJ and Bloomberg

Apple and Amazon are strongly pushing back against Bloomberg’s report last week that the tech giants had been “infected by tiny surveillance microchips produced by Chinese spies as part of a larger effort to hack into U.S. systems,” and they’ve got the UK’s top cybersecurity agency on their side – Law360

Former SDNY USA Preet Bharara and SEC commissioner Robert Jackson have taken to the Op-Ed pages to plead for a fix to America’s “hopelessly out of date” insider trading laws – NYTimes

Yet another hedge fund is calling it quits—the third in less than 2 weeks. New York-based Tourbillon Capital, which managed “several billion at its peak,” told investors Monday that it was shutting down operations and would return more than $1 billion to them by year end – WSJ

Ever read with a good balance of wonder and disbelief those stories of NASA scientists discovering oceans on alien planets? Well, we have Dr. Margaret Kivelson and her team of physicists to thank for those revelations (and so much more) – NYTimes


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