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Jun 28, 2016

DealBook P.M. Edition - June 28, 2016: Top Story: Airbnb Is Said to Be Seeking Funding Valuing It at $30 Billion

The New York Times

Tuesday, June 28, 2016

Tuesday, June 28, 2016

Top Story
Airbnb Is Said to Be Seeking Funding Valuing It at $30 Billion
By LESLIE PICKER AND MIKE ISAAC
Under the terms of the new fund-raising, Airbnb will have tripled its valuation in two years. A $30 billion valuation would make Airbnb the second-highest-valued start-up in the United States behind Uber, which is now valued at $62.5 billion, according to a list compiled by CB Insights.
• Airbnb Sues San Francisco Over Enforcing a Law It Helped Pass
The Latest on Brexit
Leaders of the European Union converged in Brussels. “Whoever wants to leave this family cannot expect to have no more obligations but to keep the privileges,” Chancellor Angela Merkel of Germany said.
One thing has become especially clear about the Brexit leaders: They had no plan for what comes next.
Is this another Lehman Brothers moment? The short answer is “no,” writes Neil Irwin. The long answer is “no, but.”
Are big banks going to be in trouble? Peter Eavis offers three ways to assess the level of stress in the financial system.
 
DealBook Highlights
Gina McCarthy, the Environmental Protection Agency administrator, said on Tuesday that Volkswagen must fix the cars that it buys back or scrap them, and was encouraged to recycle any scrapped parts.
VW Settles Diesel Emissions Case in U.S., Clearing Just One Financial Hurdle
By JACK EWING AND HIROKO TABUCHI
The carmaker agreed on Tuesday to pay up to $14.7 billion to settle claims in the United States, but the final financial toll will be far higher.
A Walmart Supercenter in North Bergen, N.J. For several days last month, some Walmart MoneyCard users were unable to access their accounts.
Senators Press for Answers After Prepaid Debit Cards Fail
By STACY COWLEY
The inquiry by Senators Sherrod Brown and Robert Menendez follows reports that holders of Walmart MoneyCards were denied access to their accounts.
DEAL PROFESSOR
Palantir Buyback Plan Shows Need for New Silicon Valley Pay System
By STEVEN DAVIDOFF SOLOMON
The offer comes as debate intensifies over compensation for employees, who face restrictions on the sale of shares that only their companies can lift.
BOOK ENTRY
Review: ‘Chaos Monkeys’ Is a Guide to the Spirit of Silicon Valley
By JONATHAN A. KNEE
Underneath the braggadocio and evisceration of professional nemeses in Antonio García Martinez’s book lies the beating heart of a formidable teacher.
BREAKINGVIEWS
The offices of Citibank, Bank of America and HSBC in the Canary Wharf financial district of London. The Federal Reserve said last week that the 33 largest financial institutions in the United States would survive a simulated recession relatively well.
Bank Stress Tests May Also Test Stockholders
By GINA CHON
While first results from the Federal Reserve suggest banks are prepared for a severe downturn, they may have to hold on to more of their own capital.
 
Buzz Tracker
The Story of Britain’s Biggest Insider-Trading Trial
By BLOOMBERG
Operation Tabernula was eight years, and $20 million, in the making. “There are no rules,” Iraj Parvizi said at his trial. “Anyone can start a rumor. It’s just gung-ho, go for it, do what you want.”
Teachers Union and Hedge Funds War Over Pension Billions
By THE WALL STREET JOURNAL
Randi Weingarten aims to pull public-teacher pension investments from Daniel Loeb, Paul Singer and other fund managers who promote retirement cutbacks. “Why would you put your money with someone who wants to destroy you?”
Stress Test Inc.
By THE WALL STREET JOURNAL
A multibillion-dollar industry has developed around the annual exercise created to make U.S. banks stronger. There are even consultants offering advice on the most economical use of other stress-test consultants.
Lyft Tells Investors to Expect No Growth in Rides for June
By BLOOMBERG
One Lyft investor told Bloomberg that, given the company’s heavy losses, if Lyft could sell itself for $5.5 billion -- the value of the company at its latest valuation -- that would be an acceptable price.
 
For the latest updates:
Go to NYTimes.com/DealBook
 
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