Your Daily Dose of Financial News

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New evidence suggests that California’s PG&E repeatedly “delayed a safety overhaul” on a high-voltage transmission line “that is a prime suspect behind the deadliest wildfire in California history.” How repeatedly? Try 5 years’ worth of kicking the can down the road – WSJ and Bloomberg

As China’s economy slows, the Big 3 US automakers are scrambling to adjust after betting billions on a market that’s not panning out as expected – NYTimes

The CFTC announced yesterday that it won’t appeal a “scathing December ruling by a New York federal judge in its suit accusing DRW Investments of generating $20 million in unlawful profits by manipulating interest-rate swap futures contracts.” Judge Richard Sullivan said the Commission failed to show that DRW’s bids were “somehow artificial” – Law360 and WSJ

The US is out with its shutdown-delayed 2018 GDP report today. Here’s what to keep an eye on – NYTimes and Bloomberg

More backpedaling from Amazon, but this time in its own backyard – Bloomberg

The FTC has reached a record COPPA-related settlement of $5.7 million with Chinese-owned Musical.ly (now known as TikTok) “over accusations that the company’s app illegally collected personal information about children” – NYTimes and Bloomberg and Law360

Following a meeting with the House Ways & Means Committee yesterday, US trade representative Robert Lighthizer gave the most definite indication to date that the US was indeed abandoning (for now) its threat to “raise tariffs to 25% on $200 billion of Chinese goods” – WSJ and Bloomberg

In day 2 of 2 on the Hill, Fed Chair Powell—this time, in testimony before the House Financial Services Committee—told lawmakers that the central bank is “close to announcing plans for ending the runoff of its $4 trillion portfolio of bonds and other assets this year” – WSJ and MarketWatch

Wells Fargo revealed that it’s upped an estimate of potential legal losses by $500 million based on the hyperspecific “variety of matters,” including “probes of its sales to retail customers.” It did disclose that it’s “in early talks to resolve another round of probes into sales abuses at its branches” – Bloomberg and Law360

Breakingviews is musing about the odds of Elon Musk and his itchy twitter finger(s) cannily positioning Tesla for a buyout, perhaps by a carmaker or tech company attracted by Tesla’s diving stock price – NYTimes

Remembering Rembrandt, 350 years later – NYTimes

MDR

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