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Jul 8, 2016

DealBook P.M. Edition - July 8, 2016: Top Story: Jobs Roar Back With Gain of 287,000 in June, Easing Worry

The New York Times
Top Story
Source: Bureau of Labor Statistics
Jobs Roar Back With Gain of 287,000 in June, Easing Worry



By PATRICIA COHEN
After a grim report in May, the economy showed new life, tamping down some concerns about an economic slowdown.
DealBook Highlights
UPSHOT
Victoria Steele, a pastry assistant, working at Aux Merveilleux de Fred in New York this week.
What the Seesaw Jobs Numbers Are Really Telling Us
By NEIL IRWIN
The labor market is what we thought it was: It’s not terrific, it’s not lousy. It’s just fine.
Elizabeth Holmes, the founder and chief executive of Theranos, has seen her personal wealth fall from $4.5 billion to zero.
Theranos Founder, Elizabeth Holmes, Is Barred From Running Lab for 2 Years
By CARLOS TEJADA
U.S. regulators also revoked the operating license of a Theranos lab and levied a fine. The sanctions were a major setback for the once high-flying blood-testing start-up.
FAIR GAME
Investors Get Stung Twice by Executives’ Lavish Pay Packages
By GRETCHEN MORGENSON
Shareholders suffer when generous stock grants dilute the value of their stakes, and then again when companies buy back stock to counter that dilution.
Goldman Sachs Hires Former European Commission President
By CHAD BRAY
José Manuel Barroso, who was also the former prime minister of Portugal, will serve as an adviser and the chairman of Goldman Sachs International.
IN DEBT
Brexit became something like Mary Poppins’ handbag – fitting the dreams and aspirations of all of its followers, no matter how inconsistent.
Economic Uncertainty Remains Even After ‘Brexit’
By STEPHEN J. LUBBEN
That Britain, would somehow reject the rational choice seems to have never occurred to investors worldwide, and now we see the consequences.
DEAL PROFESSOR
Lawsuit Aims at Jeffrey Katzenberg and His Dual-Class Shares
By STEVEN DAVIDOFF SOLOMON
He owns 11.5 percent of DreamWorks Animation but has 60 percent of the shareholder vote, which gives him control in a sale to NBCUniversal.
OPINION
How Wall Street Bro Talk Keeps Women Down
By SAM POLK
Objectifying women was the rite of passage through which I entered the world of men.
 
Buzz Tracker
State intervention may be needed, says head of Italian banks. “Given the risk that, in a context of high uncertainty, limited problems could undermine the trust in the banking system, a public intervention cannot be excluded,” said Ignazio Visco. – Bloomberg
Charm offensive by Paris leaves bankers confused. When Manuel Valls, the French prime minister, addressed hundreds of financiers at an event in Paris this week, the jeers were audible. – Financial Times
The pound overtook the Argentine Peso to become 2016’s worst performer. “Sterling’s going to fall considerably further as the effects of that uncertainty on investment and growth emerge from the gloom,” a macro-strategist at Societe Generale in London wrote to clients. – Bloomberg
Mergermarket is said to have rejected private equity interest. The subscription financial news and data company owned by BC Partners rebuffed takeover interest from the Carlyle Group and Hellman & Friedman. – Bloomberg
Why banks aren’t giving you a 3%, 30-year mortgage … yet. The superlow interest-rate environment threatens to crush overall bank profits. – The Wall Street Journal
Bankruptcy legislation for big banks gains steam. Changes to the bankruptcy code were included in a financial-services budget bill the House passed. – The Wall Street Journal
Nordstrom buys stake in software firm. The luxury retailer, which is looking for ways to boost profit margins online, is deepening its ties to Dsco, which links inventory management. – The Wall Street Journal
Polycom ends Mitel deal and agrees to Siris Capital offer. The telecom’s private-equity deal is expected to close in the third quarter, pending approval. – The Wall Street Journal
Goldman Sachs executives cringe at Donald Trump. Bankers are telling G.O.P. fundraisers that management is cautioning them about making direct contributions to Mr. Trump. – Fox Business Network