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Aug 31, 2016

DealBook | Today's Top News Summary: Top Story | DealBook Highlights | Buzz Traker | Looking Ahead

The New York Times 

Top Story
Team From Finance and Law to Direct Puerto Rico’s Fiscal Affairs
Four Republicans and three Democrats will serve on the seven-member board, which has four Puerto Rican members.

DealBook Highlights
Employees standing in front of a screen displaying iPhones during a preview event in July at the new Apple Store in Williamsburg, Brooklyn. The European Union told Ireland on Tuesday that it must collect $14.5 billion in back taxes from Apple.
Yesterday, Outraged by Apple’s Tax Dodge. Today, by Its Tax Bill.
Lawmakers have criticized companies that avoid taxes by moving overseas. But they’re rallying to Apple’s defense after an E.U. demand for $14.5 billion in back taxes.
Kerrie Campbell, a partner at Chadbourne & Parke, is suing the law firm, claiming she is paid less than male partners at the firm.
Female Lawyer’s Gender-Bias Suit Challenges Law Firm Pay Practices
Kerrie Campbell has joined other women in suing their law firms, claiming they received less compensation than their male counterparts.
Justin Trudeau, left, the prime minister of Canada, and Li Keqiang, the premier of China, during a ceremony in Beijing on Wednesday.
Canada to Join China-Led Bank, Signaling Readiness to Bolster Ties
The membership would provide a lift for the Asian Infrastructure Investment Bank, which is widely seen as a counterweight to the World Bank.
John Cryan, the chief executive of Deutsche Bank, said that the E.C.B. helped stabilize Europe after the financial crisis, but that monetary policy had since weighed on bank profits.
Deutsche Bank C.E.O. Calls for More European Bank Mergers
John Cryan, the Deutsche Bank chief executive, said more consolidation was needed in Germany and across Europe for banks to be more profitable.
President Dilma Rousseff before testifying at the Senate on Monday during her impeachment trial in Brasília.
Dilma Rousseff Is Ousted as Brazil’s President in Impeachment Vote
The vote to convict Ms. Rousseff on charges of manipulating the federal budget was also a verdict on her leadership and Brazil’s eroding fortunes.
Prime Minister Theresa May of Britain at a meeting with cabinet ministers on Wednesday.
2 Months After ‘Brexit’ Vote, Britain’s Push to Leave E.U. Is a Muddle
Between turf wars and competing interests, the government is having trouble devising a coherent plan for ending four decades of integration with Europe.
Miles D. White, chief executive of Abbott Laboratories.
In the Almost Marriage of Abbott and Alere, Both Sides Point Fingers
Alere Says Abbott has buyer’s remorse; Abbott says Alere stalled on obtaining key regulatory approvals to close the transaction.
Buzz Tracker
Steven Mnuchin eyes the deal of a lifetime. Donald Trump’s top fundraiser might have a shot at Treasury secretary, but his Wall Street pedigree makes him the type Mr. Trump fans love to hate. – Bloomberg
Birth of the index mutual fund. Forty years ago today, the index mutual fund was born when Vanguard Group’s First Index Investment Trust (now Vanguard 500 Index Fund) opened for business with $11.3 million in assets. – The Wall Street Journal
“Let’s make them poorer and we’ll get rich.” Financial companies have figured out how to turn a controversial global legal system to their own very profitable advantage. – Buzzfeed
S.E.C. proposes hyperlinks amendment. The decision is designed to make it easier for investors to access information. – S.E.C.

Looking Ahead
Car sales growth is most likely past its peak. New car sales have been softening in recent months, and the sales report due on Thursday is likely to confirm that the industry slipped into reverse in August. The auto researcher predicts that sales of new cars and light trucks will fall 2.5 percent in August, to 1.53 million vehicles. That comes after growth of just 0.7 percent in July. The recent trend of weaker auto sales suggests that the industry reached its peak in 2015, when sales hit a record 17.4 million. A decline this year would end a streak of six consecutive years of growth. – Neal E. Boudette
Latest manufacturing index reading. On Thursday, the Institute for Supply Management will report the latest reading of its manufacturing index. Economists expect a slight decrease to 52 from 52.6 in July. Factories and the industrial sector have not been a bright spot lately for the economy, although there are signs that manufacturing activity is finally rebounding a bit. A healthy reading from the institute of 52 or more would confirm that; a lower level would suggest the sector was still soft. – Nelson D. Schwartz