Updated throughout the day
August 14
Dow Jones Industrial Average added 0.6% and the S&P 500 has advanced 0.7% this week, through Friday’s close. The Nasdaq Composite climbed 0.1%. In China, the yuan actually gained 0.5%, perhaps signaling the three-day aggressive devaluation had run its course for the moment. European markets were aimless, buoyed by news from China but subdued after weak growth reports in their own backyards.
Here’s what else you need to know:
KKR’s Samson files for bankruptcy. KKR’s Samson Resources will file for chapter 11 bankruptcy protection. KKR will lose $4.1 billion in cash in the move, that comes after the firm finalized a restructuring with key lenders Friday. Wall Street Journal
Soros slashes China investments. Soros Fund Management sold off most of its stakes in Chinese companies Alibaba and Baidu. The firm bought an iShare ETF that tracks large-cap Chinese companies. Wall Street Journal
GE homes in on E.U. deal. The E.U. is expected to approve a $13.8 billion bid of GE for the French Alstom’s power business. Reuters
Buffett discloses new investments. Berkshire Hathaway added to its stake in Charter Communications, but also dropped its stakes in National Oilwell Varco and Phillips 66. The firm also invested in paint company Axalta Coating Systems. Reuters
The U.S. raises its flag in Cuba. Secretary of State John Kerry was on hand to mark the first stars and stripes waving over the embassy in 54 years. Reuters
Greek parliament approves bailout deal. While undoubtedly a great thing, for Alexis Tsipras, it may cost him his political career. The IMF issued a statement assuring everyone that it supported Greece and the European Commission chimed in saying it, too, was “committed” to helping Greece. With friends like these, who needs enemies. New York Times (paywall), European Commission
You won’t believe this:
Lord Snoop Dogg? Snoop thinks of himself as royalty. The American hip-hop artist and marijuana aficionado commissioned two paintings of himself as old European nobility. Snoop Dogg appears as Italian duke Cesare Borgia and Austrian Archduke Leopold Wilhem. Esquire
Prince George: no photos please! Kensington Palace is requesting that photographers lay off the young prince. Photographers have reportedly bated George with other children at the park, tracked his nannies, and hidden behind sand dunes. The Palace says the situation is starting to seem threatening. New York Times
White House co-opts Straight Outta Compton meme. To promote its Iran deal. Seriously? The Verge
Photo: Daniel Oines