Your Daily Dose of Financial News

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Saudi Arabia is pushing OPEC and its allies to cut oil production in 2019, and it’s doing its own part by exporting 500,000 fewer barrels a day in December than now—all an attempt to “counter the price rout battering the finances of group members and energy companies alike” – Bloomberg and NYTimes and WSJ

Facebook, taking a definite cue from Google, has dropped forced arbitration for sexual harassment and assault claims – NYTimes

The Journal is reporting that ex-Goldman Sachs CEO Lloyd Blankfein had at least two meetings with the Malaysian man, Jho Low, at the center of the mammoth 1MDB scandal that’s sucking Goldman deeper into its grasp. The second of those meetings (in 2013) came after the bank’s “compliance department had raised multiple concerns about the financier’s background and said the bank shouldn’t do business with him” – WSJ

Slowing economy and trade war be damned . . . . Singles Day in China was dead set on going bigger than ever.  And, beginning  with an opening few minutes that saw Alibaba rake in $1.44 billion just after the clock struck twelve, it did just that – Bloomberg and NYTimes and WSJ

Breakingviews considers UBS’s position that it intends to vigorously oppose the DOJ’s recently filed toxic-RMBS-related suit against the Swiss banking giant and finds that it’s well positioned (financially, at least) to slug it out – NYTimes

Wells Fargo is getting one headache off of its plate, announcing on Friday that it will pay $43 million to resolve allegations by institutional investors like BlackRock and PIMCO that it “failed to protect investors from billions of dollars in losses as the trustee for hundreds of residential mortgage-backed securities” – Law360

Bit of drama between Sears’ creditors and Eddie Lampert’s ESL?  No huge shocker there.  The Journal fills us in on the deets – WSJ

Italy’s budget dispute with the EU looks to be getting even uglier, as the country’s deputy premier promised that his government wasn’t in a mood for negotiating – Bloomberg

Thinking about showing off that new bling via Instagram or Twitter? Better make sure your finances are in order, at least if you’re a French taxpayer. France’s tax administrators announced plans to start looking for tax cheats on social media – NYTimes

Netflix’s new dilemma: whether to depend on Hollywood or its trusty algorithm.  With the company expected to drop $12 billion on movies and shows this year, it’s more than just an academic debate – WSJ

Love a good spy thriller and okay with an ambiguous ending? Put down your LeCarre and check out the “Mystery of the Havana Syndrome” from the New Yorker.  (Oh yeah, and it’s true) – NewYorker

MDR

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