Financial Daily Dose 8.16.2019 | Top Story: Cathay Pacific CEO Resigns Amidst Turmoil in Hong Kong

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Hong Kong-based Cathay Pacific Airways CEO Rupert Hogg has resigned in order to “take responsibility” a week “after the carrier was rebuked by China for staff involvement in the anti-Beijing protests rocking Hong Kong.” Hogg had been on the job for just 2 years – Bloomberg and NYTimes and WSJ and MarketWatch

The Labor Department has proposed a controversial new rule that would “allow more federal contractors to base employment decision on religion,” a move that critics say would “permit taxpayer-funded discrimination” – NYTimes

NY AG Letitia James has begun issuing subpoenas to a mess of banks and financial advisors in an “aggressive effort to track billions of dollars” that her office claims the Sackler family “siphoned out of Purdue Pharma to hide profits gained from the company’s opioid painkillers” – NYTimes

Stocks rebounded on Thursday thanks to a new economic report showing that U.S. consumers are still happily spending, even as manufacturing is showing troubling signs of slowing down – WSJ

Still, the recent market dives appear to be enough to push the Fed to cut rates again before the end of the year – Bloomberg

So, uhhhh.  Greenland, eh? – WSJ and Bloomberg

A look at what’s happening when economy reality catches up with the White House’s trade war: an increasing chance of the big “R” – NYTimes

The City of Chicago will invoke its home rule authority to sue Marriott Int’l over the 2018 data breach that “exposed the personal information of millions of hotel guests because it is empowered to regulate the businesses operating within its borders,” according to a Wednesday filing – Law360

And while we’re talking breaches, it’s increasingly appearing as if Capital One had and missed opportunities to catch or at least stop the hacker who accessed the personal info of roughly 106 million card members and applicants much earlier than it did, with bank cybersecurity personnel reportedly raising concerns with management about high cyber unit turnover and “a failure to promptly install some software to help spot and defend against attacks” – WSJ

The Walkman at 40 and some thoughts on the headphone culture it helped usher in – WSJ

A bit of brutalist concrete in a lush tropical landscape? We’ll bite – NYTimes

Have a great weekend,
MDR

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