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May 28, 2015

Avago is buying rival Broadcom for $37 billion.

  The cash and stock deal will combine two chipmakers to create a massive $77 billion dollar company. Broadcom’s consumer device and network chips are seen as complementary to Avago’s more industrial-oriented business. It is the largest-ever deal in the semi-conductor industry, which has recently seen a flurry of consolidation.  
5 hours ago

JP Morgan has apparently begun massive layoffs.

  America’s largest bank is planning to lay off more than 5,000 by next year, reports The Wall Street Journal. It wants to cut down on expenses, and reduce its ranks of human tellers as it automates more. The cuts will be smaller than last years, when the bank, which employs more than 240,000 people, eliminated 7,900 jobs.
May 28, 2015

The Republican presidential field becomes very crowded.

  Two new long-shot candidates have joined the already jam-packed race for the Republican nomination for US president. Former New York governor George Pataki declared his bid in a 9/11-themed online video one day after former US senator and runner-up for the nomination Rick Santorum announced his run, pledging to fight for the middle class. Eight people have now officially declared their candidacy, with more exploring a possible run.
8 hours ago

FIFA’s president Sepp Blatter says he will not quit.

  Speaking at FIFA’s annual congress, Blatter said he could not be held responsible for the rampant corruption at FIFA under investigation in the US and Switzerland. Calls are growing for Blatter to step down, while Visa, a crucial sponsor for the organization, said it might cancel its contract. But FIFA has a friend in Russian president Vladimir Putin. He supported Blatter and called the US investigation an overreach.
May 28, 2015

A Chinese developer deal collapses.

  Sunac China Holdings canned its $1.2 billion takeover of Kaisa Group Holdings after the two sides failed to agree on terms for bondholders, who own $10.5 billion in Kaisa debt. Kaisa was the first Chinese company to default on overseas debt in April, and the deal’s collapse could signal more pain for China bond holders.
May 28, 2015
Chart of the Moment

This is what a dying banking system looks like

May 28, 2015

The Pentagon accidentally sent live Anthrax samples by FedEx.

  A US Army laboratory in Utah mistakenly shipped samples of the bacterial disease to facilities in nine states and in South Korea. There is no risk to the general public, the Pentagon says, but 4 lab workers in the US and up to 22 overseas were placed in post-exposure treatment.
May 28, 2015

The L’Oreal heiress trial concludes.

  The case, being heard in Bordeaux, France, focuses on 92-year-old Liliane Bettencourt and the coterie accused of exploiting her (paywall).
7 hours ago

Banning Borat’s “mankini” helped this town’s morals, and economy.

  The English seaside town of Newquay banned the infamous and uncomfortable-looking swimsuit as a part of an effort to eliminate “antisocial behavior” that was giving the town a bad reputation. The number of incidents has since dropped, and family-friendly tourism has risen.  

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