Financial Daily Dose 5.20.2019 | Top Story: Google and Chipmakers Ditch Huawei

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Google parent company Alphabet [and a host of chipmakers] formally suspended all business with Huawei “that requires the transfer of hardware, software and technical services except those publicly available via open source licensing,” a major blow to the Chinese tech company that the White House has “sought to blacklist around the world” – Reuters and Bloomberg and WSJ and MarketWatch

Chinese Sbux competitor Luckin Coffee bucked the recent rough IPO trend with a promising US markets debut on Friday that saw the company valued at roughly $4 billion – NYTimes and WSJ

The White House dialed back its global trade war a touch last week, lifting tariffs on metal imports from our neighbors to the north and south while postponing a decision on “whether to impose tariffs on automobiles imported from Europe, Japan, and other countries for six months.”  Most see the easing of trade tensions with Mexico and Canada as a move to give the White House some breathing room as it continues its trade battle with China – NYTimes and WSJ and Law360

And with that bigger dispute in mind, MarketWatch steps back to ask what exactly these days is driving markets. Trade? Earnings? The Fed? – MarketWatch

Amazon’s dropping some cash (roughly $575 million) into Deliveroo, the London-based meal-delivery start-up, in what’s considered a challenge to “one of Uber’s most promising markets” – NYTimes

Nelson Pelz and his Trian crew are nearing a deal with money manager Legg Mason Inc. that “would give the activist hedge fund three or four seats on its board and avoid a proxy fight.” Legg has $758 billion in assets under its management – WSJ

A bit of background on VATs—the Value-Added Taxes added “by just about every major country in the world except the United States”—including how they work, why countries have embraced them, and what’s keeping the US from doing the same – NYTimes

Johnson & Johnson was hit with an $80 million jury verdict in Philly in “the latest trial over chronic pain and other complications caused by its pelvic mesh implants” – Law360

A new report out from the NY Fed warns that credit card delinquencies are on the rise, especially among young people ages 18-29, of whom 8% were more than 90-days delinquent on their payment, the highest percentage in 8 years – Marketplace

SDNY Judge P. Kevin Castel has okayed a $182.5 million settlement between JPMorgan, Citi, and a group of investors who sued the banks and accused them of rigging Euribor, a “key euro rate” – Law360

The Target/Vineyard Vines collaboration dropped this weekend, and while not everyone left happy, it looks like another hit for the Bullseye – Bloomberg

When it comes to humans, Newton had it at least partially right—bodies in motion are, well, genetically predisposed to being in motion – NYTimes

MDR

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