Financial Daily Dose 7.16.2019 | Top Story: Regulators Raise National Security Concerns About Facebook’s Libra Crypto

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Treasury Secretary Steven Mnuchin is the latest prominent government official to express concerns about Facebook’s coming Libra launch. Speaking at a briefing yesterday, Mnuchin focused on national security issues related to the planned cryptocurrency – WSJ and Bloomberg and Law360

Facebook will have a chance to address those (and many other) matters during Senate Banking Committee testimony today – Law360

As last week’s economic numbers unquestionably confirmed, the U.S.’s tariff haul has been far short of the cost of the White House’s subsidies to farmers, “let alone compensate the many other industries hurt by trade tensions” – NYTimes and Bloomberg

With that as one of the results of the White House’s trade war, it’s especially interesting to see Japan’s recent move to limit its free trade arrangements with South Korea by citing “vague threats” to national security – NYTimes

Key Bank parent KeyCorp  announced today that it “discovered fraudulent activity around July 9 associated with transactions conducted in the third quarter” by one of its business customers. It’s estimating potential current exposure at up to $90 million – WSJ and MarketWatch

N.D. Cal. federal Judge Vince Chhabria cut $55 million off of the big-time $80 million jury verdict in a case that tied Bayer’s Roundup weedkiller to claims of non-Hodgkin lymphoma – WSJ and Bloomberg and Law360

A bit of background for you on Duck Duck Go, the “feisty Google adversary” that’s been offering a privacy-centric search engine to challenge the net’s overlord at its own game. The company has a paltry 1% industry market share (compared to Google’s 85%), but its use has tripled in just the past 2 years, and the increased spotlight on big tech’s, ahem, relaxed approach to consumer privacy is a big reason for its rise – NYTimes

As Prime Day[s] wrap up, the Journal takes a look at what Amazon can deliver that rivals Target and Walmart just can’t match: memberships – WSJ

Nomura Securities International will pay $26 million to resolve SEC allegations that the bank “failed to supervise traders who allegedly lied to clients about the pricing of residential mortgage-backed securities and commercial mortgage-backed securities” – Law360

Activist Bill Ackman’s looking to rebound from a terrible couple of years following bad bets on Valeant and against Herbalife. Chipotle may just help him do the trick – Bloomberg

Broadcom’s bid to buy Symantec has apparently stalled, hitting pause on “efforts to create one of the biggest, and most unusual, marriages in technology this year” between a semiconductor maker and security software provider – NYTimes

Meanwhile, a merger between Charles Schwab and USAA’s wealth-management and brokerage units is only picking up steam – WSJ and Bloomberg

We’re locked in an extended stretch of upper 80s here in the North.  In other words, it’s grilling season. So here’s a timely look at 6 ways to add some interest to summer sweet corn – NYTimes

MDR

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