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Jun 21, 2016

DealBook P.M. Edition - June 21, 2016: Highlights: Goodbye Password Banks Opt to Scan Fingers and Faces Instead


 Tuesday, June 21, 2016
DEALBOOK HIGHLIGHTS
Secil Watson, the head of wholesale internet solutions at Wells Fargo, using an eye scanner to gain access to her Wells Fargo account.
Goodbye, Password. Banks Opt to Scan Fingers and Faces Instead. Frustrated by thieves stealing personal data from millions of customers, banks are investing in biometric technology to offer better security.
SoftBank's chief executive, Masayoshi Son, stands before a screen showing Nikesh Arora. A disagreement between the two led to Mr. Arora's departure from the company.
SoftBank President Nikesh Arora Plans to Step Down Nikesh Arora, a former Google executive, disagreed with the Japanese technology conglomerate's chairman on when Mr. Arora might take over.
Breakingviews: A Departure Leaves SoftBank's Founder Firmly in Charge Nikesh Arora, who had been expected to succeed Masayoshi Son as SoftBank's head, leaves the company, having made some big, bold bets on start-ups.
Barbarian, a character in the video game Clash of Clans.
Tencent Bids for Gaming Empire in Deal for Developer of Clash of Clans The Chinese internet giant agreed to pay $8.6 billion agreement for a controlling stake in Supercell, a Finnish game maker.
Janet L. Yellen testifying before the Senate Banking Committee Tuesday. She signaled that the Fed had adopted a more cautious stance toward the economy.
Janet Yellen Hints That Fed May Hold Back on Raising Interest Rates The central bank chairwoman told senators that data on the labor market and the weak pace of investment indicated that domestic demand "might falter."
Steven Davidoff Solomon: Law School a Solid Investment, Despite Pay Discrepancies Top law school graduates are doing better than ever, but even lower-ranked schools offer good opportunities for their students.
Hillary Clinton spoke Tuesday at the Fort Hayes Metropolitan Education Center in Columbus, Ohio.
Hillary Clinton's Speech: What You Missed Mrs. Clinton, who has often been criticized for her ties to Wall Street, suggested Mr. Trump would "take us back to where we were before the crisis" and "rig the economy for Wall Street again." She also assailed Mr. Trump's comments appraising himself as the "king of debt."
The Moody's Economic Report That Clinton Is Using to Attack Trump If all of Donald Trump's plans were put into effect, the analysts say, the economy would go into a recession by the end of his first term.
  • NYT »
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    TOP STORY
    Sanjay Valvani, a portfolio manger at Visium Asset Management, was charged last week with insider trading.
    Hedge Fund Manager Charged With Insider Trading Is Found Dead Sanjay Valvani, a portfolio manger at Visium Asset Management, was found dead in his home, apparently having committed suicide.
Buzz Tracker
Is Lululemon Board Member Rhoda Pitcher for Real? The longest-serving director on the board of a $10 billion public company has a personal history that cannot be traced, no identifiable photo, a business that cannot be found, and a degree from an unaccredited entity with a residential street address.
Oi Bankruptcy Sends Shockwaves Through Brazil's Financial System "I don't see a solution for Oi," said the head of capital markets at Eleven Financial Research. "The company will be sliced and sold in pieces as possible. There won't be enough cake for everybody."
Chinese Bank Staff Beaten for Poor Performance on Course A motivational trainer in China beat eight rural bank employees with a stick, shaved the heads of the men and cut the hair of the women after they performed poorly on a training weekend.
LOOKING AHEAD
Volkswagen shareholders are expected to get loud. Volkswagen will hold its annual shareholders' meeting in Hanover, Germany, on Wednesday. Members of top management and VW's supervisory board are expected to get an earful from shareholders about the company's slim profits and emissions misconduct. But there are unlikely to be any real consequences as almost all of Volkswagen's voting shares are owned by members of the Porsche and Piëch families, the state of Lower Saxony and the sovereign wealth fund of Qatar. Jack Ewing
BlackBerry's turnaround plan is unproved ahead of meeting. BlackBerry is no longer in danger of imminent collapse, as was the case when John S. Chen was brought in to lead the company in 2013. But as Mr. Chen prepares to run the company's annual meeting in Waterloo, Ontario, on Wednesday and release first-quarter results on Thursday, his turnaround plan, which involves focusing on phone management and security systems for business and government, remains unproved. Despite adopting Google's Android operating system, BlackBerry has not revived the smartphone business it once dominated. Last week, Maynard Um, an analyst at Wells Fargo, published a detailed case for finally shutting down the phone business. That would cut BlackBerry's revenue almost by half to just over $1 billion, by Mr. Um's estimates. But he forecast that without phones, BlackBerry could earn 27 cents a share this year rather than lose 10 cents a share. Ian Austen

For the latest updates, go to NYTimes.com/DealBook
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