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| MONDAY, JUNE 15, 2015 | ||||||||||||||||||||
TOP STORY
Ex-A.I.G. Chief Wins Bailout Suit, but Gets No Damages Maurice Greenberg, the former chief of A.I.G., had been seeking nearly $40 billion, contending that the government overstepped its bounds in its 2008 bailout.
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DEALBOOK HIGHLIGHTS
Goldman to Move Into Online Consumer Lending The unit will lend online, eliminating the costs of bank branches and tellers to allow Goldman to charge lower interest rates and still make a profit.
CVS Agrees to Buy Target's Pharmacy Business for $1.9 Billion Under the deal, CVS would acquire more than 1,600 pharmacies from Target in 47 states and operate them under its brand name within Target stores.
White Collar Watch: S.E.C. Finds Itself in a Constitutional Conundrum A judge's decision that the agency's administrative proceedings may be unconstitutional could have implications for other cases and other agencies.
E.U. Urged to Plan for Greece to Default Athens and its creditors are hardening their positions in their debt talks as time runs short for Greece to make changes in order to unlock aid payments.
G.E. Said to Struggle to Find Buyers of Australian Units Five GE Capital businesses that cater to commercial customers are valued at $2.9 billion in total but are drawing lukewarm interest.
United Technologies Plans to Sell or Spin Off Sikorsky Unit A decision on the fate of the 90-year-old company, which makes Black Hawk helicopters, is expected by the end of the third quarter.
Owner of Kelley Blue Book and Autotrader to Buy Dealertrack for $4 Billion The deal is expected to allow the technology providers to offer a broad range of software solutions for the automotive industry.
Homebuilders Standard Pacific, Ryland to Merge The deal would combine two of the nation's largest builders of homes, creating a company with a combined market value of about $5.2 billion.
Omers to Buy Stake in Consulting Firm in $1.7 Billion Deal The Canadian pension fund agreed to buy a majority stake in Environmental Resources Management from Charterhouse Capital Partners.
Europcar Plans to Sell $963 Million in Shares in Paris I.P.O. The French car rental company said it hoped to price its shares between €11.50 and €15 and to begin unrestricted trading on June 26.
Hudson's Bay to Buy Galeria Kaufhof Stores in $3.2 Billion Deal The Canadian operator of Saks Fifth Avenue and Lord & Taylor plans to acquire more than 100 stores in Germany and Belgium as it expands its international operations.
Breakingviews: Hudson's Bay Deal Looks to Have Benign Financial Consequences Hudson's Bay plans to sell at least 40 stores, which should help finance its $3 billion deal for Galeria Kaufhof and bolster its market capitalization.
LOOKING AHEAD
Looking Eastward in Russia With Western business leaders leery over sanctions on Russia, Chinese and Middle Eastern executives and investors are expected to fill out the ranks of participants at the St. Petersburg economic forum, which starts on Thursday. The attendance is emblematic of the economic pivot to Asia that President Vladimir V. Putin is trying to make.
On the program: panel discussions about Russia's potential for trade with China, India and Japan. Despite continuing pressure from the White House to avoid the event, Western executives scheduled to attend include the TPG Capital co-founder David Bonderman and the chief executives of BP and Royal Dutch Shell.
Decision on E.C.B. Bond-Buying on Tuesday Europe's highest appeals court is scheduled to decide on Tuesday whether the European Central Bank has the authority to buy unlimited quantities of bonds from eurozone countries. That bond-buying program, known as Outright Monetary Transactions, has never been used. But the formal announcement of the program in September 2012 is credited with helping rescue the euro by calming market forces that had pushed bond rates in Italy and Spain to dangerously high levels.
In January, an advocate general at the Court of Justice of the European Union broadly endorsed the program in a preliminary ruling; the full court typically follows those rulings. The endorsement was also seen as clearing the path for the central bank to carry out a broader bond-buying program, known as quantitative easing, aimed at stimulating the eurozone economy.
Tea Leaves From the Fed on Wednesday The Federal Reserve does not plan to raise interest rates when it meets on Tuesday and Wednesday. It will most likely leave its benchmark rate near zero, where it has rested since December 2008. But there is a growing expectation that the Fed will start raising rates at its September meeting. Investors will seek affirmation - or cautionary notes - in the Fed's postmeeting statement and in remarks by Janet L. Yellen, the Fed's chairwoman, at a news conference on Wednesday.
Discord in Greek Debt Talks on Thursday Increasingly acrimonious negotiations between Greece and its European creditors are expected to intensify before a meeting of 19 finance ministers from the euro area on Thursday in Luxembourg. Greece could be forced to leave the eurozone unless Athens backs down on some of its demands to ease the terms of a giant bailout program scheduled to expire at the end of the month. The talks have hinged on issues like setting the size of Greece's primary budget surplus and reforming the country's pension system.
The goal is to find a way to unblock billions of euros in frozen aid payments so Greece does not default on its loans, impose capital controls and become the first country to leave the single currency. Most Greeks still favor staying with the euro, and many European Union leaders - despite acute frustration with the leftist government in Athens - want to avoid setting a precedent for exiting the euro that would damage the project for European integration
F.C.C. Vote on Broadband Subsidy The Federal Communications Commission is expected on Thursday to approve a proposal to explore subsidizing broadband Internet for poor Americans. The plan paves the way for sweeping changes to a $1.7 billion phone subsidy program known as Lifeline and seeks to offer recipients a choice between technologies. Republicans have strongly opposed extending the subsidy to broadband, pointing to past instances of fraud in the program. As part of the plan to be voted on this week, stricter controls would be established to ensure eligible households claimed only one subsidy of $9.25 a month.
The plan, introduced last month by the F.C.C. chairman, Tom Wheeler, is expected to receive support from the commission's Democratic majority. If approved, the antifraud measures would take effect soon after, and the commission would then outline the specifics of incorporating broadband into the program. A necessary final vote by the F.C.C. on those details could come before the end of the year.
Fitbit's Stock Market Debut In a year that has so far been relatively light on big initial public offerings, Wall Street has trained its eyes on Fitbit, which makes popular wearable fitness-tracking devices. The company, seeking to seize on a swell of interest in better health, hopes to raise as much as $477.6 million for itself and selling shareholders in its market debut. It is expected to begin trading on Thursday on the New York Stock Exchange, under the ticker symbol FIT.
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QUOTATION OF THE DAY"There is no law permitting the Federal Reserve to take over a company and run its business in the commercial world as consideration for a loan."Judge Thomas C. Wheeler on the lawsuit brought by Maurice R. Greenberg, the former chief executive of the American International Group, against the United States government. | ||||||||||||||||||||
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