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Jun 22, 2016

DealBook P.M. Edition on June 22, 2013: Top Story: Steven Davidoff XSolomon: Tesla's Plan to Buy SolarCity Has major Flows

 
Wednesday, June 22, 2016
TOP STORY
Steven Davidoff Solomon: Tesla's Plan to Buy SolarCity Has Major Flaws Tesla's stock fell more than 8 percent on Wednesday, as investors viewed the deal as a bailout of SolarCity, one that could sink both companies.

  • NYT »
  • DEALBOOK HIGHLIGHTS
    The Balmain fall 2016 collection, shown during Paris Fashion Week.
    Qatari Investment Group Acquires Parisian Fashion House Balmain The sale to Mayhoola for Investments, a private investment group linked to Qatar's royal family, will fund the expansion of the label's accessories business.
    Atiur Rahman resigned as governor of Bangladesh's central bank after $81 million was stolen in February.
    Former Bangladesh Bank Chief Blames Global System for Theft In an interview, Atiur Rahman defended his own conduct and said other institutions were responsible for an $81 million digital heist in February.
    Breakingviews: Facebook Shareholder Vote Produces Odd Results A vote on the company's governance was a brainteaser that suggests that institutional investors are more inclined to tick boxes than follow their heads.
    Buzz Tracker
    Inside Trump's Most Valuable Tower: Felons, Dictators and Girl Scouts The 72-story building at 40 Wall St. has housed frauds, thieves, boiler rooms and penny-stock schemers since Trump took it over in 1995 in what may be the best deal of his career.
    Quiz: Are You Smarter Than an I.P.O. Investor? With a pileup of tech companies in the private funding market and public deals losing value, what will become of all the unicorns?
    LOOKING AHEAD
    Boats from the Fishing for Leave group campaigning for Britain to leave the European Union sailed by the British Houses of Parliament in London.
    'Brexit' vote looms, with immigration a key factor. British voters go to the polls on Thursday to determine whether to remain part of the European Union or sever the relationship, kicking off fraught and complicated divorce proceedings. A vote for a so-called Brexit would sow uncertainty through the global economy and almost certainly slow Britain's economy as it negotiated a new trading arrangement with Europe. But the "leave" camp has a real shot at winning the vote on the strength of electoral yearnings for tighter limits on immigration - something Britain can't impose while part of the European Union. Peter S. Goodman
    BlackBerry's turnaround plan is unproved. BlackBerry is no longer in danger of imminent collapse, as was the case when John S. Chen was brought in to lead the company in 2013. But as Mr. Chen release first-quarter results on Thursday, his turnaround plan, which involves focusing on phone management and security systems for business and government, remains unproved. Despite adopting Google's Android operating system, BlackBerry has not revived the smartphone business it once dominated. Last week, Maynard Um, an analyst at Wells Fargo, published a detailed case for finally shutting down the phone business. That would cut BlackBerry's revenue almost by half to just over $1 billion, by Mr. Um's estimates. But he forecast that without phones, BlackBerry could earn 27 cents a share this year rather than lose 10 cents a share. Ian Austen
    General Electric sets high target for software unit. General Electric's software business is now a stand-alone unit, GE Digital. On Thursday morning, G.E. executives will present Wall Street analysts a progress report on the new unit. At the moment, G.E. Digital looks modest financially. The company has said it expects $6 billion in revenue this year, compared with total G.E. revenue of $117 billion in 2015. But G.E. has set aggressive growth targets for GE Digital. And the software unit's new products including Predix, an operating system for the industrial internet, are vital to G.E.'s plan to become a "digital-industrial company." Steve Lohr

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