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Frontrunning: May 8
- Ed Miliband, Nick Clegg and Nigel Farage resign as Tories sweep to victory (Telegraph)
- Bonds and stocks rebound, sterling soars after UK election (Reuters)
- Cameron Set to Return With U.K. Majority as SNP Sweeps Scotland (BBG)
- Tory win brings marked EU exit risk (Reuters)
- Why did Labour lose this election? It never tried to win it (Telegraph)
- Stock Buybacks Hit New Records (WSJ)
- Hard Money Comes Easy as Wall Street Funds Home Flippers (BBG)
- Justice Department to Investigate Baltimore Police (WSJ)
- Saudi Arabia mulling land operations on Yemen border (Reuters)
- M&M Maker Wants Labels for Added Sugar (WSJ)
- Varoufakis Says Greece Ready to Take EU Impasse Down to the Wire (BBG)
- Grits ‘n Bits Power a Couple of IPOs (WSJ)
- FBI warned local police gunman had interest in Texas cartoon event (Reuters)
- An Exotic Cashmere Upends Lululemon (WSJ)
- Ericsson Sues Apple in Europe Over Phone Patent Royalties (BBG)
- Syngenta rejects $45 billion Monsanto takeover offer (Reuters)
Overnight Media Digest
WSJ
* A federal appeals court ruled a National Security Agency program that collects phone records on millions of Americans is illegal, intensifying a fight in Congress over extending the soon-to-expire surveillance effort. (http://on.wsj.com/1dPF7mv)
* Government-debt markets were rattled once again on Thursday, as German bonds staged a sudden and sharp selloff before recovering, unnerving investors who are growing increasingly worried about rising volatility. (http://on.wsj.com/1RiKiuA)
* Mars Inc, maker of M&M's and Snickers, is throwing its support behind a proposal by U.S. regulators to include measurements of added sugar in the mandated Nutrition Facts labels for food, a move that bucks broad opposition to the proposal by big food companies. (http://on.wsj.com/1zQ0e1S)
* Music-streaming company Spotify AB is laying plans to enter the hotly competitive web-video business, according to people familiar with the matter, preparing to take on powerhouses like YouTube and Facebook Inc in a strategy that may put growth ahead of profit. (http://on.wsj.com/1zFOsXx)
* Whole Foods Market Inc is gearing up to start a sister chain of small-scale stores that offer organic and natural foods at lower prices than its namesake outlets, a bold gambit to juice the grocery chain's sales growth. (http://on.wsj.com/1F2BFin)
* UBS AG, which stumbled badly the last time it pushed to expand in the lucrative U.S. investment-banking market, is again seeking to build its business here-though this time with more modest ambitions. (http://on.wsj.com/1ctAcHi)
FT
Music streaming service Spotify is working on a video-streaming business to go along with its music platform. This will not be comparable to Netflix Inc, Hulu or other video services and is meant to aid the company's main music service. Spotify intends to have a launch event in New York on May 20.
Areva SA, a France-based nuclear provider, is set to cut 6,000 jobs, about 14 percent of its headcount, over three years as options for a rescue package that is backed by the government narrow. In 2014, Areva booked a loss of 4.8 billion euros ($5.40 billion), and it has not sold a new nuclear reactor since 2007.
Platinum producer Lonmin is in talks to cut 3,500 jobs at its mines in South Africa, it said on Thursday, as a response to continuing weakness in the precious metal market. This would represent a 10 percent cut in the company's labour costs.
The Airports Commission, chaired by Howard Davies, has decided to start a public consultation process on the question of airport expansion and this has raised concerns of further delay. Davies is expected to tell Heathrow and Gatwick on Friday that the commission is seeking public comment on the impact of expansion on air quality.
NYT
* Bank of America and JPMorgan Chase have agreed to update borrowers' credit reports within the next three months to reflect that the debts were extinguished. The move is a victory for borrowers whose credit reports have been marred as a result of the reported debts, imperiling their job prospects and torpedoing their chances of getting new loans. (http://nyti.ms/1Ptsg57)
* President Obama chose to make his stand in the current fight for trade negotiating power at Nike Inc headquarters in Oregon, ground zero in the American war over free trade. (http://nyti.ms/1QrNB15)
* Uber has submitted a bid for Here, the main competitor to Google Maps, for as much as $3 billion. Here is owned by Nokia , the Finnish telecom giant, which announced last month that it was considering selling the business. (http://nyti.ms/1ETQpyP)
* Amarin Pharma took the unusual step of suing the Food and Drug Administration, arguing that it has a constitutional right to share certain information about its product with doctors, even though the agency did not permit the company to do so. (http://nyti.ms/1KQB6Jm)
* Almost 29 percent of the news stories displayed by Facebook's News Feed present views that conflict with the user's own ideology, a peer-reviewed study published on Thursday in the journal Science found. (http://nyti.ms/1KonqEu)
* To many Americans, the billionaire investor Warren Buffett is the "Oracle of Omaha". To another billionaire investor, Daniel Loeb, he is a hypocrite. Loeb, who runs the $17.4 billion hedge fund Third Point, told an audience of hedge fund faithful on Wednesday that Buffett "has a lot of wisdom, but I think we need to be aware of the disconnect between his wisdom and how he behaves." (http://nyti.ms/1KoriFH)
China
CHINA SECURITIES JOURNAL
- Shanghai Stock Exchange will support the development of the country's emerging industries, including helping Internet firms to list in China, the bourse said in a statement.
- Ouzhi, a financial services subsidiary of Baosteel Iron & Steel Co Ltd, has signed strategic contracts with 13 banks in Shanghai for more than 160 billion yuan ($25.78 billion) of credit, the paper reported citing the deputy manager of the company.
- China's State Council said in a directive on Thursday to push forward development of e-commerce, including lowering entry barriers and providing some financial support.
SHANGHAI SECURITIES NEWS
- China Export and Credit Insurance Corporation has provided a total of $95.8 billion in insurance coverage to the country's New Silk Road projects in 2014, including $400 million of reparation, the chairman of the company told the paper.
FINANCIAL TIMES
- Local insurance funds, with a total corpus of more than 600 billion yuan, will begin to invest in China's stock market from next year, the paper said citing industry experts.
Britain
The Times
KUWAIT PULLS OUT OF 2 BLN STG TYPHOON ORDER
A 2 billion pound ($3 billion) sale of British-built Eurofighter Typhoon jets to Kuwait appeared to be dead last night after officials indicated that the Gulf state would instead buy the American-made Boeing F18 Super Hornet.
LLOYDS BANK SEALS CLERICAL MEDICAL DEAL
An offshore investment group has bought Clerical Medical International, the life assurer that once formed part of HBOS's 6 billion pound insurance empire.
The Guardian
BT BOSS SAYS EU IS A POSTIVE FORCE FOR BUSINESS
BT boss Gavin Patterson has warned that an EU referendum promised by the Conservatives would be "bad for business", and urged the next government to adopt Labour's idea of a national infrastructure commission to manage big investments in areas such as energy, transport and telecoms.
LADBROKES REBUKED BY SHAREHOLDERS OVER PAYOFF FOR DEPARTED BOSS
Bookmaker Ladbrokes has been rebuked by shareholders over a payoff for its departed boss, Richard Glynn, in the latest row over executive remuneration at a stock market-listed company.
The Telegraph
PANIC SELLING AND GAZUNDERING HITS THE LUXURY HOMES MARKET IN LONDON
Wealthy homeowners in central London have finally resorted to slashing asking prices to offload their property, fearful of further price falls should Britain end up with a Labour-led government.
THOMAS COOK BOSS REFUSES TO APOLOGISE AT CORFU HOLIDAY DEATH INQUEST
Current Thomas Cook Group chief executive has refused to apologise about the deaths of two children from carbon monoxide poisoning while on holiday in Greece.
Sky News
EX-TRADE MINISTER JOINS OLIGARCHS' 19 BLN STG FIRM
Lord Davies, the former trade minister, is joining the multibillion pound investment vehicle of one of Russia's wealthiest men amid a dispute with the UK Government over the fate of its North Sea oil assets.
EX-ARSENAL CAPTAIN ADAMS EYES VILLA TAKEOVER
The former Arsenal and England footballer Tony Adams has approached city investors about backing a 150 million pound takeover of Aston Villa, the struggling Premier League club.
The Independent
MORRISONS' 720 AXED JOBS TO COST £40 MILLION, QUARTERLY SALES DROP 3 PCT
Morrisons' plans to axe 720 jobs from its head office will cost it 40 million pounds in redundancy pay and restructuring according to new boss David Potts.
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When does the FRB release their 13-F? http://www.federalreserve.gov/releases/h41/current/h41.htm#h41tab1
Americans Living Abroad Set Record for Giving Up Citizenship
More Americans living outside the U.S. gave up their citizenship in the first quarter of 2015 than ever before, according to data released Thursday by the IRS.
The 1,335 expatriations topped the previous record by 18 percent, according to data compiled by Bloomberg. Those Americans are driven to turn in their passports in part because of laws that have expanded bank reporting and tax compliance requirements for expatriates.
The increase in early 2015 follows an annual record in 2014, when 3,415 Americans gave up their citizenship.
An estimated 6 million U.S. citizens are living abroad, and the U.S. is the only country within the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.
http://www.marketwatch.com/story/this-is-why-americans-are-overweight-an...
Wife and I budget 100 euros a week for food and we eat like Kings.
We seldom eat out and enjoy cooking at home. (hobby).
We also spend only about 10 euros a week on gas for car.
Coffee? I can buy a bag of expresso pads for 2 euros (36 pads) for my Philips Senseo machine.
And it tastes much better than Starbucks crap .
We are totally DEBT FREE and home paid off.
For UK subjects: UK election results as excited as election of Stalin to Soviet KPSU Polit bureau. BBP won (British Banksters Party) and parasite queen. Congratulation.
Michael Moore and the 2nd Amendment-Would the left support gun rights over police monopolies? http://fee.org/anythingpeaceful/detail/michael-moore-and-the-2nd-amendment?