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Jun 6, 2016

DealBook P.M. Edition - June 6, 2016: Janet yellen Speeh Indicates Fed Will Rethink Interest-Rate Plans

 
Monday, June 6, 2016
TOP STORY
Janet L. Yellen, the Federal Reserve chairwoman, speaking in Philadelphia on Monday.
Janet Yellen Speech Indicates Fed Will Rethink Interest-Rate Plans A previous assurance that rates would be raised "in the coming months" was dropped from a speech that Ms. Yellen gave on Monday.

  • NYT »
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    DEALBOOK HIGHLIGHTS
    An opening hearing is scheduled on Tuesday in Massachusetts for a lawsuit challenging Sumner M. Redstone's competency and asserting that he has been manipulated by his daughter, Shari.
    Questions Surround Sumner Redstone's New Team of Representatives Some longtime confidants of the media mogul question whether a lawyer and a spokesman acting on Mr. Redstone's behalf have even met with him.
    China's President Xi Jinping, right, chats with Secretary of State John Kerry, center, and Treasury Secretary Jacob J. Lew in Beijing on Monday.
    China Pushes Back Against U.S. Complaints of Industrial Overcapacity Washington did not complain when Beijing's spending helped global growth, a Chinese official said, adding that the impact of closing factories was hard to estimate.
    The Deutsche Bank general meeting in Frankfurt, Germany.
    Peter J. Henning: Libor-Rigging at Deutsche Bank May Be Harder to Prove A recent court decision may present the Justice Department with a substantial hurdle to show that its evidence can support a conviction for wire fraud.
    David de Rothschild, the Rothschild chairman, received the 2011 European Banker of the Year award.
    Rothschild & Company to Acquire Compagnie Financière Martin Maurel The combination of their private banking and asset management operations in France would create a bank with $39 billion in assets under management.
    Breakingviews: Hungry Start-Ups Look to I.P.O.s as Venture Capital Dries Up Nascent technology firms risk running short on cash, but a recent revival of initial public offerings could offer them hope.
    David Zaring: Payday Lenders' Fight Against Regulator Would Be a Long Shot New guidelines from the Consumer Financial Protection Bureau are certain to face legal challenges, but those claims will probably fail.
    Buzz Tracker
    The Valeant Meltdown and Wall Street's Major Drug Problem Vanity Fair says that Michael Pearson's fall exposes more than the dark side of the the health-care system - it indicts some of finance's biggest players. "People on Wall Street love [Allergan's David] Pyott," says an investor. "This was as if a dirty drunk attacked your beloved uncle."
    Video: Hensarling Says Emerging Consensus to Overturn Dodd-Frank "We have both Washington accountability and Wall Street accountability," the House financial services committee chairman said of his forthcoming proposal.
    Shkreli Pleads Not Guilty to Latest Charge Judge Kiyo A. Matsumoto declined to set a trial date, but said she was considering an early 2017 time frame.
    Playboy Mansion's Neighbor to Buy the Property The stately 1927 Los Angeles manor is in contract to be sold to a financier who owns the adjacent property, according to a representative for the buyer.
    Steven Cohen Tears Down Hamptons Mansion The billionaire paid $62.5 million for a Hamptons mansion during a bidding war in 2013, but he never lived in it - and now he's torn it down to build a new one. Mr. Cohen already owns another beach mansion down the road on Further Lane. But that home is blocked from an ocean view because of another mansion in front of it, which is owned by James Chanos.
    Goldman Sachs Attracts 250,000 Student Job Applications The FT said that the number of applications suggests fears of a 'brain drain' in the sector may be exaggerated as banks introduce more employee-friendly policies.
    Matt Damon's Fiery MIT Commencement Speech "It was theft, and you knew it. It was fraud, and you knew it. And you know what else? We know that you knew it," the actor said. "So yeah, you sort of got away with it. You got that house in the Hamptons that other people paid for as their own mortgages went underwater. And you might have their money, but you don't have our respect. And just so you know, when we pass you on the street and look you in the eye, that's what we're thinking."
    LOOKING AHEAD
    Valeant to share its quarterly earnings report. Valeant Pharmaceuticals International, which has been troubled in recent months by a series of scandals over its drug pricing, business dealings and accounting practices, is expected to belatedly report its first-quarter earnings on Tuesday morning. The Canadian company has seen its stock plummet in recent months as it has come under investigation by Congress, United States attorneys and the Securities and Exchange Commission. Analysts will probably be listening closely for signs that the company's sales have begun to rebound and for reassurance that it has put its recent troubles behind it. This will be the first earnings call featuring the new chief executive, Joseph C. Papa, who replaced J. Michael Pearson in May. Katie Thomas
    For the latest updates, go to NYTimes.com/DealBook
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