DealBook Briefing: Are FANGs Losing Their Bite?

Supported by DealBook Briefing: Are FANGs Losing Their Bite? Photo Credit Emmanuel Dunand/Agence France-Presse — Getty Images Good Thursday morning. Another FANG stock took a tumble and the Trump administration wants to further thwart sensitive Chinese investments. This newsletter will be taking a break for Good Friday. We’ll be back with you on Monday. Some links require subscriptions.
Are we witnessing the end of a tech boom?Investors, always willing to believe in technology companies, spent the last three years piling into their shares with abandon. Now the intellectual underpinnings of that rally are being tested.
Exhibit A: Facebook, down 20 percent from its recent high.
Exhibit B: Nvidia, off 12 percent from its recent high.
Exhibit C: Tesla, not a tech stock but in the FANG+ index.
Concerns about Tesla’s ability to fund itself can also be seen in the trading of its debt.
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Continue reading the main story The WSJ’s Charley Grant explains:
Tesla can’t simply cut..

Here is the Brexit dilemma: People didn't vote to be poorer, but they didn't vote to be ignored either

Whatever side of the Brexit divide you’re on, you’re being dishonest unless you balance the economics and the politics
One year down, one to go. The Brexit process rolls on. But how much has been achieved? How much remains to be done? Where are we headed? And, crucially, is it worth continuing with it? On this latter point, both sides in a still highly polarised and bad-tempered debate are guilty of oversimplification.
One thing is abundantly clear, wherever we are headed we are not headed there at the speed the government predicted. When triggering Article 50, on 29 March last year, the Prime Minister stated that ‘we believe that it is necessary to agree the terms of our future partnership alongside those of our withdrawal from the EU.’ That dream (or illusion) is no more.
Read more Brexit is already raising questions about the unity of the UK Moreover, because predicting how Parliament will deal with Brexit between now and the end of the year is a mug’s game, all outcomes – fro..

GKN-Melrose takeover deal: When is the deadline and why is it important to the UK?

Critics have accused Melrose of being an 'asset stripper' looking to a dismember a historic and nationally important British company
Shareholders in UK engineering giant GKN have until 1pm on Thursday to decide whether to vote in favour of an £8.1bn hostile takeover by investment firm Melrose industries.
The deal would the biggest hostile takeover of a UK company since Kraft bought Cadbury's in 2010.
Like that deal, it has been highly controversial. The business secretary, Greg Clark, belatedly waded in this week to raise concerns and push for reassurances from Melrose’s management over pensions and jobs, while saying he was “mindful” of national security issues.
Read more GKN: Business Secretary intervenes amid anger over Melrose's bad bid But what are the two companies and why has the takeover caused so many issues?
What is GKN and why is it important? GKN is a British engineering firm with a history going back to the birth of the industrial revolution. T..

As Russia Mourns Victims of Mall Fire, Some Chant, ‘Corruption Kills!’

As Russia Mourns Victims of Mall Fire, Some Chant, ‘Corruption Kills!’ Photo Russia was in an official state of mourning on Wednesday as funerals began for the 64 victims of a fire at a mall in Kemerovo. Many of those killed were children. Credit Maxim Lisov/Reuters MOSCOW — Flags on government buildings flew at half-staff. Newspaper fronts were colorless. TV stations suspended commercials. Lawmakers observed a minute of silence.
Russia was in an official state of mourning on Wednesday as funerals began for the 64 victims of a fire that swept through a mall in the Siberian city of Kemerovo on Sunday. The tragedy that has led to public outrage over a perceived lack of transparency and accountability.
Funeral ceremonies were held at three churches in Kemerovo, 2,000 miles east of Moscow, local news outlets reported. In the morning, the caskets bearing the remains of two children and one adult were brought to a cemetery following services at Holy Trinity Church, the TASS news agency repor..

Sculpture of Winged Bull Destroyed by ISIS Is Recreated for London’s Fourth Plinth

Sculpture of Winged Bull Destroyed by ISIS Is Recreated for London’s Fourth Plinth Photo The American artist Michael Rakowitz’s sculpture, “The Invisible Enemy Should Not Exist,” in London. Credit Gautier DeBlonde LONDON — A reconstruction of an ancient statue of a winged bull destroyed by ISIS is the latest public art installation to sit on a sculpture platform here known as the Fourth Plinth, on Trafalgar Square.
The sculpture, by the American artist Michael Rakowitz, titled “The Invisible Enemy Should Not Exist,” was unveiled on Tuesday. It depicts a re-creation of Lamassu, an Assyrian statue that stood in Iraq in the ancient city of Nineveh, on the outskirts of modern-day Mosul, until 2015 when the militant group destroyed it along with other irreplaceable works of ancient art.
Lamassu is a mythological creature known for its protective qualities. It has the head of a man and the body of a winged bull. Mr. Rakowitz’s re-creation is made of 10,500 recycled cans of date syrup; dates ..