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Jun 27, 2016

DealBook P.M. Edition - June 27, 2016: Top Story despite Leaders' Assurances, Brexit Leaves Markets Nervous

Monday, June 27, 2016



The New York Times

Monday, June 27, 2016

Top Story
Despite Leaders’ Assurances, ‘Brexit’ Leaves Markets Nervous

By PRASHANT S. RAO AND JONATHAN SOBLE
As investors continued to fret over Britain’s vote to leave the European Union, markets resumed their downward march on Monday, despite assurances from world leaders that they were prepared for the fallout of a so-called Brexit.
 
The Latest
Investors sold off British stocks and traders drove the pound to its lowest level against the dollar since 1985.
Standard & Poor's stripped Britain of its AAA credit rating. Trading in certain financial stocks such as Barclays and Royal Bank of Scotland were briefly suspended.
Our live blog tracks the latest developments. Check out our complete coverage of the vote’s aftermath here.


DealBook Highlights
Boris Johnson left his home in London on Monday.
Economic Panic Rising, Britain Hopes to Stay in E.U. Market
By STEPHEN CASTLE AND SEWELL CHAN
Leaders on both sides of the “Brexit” debate signaled that they wanted continued access to the free-trade zone, though the European Union may have other ideas.
Upshot
The New York Stock Exchange is merely one of the places being affected by “Brexit.”
‘Brexit’ Is Locking In the Forces That Already Haunt the Global Economy
By NEIL IRWIN
Those forces have self-reinforcing, vicious-cycle dimensions that make it a perilous time for the world’s economies.
White Collar Watch
Chile’s players celebrated after winning the Copa America Centenario on Sunday. FIFA, the organization that oversees the rules and ethics of international soccer, has been charged with corruption by the Justice Department.
RJR Nabisco Ruling Bolsters Justice Dept.’s Pursuit of FIFA
By PETER J. HENNING
A RICO case against FIFA, the international soccer organization, can move forward without concern that the charges might not be a permissible use of federal law.
Thrive Market, an Online Grocer, Raises $111 Million
By MICHAEL J. DE LA MERCED
The round of financing for the start-up, which aims to provide healthy, organic food at low prices, was led by the investment firm Invus.
Breakingviews
Bad Behavior Is Exposed as the Shale-Oil Market Shrinks
By KEVIN ALLISON
The S.E.C. claims that the oilman Chris Faulkner inflated his shale companies’ prospects to attract cash, then blew $80 million of investors’ money.
 
Buzz Tracker
Silicon Valley’s Latest Startup Offering Is a Whole City
By BLOOMBERG
Y Combinator’s $100 million research lab will make affordable housing a focus. Among other things, the project aims to develop ways to reduce housing expenses by 90 percent and to develop a city code of laws simple enough to fit on 100 pages of text.
Classic Waldorf Hotel to Be Gutted, Up to 1,100 Rooms Turned Into Condos
By WALL STREET JOURNAL
The vast reduction in Waldorf hotel rooms will lead to the elimination of many room-service, housekeeping and other hospitality jobs.