Chinese ride-hailing powerhouse Didi Global priced its forthcoming IPO at $14/share on Tuesday, “setting the stage for the company to begin trading” later today—a scant three days after it launched its investor pitch roadshow. The offering could net Didi over a billion today - WSJ and Bloomberg and MarketWatch
Teneo CEO Declan Kelly is stepping down “after reports of Mr. Kelly’s drunken misconduct at a charity event last month.” Teneo is the “go-to advisory and communications firm for many of the world’s largest companies” and has found itself in the midst of the kind of crisis for which its services are usually tapped - NYTimes and WSJ
Monday’s blockbuster Facebook decision (dismissing antitrust claims by the FTC and states against the social networking giant) has prompted renewed focus on the need to “modernize” antitrust laws to “provide regulators with more legal tools to take on the tech firms” and their anti-competitive behavior that evades century-old federal laws - NYTimes
One option? A still-developing executive order “directing agencies to strengthen oversight of industries that they perceive to be dominated by a small number of companies” in an effort to “inject more competition and to give consumers, workers and suppliers more rights to challenge large producers.” Bold? Potentially. Legal? You can bet that’ll be determined soon - WSJ
Some cracks are emerging in Chair Powell’s carefully maintained Federal Reserve united front, with central bankers taking tentative steps in recent weeks toward different positions on the timing of pulling back Fed support for a booming economy - NYTimes
The Upshot’s latest is meant to reassure us that yes, markets do work, while reminding us that early-pandemic decisions have major consequences—especially for supply chains thrown all out of whack by the past year and exacerbated by surging U.S. demand in recent months - NYTimes
SEC Chair Gary Gensler is hoping the second time’s the charm for his Enforcement Director pick, selecting NJ AG Gurbir Grewal for the spot vacated after mere days following the unexpected resignation of first-choice Alex Oh in April - WSJ and Bloomberg and Law360
Speaking of Gensler & Co., the Commission has charged JPMorgan e-trading unit Neovest for “operating as an unregistered broker-dealer” and will fine the group $2.75 million for violating the Securities Exchange Act of 1934 - WSJ and Law360
Amazon has acquired the rights to the “SmartLess” podcast—the Bateman/Arnett/Hayes vehicle—as part of a three-year deal worth a reported $60-80 million - Bloomberg
Couldn’t be a better year to shake things up, so why not a non-traditional take on Fourth of July eats. Here are 10 options for a truly American dinner table mélange this weekend - Bloomberg
Stay safe and get vaxxed,
MDR
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