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Frontrunning: June 1
- Senate lets NSA spy program lapse, at least for now (Reuters)
- Draghi Deflation Relief Means Little With Greek Threat Unsolved (BBG)
- Tepid factory data add to Asian gloom (FT)
- Citigroup Likely to Close Banamex USA (WSJ)
- Frugality of High Earners in U.S. Shows Long Shadow of Recession (BBG)
- Greece’s Tsipras Warns Bell May Toll for Europe (BBG)
- Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
- Romário leads drive for Brazilian probe into Fifa (FT)
- Faster than China? India's road, rail drive could lay doubts to rest (Reuters)
- Intel closes in on $16bn Altera takeover (FT)
- Lynch’s Secret to Finding Value Discovers Little in S&P 500 (BBG)
- Easy Access to Money Keeps U.S. Oil Pumping (WSJ)
- Saudi Oil Strategy Seen Prevailing in Vienna: OPEC Reality Check (BBG)
- Playtech Pays £460 Million for U.K. Trading Platform Plus500 (BBG)
- The U.S. oil fracker's dilemma: crouch or pounce? (Reuters)
- U.S. Drug Shortages Frustrate Doctors, Patients (WSJ)
- Shari Redstone Pulled to Hollywood Power Circles as Father Fades (BBG)
- Soaring Cost, Toxic Effects Drive Race for Cancer Tests (BBG)
- South Korea fights to contain MERS outbreak, considers tough measures (Reuters)
Overnight Media Digest
WSJ
* Carnegie Mellon University is scrambling to recover after Uber Technologies Inc poached 40 of its researchers and scientists earlier this year, a raid that left one of the world's top robotics research institutions in a crisis. (http://on.wsj.com/1FnLNyW)
* The number of drugs in short supply in the United States has risen 74 percent over the past five years, and includes cancer treatments and antibiotics. (http://on.wsj.com/1RDA72Y)
* OPEC is expected to leave its oil output unchanged at a meeting in Vienna this week, a contrast with the cartel's past muscular role as a swing producer that could even out price bumps. (http://on.wsj.com/1SPcVjC)
* Access to easy money is encouraging oil drillers to keep production high, even though crude prices are low. The lack of production discipline worries some industry experts, who say it will hold down prices. (http://on.wsj.com/1EMlUY1)
* The Senate on Sunday advanced legislation ending the National Security Agency's collection of millions of Americans' telephone records in a key test vote, setting up its passage later this week. (http://on.wsj.com/1EMlUY1)
* Seven years after Washington Mutual Inc collapsed in the biggest U.S. bank failure, two of its former top executives are still looking for their "golden parachutes." (http://on.wsj.com/1LVZ9Xe)
* Citigroup Inc is expected to shut down Banamex USA, a California unit that specializes in moving money across the southern U.S. border and has been battered by accusations of weak money-laundering controls. (http://on.wsj.com/1KwvTG3)
* Intel Corp's on-again-off-again attempt to buy Altera Corp is on the cusp of succeeding, as the chip maker prepares to announce the roughly $17 billion acquisition Monday, a move that would allow it to boost revenue and help defend a crucial business. (http://on.wsj.com/1K2KcnH)
FT
British-based advertising company WPP Plc may face opposition from its shareholders at its annual meeting on June 9 over Chief Executive Martin Sorrell's 43 million stg 2014 compensation.
Audit firm Deloitte UK is planning to merge with member firms from the Benelux region. Potential deal will be discussed at company's global meeting in June.
National Health Service head Simon Stevens said that the food and drink industry must cut the sugar content of its products.
Europe's six largest oil and gas companies, including Royal Dutch Shell, BP Plc, BG Group and Total SA, have united in seeking help from the United Nations to stop global warming.
NYT
* The founder of Men's Wearhouse is officially unveiling zTailors, a website and app that connect customers with on-demand tailors who make house calls. (http://nyti.ms/1AE9NS5)
* Flibanserin, which aims to restore lost libido in women, has been twice rejected by the FDA, which cited limited effectiveness as well as side effects. The drug will go before agency advisers again on Thursday. (http://nyti.ms/1d8nqxD)
* After clearing the Senate last month, the bill to give the U.S. President Barack Obama fast-track authority for the Trans-Pacific Partnership will meet skepticism from Democrats and the Republicans'. (http://nyti.ms/1RDyemU)
* Saudi Arabia is less concerned about the price of crude oil in the global markets and more concerned about delivering fuel to its growing economy. The change is upending the traditional market dynamics that have influenced the direction of oil prices for decades. (http://nyti.ms/1I3gMUn)
* Years after Motorola Solutions Inc the mobile device company was a corporate victim of a price-fixing scheme, the Supreme Court might take up the case. (http://nyti.ms/1M2kFdu)
China
CHINA SECURITIES JOURNAL
- A recent slump in the Chinese stock market coupled with volatility offers an attractive entry opportunity for investors, the newspaper said in a front-page commentary. The market will likely recover around mid-late June as more funds will be available after the end of the current round of IPOs, the paper added.
SECURITIES TIMES
- ZhongAo Holding Group, a Chinese duck processing company in Shandong province, warned 12 domestic banks that it might be unable to repay a total of 282 million yuan ($45.5 million) of principal and interest on time due to a big change in its business mode, according to a statement published on the China Foreign Exchange Trading System website. Bank of China , Agricultural Bank of China Ltd and China Construction Bank Corp were among the 12 banks that lent money to the firm.
CHINA DAILY
- Seventy-seven people came into contact with the Middle Eastern Respiratory Syndrome (MERS) patient from South Korea in Guangong, the provincial Health and Planning Commission said on Sunday. Among them, 64 have been quarantined while 13 others, including 11 passengers who boarded a bus to Huizhou with the patient, remain out of contact.
Britain
The Times
Negotiations to release a vital tranche of funds for Greece are going to the wire after another informal deadline passed without a deal. The Greek government had hoped to reach agreement with its creditors by yesterday, in time to make a 300 million euro debt repayment to the International Monetary Fund due on June 5. (http://thetim.es/1cs8ZEf)
British banks caught up in the FIFA corruption investigation have begun poring over the transfers cited by the US authorities in their indictment. Barclays, HSBC and Standard Chartered are among the eight institutions alleged by the Department of Justice to have handled illicit payments. (http://thetim.es/1cs93nn)
The Guardian
UK economic growth has "cranked up several gears" to its fastest pace for a year, boosting hopes that a slowdown in the first quarter of 2015 will be short-lived, figures suggest. The CBI's latest growth indicator found that expansion in the three months to May reached its strongest rate since last year. (http://bit.ly/1FjMRCY)
Outdoor clothing chain Mountain Warehouse is cashing in on the cycling craze and planning to open 40 new stores this year after profits rose by a quarter in 2014. (http://bit.ly/1FnpZnh)
The Telegraph
Government plans to curtail onshore wind farm subsidies will raise energy bills, "massively damage" investor confidence and could see hundreds of millions of pounds of investments written off, energy giant ScottishPower has claimed. (http://bit.ly/1KwAdFn)
The shortage of suitable housing for older people in Britain is keeping homeowners stuck in properties worth 820 billion stg ($1.25 trillion) and leaving 7.7 million spare bedrooms empty, according to a study that highlights one possible exit route from the housing crisis.(http://bit.ly/1FVQML1)
Sky News
Small businesses that employ fewer than 30 people will be asked to enrol their staff in a company pension scheme from Monday. The new regulations cover companies that employ anyone over the age of 22 who earns more than 10,000 stg ($15,280.00) a year, as well as people with a single employee such as a nanny. (http://bit.ly/1K267LR)
Maersk executive Jon Ferrier is to be the new boss of Kurdistan-focused Gulf Keystone Petroleum, Sky News says. (http://bit.ly/1FjzvXy)
The Independent
In a report published to coincide with World No Tobacco Day, the pressure group ASH (Action on Smoking and Health) claimed that some tobacco companies are flooding foreign markets with more products than there is demand. (http://ind.pn/1KGl1si)
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Rottella and his henchman Schneider are both little, little, misfits and should be drawn and quartered and their entrails spread around the 4 quarters of the known universe.
Texas economy took another tumble in March on volatile crude prices
Lower crude oil prices are continuing to drag down the Texas economy, according to Comerica Bank’s Texas Economic Activity Index.
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http://www.doctorhousingbubble.com/millennials-not-buying-homes-reasons-...