Verizon Communications is in talks with Vodafone to buy the British telecommunication giant’s 45% stake in Verizon Wireless. The deal, worth at least $125 billion, would be one of the biggest takeovers in history, but the burgeoning wireless industry makes the buyout attractive.
“With 10 billion connections worldwide, the number of cellular subscriptions is on track to outgrow the human population,†reports Michael J. de la Merced.
A look back on our reporting of the past week’s highs and lows in finance.
THURSDAY, AUG. 29
JPMorgan Hiring Put China’s Elite on an Easy Track | The program was originally called “Sons and Daughters.†And although it was supposed to protect JPMorgan Chase’s business dealings in China, the program went so off track that it is now the focus of a federal bribery investigation in the United States. DealBook »
Verizon Seeks Rest of Its Wireless Unit | The lucrative wireless industry, already worth $1.6 trillion, is expected to become a multitrillion-dollar market in the next decade. DealBook »
Shutdown at Nasdaq Is Traced to Software | “Code has this nefarious way of working and then not working,†Robert Greifeld, Nasdaq’s chief executive, said. DealBook »
Scrutiny for Firm’s Hiring of Ex-Army Officer | Col. Norbert E. Vergez headed a unit that awarded lucrative business to a helicopter company owned by Lynn Tilton’s firm. DealBook »
U.S. and Switzerland Reach Agreement on Penalties for Banks That Aided Tax Cheats | The deal does not cover 14 Swiss banks and Swiss branches of international banks that are under criminal investigation by the United States authorities. DealBook »
Blackstone Settles Suit Over I.P.O. | By settling, Blackstone has avoided a securities class-action trial that was scheduled to begin next month. DealBook »
WEDNESDAY, AUG. 28
U.S. and Switzerland Are Close to Deal on Penalizing Banks in Tax Case | Banks that had helped Americans evade taxes would be required to admit wrongdoing and pay penalties in exchange for deferred prosecution agreements, in addition to handing over information on account holders. DealBook »
Hedge Fund Chiefs Write Small Checks for Mayoral Hopefuls in New York | The loudest and boldest of hedge funds have been the quietest in this election. DealBook »
TUESDAY, AUG. 27
Merrill Lynch in Big Payout for Bias Case | Merrill Lynch has agreed to pay $160 million to settle a racial bias lawsuit that wound through the federal courts for eight years. DealBook »
Regulators Prepare Penalties for Chase | Under the terms of the civil orders, the bank will have to acknowledge internal flaws and dole out at least $80 million in fines. DealBook »
Former JPMorgan Employee Surrenders in Spain in ‘London Whale’ Case |
Javier Martin-Artajo kicked off what could be a lengthy extradition process. DealBook »
Deal Professor: A Simple Solution That Made a Hard Problem More Difficult | Congressional leaders, in their rage against ever-rising executive compensation and income inequality, have created more murkiness, says Steven M. Davidoff. DealBook »
MONDAY, AUG. 26
Two Exchanges to Merge, Taking on Larger Rivals | Combining BATS and Direct Edge will vault the new company past Nasdaq to become the second-largest exchange operator in the United States. DealBook »
Growth in Global Disputes Brings Big Paychecks for Law Firms | At least a dozen law firms based in the United States are in line for huge paydays stemming from myriad international issues. DealBook »
DealBook Column: Five Years After Tarp, Misgivings on Bonuses | Henry Paulson tells Andrew Ross Sorkin that “there was such a total lack of awareness from the firms that paid big bonuses during this extraordinary time.†DealBook »
His Links Severed, Ackman Moves to Sell Stake in J.C. Penney | William A. Ackman’s hedge fund sold its 18 percent stake in J. C. Penney after a public battle with the retailer’s board. DealBook »
Third Point Hedge Fund Increases Sotheby’s Stake | The activist investor Daniel S. Loeb is a prominent art collector and the walls at his Park Avenue office are covered with paintings. DealBook »
SUNDAY, AUG. 25
Keeping Wall St. in the Black (or Maybe Brown) | In-house shoeshine service has proved resilient, surviving the rise of technology and even the 2008 financial crisis, which snuffed out many of Wall Street’s quirks. DealBook »
Amgen Buys Producer of Drugs for Cancer | Although Amgen is the world’s biggest biotechnology company, the drug maker has been mostly absent from one of the industry’s biggest and fastest-growing markets: cancer drugs. DealBook »
SATURDAY, AUG. 24
Platinum Card and Text Alert, Via Pawnshop | As banks zero in on more affluent customers, close branches in poor areas and remain stingy with credit, pawnshops are revamping their image and stepping into the void to offer financial services. DealBook »
Amgen Is Said to Be Near a $10.5 Billion Deal to Buy Onyx | Amgen is the world’s largest biotechnology company by sales, with $17.3 billion in revenue last year. But its top-selling products are older and many are selling more slowly, or even declining. DealBook »
WEEK IN VERSE
‘Call Me’ Al Green has been singing about the importance of telecommunications for years. YouTube »
