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Jun 11, 2016

DealBook P.M. Edition - June 9, 2016: Top Story: Tighter on Remittances Put Squeeze on Go-Betweens

 
Thursday, June 9, 2016
TOP STORY
Tighter Rules on Remittances Put Squeeze on Go-Betweens Banks are refusing to do business with money transmitters, closing or freezing accounts over concerns about money laundering and regulatory scrutiny.


"We comply with all the regulations. We have to follow the rules," said the owner of a storefront money-transfer business in Atlantic City. "But they don't want to deal with us."
  • NYT »
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    DEALBOOK HIGHLIGHTS
    Last month, Thomas C. Davis pleaded guilty to 12 felonies for a brazen insider trading scheme.
    James B. Stewart: How Keeping Up Appearances Ruined a Former Dallas Banker S.E.C. and criminal complaints paint Thomas C. Davis, considered a pillar of the business community, as a man in "desperate" financial straits.
    Sumner Redstone, left, and Philippe Dauman in 2007.
    Steven Davidoff Solomon: Viacom Has Few Options for Fighting National Amusements There is legal precedent to support National Amusements' decision to amend the bylaws of Viacom to prevent the sale of the Paramount movie studio.
    Dauman Says Viacom's Effort to Buy Stake in Paramount Is Being Delayed At an investor conference, Phillippe Dauman, Viacom's chief, alluded to recent troubles involving the 93-year-old mogul Sumner Redstone.
    Breakingviews: Cracks Appear in Merger of Williams and Energy Transfer Equity Slumping oil prices have spurred questions about the deal, and Williams now says it expects to cut its dividend if the sale goes through.
    Another View: Taking a Hard Look at a Campaign Critical of a Fiduciary Rule A U.S. Chamber of Commerce webpage cites small-business owners supposedly opposed to the new regulation. But the report isn't all it's said to be.
    Dong Energy Valued at $15 Billion in Copenhagen I.P.O. The debut of the Danish utility and offshore wind energy operator is the largest initial public offering in Europe this year.
    Buzz Tracker
    Welcome to Larry Page's Secret Flying-Car Factories "What appears in the next 5 to 10 years will be incredible," said Mark Moore, an aeronautical engineer who's spent his career designing advanced aircraft at NASA.
    Viacom C.O.O. Could Get $63 Million If Boss, Board Are Sacked Lots of corporate chieftains have golden parachutes, but it's rare for them to be triggered when another executive takes the fall.
    Saudi Aramco IPO: The Biggest Fee Event in Wall Street History The prospect of a deal that could generate $1 billion in fees has senior bankers scrambling to Aramco's headquarters in the coastal city of Dhahran. Before leaving the compound, which is patrolled by police officers carrying M-16s, one banker said he was photographed extensively by Aramco's public-relations team.
    What You're Not Hearing About George Soros Today "Attempting to analyze a shop like Soros through the lens of a 13G that gets filed 45 days after the end of the quarter is like trying to count the shells on the sea floor from the deck of an ocean liner," wrote Joshua M. Brown.
    Starbucks Has More Customer Money on Cards Than Many Banks Have in Deposits The coffee giant had $1.2 billion loaded onto Starbucks cards and its mobile app as of the first quarter of 2016.
    Shkreli's Story Might Make It to Broadway A group of musical theater writers started raising money for a new satirical musical about the alleged Ponzi schemer, called, "Martin Shkreli's Game: How Bill Murray Joined the Wu-Tang Clan."
    LOOKING AHEAD
    Consumer confidence expected to remain high. On Friday, at 10 a.m., the University of Michigan will release its preliminary estimate of consumer sentiment in June. After a series of tepid readings, consumer confidence rebounded in May to a healthy level of 94.7, and economists expect a similar number for June. The stock market's advance lately has probably strengthened the outlook of many Americans, and the real estate market also continues to be healthy, further bolstering sentiment. One wild card - the surprisingly weak jobs report last Friday - could shift expectations among consumers down. Nelson D. Schwartz

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