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Aug 15, 2016

DealBook Morning News: Millennials Are Wary of Debt

The New York Times

By Amie Tsang
Millennials Are Wary of Debt Credit card debt among Americans under 35 has fallen to its lowest level since 1989. Having racked up a pile of student loans, young people want to avoid the kind of pressure that they saw their family and friends under during the financial crisis. And laws passed after that crisis make it harder for them to secure credit cards anyway.
Their reluctance could have lasting consequences. It is harder to take out a home mortgage without a substantial credit history, so they are likely to buy property later in life. “I don’t want to go out and buy, buy, buy, even though that’s what society wants me to do,” one millennial said. “I want to save and invest for the long term.”
Bids for Gawker, and a Tussle Over Tronc Final bids for Gawker Media are dueon Monday at 5 p.m. Ziff Davis, a digital media company, has put a figure — $90 million — on its level of interest, but it may be outbid at an auction if that’s its limit. Univision is also looking to build its online portfolio, but it has already splashed out on other companies recently. New York magazine is another possibility, but it may not be able to muster up enough money. Find out who the other contenders are here.
For its part, the investment firm Oaktree Capital Management, a large shareholder in Tronc — the company previously known as Tribune Publishing — is questioning the motives of Michael W. Ferro Jr., an investor and chairman of the company. Oaktree questioned the price at which Mr. Ferro bought his shares, his failure to signal plans to overhaul the board and management, and the company’s decision to reject Oaktree’s recommendation for a committee to evaluate an offer from Gannett. Mr. Ferro has responded by suggesting to editors and executives at the company that they investigate Oaktree and one of its founders, according to people with direct knowledge of the meeting.
Examining Trump’s Links Outside the U.S. Ukraine’s National Anti-Corruption Bureau is investigating handwritten ledgers that show that the pro-Russian political party of Ukraine’s former president, Viktor F. Yanukovych, made $12.7 million in undisclosed cash payments to Paul Manafort, the chairman of Donald J. Trump’s campaign. Investigators claim that the disbursements were part of an illegal off-the-books system whose recipients also included election officials. Mr. Manafort’s lawyer said his client had not received “any such cash payments.”
The Financial Times also reports that although Mr. Trump has said that he has “zero investments in Russia,” he has formed alliances with businessmen connected with the country, who would position him to profit from capital pouring from the former states of the Soviet Union. Mr. Trump became the public face of Bayrock, a developer with roots in the Soviet Union. The company’s top officials included a convicted criminal and its biggest project ended in foreclosure.
Honeywell Said to Be Near Deal for JDA Software
Honeywell International is near an agreement to buy JDA Software, which makes software to help businesses manage their supply chain, in a deal that could be worth about $3 billion, according to a person familiar with the matter.
Xylem Said to Be Near Deal for Smart Meter Company
The water technology company Xylem is near a deal to acquire Sensus USA, which provides advanced metering technologies to utilities, for about $1.7 billion, including debt, according to people familiar with the matter.
Investors in Wanda Commercial Said to Approve Buyout
Shareholders of Dalian Wanda Commercial Properties approved a $4.4 billion buyout, clearing the way for the biggest-ever privatization deal in Hong Kong, according to people with knowledge of the matter.
Boutique Firms Steal a Greater Share of European Deals
Advisory boutiques have captured 44 percent, or $1.7 billion, of total completed deal fees in Europe, according to Thomson Reuters data.
The World Economic Forum’s report is one of the strongest endorsements yet for the blockchain, the underlying technology introduced by the virtual currency Bitcoin.
Envisioning Bitcoin’s Technology at the Heart of Global Finance
The World Economic Forum predicts that the blockchain concept introduced by the virtual currency could help banks offer cheaper, faster and more secure services.
Jo Ann Sparks’s elderly parents, Sara and James Cook, faced the near doubling of their life insurance premium and were persuaded by the insurance company to walk away from the policy, despite paying into it for years.
Why Some Life Insurance Premiums Are Skyrocketing
Insurance companies are facing the problem of selling products in an era of near-zero interest rates, and they’re squeezing many policyholders.

PwC Sued Over Collapse of Mortgage Underwriter
PricewaterhouseCoopers is being sued for $5.5 billion for failing to detect fraud that led to a bank collapse during the global financial crisis.
Rupert Murdoch with Rebekah Brooks, chief of the British newspaper arm of the Murdoch media empire, in July 2011.
Fox News Turmoil Recalls Phone Hacking Scandal at News Corp.
There were warning signs before a sexual harassment case at Fox News, just as there were before the phone hacking that shook the Murdoch media empire.
Russia’s Standards Agency Informed About Recall of 55,590 Honda Cars
A Russian standards agency said the recall, prompted by a problem with airbags, affected CR-V, Accord and Jazz cars.
Tesla Removes ‘Autopilot’ From China Website After Beijing Crash
Tesla removed the word “autopilot” and a Chinese term for “self-driving” from its website in China after a driver in Beijing who crashed in “autopilot” mode complained that the carmaker overplayed the function’s capability and misled buyers.
Brian Krzanich, Intel’s chief executive, is scheduled to speak at the company’s Developer Forum in San Francisco this week.
Intel’s New Mission: Find Fresh Uses for Its Famous Paranoia
The world’s biggest semiconductor company is scrambling for a place in sensors, wireless networking and autonomous vehicles, as computing spreads to nearly every machine.
Pedestrians in Tokyo. Japan’s economy expanded slowly in the second quarter, official data showed.
The Numbers Behind Japan’s Sputtering Economy
Despite aggressive monetary policies under Prime Minister Shinzo Abe, the second-quarter figure for gross domestic product showed fitful growth.
“Lifeline,” starring Olivia Munn and Leehom Wang, is a half-hour film for a Qualcomm smartphone processor. It was created by Ogilvy & Mather in partnership with Anonymous Content.
It’s Thrilling. It’s Chilling. It’s a 30-Minute Commercial.
Advertisers are experimenting with minimovies using top stars and directors as more people skip or block ads when streaming shows or browsing the web.
Commentators on the NFL Network. When Twitter streams its first N.F.L. game on Sept. 15, it will get to assess whether live streaming can viably be a linchpin of its future.
With N.F.L. Deal, Twitter Live-Streams Its Ambitions
After the social network streams its first N.F.L. game on Sept. 15, it will assess whether live streaming can be a linchpin of its future.
Mauricio Gutierrez, the new chief executive of NRG.
How Producing Clean Power Turned Out to Be a Messy Business
NRG Energy has become a cautionary tale for power producers trying to figure out how to generate more electricity while curbing greenhouse gas emissions.