Financial Daily Dose 9.24.2019 | Top Story: UK High Court Rules PM’s Suspension of Parliament Illegal


Prorogate this, Boris. In an “unprecedented” ruling, the UK’s supreme court deemed the Prime Minister’s Brexit-driven suspension of Parliament “unlawful, void and of no effect” this morning and called on the body to reconvene “as soon as possible” – Bloomberg and NYTimes and WSJ

178-year-old British travel company Thomas Cook went belly-up yesterday, stranding some 600,000 travelers around the world and leaving 20,000 employees without jobs. Here’s the latest on the company and what happened – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace

German prosecutors have charged VW’s current and former CEOs as well as its Chair “on suspicion of misleading shareholders in the months before the 2015 diesel emissions-cheating scandal became public,” a surprise indictment that shows the authorities’ skepticism with the company’s position that the execs “had no way of knowing that the U.S. investigation into the scandal would cause huge shareholder losses” – WSJ and Bloomberg

Nissan and Carlos Ghosn announced on Monday that they reached a deal with the SEC to resolve allegations that the Japanese automaker “concealed from investors a plan to pay more than $140 million in retirement benefits to its former chairman” – NYTimes and Law360

Meanwhile, Nissan’s in-house lawyers “have raised concerns that the company’s investigation” into Ghosn “is marred by conflicts of interest involving a Nissan executive and the auto maker’s outside law firm, U.S. legal giant Latham & Watkins LLP” – WSJ

Ongoing negotiations over auto tariffs [that is, the White House’s threat to slap levies on cars imported into the U.S.]are delaying a promised trade deal signing between the U.S. and Japan this week. The countries may opt for issuing a joint statement this week to at least show ongoing progress – NYTimes

Federal authorities are reportedly in the midst of a criminal probe into e-cig company Juul Labs, an investigation that’s “in its early stages.” The probe’s focus isn’t yet clear – WSJ

A big night at the Emmys for HBO didn’t do much to clear up its future in the face of the final seasons of popular shows, an expensive new streaming platform, and the “drama surrounding HBO and Warner Media’s parent company, AT&T” – NYTimes

Don’t look now, but Chipotle’s officially back from the e. coli and data breach rough patch that’s shaken the company for the past 3 years – MarketWatch

A NY federal jury has again convicted former JPM and Perella Weinberg investment banker Sean Stewart on securities fraud and conspiracy charges for his role in a father/son insider trading case. The Second Circuit reversed Stewart’s initial 2016 conviction over evidentiary issues – Law360

Some timely tariff relief from the White House will help Apple keep production of its new Mac Pro in Texas, “reversing earlier plans to shift assembly of the computer to China” – WSJ and Bloomberg and MarketWatch

I’m certainly a fan of the long view. It seems that the Odd Lots folks are, too, and they’re offering that up on the latest edition of the lessons that collapsed civilizations can teach businesses – Bloomberg

It IS Oktoberfest season, after all. A swing through Munchen only makes sense – NYTimes


Leave a Reply

Email addresses and comments are not displayed publically.