Your Daily Dose of Financial News

Demolition of an old house

US stocks dove again on Monday after early gains, thanks, in part, to concerns that the White House is planning yet another round of tariffs on “all remaining imports from China” if the US and China make no progress in trade talks next month. Tech didn’t help the cause, either – NYTimes and WSJ and Bloomberg and MarketWatch

The UK is breaking new ground by announcing this week that it will “move ahead with plans to introduce a new tax targeting revenue generated locally by large tech firms,” a decision that will functionally make it the “first developed country to roll out such a ‘digital’ tax.” The tax, which wouldn’t take effect until 2020, would target “large, profitable companies” who have global revenues of at least $640 million – WSJ

Brand-new GE CEO Larry Culp’s first big moves at the struggling giant are all about cuts—slashing its dividend and halving its power division into two units. The company announced the moves along with a net Q3 loss of $22.8 billion due to an accounting charge – WSJ and Bloomberg

Campbell Soup has hastened the departure of its Vice President of Governmental Affairs after he posted a string of politically charged tweets. The exec, Kelly Johnston, was originally set to leave the company in November – NYTimes and MarketWatch

The Fed is close to unveiling a new method for determining which large banks will face its  toughest regulations, including a consideration of size and other risk factors like international activity, off-balance-sheet exposures, and reliance on “volatile forms of short-term funding.” Those familiar with the as-yet-nonpublic plans suggest that they’re “less beneficial to the very largest U.S. banks considered ‘systemically important’ to the global financial system” – WSJ

The US Treasury Department announced that it anticipates issuing $425 billion in net marketable debt in the 4th quarter, a total that would put government borrowing needs for the year at more than $1.34 trillion – Bloomberg

Law360 reacts to the NY AG’s recently filed lawsuit against ExxonMobil, suggesting that the action could help bring Wall Street into the battle over climate change – Law360

Yet another hedge fund—this time, Frontlight Capital—is closing up shop, the fifth to do so in October alone. The 3-year-old Boston-based firm has roughly $280 million under its management – WSJ

New Jersey federal authorities have indicted the former head of the “now-defunct” First State Bank on allegations of “engaging in a ‘massive fraud’ that involved  sham capital infusion and bogus loans to deceive regulators and the bank about its financial health” – Law360

Based on the ubiquity of mobile phones and dedicated e-readers, you’d be forgiven for assuming that the traditional publishing world had little left in the tank when it came to innovation. But, given the rather improbable rise of dwarsliggers (tiny, pocket-size horizontal flipback books that “have become a wildly popular print format in the Netherlands”), you’d also be quite wrong – NYTimes


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