Financial Daily Dose 12.10.2019 | Top Story: Remembering Influential Former Fed Chair Paul Volcker

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Some remembrances upon the passing of influential former Fed Chair Paul Volcker, a force in American economic policy for nearly 60 years who led “the Federal Reserve’s brute-force campaign to subdue inflation in the late 1970s and early ‘80s” – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace

Antivirus software company McAfee LLC is considering a play for rival NortonLifeLock, the $16 billion consumer-software company fka Symantec that’s been shopping itself around since selling its enterprise-security business to Broadcom last month – WSJ

The White House’s anticipated blockage of replacement World Trade Organization members when two of their terms’ expire this week is expected to “effectively cripple the organization’s system for enforcing its rules” and could “signal the demise of the 24-year-old World Trade Organization itself, since the system for settling disputes has long been its most effective part” – NYTimes

French drugmaker Sanofi has reached a $2.5 billion deal to acquire cancer immunotherapy company Synthorx Inc., which “is developing a drug that aims to boost the immune system’s response to cancer” – WSJ

Merck, too, is making a move into the “fiercely competitive cancer-drugs market” with its $2.7 billion acquisition of ArQule Inc. – WSJ

Morgan Stanley is cutting about 1500 jobs globally—about 2% of its workforce—in an effort to focus on efficiency. The cuts “are skewed toward technology and operations divisions, but also include executives in sales, trading and research operations” – Bloomberg

IFF and Kerry Group are battling it out for the right to drop some serious cash on DuPont’s nutrition division. The asset—valued at nearly $25 billion—would likely be combined with either of the companies and spun off into an entity of its own – Bloomberg

Ahead of the impending end of Libor by year-end 2021, the OCC says that it is “ramping up its oversight of national banks’ preparations” for the shift. The OCC’s work includes promoting the preferred alternative benchmark rate—the SOFR – Law360

The White House and House Democrats are nearing an agreement to finalize revisions to the US-Mexico-Canada trade agreement that’s meant to replace NAFTA. Recent changes have drawn the support of top labor leaders and appear likely to secure passage for the deal – NYTimes  and Bloomberg

Telecom giant Ericsson is paying more than $1 billion to US authorities in criminal and civil penalties “over bribery and slush fund schemes in Asia, Africa and the Middle East dating back to 2000” – Law360

We’ll be keeping a careful eye on the New York courtroom of Justice Barry Ostrager this week. His decision on the NY AG’s fraud case against Exxon Mobil is expected in the next few days – Law360

Enjoy this fascinating look at the spaces—25 mostly rooms, to be precise—that have helped shape what design means for humanity – NYTimes

MDR