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Sep 7, 2018

What's News I The Wall Street Journal

The Wall Street Journal.
Newspaper.
What’s News
Sun icon. Good Morning
Here’s what we’re watching as the U.S. business day gets under way:
The search for an anonymous Trump critic intensified. Top officials, including Vice President Mike Pence, disavowed an anonymous New York Times opinion column critical of the president. The paper says it was written by a senior Trump administration official.
  • The choice to grant anonymity for a column is a rare one. Editorial page editors say the move by the Times was highly unusual, but the paper said it arrived at its decision after weighing past practices, the official’s position and arguments in the piece.
     
  • Meanwhile, Mr. Trump won’t consider the special counsel’s obstruction questions until later. The president’s lawyer, Rudy Giuliani, said Mr. Trump would wait until after the Russian collusion aspect of the probe is complete.
 
Brett Kavanaugh weathered a raucous 
day before lawmakers. The Supreme Court nominee wrapped up what is likely to be the toughest part of his confirmation process, completing another long day of public questioning in which senators often spent their time sparring.
China’s HNA will exit its Deutsche Bank stake under pressure from Beijing. One of China’s largest conglomerates, HNA will unload the vast majority of overseas investments it made in recent years. The assets are currently valued at more than $10 billion.
The Labor Department’s jobs report is on tap today. Economists expect it to show U.S. employers created 192,000 jobs in August and that the unemployment rate fell to 3.8% from 3.9% a month earlier.
Chances are fading for a U.S.-China trade deal. Relaxing trade tensions with Mexico and Canada, plus a preliminary trade agreement with the European Union, have made it easier to force a multilateral front to oppose Chinese trade practices.

What’s Trending

Protestors held signs behind Richard Fuld, chairman and chief executive of Lehman Brothers, as he prepared to testify in October 2008 at a congressional hearing on the causes and effects of the company’s bankruptcy. PHOTO: REUTERS
Lehman’s failure has lessons, 10 years later. The Journal’s James Mackintosh writes that the firm’s collapse offers plenty of important takeaways, many of which still haven’t sunk in. Here are five.
 
CBS directors are negotiating the exit of CEO Leslie Moonves.
Independent board members are also asking for assurances of autonomy from controlling shareholder National Amusements. The talks come as CBS and National Amusements, led by Shari Redstone, are trying to settle a legal dispute over control of the company.
The DOJ is probing Wells Fargo’s wholesale banking unit. The Department of Justice is looking into whether employees committed fraud, following revelations that employees improperly altered customer information.
Sen. Tom Carper won the Democratic nomination in Delaware. Three-term incumbent Mr. Carper beat community activist Kerri Evelyn Harris, who had hoped to replicate upsets in other states’ primaries.
The U.S. unveiled charges against a North Korean operative. The Justice Department announced charges against Park Jin Hyok in connection with cyberattacks including the 2014 Sony Pictures hack and a global ransomware attack last year.
Twitter permanently banned Alex Jones and his website Infowars. The tech company said its decision was based on reports of tweets and videos Mr. Jones posted in the past 24 hours ‘‘that violate our abusive-behavior policy, in addition to the accounts’ past violations.’’
Aramco is weighing a $1 billion venture capital fund for tech. Saudi Arabia’s national oil company is considering a fund to invest in technologies that complement its operations and is also considering opening an office in Silicon Valley or elsewhere in the U.S. to generate deals.
Ford recalled two million trucks. The auto maker received reports of a seat-belt equipment malfunction that could cause smoke or fire, marking a setback for its top-selling F-Series product line that generates the bulk of its profit.
The Trump administration wants to detain migrant children longer. Officials said they want to circumvent the so-called Flores agreement, a 1997 court settlement that prevents authorities from detaining children for more than 20 days.
Federal prosecutors are exploring charges against Harvey Weinstein. The investigation concerns whether the former Hollywood producer violated wire-fraud or other laws in an effort to silence women who accused him of sexual misconduct.
Generation Z is entering the workforce. The generation now entering the workforce is sober, industrious and driven by money. They are also socially awkward and timid about taking the reins. 
Burt Reynolds died at age 82. The Oscar-nominated actor became a symbol of charisma and machismo in the 1970s and ’80s. In a 2016 interview with the Journal, the actor recalled his boyhood in the 1940s.
So far at the U.S. Open, Naomi Osaka has been the most dominant player. She is quickly becoming one of the most dangerous opponents in the game. And tomorrow she will play Serena Williams in the final.

Chart of the Day

Emerging markets entered bear territory. It marked investors’ retreat from risky assets amid growing concerns about the outlook for the global economy. The MSCI Emerging Markets Index’s decline yesterday, led by selloffs in Russia and the Philippines, pushed that gauge of stocks in poorer countries 20% below its recent peak.
 

News From Other Sources

Elon Musk: online star? The Tesla chief sipped whiskey and smoked marijuana during a 2.5-hour podcast with comedian Joe Rogan, shown live on the internet, that touched upon everything from flame throwers to artificial intelligence.
via Bloomberg
Credit Suisse’s Tidjane Thiam says he won’t quit for politics. The CEO said he has no intention of leaving his job for a political position in his native Ivory Coast, after speculation he could be a presidential candidate.
via Bloomberg
What’s next for the Sacklers? A pharmaceuticals dynasty has become tainted by its association with the U.S. opioid crisis, and accusations that OxyContin is responsible for sparking a public health epidemic.
via the Financial Times
 

This Day in History

Sept. 7, 2008
U.S. Government Seizes Fannie Mae and Freddie Mac
‘‘The government seized Fannie Mae and Freddie Mac in its most dramatic market intervention in years,’’ the Journal reported. ‘‘The Treasury plans to replace the mortgage giants’ CEOs and buy $1 billion of preferred shares in each without providing immediate cash. It also pledged to provide as much as $200 billion. The government takeover of Fannie and Freddie isn’t expected to cure falling home prices and rising foreclosures, economists say.’’
Read more: U.S. Seizes Mortgage Giants (Sept. 8, 2008)
THE WALL STREET JOURNAL
 
—Compiled and edited by JuJu Kim in New York and Eleanor Miller​ in Hong Kong