What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Andy Davenport, the CEO of Philidor, the secret pharmacy whose discovery led to a crisis at Valeant Pharmaceuticals, has been arrested and charged with “engaging in a multimillion-dollar fraud and kickback scheme.”

Gary Tanner, a former Valeant executive who went on to work for Philidor, was also arrested Thursday morning. You can read about the charges here, and you can stay up to date with the latest news on the case here.

In Wall Street news, Wells Fargo has seen a dramatic decrease in the number of new accounts opened at the bank in the aftermath of its fake-accounts scandal. Goldman Sachs just ran a series of groundbreaking advertisements.

And here’s a
definitive breakdown of the gloomy state of Wall Street investment banking revenues.

A French startup is betting on a $5.8 billion Chicago fund. And a $19 billion hedge fund is trying to recruit tech talent with a coding contest

In central bank news, an interest rate hike is coming “relatively soon,” according to Federal Reserve Chair Janet Yellen. Yellen also said she isn’t leaving her job before her term is up in 2018. President Trump means economic policy via presidential decree, according to Pedro Da Costa at the Peterson Institute for International Economics.

And the Bank of Japan unleashed an unlimited bond-buying program.

In tech news, Apple has a secret team working to make the iPhone’s camera a portal to augmented reality. AOL is about to lay off around 500 people. And America has the technology to go cashless, but nobody trusts it enough to use it.

In earnings news, Best Buy knocked earnings out of the park and the stock is surging. Walmart beat on earnings, thanks to the internet.

Lastly, David Blaine freaked out Drake and Dave Chappelle with an insane magic trick.

Here are the top Wall Street headlines at midday

A VC firm made up of early Facebook employees just closed a $145 million fund — and added another Facebooker to the team When Kevin Colleran, Dave Morin, and Sam Lessin decided to form Slow Ventures, they had one mission: to give the founders in their portfolio time to build sound companies with a strong foundation.

Initial jobless claims plunge to their lowest level since 1973 Initial claims, which count people applying for unemployment insurance for the first time, fell to 235,000.

The US has revived a disturbing economic ideology that helped cause the Great Depression – Globalization has been one of the dominant economic trends for over 100 years.

Here’s a perfect picture of inequality in New York – Richard Sandler’s new book of New York photography from the 1970’s to 2001 is full of striking juxtapositions. One, taken in the East Village in 2001, is pretty unforgettable.

Goldman Sachs just presented its doomsday Brexit scenario – Since Britain voted to leave the European Union, the economy has held up far better than almost every single economist and forecaster predicted.

Trump’s policies can’t stop the fastest growing economies in the world – Emerging economies, among the biggest beneficiaries of globalization, are watching with trepidation as the self-styled architect of ‘Brexit-plus-plus-plus’ threatens to undermine a rules-based international system of trade and investment that took decades to build.

Japan’s largest airline wants America to know why it’s awesome All Nippon Airways or ANA is Japan’s largest airline with a fleet of more than 250 aircraft flying more than 50 million passengers a year.

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