Edition: U.S. / Global

Saturday, September 24, 2016

Business Day Business

Follow us
Inside Wealth

Your Local 1-Percenters May Not Be as Rich as You Think

In places like Lamar County, Ala., an income of $97,000 would put your family in the top echelon of earners, a far cry from $2.2 million in Teton County, Wyo.

In Australia, China’s Appetite Shifts From Rocks to Real Estate

China’s breakneck growth fueled an iron ore boom in Western Australia. Now, Chinese investors are fleeing a cooling economy by investing in Australian homes.

Hackers Trawl User Data in Hopes a Small Target Will Lead to a Big One

By perusing personal accounts of people with even the thinnest thread of a connection to power, hackers can find their way to high-level government officials.

Review

Can Tesla’s Autopilot Be Trusted? Not Always

A reporter tests the company’s old self-driving software and its updated one, finding an exhilarating system that he still needed to override for self-preservation.

Deal Professor

How Yahoo’s Data Breach Could Affect Its Deal With Verizon

Verizon could enact the deal’s material adverse change clause, or MAC clause, to try to drive down the price or terminate the sale entirely.

Paramount’s Vice Chairman to Leave, Adding to Upheaval at Viacom

Rob Moore, the No. 2 executive at Paramount Pictures, was a principal architect of its underperforming film slate and disagreed with Sumner Redstone on a proposal to sell part of the studio.

Yale Endowment Earned 3.4% in a Year When Many Peers Lost

The average return among endowments that have reported so far is a loss of 2.7 percent, according to Cambridge Associates.

Tesla Upgrades Autopilot in Cars on the Road

Tesla is using a cellular network to send a software update to the Autopilot system on about 70,000 of its cars, aiming to improve safety.

What the Hacking at Yahoo Means for Verizon

Questions swirl about whether Verizon’s $4.8 billion deal for Yahoo’s core business will be renegotiated, or happen at all.

Breakingviews

Harvard Needs a Steady Endowment Manager

Over the last few months, Harvard’s endowment has fallen short of its own goals, and that of its rival, Yale.

Caliber Said to Be Asked for Data on Handling Distressed Mortgages

New York’s financial regulator is investigating multiple complaints from consumers.

Twitter Is Said to Be Discussing a Possible Takeover

The social network site has been considering a possible restructuring as it wrestles with a slowdown in its growth.

New Snapchat Channel to Look at Final Leg of Presidential Campaign

Jim VandeHei, a founder of Politico, will provide editorial guidance for the channel, which will run until Jan. 20.

Facebook Apologizes for Overstating Video Metrics

The social media network was leaving out videos viewed for less than three seconds, which greatly inflated the figures presented to advertisers and publishers.

Ex-Société Générale Trader’s Huge Fine Is Cut to 1 Million Euros

Friday’s ruling was the latest legal victory for the former trader, Jérôme Kerviel, who won a wrongful dismissal suit in June.

Fair Game

Your Mutual Fund Has Your Proxy, Like It or Not

If you invest with a large fund manager, chances are good that your objections to common corporate practices are not getting through.

Wealth Matters

It Pays to Be Wary When Hiring an Estate Sales Agent

After their mother’s death, two siblings found that an agent they hired to conduct a sale of belongings did not keep up her end of the bargain.

The Upshot

Football Team at the Buffet: Why Obamacare Markets Are in Crisis

Insurers are raising prices and limiting choices for the same reasons a restaurant owner might replace lobster with potato salad on an all-you-can-eat menu.

Morning Agenda: Yahoo’s Hacking, Princeling Problem, Test for the Justice Dept.

Yahoo already had plenty of problems, but the theft of data on 500 million users has thrown another wrench in the works.

Danish Payments Processor Nets Valued at $4.5 Billion in I.P.O.

The company had been sold for $2.6 billion in 2014 by a group of Nordic banks to a consortium that included Advent International and Bain Capital.

Insight & Analysis
Another View

Want to Change Banking Culture? Stop Talking About Cross-Selling

When it comes to culture, words matter. Any time a financial institution talks about “products” that can be cross-sold to customers, trouble isn’t far behind, says a wealth management executive.

Deal Professor

Public Companies See Gold in California

California, a state with just 12 percent of the nation’s population, accounts for a fifth of all public companies on the major United States markets.

DealBook

Why So Many Business Leaders Are Tiptoeing Around Donald Trump

LinkedIn’s co-founder has taken to publicly denouncing the candidate, but many executives are offering only whispered critiques, fearing retaliation.

Another View

Real Risks in Big Banks’ ‘Merchant Banking’ Activities

Limits on the equity ownership of commercial companies by banks reflects a longstanding principle of separating banking from commerce.

Editors’ Picks
Bottom Line Nation

This Is Your Life, Brought to You by Private Equity

Since the financial crisis, the private equity industry has become hugely influential. Here’s how it plays out in your daily life.

Beware the Fine Print

Pivotal Nursing Home Suit Raises a Simple Question: Who Signed the Contract?

A pending wrongful death lawsuit will test a new legal strategy to prevent nursing homes from requiring their residents to take disputes to arbitration.

In Depth

Graphic: Wall Street Earnings: Watching Brexit’s Impact

Goldman Sachs reported a 78 percent jump in quarterly profit as the Wall Street bank earned more from bond trading and its expenses fell.

Timeline: Wall Street's Interest Rate Scandal

Abuse of interest rates and the failure to address the problem is one of the most expensive scandals to hit Wall Street since the financial crisis.

Graphic: Top 10 Hedge Fund Chiefs Took Home a Combined $10.07 Billion

JPMorgan paid its C.E.O. $27 million in 2015. In another Wall Street universe, the hedge fund manager Ken Griffin made $1.7 billion.

The Top 20 Venture Capital Investors Worldwide

To identify today’s top venture investors, CB Insights, a research firm that tracks the venture capital industry, created a data-driven list.

Special Section
Special Section
Mutual Funds & E.T.F.s

A section on how funds performed in the second quarter of the year — and on where they may be heading.

Special Section
DealBook: Fintech’s Power Grab

A collection on financial disruptors looking to transform the nature of money.

Markets »

Subscribe to DealBook Emails and Alerts

Sign up for the DealBook Newsletter, delivered every morning and afternoon, and receive breaking news alerts throughout the day.

Subscribe

Columns

Another View

Opinion Contributors

Book Entry

Jonathan A. Knee

Breakingviews

Reuters Commentary

Deal Professor

Steven Davidoff Solomon

DealBook Column

Andrew Ross Sorkin

In Debt

Stephen J. Lubben

Life@Work

Tony Schwartz

Standard Deduction

Victor Fleischer

Street Scene

William D. Cohan

The Trade

Jesse Eisinger

White Collar Watch

Peter J. Henning