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Facebook said yesterday that it expected the Federal Trade Commission to fine it up to billion for privacy violations, Mike Isaac and Cecilia Kang of the NYT report.
That would be a record penalty for a tech company, way beyond the million Google had to pay in 2012 for misleading statements about online tracking. But it’s in line with recent E.U. punishments, like Google’s billion antitrust fine last year and the .3 billion tax evasion penalty given to Apple in 2016.
Both the F.T.C. and Facebook have reasons to celebrate. The regulator looks strong. The tech giant looks accountable, without having to remake its business.
But critics say it’s “a slap on the wrist.” That’s how Representative David Cicilline, the chairman of the House’s antitrust subcommittee, told the NYT he would characterize “a fine in the low billions of dollars.” The F.T.C. “must pursue strong structural remedies and impose managerial accountability” on Facebook, Senator Richard Blumenthal, Democrat of Connecticut, tweeted.
The F.T.C. might not have the power to do much more. Its officials are “really limited in what they can actually do in enforcing a consent decree, but in the case of Facebook, they had public pressure on their side,” said Justin Brookman, a former F.T.C. man who is now a director of privacy at the Consumers Union advocacy group.
Facebook’s stock has surged, up by more than 7 percent in after-hours trading last night; word of the fine came alongside better-than-expected financial results. As Shira Ovide of Bloomberg Opinion notes, “the social media giant may seem clueless at times, but it can manage investors.”
The two lenders said this morning that they couldn’t agree on terms.
“The decision ends a courtship that officially began in March when the two banks said they would discuss combining to form Europe’s third-largest lender, with assets of trillion,” Jack Ewing of the NYT writes.
Commerzbank cited “execution risks, restructuring costs and capital requirements associated with such a large-scale integration” in calling off the talks, the FT reports.
Deutsche Bank now faces “a fraught future alone,” the WSJ reports. “It is far more dependent on trading and investment banking businesses, has lost market share to its U.S. rivals in core areas and suffered from higher funding costs than many of its competitors.”
Foreign rivals may now bid for Commerzbank. Reuters’ unnamed sources suggest interest from UniCredit of Italy and ING of the Netherlands.
Occidental unveiled a billion takeover bid for Anadarko Petroleum yesterday, billion more than Chevron has offered. Brace for a big M.&A. battle.
This is Occidental’s fourth bid for Anadarko in two years. It complained that its previous approaches had been unfairly snubbed, especially given its expertise in shale oil and gas.
At stake is control of the Permian Basin, the heart of America’s shale revolution. Occidental and Chevron both already control big parts; owning Anadarko would give either a commanding presence.
It may be an uneven battle. Occidental is offering a share versus Chevron’s , but Chevron is much bigger and could easily raise its offer. The research analyst Leo Mariani of KeyBanc Capital Markets told clients that a bidding war “is not in the best interest” of Occidental shareholders.
But Occidental appears determined to win. “I believe the Anadarko shareholders will love this offer and give feedback” to their board, Occidental’s C.E.O., Vicki Hollub, told the NYT. Her team and advisers are quietly hoping for support from activist investors.
A Tokyo court set bail for the former Nissan chairman at 500 million yen (.5 million). He could be out today, the WSJ reports.
It will be his second release from prison in two months. He was initially arrested on Nov. 19 over financial misconduct allegations, then released last month on bail of 1 billion yen, and rearrested on April 4.
The terms of the bail are unclear. Mr. Ghosn’s previous release came with strict limits on travel, contact with witnesses and computer use. Prosecutors reportedly accused Mr. Ghosn’s wife of contacting witnesses; his legal team denied it.
But Mr. Ghosn isn’t out of the woods. He was indicted on Monday over aggravated breach of trust relating to use of company funds, and still faces charges related to accusations of underreporting his pay and shifting personal investment losses to Nissan.
The continued grounding of the 737 Max jet led to its manufacturer’s worst quarterly results in years.
Boeing reported billion in additional costs from the fiasco, as authorities around the world grounded the plane in the wake of two fatal crashes. In the first quarter of the year, it received 32 new orders for what was previously its best-selling model, down from 122 in the same quarter a year ago.
Executives said they don’t know when the 737 Max will fly again. They also gave no sense of when the company would update the anti-stall software implicated in the crashes.
But Boeing thinks things will brighten this year. It’s yet to lay off any of the workers who build the plane, despite slowing production. “We’re going to get that airplane back up and flying for our customers,” its C.E.O., Dennis Muilenberg, told analysts yesterday.
BlackRock’s founder and C.E.O. became the latest mogul to defend doing business with Saudi Arabia, despite the killing of the journalist Jamal Khashoggi and other human-rights abuses.
“The region is not perfect. No region in the world is perfect,” Mr. Fink told a financial industry conference yesterday in the Saudi capital, Riyadh, as he announced that BlackRock would open an office in the country. “That there are issues in the press doesn’t tell me I should run from a place, it tells me we should run to a place.”
Other C.E.O.s are embracing Saudi business, too. “It’s a privilege to be back in Saudi Arabia,” Joe Flint, the head of HSBC, said at the conference. “This is an economy we have a lot of confidence in.”
International companies are clearly unfazed by the Saudi government, despite international criticism over Mr. Khashoggi’s death and seemingly politically motivated jailings and executions. As the NYT reported last week, companies like Google, SoftBank and JPMorgan Chase are still pursuing opportunities in Riyadh — often openly.
The software company’s resurgence continues unabated, much of it powered by cloud computing.
Its revenues jumped 14 percent from a year earlier, to .57 billion for the fiscal quarter that ended March 31, the WSJ reports. Cloud computing businesses, which account for almost a third of its sales, grew 41 percent. The company was briefly valued at over trillion on those earnings.
Microsoft has weathered a tech backlash very well, Kim Hart of Axios writes. Despite some bad press — including over its work in China and with the military — it has largely dodged the privacy and content scandals engulfing other tech giants. And it has sought to lead conversations on issues like A.I. ethics and tech regulation.
“Maybe we’re able to make some of those decisions around here because we were the first graduate of the school of hard knocks,” Brad Smith, Microsoft’s president and chief legal officer, told Axios. “We graduated first — not necessarily first in our class, but it was the first class.”
The Berkshire Hathaway chief sat down for an interview with the FT, where he reflected on his investment record — and the challenges he faces.
• “Why do I get up every day and jump out of bed and I’m excited at 88? It’s because I love what I do and love the people I do it with,” he declared.
• But Berkshire has recently found it hard to meet his longtime goal of beating market indexes. Asked if it would be better to invest in Berkshire or in the S&P 500, he replied, “I think the financial result would be very close to the same.”
• The FT points out that “never has Buffett had anywhere near as long a stretch of underperformance. And never has the competition for the kinds of assets he prefers — big companies that are easy to understand but hard to dislodge from their competitive positions — been fiercer.”
• Yet he has faith that Berkshire shareholders will stick around. “What they are going to say is that essentially every one of them has had a profit,” he said, adding, “They know they’re exactly in my shoes and Charlie’s shoes and they like owning, really, part of America.”
Women will make up most of G.M.’s board, a first for a major carmaker, after Jim Mulva and Admiral Mike Mullen retire this year.
Ross McEwan will step down as C.E.O. of the Royal Bank of Scotland.
The British government has begun seeking Mark Carney’s successor as governor of the Bank of England. Here are six possibilities.
The IEX Group, the stock exchange operator, has hired Bill Guinan from Bernstein as its head of business development and Jonathan Yam from Citigroup as head of technology development.
• Ford Motor will invest 0 million in the electric carmaker Rivian. (NYT)
• Britain’s competition regulator blocked the supermarket chain Sainsbury’s proposed takeover of Asda, Walmart’s British arm. (FT)
• Thyssenkrupp’s board will reportedly revisit plans for a breakup of the conglomerate. (Reuters)
• Bond Capital, Mary Meeker’s new venture capital firm, has reportedly raised at least .25 billion for its initial investment fund. (Axios)
Politics and policy
• Joe Biden is running. (NYT)
• The economics commentator Stephen Moore said he would withdraw from consideration as a Fed governor if he became a political liability for Republicans. (WSJ)
• Michael Cohen walked back parts of his guilty plea in a recorded phone call with the actor Tom Arnold. (WSJ)
• As Homeland Security secretary, Kirstjen Nielsen was said to have been warned not to discuss Russian election interference with President Trump. (NYT)
• Prime Minister Theresa May of Britain was spared a leadership challenge by her Conservative Party, but urged to say when she’ll resign. (FT, Bloomberg)
• One way to think about Brexit: an experiment in a new world order where trade is harder and uncertainty higher. (Bloomberg)
• Tesla said it lost 2 million in the first quarter, shocking Wall Street analysts. It also said it was open to raising new capital. (NYT)
• China is exporting its formidable surveillance technology to the rest of the world. (NYT)
• British lawmakers are furious about a leak from the country’s National Security Council about Huawei 5G equipment. The Chinese telecom company pushed back at claims that it is funded by Beijing. (FT)
• The N.S.A. has recommended that the White House end a U.S. phone surveillance program. (WSJ)
• Verizon and T-Mobile have both admitted that they plan to offer the fastest 5G service only in cities. (Verge)
Best of the rest
• The yield curve inverted briefly last month, signaling a potential recession. It’s now uninverted. (Axios)
• Justice Department staffers reportedly want Goldman Sachs to plead guilty at a corporate level over the 1MDB scandal. (FT)
• The U.S. has more measles cases than at any time since the disease was declared eliminated in the country in 2000. (NYT)
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【时】【间】【过】【得】【真】【快】，【又】【是】【一】【个】【月】【的】【时】【间】【过】【去】【了】。 【这】【一】【次】，【我】【好】【好】【地】【捋】【了】【捋】【思】【路】，【以】【及】【自】【己】【的】【长】【处】、【短】【板】，【最】【后】【写】【了】《【我】【带】【着】【玩】【家】【战】【三】【国】》。 【三】【国】【这】【个】【题】【材】，【不】【知】【道】【老】【读】【者】【们】【还】【喜】【欢】【否】，【我】【自】【己】【还】【是】【蛮】【喜】【欢】【的】。 【一】【直】【也】【玩】【各】【种】【三】【国】【类】【的】【游】【戏】，【这】【还】【是】【我】【第】【一】【次】【提】【笔】【写】【三】【国】【类】【的】【小】【说】，【希】【望】【大】【家】【能】【够】【喜】【欢】。 【如】【果】
【朱】【棣】【又】【一】【次】【坐】【在】【了】【空】【荡】【荡】【的】【金】【库】【里】。 【这】【是】【老】【朱】【和】【马】【皇】【后】【留】【下】【来】【的】，【自】【从】【被】【柳】【淳】【盯】【上】【之】【后】，【这】【里】【面】【就】【空】【了】。【虽】【然】【账】【面】【上】【皇】【家】【的】【钱】【不】【少】，【但】【是】【却】【只】【是】【账】【面】【资】【产】【而】【已】。 【到】【了】【朱】【棣】【这】【里】，【那】【就】【更】【惨】【了】，【从】【资】【产】【直】【接】【变】【成】【了】【负】【债】。 【刚】【登】【基】【那】【会】，【他】【就】【逼】【着】【柳】【淳】【想】【办】【法】。【结】【果】【呢】，【东】【番】【岛】【开】【发】，【成】【立】【皇】【家】【证】【券】【交】【易】【所】，【总】公式规律三头必中特【打】【下】【手】【什】【么】【的】，【于】【丽】【娟】【还】【是】【会】【的】，【这】【也】【有】【赖】【于】【曲】【长】【歌】【平】【时】【对】【她】【的】【熏】【陶】，【因】【为】【曲】【长】【歌】【就】【会】【打】【下】【手】，【虽】【说】【也】【会】【几】【样】【普】【通】【的】【菜】【式】，【可】【只】【要】【赵】【况】【在】【她】【都】【没】【脸】【拿】【出】【来】。 【没】【想】【到】【沈】【玉】【芹】【却】【在】【这】【个】【时】【候】【说】【道】：“【老】【三】，【你】【读】【书】【不】【容】【易】，【在】【家】【都】【不】【让】【你】【做】【的】，【到】【了】【这】【里】【妈】【妈】【也】【不】【会】【让】【你】【进】【厨】【房】【的】，【你】【就】【在】【外】【面】【等】【一】【等】，【我】【和】【丽】【娟】【两】【个】【就】
【高】【空】【中】【俯】【瞰】【地】【面】【的】【感】【觉】【让】【包】【柔】【柔】【感】【到】【很】【新】【奇】。 【下】【面】【的】【建】【筑】【都】【变】【得】【好】【渺】【小】【啊】，【人】【也】【变】【成】【了】【一】【粒】【一】【粒】【的】。 【陆】【离】【看】【着】【她】【说】：“【马】【上】【就】【到】【最】【高】【点】【了】。” 【包】【柔】【柔】【松】【开】【了】【他】【的】【衣】【角】，【点】【点】【头】，“【嗯】【嗯】，【听】【说】【到】【了】【最】【高】【点】【许】【愿】【会】【灵】【验】【的】，【你】【有】【想】【要】【许】【的】【愿】【望】【吗】？” “【嗯】。” 【她】【刚】【想】【问】【他】【什】【么】【愿】【望】，【就】【听】【见】【男】【生】【清】【脆】
【此】【时】【来】【到】【玛】【利】【亚】【医】【院】【急】【诊】【这】【边】1【号】【手】【术】【室】【的】【正】【是】【接】【到】【医】【院】【报】【警】【电】【话】【赶】【过】【来】【的】【陈】【彪】【周】【星】【星】【和】【吴】【达】【三】【人】。 【医】【院】【里】【接】【到】【中】【枪】【伤】【者】，【在】【不】【确】【定】【对】【方】【是】【否】【警】【务】【人】【员】【的】【情】【况】【下】，【是】【要】【第】【一】【时】【间】【打】【报】【警】【电】【话】【的】。 【经】【纪】【文】【将】【韩】【江】【扔】【在】【湾】【仔】【玛】【利】【亚】【医】【院】，【医】【院】【里】【突】【然】【接】【到】【了】【一】【个】【中】【枪】【伤】【者】，【总】【台】【当】【即】【将】【这】【个】【情】【况】【转】【达】【到】【了】【湾】【仔】【警】【区】，