Morning Brief: Prominent business and finance names implicated in college admissions scandal
Wednesday, March 13, 2019
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WHAT TO WATCH
Investors will shift their focus to non-defense capital goods and durable goods data for January.
Market participants often look to non-defense capital goods data and durable goods orders as a proxy for future business spending plans.
Economists polled by Bloomberg are predicting non-defense capital goods orders, excluding aircraft, fell 0.1% during January after a surprise drop in December. Core capital goods orders are expected to have risen 0.2% in February. Durable goods orders for January are expected to have dipped 0.6% from last month.
TOP NEWS
College admissions scandal reveals worst parents ever: A remarkable scheme was revealed by a federal indictment charging university coaches and Machiavellian fixers to get rich kids into colleges they wouldn’t otherwise qualify for. Legal documents name more than 30 parents charged with mail fraud for trying to cheat and bribe their kids’ way into school. The list includes actresses Felicity Huffman and Lori Loughlin. There are also some prominent business and finance names: Doug Hodge, the former CEO of investing giant Pimco, William McGlashan of investing firm TPG, and Gordon Caplan of law firm Wilkie Farr. [Yahoo Finance]
Also: College admissions scandal: Real estate exec allegedly used $FB shares for UCLA bribe [Yahoo Finance]
UK government publishes temporary tariff regime for no-deal Brexit: The announcement comes just hours after members of parliament voted against prime minister Theresa May’s ‘new’ Brexit deal by 391 votes to 242 — a majority of 149 votes. [Yahoo Finance UK]
Also: The 11 possible outcomes Britain faces post-Brexit deal rejection [Yahoo Finance UK]
U.S. will not suspend Boeing 737 MAX planes: The U.S. aviation regulator said on Tuesday it would not ground Boeing Co 737 MAX planes after a crash in Ethiopia that killed 157 people, bucking a trend of countries around the world that have suspended the aircraft's operations. [Reuters]
The U.S. drilling boom is in full effect: Heavyweights in the energy industry have gathered in Houston for CERAWeek, to discuss the most pressing issues facing the sector. The central theme permeating the speaker’s podium: how U.S. drillers are continuing strength and domination with respect to production, while resiliency during the price downturn drove cost efficiencies that have made production more profitable as oil now trades around $50. [Yahoo Finance]
Uber hires more IPO underwriters: Ride-hailing startup Uber Technologies Inc. has hired a string of investment banks to its syndicate of initial public offering underwriters, as it ramps up preparations for a stock market debut, people familiar with the matter said on Tuesday. [Reuters]
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