Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
It’s merger Monday.
Uber China, the regional subsidiary of the car-hailing app juggernaut, is merging with Didi Chuxing in a $35 billion megamerger. Here’s what you need to know:
- DIDI INVESTOR: We’re glad the ‘nuclear warfare’ has stopped.
- Uber just suffered its largest setback — and startups should take note.
- Here are three things Didi plans to do next.
- Uber is spending $500 million to cure its addiction to Google.
- The story of how Travis Kalanick built Uber into the most feared and valuable startup in the world
Separately, Tesla is buying the solar-panel company SolarCity for $2.6 billion.
- Meet the bankers working on Elon Musk’s contentious $2.6 billion takeover.
- Elon Musk wants Tesla and SolarCity to do something that would make Steve Jobs proud.
- SolarCity and Tesla used the word that should freak out a lot of their employees.
- The incredible story of Elon Musk, from getting bullied in school to the most interesting man in tech.
Elsewhere, Verizon is buying Fleetmatics for about $2.4 billion, Google is working on ‘bioelectronics’ with a British pharmaceutical giant, and the four most valuable public companies are all tech companies.
Outside the tech sector, the US auto industry is approaching a critical turning point, movie-theatre operator AMC blamed bad earnings on bad movies, and Gawker founder Nick Denton just confirmed that he will file for personal bankruptcy.
In finance news, the rogue trader who was jailed after losing UBS £1.4 billion has warned that banks have not done enough to reform internal controls and his type of trading crime “could absolutely happen again.”
The stock market is starting to buck a trend that’s been around since 1995.
Business Insider’s Portia Crowe went to a screening for “Equity,” the highly anticipated Wall Street movie that came to theatres on Friday, and loved it.
Here are the countries Goldman Sachs thinks will win the most medals at Rio 2016.
Finally, the Porsche Panamera is one of the most polarising cars on the road today, but it is spectacular to drive.
Here are the top Wall Street headlines at midday:
Wall Street’s big investors are piling into tourism — Rainmakers are betting on tourists to bring in some serious profits.
There’s a bull case for Apple — but the company won’t tell you about it — All three of Apple’s main product lines are in decline. That includes the iPhone, one of the most profitable products of all time.
The Olympics aren’t going to save Brazil — Major sporting events are often presented as a way to help boost a country’s economy.
There’s one reason a big chunk of Americans have ‘negative wealth’ — Most people have some debt — payments to make, loans to pay back. But for some Americans, their debt has gotten to an extreme and dire level — all their debts, added up, cost more than all their assets combined.
It’s time to get worried about the US economy — according to the people who know best — UPS was just the icing on the cake. Capping off a week of gloomy commentary from American companies, the package-delivery giant — which arguably has a unique view into the global economy — said it too sees “head winds” in the second half of the year.
Here’s where Americans are spending all the money they have saved on cheap gas — Americans are savings a lot of money on gas, and it looks like they are getting out there and spending that cash.
Private equity is ‘seeing more excitement than it can handle’ in the marijuana industry — The cannabis industry is starting to see some serious investment activity.
This family-owned Italian restaurant in NYC has been a celebrity hideaway for more than 70 years — While New York City sees a constant shift in its restaurant scene, one family-owned restaurant is still going strong after 70 years.