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Frontrunning: May 14

Tyler Durden's picture




 
  • Amtrak train in Philadelphia wreck was traveling at twice speed limit (Reuters)
  • The engineer has no recollection of the crash and “no explanation” for what happened (WSJ)
  • Taliban claim attack on Afghan guesthouse that killed 14 (Reuters)
  • Chicago’s Junk Rating From Moody’s Puzzles Investors (BBG)
  • House votes to end spy agencies' bulk collection of phone data (Reuters)
  • Wesley Clark: The Penny-Stock General (BBG)
  • AOL’s Armstrong to Leave $213 Million Richer After Verizon Deal (BBG)
  • Shale-Oil Producers Ready to Raise Production (WSJ)
  • Why Ted Cruz is wowing some of Wall Street's money-men (Reuters)
  • Elon Musk’s Space Dream Almost Killed Tesla (BBG)
  • Citigroup Closes Exclusive Credit Program Following Swiss Franc Losses (WSJ)
  • Pyongyang pop and flowers: last days of North Korea's defense chief (Reuters)
  • Prince Charles's 'black spider memos' show lobbying at highest political level (Guardian)

 

Overnight Media Digest

WSJ

* An Amtrak train involved in a fatal crash in Philadelphia was traveling at more than 100 miles an hour, twice the speed limit, as it entered a sharp curve where it derailed Tuesday night, federal officials said Wednesday. (http://on.wsj.com/1G6BjYR)

* The U.S. House of Representatives approved a measure Wednesday to curb the National Security Agency's ability to collect the telephone records of millions of Americans, intensifying a showdown with Senate Republican leaders who oppose the limitations. (http://on.wsj.com/1PkCbiE)

* President Barack Obama kicked off two days of talks aimed at reassuring Arab leaders who are skeptical of his diplomatic outreach to Iran, but his task has grown more difficult in recent days, in part because the White House has been describing its goals with Tehran in loftier terms. (http://on.wsj.com/1H4sbQJ)

* DuPont Co repelled a push by Nelson Peltz and his firm to join its board. In a close vote Wednesday, DuPont shareholders re-elected all of the company's sitting directors, rejecting Peltz's contention that his firm, Trian Fund Management LP, needed to be on the board to juice profits at the 212-year-old producer of Kevlar fibers and Pioneer corn seeds. (http://on.wsj.com/1e2Demm)

* Adding an experimental drug co-developed by Bristol-Myers Squibb Co and AbbVie Inc to an older treatment for a type of blood cancer delayed disease progression by an average of four and a half months in patients in a new clinical trial, researchers from the American Society of Clinical Oncology said on Wednesday. (http://on.wsj.com/1H4wVpr)

 

FT

U.S. authorities are concerned about the thoroughness of a Bank of England investigation into whether any of its staff was aware of or condoned currency market manipulation, according to people familiar with the situation.

Insurance industry veteran Henry Engelhardt, the chief executive of motor insurer Admiral Group Plc, is stepping down from his role in 2016, in the latest of a series of management reshuffles in Britain's insurance sector.

NATO's military chief, General Philip Breedlove, accused Russia of making irresponsible nuclear threats, which he said were intended to make NATO think twice about how it responded to Russia's actions in Ukraine.

 

NYT

* Toyota and Nissan sharply escalated their recalls, adding 6.5 million vehicles worldwide to the 25 million already deemed to contain potentially dangerous components. At least six deaths and more than 100 injuries have been linked to the defect. (http://nyti.ms/1EGmE19)

* A stalwart of corporate America scored a victory against shareholder activism on Wednesday as DuPont defeated a corporate governance challenge by the billionaire Nelson Peltz. (http://nyti.ms/1cVQOrD)

* Verizon's deal to buy AOL for $4.4 billion barely registers on Verizon's balance sheet, and in purely financial terms it's nothing compared with Verizon's paying $130 billion last year to acquire all of Verizon Wireless. (http://nyti.ms/1bR4jXW)

* A small aboriginal community in British Columbia has rejected a $1 billion payment for a natural gas project offered by Malaysian-based Petronas, the latest setback for the Canadian energy industry's effort to bolster exports. (http://nyti.ms/1JJgNg4)

* The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed on the matter who spoke on the condition of anonymity. (http://nyti.ms/1JJhvde)

 

China

CHINA SECURITIES JOURNAL

- State Grid Corp of China will invest a total of 450 billion yuan ($72.53 billion) on ultra-high voltage power development, the paper said, citing the company.

- Dalian Wanda Commercial Properties Co Ltd and China Vanke Co Ltd will form a strategic partnership to develop the country's real estate sector, the paper said, citing sources close to the issue.

SECURITIES TIMES

- Changjiang Securities Co Ltd will resume trading from Thursday, and it plans to raise a total of no more than 12 billion yuan for further expansion, the company said in a statement.

SHANGHAI SECURITIES NEWS

- Work to build up China's internet infrastructure could spur over 100 billion yuan ($16.12 billion) of investment this year, the official paper said referring to a statement from China's cabinet. The State Council said on Wednesday that telecoms firms should boost broad speeds by 40 percent.

CHINA DAILY

- China will launch up to four satellites for its global navigation and positioning network Beidou this year, the chief designer of the system said on Wednesday. China aims to have full global coverage by 2020.

SHANGHAI DAILY

- Shanghai's car auction house has banned the use of high-tech software for biding on car license plates following concerns that the technology was giving some buyers an unfair advantage. China limits car numbers through regular license plate auctions.

 

Britain

The Times

LABOUR ABANDONS LEADER'S SELECTION UNTIL AUTUMN AS OLD GUARD JOIN RACE

Labour will select its new leader in September after the party abandoned attempts to hold a speedy contest. Andy Burnham, the shadow health secretary, became the third candidate to enter the race to succeed Ed Miliband, with Yvette Cooper expected to declare her candidacy today. (http://thetim.es/1QKzMLk)

SPIES MAY FACE CUTS TO SAVE TROOPS

Prime Minister David Cameron launched a review of defence and security yesterday amid warnings that Britain's spy agencies may face cuts to fund Tory pledges to protect the armed forces. (http://thetim.es/1QKAmIV)

The Guardian

PRINCE CHARLES'S 'BLACK SPIDER MEMOS' SHOW LOBBYING AT HIGHEST POLITICAL LEVEL

A cache of secret memos between Prince Charles and senior government ministers has been released after a 10-year legal battle, offering the clearest picture yet of the breadth and depth of the heir to the throne's lobbying at the highest level of politics. (http://bit.ly/1cyalO2)

THOMAS COOK SHOULD 'HANG ITS HEAD IN SHAME' OVER DEATHS OF CHILDREN IN CORFU

Thomas Cook Group Plc should "hang its head in shame" over the deaths of two children through carbon monoxide poisoning while on holiday in Corfu, their parents' lawyer said after an inquest jury concluded they died unlawfully. (http://bit.ly/1bPsrdC)

The Telegraph

BRITAIN COULD LOSE POWER TO DEPORT THOUSANDS OF ASYLUM SEEKERS AS EU LASHES OUT AT THERESA MAY

Britain could be prevented from deporting thousands of asylum seekers as European leaders rebuked Britain's stance over the Mediterranean migration crisis. Theresa May was accused by Federica Mogherini of disregarding the Geneva Convention after the Home Secretary insisted that migrants be sent home if they reach Europe. (http://bit.ly/1EFWtYo)

SNP MP PRETENDS TO BE PRIME MINISTER

An SNP MP has been photographed pretending to be the prime minister on a tour of the House of Commons. A photograph of Roger Mullin grinning as he leant at the Dispatch Box used by David Cameron during Prime Minister's Questions was posted by a colleague on Twitter. (http://bit.ly/1bQKAaT)

Sky News

CRUISE SHIP PASSENGERS SUE OVER VOMITING BUG

The eight-day voyage by Fred Olsen's Balmoral liner from Southampton to the Norwegian fjords began on May 3. But it was forced to return to port a day early after a number of passengers were affected by a gastroenteritis-type illness, with symptoms including vomiting, diarrhoea, stomach cramp and fever. (http://bit.ly/1ICcZyC)

REPORT OF UK GIRLS ESCAPING IS INVESTIGATED

The Foreign Office says it is "looking into" reports that three British schoolgirls are on the run after escaping from Islamic State in Iraq. It comes as the Home Secretary declined to say whether the girls would be allowed back into the United Kingdom. (http://bit.ly/1PHuAph)

The Independent

JOHN WHITTINGDALE'S APPOINTMENT AS CULTURE SECRETARY DISMAYS GAMBLING ADDICTION CHARITIES

Betting addiction charities have reacted with dismay to the appointment of the "pro-gambling" John Whittingdale as David Cameron's new culture secretary. (http://ind.pn/1JeUYa7)

SADIQ KHAN ANNOUNCES BID TO BECOME LONDON MAYOR

Sadiq Khan, the Labour MP for Tooting, has launched his campaign to be the party's candidate for the mayor of London in 2016. (http://ind.pn/1L2190m)

 

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Thu, 05/14/2015 - 07:43 | 6092339 negative rates
negative rates's picture

That's easy, he was a democrate. You know how short those memorys are.

Thu, 05/14/2015 - 08:19 | 6092426 Catullus
Catullus's picture

Twice the speed? I thought we were building a Smarter Planet. Why isn't this being mostly driven by a computer?

Thu, 05/14/2015 - 09:10 | 6092584 Handful of Dust
Handful of Dust's picture

He was practicing so he can drive one of those new supersonic hyperbolis $60 Billion Jerry Brown Cali bullet trains from Mexico to LA.

Thu, 05/14/2015 - 12:57 | 6093611 Son of Loki
Son of Loki's picture
Honda recalls 5 million cars as airbag woes spread

 

Honda said it was recalling the vehicles because of the risk of "abnormal" inflation of the airbags.

The carmaker has recalled a total of 11.4 million vehicles due to problems with Takata airbags since 2008.

 

http://money.cnn.com/2015/05/14/autos/honda-airbag-recall/index.html?sec...

 

 

" If you want to keep your airbag, you can keep your airbag."

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