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Aug. 14, 2015
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NEWS
Judges say Christian baker's First Amendment right to free expression is not violated by designing a custom wedding cake for a same-sex couple.
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COMMENTARY
 The negotiations with North Korea provide some valuable hard-earned lessons that should be kept in mind when assessing the recent nuclear deal with Iran.
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COMMENTARY
 Under Margaret Sanger's leadership was a program called the "Negro Project," which involved strategically seeking to decrease the black population by convincing black community leaders to introduce birth control to their networks.
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NEWS
 Ilan Berman, vice president of the American Foreign Policy Council, argued the agreement threatens U.S. security and adversely impacts national interest, noting the amount of money pouring into Tehran's economy through some $100 billion in sanctions relief.
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COMMENTARY
 There is a strong likelihood when Secretary of State John Kerry raises the American flag in Havana today, he will meet with General Raul Castro or other Cuban government officials who continue to support the FARC, a Colombian terrorist group.
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NEWS
 Days after a federal agency accidentally released millions of gallons of contaminated mine water into a major waterway, neighboring local businesses are speaking out about how the incident impacted them.
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FRIDAY, AUGUST 14, 2015
TODAY'S TOP HEADLINES
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BY AMIE TSANG
A NEW GLOBAL CURRENCY WAR China held firm on the value of its money for years, as other countries tried to secure an economic advantage by letting the value of their currencies slide on international markets. Some analysts see its jump into the fray as a new phase in a long-raging global currency war, Peter Eavis writes in DealBook. The plunge paused on Friday, but the renminbi was still down 4.4 percent against the dollar this week, a huge drop for China and the steepest drop since the country's modern exchange system was set up, Neil Gough reports in The New York Times. The move could leave the United States exposed and undermine efforts to pull the world economy out of the doldrums.
The yen, the euro and several other major currencies have fallen in recent years against the dollar as the Federal Reserve has cut back its stimulus, but the countries that don't join the devaluations can end up suffering if they export less and import more. A steep drop in the value of the renminbi could also intensify some of the forces that have caused the American economy to underperform.
Analysts also fear the currency tensions could worsen entrenched problems in the global economy, like its reliance on the dollar as a so-called reserve currency. This dependence means that the Fed's actions can change economic conditions in other countries, and not always for the better.
The Fed now faces a problem. It is considering raising interest ratesfor the first time in more than nine years. A rate increase could drive the dollar up even more aainst other currencies, creating an obstacle to the American economy. It could also make life even harder for countries in the developing world, which could experience capital outflows. Companies in emerging markets that borrowed in dollars would have to spend more of their local currency to pay back their debts.
China, too, would struggle if there was an uncontrolled plunge in the renminbi. Chinese entities have borrowed more than $1.6 trillion in foreign currencies. "A sharp devaluation is not in China's interest," said Li-Gang Liu, a China economist at ANZ Research. "That could make corporates very panicky."
Prolonged turbulence and economic pain may then force world leaders to think hard about whether the international system can be changed, Mr. Eavis writes. The easy money pumped out by the Fed over the last decade helped stoke booms in other countries that became unsustainable. As the Fed has pulled back, the adjustment has been jarring for huge economies, like Brazil and China.
"The system is coming back to bite us in the rear," said David Beckworth, an associate economics professor at Western Kentucky University. "Maybe this experience teaches us that we are more interconnected than we ever were."
BRAZIL BANKS BOOM IN GOOD TIMES AND BAD Although Brazil's economy has been bumped by the ups and downs of global commodity prices and the manufacturing sector has stagnated, the nation'sbanking industry has been making impressive gains, Dan Horch writes in DealBook. The combined annual profits of Brazil's four biggest banks have grown more than 850 percent to just more than $20 billion, from $2.1 billion, in the 12 years of Workers' Party rule.
Brazil's largest and third-largest banks, Banco do Brasil and Caixa Econômica Federal, do not even have profit as their sole mandate. The government controls both and obliges them to engage in less profitable operations as a public service.
The two giant private sector banks, Itaú and Bradesco, consistently earnreturns on equity - a measure of how much a company can earn out of each dollar invested - of about 20 percent. Big banks in the United States usually manage only about half as much.
The banks face little competition. A banking crisis in the 1990s threatened scores of financial institutions with insolvency and the authorities have encouraged a string of mergers and acquisitions. The four biggest banks have more than 70 percent of the banking system's total assets. Bradesco's deal to acquire HSBC's operations in Brazil for $5.2 billion will bringalmost 75 percent of total assets under the control of the top four banks - near the maximum that the central bank established in 2012.
They have been helped by government policies and economic trends. Interest rates are high: In the free credit market, which excludes government subsidized loans for housing and infrastructure, Brazilian consumers pay on average 58.6 percent interest, and businesses pay 27.5 percent to borrow money.
A history of high inflation, sharp currency fluctuations and large government budget deficits makes it expensive for the government to borrow money. The central bank's basic rate, which it pays on the local equivalent of Treasury bills, is 14.25 percent.
The average spread - the difference between what banks pay to gain access to capital and what they charge to lend it out - is 30.7 percent in the free credit market.
Not all of that is profit. Taxes and regulatory cost are high and about to get higher - the government just announced a plan to further increase taxes on bank profits. Default is also a serious risk. Nearly 56 million Brazilians, more than a quarter of the country's population, have missed enough debt payments to be on the blacklist of Serasa Experian, a credit reporting bureau. The spreads are easily wide enough to compensate for that.
When times are bad, the banks can also get support from the government. The Treasury sells bonds that protect investors against inflation, as certain United States Treasury bonds do. It also offers bonds that increase their payouts when interest rates rise or the currency devalues.
When banks sense a deterioration in the economy, they can scale back on loans and move toward these government-backed investments. As a result, the recent inflation of nearly 9 percent, the plunging currency and the rise in interest rates have all helped bolster bottom lines at banks. As Luiz Fernando de Paula, an economics professor at Rio de Janeiro State University, says, "The government pays the price instead."
GOLDMAN EXPANDS RETAIL BANKING Goldman Sachs will offer banking services to people with a wider array of incomes than it has traditionally served, Nathaniel Popper reports in DealBook. The firm announced that it was acquiring $16 billion in customer depositsfrom GE Capital Bank. General Electric has been making efforts to focus more tightly on its industrial businesses.
The purchase will give Goldman a new role as a savings bank for retail customers. The acquisition will give the firm a source of deposits that it can lend to consumers online, a growth area that Goldman recently announced it would pursue.
Goldman has traditionally been an investment bank catering almost entirely to corporate clients, with a small business offering private banking services to the wealthy elite. It was forced to convert to a bank holding company during the financial crisis, which gave it access to emergency funds from the Federal Reserve. The new status sets stiffer capital requirements and allows for greater scrutiny from regulators.
Goldman has been trying to take advantage of the classification, which allows it to take deposits and lend money. It began hiring employees tobuild an online lending business this year. The service is aimed at consumers interested in taking out small loans.
Although the $16 billion acquisition is still tiny compared with Goldman's overall holdings of around $860 billion, the firm is moving into thesmaller consumer business that it has generally avoided. Goldman and other investment banks have been encouraged to diversify their business models by new regulations.
ON THE AGENDA The Federal Reserve releases data on July industrial production at 9:15 a.m. J.C.Penney holds a conference call on its second-quarter earnings at 8:30 a.m.
GOOGLE GETS MORE TIME After years spent investing Google's alleged antitrust activities, the European Commission gave Google extra time to respond to its charges, Mark Scott and Conor Doughertyreport in The New York Times. Google originally had until Monday to answer claims that it favored its own comparison shopping search over those of rivals. It now has until the end of the month.
The reorganization under the new name, Alphabet, will not affect the antitrust case. European officials will continue to investigate whether Google promoted its other so-called vertical searches, like online travel and restaurant listings, unfairly over others. Europe's antitrust authorities have also opened a separate inquiry into Google's dominant Android mobile operating system.
The lengthy investigation has led to complaints from industry executives that Europe is unfairly targeting American tech companies. The commission is also carrying out separate competition, tax and privacy investigations into Amazon, Apple and Facebook.
The charges against Google could have a serious financial impact on the company, the world's second largest by market capitalization, after Apple. If Google is found to have breached Europe's antitrust rules, Margrethe Vestager, Europe's antitrust chief, could levy a fine exceeding $6.6 billion, or about 10 percent of Google's annual revenue.
Cisco's Money Can't Buy It Love With $35 billion of net cash, Cisco Systems can afford to shop around, but whether it can buy its way back into investors' good graces is another matter, Dan Gallagher writes in Heard On The Street.
Yuanta Financial and Ta Chong Surge on $1.7 Billion TakeoverYuanta Financial Holding and Ta Chong Bank shares surged by the daily limit in Taipei after Yuanta offered about $1.7 billion to acquire the lender, which is backed by Carlyle Group.
U.S. Banks Extend Lead Over European Counterparts United States banks are stretching away from their European rivals in global investment banking, taking advantage of strategic upheavals and concerns over capital to pile on market share.
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Sir Kensington's, Condiments Maker, Receives $8.5 Million Investment The money from the private equity group Verlinvest will provide the small but growing company with capital to build a sales team and enhance marketing.
Rolls-Royce's Activist Overhaul Shares in the British aircraft engine manufacturer have been lifted by news that the activist fund ValueAct Capital Management had taken a 5.4 percent stake in the company, but even an activist investor might struggle to improve the company's outlook, Thao Hua argues in Heard on The Street.
Kyle Bass's Comeback Plan The hedge fund manager's rebound plan has two key elements - oil and Argentina - both of which are plays being avoided as too risky by the conventional investment crowd.
Can You Judge an I.P.O. by Its C.E.O.? Chief executives perceived as more competent, trustworthy or attractive during investor pitch sessions are more likely to get higher-priced initial public offerings, according to a new study.
China Sovereign Wealth Fund Is Said to Invest in Uber RivalChina Investment Corporation, the $740 billion sovereign fund, is putting money into the Southeast Asia ride-hailing start-up GrabTaxi, The Wall Street Journal reports, citing a person familiar with the situation.
Jessica Alba's Start-Up Is Said to Have Raised $100 MillionHonest, the baby-products retailer, has raised $100 million in a new round of funding, valuing it at about $1.7 billion, The Wall Street Journal reports, citing a person familiar with the matter.
As Greek Bailout Deal Passes, Alexis Tsipras Faces Rebellion The plan was approved by lawmakers after a stormy parliamentary debate that began at 2 a.m. and lasted until 9:30 a.m. on Friday.
Currency-Rigging Lawsuit Settlements Rise Past $2 BillionInvestors have recovered more than $2 billion in settlements with nine banks over claims of price-rigging in the foreign exchange market, and are continuing to pursue claims against seven other banks, a lawyer for the plaintiffs said Thursday.
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Answer: I wrote it many, many years ago. I was teaching at a few art schools t...
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