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EU leaders are meeting to move Brexit to the finish line. The remaining stumbling block is the U.K.'s border with Ireland. Some of the world's biggest companies are facing their own Brexit challenge—preparing for the unknown. Drugmakers are stockpiling medicine while BMW is planning for a shutdown as unanswered questions remain.
A year after Maria, Puerto Rico is on a precipice. The worst storm to hit the island in nearly a century killed about 3,000 people and left $80 billion of damage, pushing Puerto Rico—already on fragile economic footing—closer to the edge.
Comcast and Fox will battle for Sky over the weekend. In an auction starting Friday, Comcast and Fox will bring to a close a 21-month sale process for Sky, setting up a dramatic climax that has pitted some of the world’s biggest media and entertainment giants against each other.
Data on existing-home sales is on tap. The sales make up the bulk of the housing market, but tumbled in July
for the longest slump in about five years. The slowdown in housing can
be blamed on a number of factors, and the bad news is they are all likely to get worse.
Peter Kraus brings an AllianceBernstein concept to his new venture. At Aperture Investors,
money managers will only be able to charge higher fees than
exchange-traded funds when they beat the market. Employees will also be
paid based on how they perform against the market.
The robots are now hiring. Some Fortune 500 companies
are using digital hiring products that apply artificial intelligence to
facial expressions, tone of voice and word clusters to help them weed
out job candidates. The Journal's Jason Bellini investigates in this
episode of Moving Upstream.
A Korean deal is breathing new life into nuclear talks. But
doubts persist that a stalemate will continue as North Korea's leader
Kim Jong Un said he would decommission a plant that makes fissile
material for nuclear weapons—if the U.S. agrees to unspecified concessions.
"These life policies were quicksand." Universal life insurance, a 1980s sensation, has backfired
as interest rates remain historically low, leading to a flood of
unexpectedly steep life-insurance bills that is fraying a vital safety
A former Fed economist is nominated to the central bank's board. Nellie
Liang, who first joined the Federal Reserve in 1986, was tapped by
then-Fed chairman Ben Bernanke in 2010 to create the bank's first office of financial stability in the wake of the crisis.
Florence flooding hits North Carolina hog farms hard. More than 5,000 animals have died and several dozen waste lagoons have released pollutants into waterways. Separately, FEMA is taking a less-activist role in the recovery, allowing local and state officials to be the faces of relief.
The Ohio State football probe didn't try to recover deleted texts. Coach Urban Meyer, who is set to return after a three-game suspension, asked a colleague how to delete text messages
from his university phone, outside investigators said. But the legal
team investigating Mr. Meyer's conduct decided not to send his phone to a
Bringing iPhone assembly to the U.S. would be a hollow victory. The Journal's Greg Ip says President Trump's position that Apple can avoid tariffs by bringing production to the U.S. is the least valuable link in the electronic supply chain with little U.S. benefit.
Former Malaysian Prime Minister Najib Razak was arrested. Mr. Najib, who lost office in a surprising election defeat in May, faces additional charges related to 1MDB, a state fund he created in 2009 that has become the focus of one of the world's biggest financial scandals.
The godfather of cryptocurrency says he's built a better bitcoin. David Chaum, who built his own digital currency more than a decade before bitcoin was introduced, is unveiling a new platform he claims would allow digital cash to be traded almost as quickly as physical cash.
Bonuses boom. U.S. employers are increasingly using bonuses—as
well as improved benefits—to compensate employees, a practice boosted
by payouts tied to the tax legislation passed in December.
Expire no more? A key U.S. House committee passed a measure, on partisan lines, that would make last year’s individual tax cuts permanent, but the Senate shows little interest.
Dog-days deficit. The U.S. budget deficit in August was nearly double the deficit a year earlier, and corporate tax receipts in particular have fallen.
Nutmeg State millionaires decline. The number of Connecticut residents reporting income of $1 million or more to the IRS fell in 2016, adding fuel to the state’s income-tax debate.
IRS keeps its gaze offshore. The Internal Revenue Service is ending its amnesty program for Americans holding secret offshore financial accounts—but still plans to pursue tax cheats, the Journal's tax columnist Laura Saunders writes.
Some firms are spending plenty to lure executives willing to relocate. Shelling out millions to move key players from miles away, more companies are offering rich relocation packages to lure reluctant top talent to another city that may disrupt their lives.
News From Other Sources
Amazon will consider opening thousands of cashierless stores. Amazon.com could open as many as 3,000 new AmazonGo cashierless
stores in the next few years, an expansion that could threaten
everything from convenience chains to mom-and-pop restaurants.
Inside Facebook's election "War Room." More than 300 people across the company are working on safeguarding elections,
but the War Room will house a team of about 20 focused on rooting out
disinformation, monitoring false news and deleting fake accounts.
via New York Times
The U.K. trade secretary plans to to scrap EU food standards. Liam Fox wants to use controversial "Henry the 8th" powers in order to pave the way for a trade deal with the U.S. after Brexit.
via Business Insider
This Day in History
AT&T to Split Into Three Companies
"Eleven years after AT&T was forcibly split into pieces by the
federal government, it is breaking up again—without a shove from
anyone," the Journal reported the following day. "AT&T Corp.
yesterday stunned the business world with a plan to divide itself into
three independent, publicly traded companies, in effect jettisoning an
ailing computer unit and a potent equipment business to focus tightly on
its communications mainstay."
Recently, the Journal sat down with AT&T's Chief Executive Randall Stephenson to talk about his plans for the newly acquired Time Warner businesses.