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DealBook P.M. Edition on January 28, 2016: Top Story: Puerto Rico Debt Negotiations Resume

 
Thursday, January 28, 2016
TOP STORY
A cruise ship docks in San Juan, Puerto Rico.
Puerto Rico Debt Negotiations Resume The continuation of talks between Puerto Rico's power company and its bondholders have revived hopes that a default can be avoided.


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    DEALBOOK HIGHLIGHTS
    The European Union's competition commissioner, Margrethe Vestager, second from left, spoke with the E.U.'s commissioner for economic and financial affairs, Pierre Moscovici, during a meeting in Brussels on Wednesday.
    Taxing Google and Other U.S. Giants Is Dividing Europe European Union officials in Brussels want uniform rules, but many countries prefer to use tax policies to reward or punish big multinationals.
    Matthias Müller, the chief executive of Volkswagen.
    Volkswagen Says a Diesel Fix May Not Be Possible for Some Cars A VW lawyer said the company might have to buy back some of the tainted cars because it would take too long to bring them into line with emissions standards.
    Employees at an Alibaba warehouse near Hangzhou, China. The company reported sales rose 32 percent last quarter.
    Alibaba's Strong Earnings Are Seen as Good News for China's Economy The announcement that the company's profit doubled in the most recent quarter is a potentially positive sign for consumer strength in China.
    Blackstone's Profit Slumps in Fourth Quarter But the investment firm reported a small increase in assets under management at time when most big asset managers had withdrawals.
    Jürgen Fitschen, left, and John Cryan, Deutsche Bank's co-chief executives, at a news conference in Frankfurt on Thursday.
    Deutsche Bank Says Managers Won't Get Bonuses Amid Record Loss Germany's biggest bank affirmed the $7.4 billion full-year loss it had previewed last week, and it said that management and shareholders would share the pain.
    A man counts bolivar notes at a street market in Caracas. Inflation has soared in Venezuela.
    In Debt: The Coming Mess in Venezuelan Debt With oil prices low, and $10 billion in debt due this year, many challenges to a restructuring await.
    Corporate Lawyers Say They Are Spending More In-House A study says the increase is a result of more regulatory scrutiny as corporate dealings become increasingly multinational.
    British Government to Delay Retail Sale of Lloyds Stake The government still owns about 9 percent of the bank, which received a $24 billion bailout during the financial crisis in 2008.
    Clockwise, from top left, former brokers Darrell P. Read, Danny M. Wilkinson and Colin J. Goodman, all formerly of ICAP; Terry J. Farr and James A. Gilmour, formerly of RP Martin; and Noel Cryan, formerly of Tullett Prebon.
    Sixth Ex-Broker Cleared in London Libor Trial A jury found Darrell P. Read, who formerly worked at the British financial firm ICAP, not guilty on the remaining conspiracy charge that he faced.
    Rival Confirms Bid for Australian Port and Railroad Operator The Australian port operator Qube and three partners on Thursday offered about $6.3 billion for Asciano, which said it still favored another bid.
    LOOKING AHEAD
    Stimulus in Japan The Japanese central bank will decide on Friday whether to expand its economic stimulus program, under which it pumps trillions of yen into financial markets each month to keep interest rates low and to counter consumer-price deflation. Recent volatility in stock and currency markets has increased speculation that the bank, the Bank of Japan, could take action, though most analysts believe it will hold off for now. An upswing in the yen's exchange rate has been especially worrying for the Japanese authorities: A stronger currency tends to promote deflation and weaken profits in crucial export industries like cars and electronics. - Jonathan Soble
    Fourth-Quarter Economic Growth The Commerce Department on Friday morning will release its initial estimate of economic growth in the fourth quarter of 2015. In recent weeks, the estimate for the growth rate in the gross domestic product for the period has fallen to about 0.8 percent from nearly 2 percent amid signs of weakness late last year, including lackluster retail sales. The consensus calls for an 0.8 percent rise, but some forecasters think the figure could come in well below that, or even show a contraction in the period. If that happens, it would lower the average rate for growth for all of last year to well under 2 percent. - Nelson D. Schwartz
    Trans-Atlantic Data Sharing American and European negotiators have until Sunday to reach a new trans-Atlantic data-sharing deal after the current pact was invalidated late last year. Thousands of companies, including tech giants like Facebook and nontech businesses like Pfizer, had relied on the so-called safe harbor agreement to run their daily operations. But because of bickering over how American intelligence agencies have access to Europeans' data, a new agreement looks increasingly unlikely to be approved by Sunday. - Mark Scott
    For the latest updates, go to NYTimes.com/DealBook
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