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Jun 29, 2016

DealBook P.M. Edition - June 29, 2016: Top Story: Nearly All U.S. Banks Pass Fed's Stress Test

The New York Times

Wednesday, June 29, 2016

Wednesday, June 29, 2016


Top Story
The headquarters of Morgan Stanley in New York.
Nearly All U.S. Banks Pass Fed’s Stress Test
By NATHANIEL POPPER AND MICHAEL CORKERY
Only Morgan Stanley did not pass unconditionally, and the American subsidiaries of Deutsche Bank and Santander failed outright.
DealBook Highlights
General Electric Wins O.K. to Shed ‘Too Big to Fail’ Label
By MICHAEL J. DE LA MERCED
The announcement comes after an aggressive campaign by General Electric to sell off billions of dollars worth of assets in its GE Capital division.
BREAKINGVIEWS
Shedding ‘Too Big to Fail’ Label Was Worth $50 Billion to G.E.
By ROB COX
Since G.E. announced its plans to offload almost all of GE Capital’s assets, its stock has added about $50 billion in overall market capitalization.
Wall St. Rises After Strong Global Gains
By THE ASSOCIATED PRESS
Stocks were broadly higher, echoing strong gains in global markets as investor worries about Britain’s vote to leave the European Union eased.
Chancellor Angela Merkel of Germany arrived in Brussels on Wednesday, before a European Union summit meeting.
As David Cameron Leaves Brussels, E.U. Leaders Chart Future
By JAMES KANTER AND ANDREW HIGGINS
The British prime minister returned to London after formally informing his fellow leaders that his countrymen had voted to leave the European Union.
A demonstration in support of the European Union outside Parliament in London on Tuesday.
With Both Parties in Turmoil, Britain Weighs a General Election
By STEVEN ERLANGER AND STEPHEN CASTLE
A successor to Prime Minister David Cameron might want to seek his or her own mandate from voters after the decision to exit the European Union.
Puerto Rico Relief Measure Clears a Senate Hurdle
By JACKIE CALMES
The Senate voted to limit debate on a bill to let the island restructure its $72 billion debt, with a final vote expected Wednesday or Thursday.
The gateway to a facility that houses machines built to mine new Bitcoins in Guizhou, a province in southeastern China. The country has become the biggest market for Bitcoin.
How China Took Center Stage in Bitcoin’s Civil War
By NATHANIEL POPPER
Through vast server farms and canny investments, Chinese companies have effectively centralized control over a currency designed to be borderless.
A tractor spreading pesticides on a field in Germany. European Union competition authorities said they would examine any deal to merge Bayer and Monsanto.
A Bayer Deal for Monsanto Would Get E.U. Regulatory Scrutiny
By CHAD BRAY
European Union competition authorities said they would examine concerns raised about the potential impact of a merger of Bayer and Monsanto.
Kelcy Warren, chief executive of Energy Transfer Partners, feared ratings downgrades if the merger deal went through.
Energy Transfer Equity Calls Off Deal for Williams Companies
By CHAD BRAY
The agreement was valued around $38 billion, including debt, when it was reached in September, but falling energy prices have weighed on negotiations.
Sungevity, a Solar Panel Provider, to Go Public in Merger
By DIANE CARDWELL
A planned merger with Easterly Acquisition, an asset management firm, would give Sungevity easier access to financing to help expand its business.
Buzz Tracker
Airbnb Plans Dual Stock Sales to Push Off I.P.O.
By THE WALL STREET JOURNAL
The company plans to raise between $500 million and $1 billion from more than a half dozen large, strategic investors in the coming weeks, said people familiar with the matter. In a separate transaction, investors are planning to buy about $200 million in stock from Airbnb employees, one person said.
• NYTimes: Airbnb Is Said to Be Seeking Funding Valuing It at $30 Billion (June 28, 2016)
Koch Brothers Fill Wall Street’s Void in Private Equity Lending
By BLOOMBERG
“We saw that Buffett was deploying capital in ways we thought were appealing and there weren’t a lot of folks doing it,” said Matt Flamini, Koch Equity Development’s president.
JPMorgan Says It Expects Scottish Independence and New Currency
By REUTERS
“Our base case is that Scotland will vote for independence and institute a new currency at that point (2019),” Malcolm Barr, a JPMorgan economist, said in a note to clients.
Elizabeth Warren Says Competition ‘Dying,’ More Merger Scrutiny Needed
By THE WALL STREET JOURNAL
“Today in America, competition is dying,” the senator said at an event hosted by the New America think tank. “Mergers are outrunning enforcement.”