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Aug 12, 2016

DealBook Morning News - August 12, 2016: Clinton Calls Trump the Enemy of the ‘Little Guy’

The New York Times

Friday, August 12, 2016

By Amie Tsang
Clinton Calls Trump the Enemy of the ‘Little Guy’ Hillary Clinton had her first opportunity to give a detailed rebuttal to Donald J. Trump’s economic proposals and used it to say that the idea that he was on the side of the “little guy” was a “myth.” She also called for infrastructure investment, aggressive spending on green energy and free tuition for in-state middle-class families at public colleges and universities.
Mrs. Clinton tried to contrast her own middle-class upbringing with Mr. Trump’s personal wealth, referring to his tax cuts and contending that his policies would “work for him and his friends, at the expense of everyone else.”
Even without enforcing his policies, Mr. Trump may not have paid any federal income tax in some years, James B. Stewart writes. Real estate and tax professionals told Mr. Stewart that Mr. Trump could pay “little or no income tax” because he could take advantage of some of the most generous tax breaks in the federal tax code to reduce his reported income to near zero.
U.S. Stocks Hit a High The Dow Jones industrial average, the Standard & Poor’s 500-stock index and the Nasdaq composite index rose to record highs on Thursday — the first time that all three had peaked since December 1999. As central banks have used stimulus to stoke economic growth, sovereign bond yields have dropped and pushed investors into American stocks, The Financial Times reports.
But the party is still to come. Some traders are expecting another surge once investors return from vacations, according to The Wall Street JournalOn Thursday, the Dow rose 0.6 percent to 18,613.52. The S.&P. 500 gained 0.5 percent to reach 2,185.79, and the Nasdaq added 0.5 percent to 5,228.40. The Dow Jones industrial average is expected to pass 20,000 this year.
On the agenda The University of Michigan will publish its latest consumer confidence survey at 10 a.m.
More Universities Sued Over Retirement Plan Fees First it was M.I.T., N.Y.U. and Yale. Now employees at Duke, Johns Hopkins, the University of Pennsylvania and Vanderbilt are suing the schools, saying their retirement plans charged them excessive fees. The class-action suits have been brought by Jerome J. Schlichter, a lawyer known for his pioneering litigation over 401(k) retirement plans.
The plaintiffs say the retirement plans overpaid millions of dollars each year because the universities used more than one provider to operate and administer the plans. The suits also suggest that the plans offered too many investment options, many of which were too expensive.
Hollywood Start-Up Gains Chinese Investors
The conglomerates Tencent and PCCW join existing investors in STX Entertainment, a Hollywood company known for midbudget films.
Citigroup Fails to Halt AT&T Use of ‘Thanks’
A judge on Thursday rejected Citigroup’s bid for a preliminary injunction to stop AT&T from using the phrase “AT&T thanks” on a customer loyalty program, which the bank called too similar to its trademarked “thankyou.”
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.
Investor Who Recorded Famous Winning Streak Will Leave Legg Mason
The investor, Bill Miller, was the Joe DiMaggio of mutual fund investors, achieving fame for beating the Standard & Poor’s 500-stock index for 15 consecutive years.
Dow and DuPont Deal Faces Months of Scrutiny
The European Commission said it needed to investigate “whether the deal may reduce competition in areas such as crop protection, seeds and certain petrochemicals” and extended its deadline for a ruling to Dec. 20.
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Smartphones on display at a Google event in San Francisco.
Google Fined for Breaking Russian Antitrust Rules With Android
The search giant’s mobile operating system was found to have unfairly favored digital services like Google Maps over those of Russian rivals.
South Korea Opens Inquiry Into Google
South Korea’s antitrust watchdog says it is looking at whether Google has violated the country’s anti-competition law.
Snapchat says this filter is inspired by anime, but some observers say it’s racially insensitive.
Snapchat ‘Anime’ Effect Is Criticized as Asian Caricature
The app is once again under fire about a racial lens. This time the complaints involve “yellowface.”
Arianna Huffington will focus on her new venture, a health-and-wellness start-up called Thrive Global.
Arianna Huffington Is Leaving Huffington Post
Ms. Huffington helped begin the media company, now owned by Verizon, in 2005 and will be focusing on her new venture, Thrive Global.
Macy’s to Close 100 Stores as E-Rivals and Discounting Hit Legacy Retailers
Macy’s announcement closely follows that of Walmart, which said it would buy in what is widely viewed as a way to invigorate its online sales.