Home / Others / DealBook Report: How Mark Zuckerberg is preparing for his congressional hearings

DealBook Report: How Mark Zuckerberg is preparing for his congressional hearings

Elsewhere in the data privacy: Consumer advocacy groups are expected to complain to federal regulators that YouTube is violating a privacy law for children. And India's plans to connect people's fingerprints, eyes and faces to everything from social benefits to cell phones horrified civil libertarians.

DealBook Readers Andrew wants to know if he eliminated or reduced Facebook due to the Cambridge Analytica news. Tweet your answers to him, @andrewrsorkin .

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Today's DealBook report was written by Andrew Ross Sorkin in New York, and Michael J. de la Merced and Amie Tsang in London. [19659006] ____________________________

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Christian Sewing

Credit
Ralph Orlowski / Reuters

What lies ahead for the new C.E.O.?

of Deutsche Bank, known as Christian Sewing, a Deutsche Bank life chain that recently oversaw the company's retail operations. Sewing's most important priorities include:

• Deciding how to reduce commercial and international banking ambitions (although focusing on the congested German retail market also has problems)

• Convincing investors and regulators that the company would be risky [19659014] • Calming the waters of a company concerned with internal disputes, while also making cuts

More on Mr. Sewing: he was an apprentice at the bank and gradually added responsibilities such as overseeing an internal investigation of money laundering in the unity of Russia. But Gadfly warns that it is not clear how much institutional support Mr. Sewing will have.

The position of Peter Eavis: a determined plan to reduce the huge but exceptional Wall Street companies of Deutsche Bank makes sense. But the reduction could mean loss of income, executive exits and even surprise losses. If the next C.E.O. minimize the pain of such adjustment, be skeptical.

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A worker in the furnace of a steel plant in China.

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China Stringer Network / Reuters

Who was responsible for the exorbitant display of tariffs?

Trump administration officials sought Sunday to minimize the prospect of a trade war with China, with President Trump tweeting that he and President Xi Jinping "will always be friends." But behind the scenes, White House officials are fighting over who is to blame for the situation.

More from Jonathan Swan of Axios:

Several senior officials blame [Steven] Mnuchin for the messy release. A source tore it for "hiding the ball" by not sending enough people after receiving such an important request from Trump. Another senior administration official defended Mnuchin, noting that after receiving Trump's order, he communicated it to the Personnel Secretary and had multiple conversations with business representative Bob Lighthizer, who worked in unison with him.

Meanwhile, Europe is caught in the middle of the struggle between EE. UU and China, as its own steel producers are concerned about import tariffs on imported metals.

The political barrage

• President Trump wants to rescind parts of the bill he enacted last month. He wants cuts worth $ 60 billion, but Republican lawmakers can agree with less of that.

• Scott Pruitt has really been good at pushing back E.P.A. regulations? Not at all.

• Was there a faulty Citigroup investigation report behind Mr. Trump's attacks on Amazon? (Business Insider)

• A fire broke out at Trump Tower on Saturday, killing a 67-year-old art collector.

• The Department of Justice will appoint a US attorney to expedite the production of documents for a Congressional investigation on Hillary Clinton's e-mail administration. (NYT)

• Michael Anton, spokesman for the National Security Council and defender of the foreign policy of President "America Primero", will leave the White House. (Politico)

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The Kushners purchased 666 Fifth Avenue just before the recession of 2008.

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Karsten Moran for The New York Times

How can the Kushners buy the remainder of 666 Fifth Ave.? 19659035? Voornado says he has a hands-on agreement for Kushner companies to buy their 49.5 percent stake in the troubled Manhattan skyscraper. If that is true, where does the money come from, given that the Kushner have traveled unsuccessfully around the world, from China to Qatar, in search of new sponsors? And what would be the price of the deal?

Is something else happening? Bloomberg speculates that Vornado's statement may have been intended to catch the Kushners off guard.

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Bertha Gonzalez, co-founder and C.E.O. of Dragons House.

Breaking: Warren Buffett's favorite banker enters tequila

Byron D. Trott's investment firm, BDT Capital Partners, announced this morning that he would buy a majority stake in Casa Dragones, the high-end tequila producer ( A bottle of the Joven would cost you almost $ 300). It is the last sign of the growing interest in the Mexican spirit.

The background story: Casa Dragones co-founder Bertha González Nieves met the BDT last year and started negotiating an agreement last fall. "Having a partner who believes in entrepreneurship and is a long-term investor allows us to continue writing our chapter of growth," he said. Mr. Trott told Michael, "Bertha is just one of these great and passionate visionary entrepreneurs."

Context: Casamigos sold Diageo for up to $ 1 billion, but both Ms. González and Mr. Trott said that it is not a factor in achieving this agreement.

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Arnd Wiegmann / Reuters

The deal on offers

• Novartis agreed to buy Avexis, a drug manufacturer focused on the treatment of experimental gene therapy, for $ 8.7 billion. (Bloomberg)

• Bill Gates sold $ 679 million in shares in Berkshire Hathaway for tax reasons, with a stake of less than 5 percent. (Barron & # 39; s)

• How planned mergers such as CVS-Aetna are reshaping US health care. UU Expelling doctors. (NYT)

• Toshiba lenders are pushing the struggling company to maintain a plan to sell its memory chip unit to a group led by Bain Capital despite pressure from an activist investor. (FT)

• Alibaba and other investors have boosted the valuation of the annual interest rate A.I. Start-up SenseTime to $ 3 billion. (Bloomberg)

• The largest investor in Santos, an Australian energy company, said it would consider the purchase offer of $ 10.3 billion from Harbor Energy. (Bloomberg)

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Come and see the Corner Office interview The founder of Chobani live

On April 14 at 5 p.m. M., Listen to the founder and CEO of Chobani, Hamdi Ulukaya, who resurrected economies in two communities and made headlines for his leadership practices. He will be interviewed by David Gelles for a live version of the Corner Office column.

DealBook readers get $ 10 off tickets.

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Alex Wilmot-Sitwell

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Tal Cohen / European Pressphoto Agency

Revolving door

• Perella Weinberg Partners has hired Alex Wilmot-Sitwell the latest from Bank of America Merrill Lynch, and Matthew Smith who He led the UK corporate finance team for Barclays, as partners based in London. He has also hired Michael Hatchard who recently retired from the Skadden law firm, as principal advisor in London, and Louis Sus man a former United States ambassador to Great Britain , as a counselor in Chicago. (FT)

Lucy Peng who was appointed to lead Lazada, will resign as CEO of Ant Financial. Eric Jing C.E.O., Will assume the position of CEO. (FT)

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Ariel Schalit / Associated Press

Quote of the day

"These are knives that stab the front, you only use them in New York, in Washington they use a shiv, or mechanisms in the press, stabs in the back, subterfuges, opposition investigation. "

– Anthony Scaramucci, in a, shall we say, readable Lunch with the FT

Reading speed [19659073] • Angry and frustrated journalists in The Denver Post are in open revolt against the owner of the hedge fund of the newspaper. (NYT)

• Two popular Chinese video platforms disappeared from app stores this week after the state broadcaster accused them of promoting teenage pregnancy. (NYT)

• Nordstrom is opening its first full-line store in Manhattan, even when Wall Street has become leery of physical retail. (NYT)

• American Express, Discover, Mastercard and Visa will no longer require signatures to complete card transactions. (NYT)

• HSBC will begin using A.I. software to help you detect financial crimes. Mutual funds are also running to use A.I. to improve your stock selection and save money.

• As law firms try to reach superstars, the best lawyers are able to control the kind of salaries generally associated with leading investment bankers and hedge fund managers. (FT)

• Women who have their first child before age 25 or after age 35 eventually close the wage gap with their husbands. The intermediate years are the most problematic, the research shows. (NYT)

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