Your Daily Dose of Financial News

Demolition of an old house

Ford announced yesterday that it plans to cut “thousands of jobs across Europe” as the automaker tries to cut costs while dealing with more stringent emissions rules and decreasing demand. The company didn’t say officially how many of its 68,000 European workers could be on the chopping block – NYTimes and WSJ

As we’ve been tracking, the DOJ has indeed reached a deal with FiatChrysler that will see the automaker pony up nearly $800 million (including “extended warranties and other provisions”) to resolve lawsuits “over false emissions readings on diesel vehicles” – NYTimes and Law360

Polish authorities have charged a local Huawei executive (and Chinese national) with conducting “high-level espionage on behalf of China.” The arrest is “another bombshell for Huawei, following the early December detention of the company’s [CFO] in Canada at the U.S.’s request” – WSJ and Bloomberg

Q4 numbers will start emerging in the coming weeks and will go a long way towards understanding whether Wall Street’s Christmastime freak out was justified or not – NYTimes

We’ll be watching for those “sprinkled secrets,” too – NYTimes

Debt-laden Chinese restaurant chain PF Chang’s has new ownership. Though the exact figure isn’t public, earlier reports put the sale price from Centerbridge Partners to TriArtisan Capital and Paulson & Co. somewhere in the $700 million range. Which is, to be clear, a lot of lettuce wraps – Bloomberg

After a notable drought, debt investors have welcomed a new round of junk-bond sales this week—the first in more than 40 days – WSJ

HSBC is hoping that the combination of $30 million and evidence of the electronic chats involved in an alleged “scheme to rig the SSA bond market” will be sufficient to let it escape the 3-year-old action – Law360

Details on Eddie Lampert’s revised bid to save some of his former Sears empire shows an offer of more than $5 billion–$600 million more than his last offer, much of which would be intended for vendors and to pay property taxes – WSJ and Bloomberg and MarketWatch and Law360

Finally, a blast from the past this week helps provide a reminder of just how long I’ve been at this blogging game.  Here’s to the 1990 NCAA champion Wisconsin Badgers, dot matrix printers, the Badger Boys, and 10-year-old me – WisconsinHockey

Have a great weekend,

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