Financial Daily Dose 6.28.2019 | Top Story: Ford Announces Job Cuts in Europe

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Ford announced major cuts to its European workforce yesterday, announcing that it would reduce its overall headcount there by 1/5 (or about 12,000 workers), roughly half of whom are salaried employees. Ford first revealed the cuts in broad strokes earlier this year – NYTimes and WSJ

Nissan has unveiled a recall of nearly half a million of its vehicles in Japan over an electrical issue stemming from a design flaw, yet another blow to the automaker that’s been stumbling since the departure of former chair Carlos Ghosn – NYTimes

Bloomberg reports that the White House is working on a plan “to cut taxes by indexing capital gains to inflation,” a move that “would largely benefit the wealth and may be done in a way that bypasses Congress.” Doing so via rule or executive order is expected to draw significant legal challenge – Bloomberg

Nothing like a deep dive into the bond markets to get those juices flowing on a Friday morning. But still. Worth your while to give some time to the “rebellion . . . brewing in the $9 trillion corporate-bond market” that is seeing the “unlikely alliance of municipal treasurers, algorithmic-trading specialists and individual investors” band together against a SEC proposal the group argues “would unfairly benefit firms that have long dominated the bond world” – WSJ

N.D. Georgia Federal Judge Amy Totenberg has sentenced former Equifax exec Jun Ying to 4 months in prison and more than $150k in monetary penalties for “cashing in stock options as he helped the company deal with the massive breach of consumers’ personal information in 2017” – Law360

Our first dispatch from the G-20 gathering in Osaka, Japan, where the White House wasted little time in attacking traditional U.S. allies on issues of security and trade – NYTimes and Bloomberg and Marketplace

Bitcoin giveth. And Bitcoin taketh away (part 38) – Bloomberg and MarketWatch

Facebook’s been working on an Internal Court of Content to help it sort out the byzantine mess of “providing oversight to its sprawling platform.” Any guesses on how smoothly it’s all going so far? – WSJ

The SEC has filed suit in SDNY federal court against the man it’s dubbed the “biggest winner” in a $43 million Galanis fraud scheme “that victimized a Native American tribal corporation” – Law360

Ahead of next week’s US Jobs report, Labor Department stats are showing that jobless claims have hit their highest point in 7 weeks, a “possible sign of strains in the labor market that could factor in to the Federal Reserve’s debate over whether to cut interest rates next month” – Bloomberg

Apologies for the double WWC posts this week, but today’s USWNT v. France match has all the makings of an epic banger.  Do yourself a favor and find a way to watch – WSJ

Have a good weekend,
MDR

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