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Aug 11, 2016

DealBook Afternoon Top Stories - August 11, 2016: Top Story | Highlights | Buzz Tracker | Looking Ahead

The New York Times

Top Story
Brian Chesky, chief executive of Airbnb, during a presentation in April. The company is said to have allowed employees to sell their stock in the start-up, but with restrictions.
Airbnb and Others Set Terms for Employees to Cash Out
By KATIE BENNER
As Silicon Valley start-ups have delayed initial public offerings or sales, they have come under pressure to let their employees sell some of their private stock.

DealBook Highlights
Arianna Huffington will focus on her new venture, a health-and-wellness start-up called Thrive Global.
Arianna Huffington Stepping Down as Huffington Post Editor in Chief
By SYDNEY EMBER
Ms. Huffington helped begin the media company, now owned by Verizon, in 2005 and will be focusing on her new venture, Thrive Global.
COMMON SENSE
As an active developer, Donald J. Trump can take advantage of some of the most generous tax breaks in the federal tax code to reduce his reported income to near zero, or even report a loss.
How Much Does Donald Trump Pay in Taxes? It Could Be Zero
By JAMES B. STEWART
Mr. Trump has not released his tax returns, but tax experts say it is possible and legal that he pays little or nothing in federal income tax.
• Hillary Clinton Attacks Donald Trump in Michigan Speech
Macy’s, Struggling to Draw Shoppers, Plans to Close 100 Stores
By RACHEL ABRAMS
Investors have been pressuring Macy’s to sell some of its real estate as the company has struggled to attract shoppers to its vast footprint of brick-and-mortar stores.
Electric power lines near Muswellbrook, Australia, a part of the state of New South Wales that is served by Ausgrid.
Australia Rejects Bids From Chinese Investors for Electricity Provider
By NEIL GOUGH
Treasurer Scott Morrison said that allowing a deal to go through with bidders from Hong Kong or the mainland would be “contrary to the national interest.”
Bill Maris, right, founded GV, formerly known as Google Ventures, in 2009. He will be succeeded by David Krane, left.
Bill Maris Leaving as Chief of GV, Google’s Venture Finance Arm
By KATIE BENNER
David Krane, a managing partner at GV, will replace Mr. Maris, who founded GV in 2009.
Smartphones on display at a Google event in San Francisco.
Google Fined for Breaking Russian Antitrust Rules With Android
By MARK SCOTT
The search giant’s mobile operating system was found to have unfairly favored digital services like Google Maps over those of Russian rivals.
Alibaba’s headquarters in Hangzhou, China. The company reported strong revenue growth as it continues to lure shoppers to its websites.
Alibaba Reports Growth, Even as China’s Economy Stumbles
By PAUL MOZUR
For many American investors, Alibaba is seen as a proxy for the health of the Chinese economy and the strength of its consumers.
Bill Miller, center, at the headquarters of Legg Mason in 1996. In the 1990s and the early part of the 2000s, Mr. Miller was considered the Joe DiMaggio of mutual fund investors.
Bill Miller, Famed Investor, Breaks Ties With Legg Mason
By LANDON THOMAS JR.
Mr. Miller was the Joe DiMaggio of mutual fund investors, achieving fame for beating the Standard & Poor’s 500-stock index for 15 consecutive years.
An Egyptian woman carried her son as she made her way past a shop window saying “great sale” in Arabic in downtown Cairo on Tuesday.
I.M.F. Lends $12 Billion to Egypt to Fix Ailing Economy
By THE ASSOCIATED PRESS
The International Monetary Fund agreed to grant Egypt the loan over three years to help stabilize its currency and reduce its budget deficit.
 
Buzz Tracker
Inside Twitter’s 10-year failure to stop harassment. For nearly its entire existence, Twitter has not just tolerated abuse and hate speech, it’s virtually been optimized to accommodate it. – BuzzFeed
Investors have $100 billion to spend on oil assets no one else wants. Blackstone Group, Apollo Global Management, and WL Ross all jumped in this year to buy a grab bag of assets at discounted prices. – Bloomberg
Platinum’s California oil fields are said to be the subject of a probe. Before federal agents raided the offices of Platinum Partners in June, the $1.2 billion hedge fund had been reporting robust returns, thanks partly to oil fields it owns in California. – Bloomberg
The dirty little secret of finance: asymmetric information. While information is important for many products, when it comes to financial markets, information is the product. – Bloomberg View
A bank fired its lawyer over her relationship with Fannie Mae’s C.E.O. Timothy Mayopoulos kept his job at the mortgage company, but Heather Russell was fired over a conflict of interest. – Financial Times
 

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Looking Ahead
Estimating August consumer sentiment. On Friday morning, the University of Michigan will report its initial estimate of consumer sentiment in August. Economists expect to see a slight rise in the index to 91.3, from a final July reading of 90, reflecting healthy hiring, a strong housing market and continued low energy prices. The stock market’s July rebound after the vote by Britain in June to leave the European Union also bodes well for the consumer outlook this summer. – Nelson D. Schwartz