Your Daily Dose of Financial News

Demolition of an old house
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Disney has officially added a + and unveiled its new streaming service (that would be Disney Plus), a subscription video program “dedicated to movies and shows from Disney, Pixar, the ‘Star Wars’ franchise, National Geographic and Marvel” that will cost $7/month and arrive on Nov. 12 – NYTimes and WSJ and Bloomberg and MarketWatch and Mashable

News of the rescheduled Halloween Brexit deadline weren’t exactly welcomed by British businesses who, despite appreciating the potential “devastating hit to the economy” that a no-deal departure would have caused today, are more than ready to be done with all of this drama – NYTimes

The inside scoop on Jay Alix’s one-man crusade against consulting powerhouse McKinsey & Co—the company that he alleges has been gaming the bankruptcy system for decades by “concealing its own investments in bankrupt companies and their creditors, then helping decide how much the failing company must pay them” = NYTimes and Law360

All of which makes Bankruptcy Judge David Jones’s recent decision to allow McKinsey to “devise industry conflict-of-interest guidelines” all the more incredible – WSJ

On Thursday, Uber filed a prospectus for its fast-approaching IPO that gave Wall Street its first real opportunity to look behind the curtain at the ride-hailing company. What was there? Well, for starters, there’s the total operating losses of more than $10 billion over the past 3 years – Bloomberg

Chevron has agreed to buy smaller rival Anadarko Petroleum Corp. for $33 billion in a “bet on shale oil and liquefied natural gas”—the elements many consider the “future of Big Oil over the next decade” – Bloomberg and WSJ and MarketWatch

China, with an eye toward progress in a broad trade deal with the US, is juicing its offer to “open its cloud-computing sector to foreign companies” by “proposing to issue more licenses that businesses need to operate data centers and to life the 50% equity cap that limits ownership for certain foreign cloud-service providers” – WSJ

Billionaire investor and supermarket magnate Ron Burkle is reportedly in discussions with American Media Inc. to buy the National Enquirer, the tabloid that’s been making plenty of news of its own of late – NYTimes

Campbell Soup is nearing completion of a deal in which it would sell its “fresh-food unit including Bolthouse Farms for about $500 million to a group led by the former chief executive of the troubled division.” If completed, the agreement would see Campbell taking a nearly billion-dollar haircut on Bolthouse Farms, which it acquired in 2012 – WSJ

Troubled mortgage lending company Ditech Holding Corp. is putting Ch. 11 plan distribution and DIP financing approval on ice for a bit “while it negotiates a global settlement with is creditor base” and pursues sale options for its loan origination and servicing businesses – Law360

A bit of econ 101 over a pimento cheese sandwich among the patrons? We’ll take Marketplace up on that offer – Marketplace

Have a great weekend,
MDR

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