Your Daily Dose of Financial News

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Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow – NYTimes and WSJ

Most major news organizations now agree that the next Fed chief will be current Fed governor Jerome Powell – WSJ and Bloomberg

And the FOMC announced yesterday that he’ll be heading into December with the Fed holding pat on rates for November but anticipating another quarter-percent rate hike before the end of the year – NYTimes and WSJ

The Journal is reporting that Travis Kalanick’s continued role at Uber is jeopardizing the ride-haling company’s massive deal with (and cash infusion from) SoftBank – WSJ

The subprime auto loan bubble keeps slowly expanding, and the burst is going to be a mess – Law360

The SEC has issued a warning to celebs looking to cash in on the current ICO craze by endorsing the booming coin offerings. Floyd and Paris—we’re looking at you – NYTimes and Bloomberg

The CFPB’s arbitration rule—despite last-minute pleas from director Richard Cordray—is now officially dead, a “victory for the financial industry” – WSJ and Law360

The shorthand name alone—the Frightful Five—says all you need to know about the worst-of-science-fiction future associated with being ruled by Amazon, Apple, Google, Facebook, and Microsoft.  But, says the Times tech guru, there are at least a few upsides – NYTimes

Then again . . . . – JulianMovies

MDR

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