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Aug 30, 2016

DealBook Today's News Summary - August 30, 2016: The Gamble of Tronc’s ‘Just Say No’ Defense

The New York Times

Top Story
Deal Professor
The Gamble of Tronc’s ‘Just Say No’ Defense
By STEVEN DAVIDOFF SOLOMON
Tronc’s resistance to a takeover bid from Gannett is either a brilliant negotiating strategy or a confounding plan to maintain independence.


DealBook Highlights
Apple Must Pay Billions for Tax Breaks in Ireland, E.U. Orders
By JAMES KANTER AND MARK SCOTT
The decision by the European commissioner for competition ramps up trans-Atlantic tensions over how much companies with global operations should pay to countries where they do business.
Stephanie Pomboy, founder of MacroMavens, an independent economics consulting firm, thinks the optimists on Wall Street are in for another round of disappointment.
Economists Discuss the Predictions That Divide Them
By NELSON D. SCHWARTZ
The health of consumer spending, corporate profits and whether there will be a rebound in growth are some of the topics generating disparate views.
Economic Scene
A mine worker in Shanxi, China. The nation is the world’s largest consumer of coal — burning as much as every other country combined.
The Challenge of Cutting Coal Dependence
By EDUARDO PORTER
The resistance that Germany has faced underscores the difficulty in the international effort to reduce fossil fuels in the world’s energy supply.
Drive.ai is trying to address how an autonomous car would communicate with pedestrians.
How Driverless Cars May Interact With People
By JOHN MARKOFF
A start-up in California is studying how self-driving vehicles will communicate with the world around them, as well as with their passengers.
 
Buzz Tracker
Google takes on Uber. Alphabet’s carpooling program in San Francisco offers rides at cheaper rates – The Wall Street Journal
How the Vanguard effect adds up to $1 trillion. Eric Balchunas explains the math. – Bloomberg
 
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Looking Ahead
Trouble for Canadian G.D.P. after Alberta wildfire. Expectations are not high for Canada’s second-quarter gross domestic product results, which will be released on Wednesday. The period includes the time when a huge wildfire swept through Fort McMurray, Alberta, leading to the shutdown of several major oil sands operations. Even without the natural disaster, sluggish oil prices have continued to weigh on Canada’s economy. Exports, which had been expected to rise because of the low value of the Canadian dollar, instead fell during the period. In the first quarter, Canada posted a 2.4 percent increase over the previous quarter on an annualized basis. BMO Capital Markets, a unit of the Bank of Montreal, has estimated that the economy retracted by 2 percent during the second quarter. – Ian Austen
 
Quotation of The Day
“U.S. companies are the grandmasters of tax avoidance.” 
– ​Edward D. Kleinbard, professor at the Gould School of Law at the University of Southern California and a former chief of staff to the congressional Joint Committee on Taxation.