Your Daily Dose of Financial News

Demolition of an old house
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Some reaction to the HQ2 x2 news, including what a pair of new tech hubs actually means for the cities that have thrown out the red carpet to Amazon and other technology giants – NYTimes and WSJ

After a generally strong 2018 that saw prices hit four-year highs as recently as a month ago, oil prices have fallen precipitously of late and now sit on the cusp of bear market numbers – WSJ

Early next-day analysis from Law360 on the outlook for banks now that Dems have retaken the U.S. House of Representatives – Law360

The UK’s cybersecurity and privacy watchdog, the Information Commissioner’s Office, has issued a report finding that defunct consulting firm Cambridge Analytica broke British law when it “improperly harvested Facebook data” for use in the 2016 US presidential campaigns and did the same “when it used customer data to aid the Brexit effort” – NYTimes

HSBC, Five Guys, Nordstrom, and insurer Transamerica have all revealed data security incidents in recent months, with outside parties attempting to access person data at HSBC and Five Guys and insiders “mishandling sensitive information” at Nordstrom and Transamerica. All disclosures came as the companies complied with California’s breach reporting statute – Law360

San Francisco’s trying a business tax to tackle its growing homeless problem, a controversial measure that split the tech community and faced big-time blowback when a similar form was presented in Seattle – NYTimes

CME Group Inc.—the largest repo exchange operator in Europe—is decamping from London in favor of Amsterdam, a move that CME is attributing to the Brexit mess – Bloomberg

Jay Welker, the head of Wells Fargo’s private bank, is stepping down in March 2019. Welker’s unit had been under the microscope due to a gender bias investigation in Wells’ wealth and investment unit – WSJ

Speaking at Bloomberg’s New Economy Forum, former Treasury Secretary Hank Paulson warned of an “Economic Iron Curtain” dividing the world if US-Sino relations don’t move past current “strategic differences”  – Bloomberg and WSJ

A group of traders has urged the 2d Circuit to hear their midcase class cert fight in their suit “claiming UBS AG and Rabobank deliberately modified their submissions in the Libor rate-setting process to manipulate the benchmark” – Law360

Mickey’s 90th birthday is surely additional cause for celebration at the already-booming Disney theme parks.  And it seems that some lesser-known regional parks are looking to get in on the “big and sometimes risky” family fun business, with a rash of day-visit parks expanding to draw lengthier, multi-night stays – NYTimes

Meet David Hu, Ig Nobel prize winner and mathematician dedicated to letting his curiosity run wild in his biomechanical study of animals – NYTimes

MDR

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