Financial Daily Dose 5.6.2019 | Top Story: New Tariff Threats Upend US-China Talks

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All of Treasury Secretary Mnuchin’s “great progress” reports be damned, apparently. Over the weekend, the White House threatened to fast-forward plans to raise tariffs from 10 to 25% on $200 billion of Chinese imports, promising to do so this Friday. The news left China scrambling to adjust, even as its negotiating team was getting ready to head to D.C. for continued trade talks – Bloomberg and NYTimes and WSJ

So much for that whole “no volatility” thing – Bloomberg and NYTimes and WSJ

We told you last week that Facebook is prepping for a mega fine from the FTC—something in the $3 to $5 billion range.  Of course, the regulators are prepping, too, and the Times helps us understand what they’re thinking about in order to make Facebook and Zuck feel some pain for their many privacy violations – NYTimes

Speaking of fines, Wells Fargo has raised its estimated high-end potential losses stemming from its years of scandals from $2.7 billion to $3.1 billion. That staggering figure would be added to the more-than $4 billion the bank’s paid out in settlement and fines from September 2018 through the end of last year – WSJ

Mr. Buffett and the Berkshire crowd held their annual meet-up over the weekend.  As always, there was much to talk about, including Berkshire’s newfound interest in tech stocks and the emergence of Mr. Buffett’s hand-picked likely successors – NYTimes and WSJ and Bloomberg

Sinclair and Disney have agreed to a $10.6 billion deal in which the broadcast TV giant will buy 21 regional sports networks in Disney’s possession. The Mouse had to unload the networks “in order to receive antitrust approval for its $71.3 billion acquisition of most of Rupert Murdoch’s 21st Century Fox” – NYTimes and WSJ

A breakdown of Friday’s strong U.S. jobs report numbers – Bloomberg

ExxonMobil is in climate hot water again, as yet another shareholder “has accused the company of lying to the public about how it factored the impact of climate change in its business decisions”—this time, in Texas federal court – Law360

The Times preps for Uber’s IPO (pricing comes Thursday) by looking at what it means for current CEO Dara Khosrowshahi to be taking former CEO (and co-founder) Travis Kalanick’s baby to the public markets – NYTimes

Famed activist investor and billionaire Carl Icahn’s staring down the barrel of two subpoenas from federal SDNY prosecutors, the latest of which was disclosed just last week and focuses on “a series of stock trades last year” – NYTimes

Derby Day didn’t disappoint in the drama department. Whoa Nellie – NYTimes and WSJ

MDR

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