Yahoo Agrees to Sell Web Businesses to Verizon for $4.8 Billion (Bloomberg)
Yahoo! Inc. agreed to sell its main web businesses to Verizon Communications Inc. for $4.8 billion, ending a two-decade run as an independent company that took it from Stanford University startup at the dawn of the internet age to also-ran behind nimbler online rivals such as Google and Facebook Inc. The all-cash deal includes Yahoo real estate, but excludes some intellectual property which will be sold separately. Yahoo will be left with its stakes in Alibaba Group Holding Ltd. and Yahoo Japan Corp., with a combined market value of about $40 billion.
Ex-Wall Street banker accused of insider tips to father faces trial (Reuters)
Jury selection is expected to begin on Monday in the case of Sean Stewart, an ex-banker at Perella Weinberg Partners and JPMorgan Chase & Co (JPM.N) accused of supplying inside information to his father about unannounced healthcare mergers. Prosecutors say accountant Robert Stewart, the father, and Richard Cunniffe, an acquaintance who worked at a boutique investment bank, made $1.16 million trading on tips about five healthcare deals provided by the younger Stewart...The case has resulted in guilty pleas by Robert Stewart, 61, and Cunniffe, 61, who, according to prosecutors, secretly recorded the elder Stewart saying his son criticized him for not trading on a tip.
Deutsche Bank Set for Investor Scrutiny as Short Sellers Circle (Bloomberg)
Deutsche Bank AG’s John Cryan will try to convince investors this week that his efforts to turn around Europe’s biggest securities firm will succeed. It’s a narrative that’s becoming harder to sell. The quarterly update on Wednesday comes nine months after Cryan announced plans to cut thousands of jobs and shrink risky assets to boost profitability and capital levels. The chief executive officer has since had to put the sale of German consumer lender Deutsche Postbank AG on hold, scrap the development of a “digital bank” and contend with the departure of several senior bankers.
Nintendo shares plunge, company says Pokemon GO's earnings impact limited (Reuters)
Shares of Nintendo Co (7974.T) tumbled as much as 18 percent early on Monday after the company said smash-hit mobile game Pokemon GO would have only a limited impact on its earnings. Nintendo said after the market closed on Friday that it had already factored in anticipated revenues from its Pokemon GO Plus device - an accessory worn on the wrist to alert players of nearby monsters to catch - and that it had no plans to revise its annual earnings forecasts for now.
Border Patrol Agents Detain 2 ‘Pokemon Go’ Players (UPI)
Border Patrol agents detained two teenagers from Canada on Thursday after they illegally crossed the border into the U.S. while playing the game. The duo, who have not been identified, were so busy playing the smartphone app that they didn’t realize they’d walked into another country, the Toronto Sun reports. Agents apprehended the pair as they walked southbound near the Montana community of Sweets Grass, which borders the Alberta province town of Coutts. After discovering the teens were “unaware of their surroundings” and did not pose a threat, authorities transported them to the nearby Border Patrol Station. “Both juveniles were so captivated by their ‘Pokemon GO’ games that they lost track of where they were,” the U.S. Customs and Border Protection agency’s public affairs officer Michael Rappold said via a statement.
Italy insists there's 'no banking problem' as stress tests loom large (CNBC)
Top finance officials in Italy have moved to play down the issues the country's banking industry is facing, just days ahead of crucial stress tests by the European Central Bank (ECB). Speaking on the outskirts of a Group of 20 (G20) finance leaders meeting in Chengdu, China, Italy's Finance Minister, Pier Carlo Padoan, told CNBC that the Italian banks "do not need [a] rescue."
‘Brexit’ Worries Dominate Meeting of Finance Ministers (Reuters)
The world’s biggest economies said on Sunday that they would work to support global growth, after a meeting here dominated by discussions of the impact of Britain’s vote to leave the European Union and fears of rising protectionism. Philip Hammond, Britain’s new finance minister, said the uncertainty about the so-called Brexit would begin to abate once Britain laid out a vision for a future relationship with Europe, which could become clearer later this year.
Corporate raiders seek Brexit bargains in Britain (Reuters)
Almost 60 transactions totalling $34.5 billion have been struck by foreign companies for British firms since June 23, according to Thomson Reuters data, compared with 79 deals amounting to $4.3 billion in the month leading up to the vote. This activity - dominated by Japanese group SoftBank's (9984.T) $32 billion swoop for chip designer ARM Holdings (ARM.L) - has defied warnings that dealmaking could dry up for a period if Britain backed Brexit, given uncertainty surrounding risks to the economy and access to the EU single market.