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Sep 13, 2016

DealBook | Top News Today - September 13, 2016: Top Story | DealBook Highlights | Buzz Tracker

 The New York Times
Top Story
A housing development in Santa Clarita, north of Los Angeles.
U.S. Household Income Grew 5.2% in 2015, Breaking Pattern of Stagnation
The median household’s income last year was $56,500, a significant increase from the previous year, the Census Bureau said.

DealBook Highlights
The scene in New York’s SoHo neighborhood in April 2016. While affluent pockets like Manhattan have been doing well for a while, the fruits of the economic recovery have recently been more broadly shared.
The Economic Expansion Is Helping the Middle Class, Finally
However you measure it (and there are lots of ways), the news on wages is good, though it could still be better.
Economic Scene
Eduardo Porter
America’s Inequality Problem: Real Income Gains Are Brief and Hard to Find
It is becoming more difficult for the poor and middle class to get ahead. But it’s a different story for the rich, whose gains are accelerating.
A pedestrian passes the Apple store in Berlin.
E.U. Rules Look to Unify Digital Market, but U.S. Sees Protectionism
The rules will put new pressure on American tech companies, but European officials say they will unite the Continent’s various national economies.
From left, Shelly Peiken, Michelle Lewis and Kay Hanley are members of the advocacy group Songwriters of North America.
Songwriters Sue Justice Department Over Licensing Rules
The Songwriters of North America group said in its suit that a Justice Department ruling last month was unconstitutional.
Mark Carney, governor of the Bank of England, tests a new polymer 5-pound note by dipping it in a tray of food as he buys lunch at Whitecross Street Market in London.
Britain’s New 5-Pound Note Is Chewable, Washable and Cleaner
Printed more than a century on cotton paper, the new currency is on polymer, a thin, flexible plastic film that makes it more resistant to criminals.
Joseph A. Ripp at the New York Stock Exchange in 2014 as Time Inc. spun off from Time Warner.
Time Inc. Shakes Up Management, Replacing Chief Executive
Rich Battista was named president and chief executive, and the current chief executive, Joseph A. Ripp, will continue to lead the board.
Renesas Electronics’ Naka plant north of Tokyo in June 2011, when it was recovering from a devastating earthquake months earlier.
Once Ailing, Renesas of Japan Buys the U.S. Chip Maker Intersil
As the microchip industry consolidates, the Japanese company has emerged from years of restructuring as a leaner, cash-rich acquirer.
I.P.O. Could Value Nets, a Danish Payment Processor, at $4.8 Billion
The company was acquired by a consortium of private equity investors about two and a half years ago from a group of Nordic banks.
Two Top Linde Executives to Depart After Merger Talks End
The German company said that its chief financial officer would leave Tuesday and its chief executive next year after its talks with Praxair ended.
Hostile Takeover Battle Can Weaken a Company’s Defenses
Companies like Perrigo, AstraZeneca and DuPont have recently fought hostile bidders, leaving an opening for activist investors to force change.
Robert E. Allen, 81, Dies; Led an AT&T in Transition
Mr. Allen was chief executive and chairman of the communications giant in the 1980s and ’90s as it acquired wireless and computer businesses.
Video From CNBC’s Delivering Alpha
Paul Singer on the Markets
“In 5,000 years of history, there have never been interest rates remotely close to where we are now,” said the billionaire Paul Singer, founder of Elliott Management.
Ray Dalio on Fed Rates
“Everybody will have a lower growth rate than we’re used to,” said the billionaire Ray Dalio, founder of the world’s biggest hedge fund.
Treasury Secretary on Apple’s Taxes
Europe’s order for Ireland to collect $14.5 billion from Apple was “out of the framework of normal tax policy,” said Treasury Secretary Jacob Lew.
Buzz Tracker
John Stumpf lays blame on bad employees. “There was no incentive to do bad things,” said Well Fargo’s chief executive, defending the bank and the work he said it had already been doing to weed out bad behavior. – The Wall Street Journal
Dairy farmers think almond milk is bogus. But Americans love it. “You can’t get milk from an almond,” said Chris Galen, a spokesman for the National Milk Producers Federation. – Bloomberg
Trouble in the house of Mike Rothenberg. BBQs with tutu-ed ponies or luau dancers, puppy parties – the 32-year-old’s venture capital firm was splashy, cutting-edge and loaded with investor cash. Now it’s all come crashing down. – Backchannel
Monsanto's board is set to meet on Tuesday. The world’s largest seeds firm will decide whether to approve a sale to Germany's Bayer for more than $65 billion after concluding more than four months of negotiations, people familiar with the matter said. – Reuters
Looking Ahead
E.U. president plans annual address. Jean-Claude Juncker said the European Commission had a “last chance” to connect with ordinary citizens when he took over the presidency of the executive branch of the European Union two years ago. The situation has, if anything, worsened as Mr. Juncker prepares to deliver an annual State of the Union speech on Wednesday. Most of the bloc’s 28 member states have barely started to carry out Mr. Juncker’s plan to share the burden of the region’s influx of migrants, and a majority of Britons voted in a referendum in June to exit the European Union. Mr. Juncker, right, has also faced an outcry from lawmakers and consumer groups who said a flagship plan to lower cellphone charges for people using their phones outside their home country did not do enough to reduce costs. In his speech, Mr. Juncker may seek to emphasize what the bloc still can do to boost Europe’s lackluster economy and to tackle the scourge of high youth unemployment by redoubling calls for less austerity economics and greater investment. Mr. Juncker could also call for greater European Union cooperation on defense now that Britain, long skeptical about such an initiative, plans to leave the bloc. – James Kanter
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