Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
It looks like Monsanto is set to reject a $62 billion takeover offer from Bayer.
Monsanto believes there is industrial logic to a combination and is confident of getting approval from antitrust regulators, but says shareholders deserve a higher price.
Toll Brothers, the largest US luxury homebuilder crushed earnings, but acknowledged the big problem in the housing market.
“The industry is still not building enough homes to meet the demand that current demographics imply are needed,” Robert Toll, executive chairman, said in a release.
In related news, Americans are buying new homes at the fastest pace since before the financial crisis.
Zombie companies are holding China’s economy hostage, and the Atlanta Fed and billionaire hedge fund manager Paul Singer are worried about the same thing.
Things have gotten so bad in the oil industry that workers have stopped paying their car loans. And here’s the ‘black swan event’ that could send oil to $25 a barrel.
Finally, Business Insider’s markets editor Jon Garber revisits his 10-day motorbike trip through the mountains of Vietnam. Here are the amazing photos from his trip.
Here are the top Wall Street headlines at midday:
GOLDMAN SACHS: New Obama rule on overtime likely to add 100,000 jobs to economy ― A new rule from the Obama administration — which will increase the fraction of workers entitled to time-and-a-half overtime pay — is likely to increase total employment in the US in 2017 by about 100,000 jobs, according to Goldman Sachs.
A historic number of millennials are living with their parents ― According to a new study by the Pew Research Center, millennial men are more likely to live with their parents than with a spouse or partner, with 35% staying with mum and dad, and just 28% living with a significant other.
Tesla is opening a risky new store in the Hamptons ― Tesla is opening a store in East Hampton.
DSW slashed its outlook for the year because retail is really hard right now ― The company cut its forecast for profits this year amid “a challenging retail environment.”
The dollar is just getting warmed up ― The US dollar has started to bounce back against major currencies.
Swiss bank BSI is facing a criminal probe for its dealings with Malaysia’s 1MDB ― Switzerland’s Office of the Attorney General has opened criminal proceedings against Swiss bank BSI in connection with embattled Malaysian state fund 1Malaysia Development Berhad.
The collapse of oil could still infect the rest of the economy ― The oil industry looks downright abysmal right now any way you slice it.
Incredible photos give a totally unexpected perspective into how the 1% lives ― It’s no secret that today the top 1% of the world’s population holds 50% of the global wealth, while the bottom 50% holds a mere 1% of the wealth.