Financial Daily Dose 7.10.2019 | Top Story: US Softens Some Huawei Restrictions

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Commerce Secretary Wilbur Ross announced yesterday that the US will, mere weeks after blacklisting Huawei altogether, allow some American companies to keep doing business with the Chinese telecom company. The reversal appears to be part of the White House’s move to restart trade talks with China – NYTimes and WSJ and Law360

More on what we might expect from Fed Chair Powell as he prepares for his first day of testimony on the Hill today (and as the Fed gets set to drop its June meeting minutes) – NYTimes and WSJ and Bloomberg

Boeing’s recent spate of much-publicized scandals have allowed its European rival, Airbus, to dethrone the U.S. giant as the world’s largest plane maker after 7 years in the top spot – WSJ and MarketWatch

Fed Vice Chair Randal Quarles on the future of Fed stress testing, including the planned move to make it “more transparent, simpler and less volatile” – Law360 and WSJ

Even as the UK (or a miniscule fraction of it, to be more precise) prepares to select a new Brexit-gung-ho PM, the British pound continued to slide, hitting a two-year law as against the dollar on Tuesday – NYTimes

Bit of a double whammy day for Marriott, which is facing a D.C. AG-led lawsuit over “allegedly hiding the true price of hotel rooms from consumers and charging hidden fees” here in the States [WSJ and MarketWatch] while the UK’s Information Commissioner’s Office delivered its second major GDPR fine in a week, hitting the hotelier with a $123 million fine for the Starwood breach it reported in late 2018 – Law360

A NY federal jury convicted two former Platinum Partners execs of fraud and conspiracy by “acquitted the defunct hedge fund’s ex-chief financial officer of charges stemming from a purported scheme to defraud investors in Platinum’s flagship fund” – Law360

In a surprise move, Mexico’s finance minister, Carlos Urzua, stepped down yesterday after repeated clashes with leftist President Lopez Obrador. Urzua cited “many disagreements over economic policy” in his resignation letter, and the peso fell on the news of his departure – WSJ and Bloomberg

If you’re like me, international travel isn’t in the cards for you this summer. So let’s let the Times do the heavy lifting and enjoy this feature on the Oracle at Delphi (and the ancient path to get there) – NYTimes

MDR

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