Longtime Valeant Investor Sequoia Fund Exits After Losses (Bloomberg)
Ruane, Cunniff & Goldfarb, manager of the Sequoia Fund and once the largest shareholder in Valeant Pharmaceuticals International Inc., said the $4.8 billion mutual fund exited that investment last month after losses. Valeant, which once accounted for more than 30 percent of the Sequoia portfolio, was no longer a holding by mid-June, the firm told investors Tuesday.
Fed's Bullard sticks with single U.S. interest rate hike view (Reuters)
The Federal Reserve should be in no rush to raise U.S. interest rates despite a surge in June hiring, St. Louis Fed President James Bullard said on Tuesday, sticking with his view that the central bank may need only a single rate hike for years to come.
IMF sees 'negligible' Brexit impact on U.S. growth (Reuters)
The IMF said in its formal annual review of the U.S. economy and policies that the June 23 "Brexit" vote has prompted a rise in the dollar that has been less than feared, up about 1 percent in nominal effective terms, while stock markets have recovered losses incurred right after the vote. Meanwhile, a safe-haven rush into U.S. Treasuries has lowered yields, and home and business financing costs, considerably.
Dimon Wades Into Inequality Debate With a Raise for the Little Guy (Bloomberg)
At a time when the gap between rich and poor looms large in U.S. politics -- and when a backlash against the global economic establishment is rattling the postwar order on both sides of the Atlantic -- Dimon went public Tuesday with a plan to give thousands of employees a raise. In an opinion piece in The New York Times, Dimon said wage stagnation and income inequality were holding back millions of people. Even as big banks look to reduce pay for top earners, Dimon called on corporate America to help low-paid employees climb the economic ladder. “Wages for many Americans have gone nowhere for too long,” Dimon wrote.
I got caught cheating through Pokémon Go (NYP)
Evan Scribner claims he’s now single after his girlfriend discovered he was “cheating” on her — thanks to the geolocation feature in the addicting scavenger hunt-style cellphone game. Scribner told The Post his big mistake was playing the game after canoodling with an ex-girlfriend in Bushwick. The mobile game leads players to virtual creatures located in the real-world, using a phone’s mapping software to record where each Pokemon is captured. And that means anyone snooping around a player’s phone would be able to see his or her whereabouts at a given time. “She saw that I had caught a Pokémon while at my ex’s house,” Scribner said. And when the Sunnyside, Queens resident didn’t have a good excuse as to why he was wandering around his ex’s Brooklyn neighborhood, his gal pal said see you later Feraligatr. “She found out last night at my house and hasn’t contacted me since then,” Scribner said.
Retrial of Barclays Traders Set for February in Libor Case (Dealbook)
Two former Barclays traders will be retried in February on charges that they plotted to manipulate a benchmark interest rate known as Libor. A jury was unable to reach a verdict this month regarding the former traders, Stylianos Contogoulas and Ryan Michael Reich. Their trial was the third in Britain to focus on a scandal involving the London interbank offered rate, or Libor. The scandal has led to billions of dollars in fines and shook the reputations of some of the world’s biggest banks, including Barclays, Deutsche Bank, the Royal Bank of Scotland and UBS.
IRS said to be auditing Colorado marijuana businesses (CNBC)
Colorado pot businesses are increasingly coming under scrutiny from the Internal Revenue Service due to the industry's focus on cash, according to a report Tuesday from Marijuana Business Daily. Marijuana businesses such as dispensaries are known to deal predominantly in cash due to continued U.S. banking restrictions that make it difficult for them to have bank accounts with federally chartered financial institutions. And those cannabis businesses with bank accounts sometimes have accounts closed once the bank learns about the marijuana-related activities.
Ginsburg Abandons High Court Neutrality in Calling Out Trump (Bloomberg)
The 83-year-old Ginsburg has become a liberal icon, in part because of her blunt comments on and off the bench. But her comments in three interviews over the last week went well beyond even her usual candor. "He has no consistency about him," Ginsburg told CNN legal analyst Joan Biskupic. "He says whatever comes into his head at the moment. He really has an ego." The court was already an unusually prominent issue in the race between Trump and Democrat Hillary Clinton because the next president is likely to make multiple nominations. The vacancy created by Justice Antonin Scalia’s Feb. 13 death remains unfilled, and Ginsburg will be one of three justices 78 or older on Election Day.
Florida woman arrested wearing only a bra after flipping boyfriend’s truck for breaking up with her (NYDN)
Brianda Mayeli Ramirez, 25, was arrested Friday night when she purposely crashed into the truck in Belle Glade in Palm Beach County. The boyfriend, who was unnamed in the police report, tried to break up with Ramirez after their one-year relationship, according to the Palm Beach Post. Ramirez followed him to his aunt’s house, at which point the two had sex and he left the apartment. The scorned woman put a bra on — and nothing else — and followed him in her car, then intentionally crashed into him.