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Frontrunning: June 4

Tyler Durden's picture




 
  • China stocks fall, led by ChiNext, on margin tightening; Hong Kong down too (Reuters)
  • Bond market sell-off rumbles on, stocks feel the pinch (Reuters)
  • Bond Rout Wipes Out 2015 Gains as Traders Stay Glued to Screens (BBG)
  • Greek Groundhog Day Continues With Talks Failing to Break Impasse (BBG)
  • Greece and Its Creditors Agree on Some Measures in Bailout Talks (WSJ)
  • How OPEC Hurt Big Oil (WSJ)
  • 'Bellingcat Report Doesn't Prove Anything': Expert Criticizes Allegations of Russian MH17 Manipulation (Spiegel)
  • GE Said to Hire Banks to Start Sale on $20 Billion Assets (BBG)
  • Alibaba Pictures plans $1.6bn share sale (FT)
  • How Companies Justify Big Pay Raises for CEOs (BBG)
  • Elliott Associates Criticizes Proposed Takeover of Samsung C&T (WSJ)
  • Israel calls on telecom group Orange to apologise (FT)
  • Buyout Firms Cash Out at the Exit (WSJ)
  • Yahoo wins rights to NFL’s first free global online broadcast (FT)
  • U.S. Workers Ask: Where’s My Raise? (WSJ)
  • Dish Network in Merger Talks With T-Mobile US (WSJ)
  • Long arm of U.S. law may struggle to reach all FIFA defendants (Reuters)

 

Overnight Media Digest

WSJ

* Dish Network Corp is in talks to merge with T-Mobile US Inc, people familiar with the matter said.(http://on.wsj.com/1KaQWjw)

* FIFA President Sepp Blatter is officially a lame duck, but his protracted transition out of office has sparked uncertainty over what changes the rest of his term will actually bring.(http://on.wsj.com/1H2pCmB)

* The U.S. hedge-fund manager Elliott Associates LP has bought a 7.12 percent stake in Samsung C&T Corp, saying a proposed takeover of the company by Samsung Group was not in the best interests of Samsung C&T shareholders. (http://on.wsj.com/1SXnfGn)

* The Organization of the Petroleum Exporting Countries' gathering in Vienna amounts to a counseling session of sorts between global oil companies and the cartel, but no one expects the good times to return soon. (http://on.wsj.com/1EVr5VQ)

* The Connecticut Legislature approved a $40.29 billion, two-year budget late Wednesday that raises taxes on businesses and the state's wealthiest residents, despite objections from Republicans and some of Connecticut's biggest employers. (http://on.wsj.com/1BLjdWJ)

 

FT

Oil company Chevron Corp's head lashed out at European oil groups, who recently wrote to the UN asking it to help them devise a plan to stop global warming. Chevron's chief said that consumers will never back this idea of global carbon pricing system.

The French government said on Wednesday that it has asked state-owned nuclear group Areva SA to merge with EDF into a joint venture controlled by the latter.

Tom Hayes, the first trader to face a jury trial over alleged Libor rate-rigging offences, told investigators said that a top executive at UBS Group AG, Carsten Kengeter, attended a meeting where Hayes talked about rigging the rate.

Deutsche Bank will launch three innovation labs this year, partnering with big development firms to speed the creation of financial technology for its own uses and will spend up to 1 billion euros ($1.11 billion) on digital development in the next 5 years. The bank will run the projects in conjunction with companies such as Microsoft, HCL and IBM .

 

NYT

* As Prime Minister Alexis Tsipras of Greece visited Brussels on Wednesday to discuss a bailout deal, signs emerged that the two sides might be edging closer to a compromise. (http://nyti.ms/1IeLyK0)

* Elliott Management, run by Paul Singer, has bought a 7 percent stake in Samsung C&T Corp and has criticized Cheil's takeover proposal as "significantly" undervaluing the company. (http://nyti.ms/1dNEf1Y)

* Nomad Holdings Ltd said on Wednesday that it was in "early stage" talks to acquire the Continental Europe business of Findus Group, the British frozen food and seafood supplier. (http://nyti.ms/1M6uYN4)

* Maggi noodles were found to have high levels of lead in several samples, which Nestle India Ltd said were taken from an expired batch. (http://nyti.ms/1dNEUjY)

* A British court ruled on Wednesday that the Lloyds Banking Group Plc would not be allowed to redeem a series of high-interest bonds, a move the lender hoped would save it more than $300 million a year. (http://nyti.ms/1RKZT5q)

 

China

CHINA SECURITIES JOURNAL

- FTSE said on Wednesday that it included three new Chinese brokerages, namely Shenwan Hongyuan Group Co Ltd, Guosen Securities Co Ltd and Shanxi Securities , into its FTSE China A 200 Index, while taking out Hua Xia Bank and Anhui Conch Cement Co.

SECURITIES TIMES

- Hainan Airlines Co Ltd plans to cooperate with a subsidiary of Bohai Leasing Co Ltd to develop its aircraft leasing business, the company said on Thursday.

SHANGHAI SECURITIES NEWS

- Net capital inflows into the stock market in May were 1.46 trillion yuan ($235.58 billion), including 923.5 billion yuan through brokerages, 297.6 billion yuan via mutual and hedge funds, and 239.7 billion yuan through margin financing, according to the paper's calculations based on data from government and trust companies.

- The long-awaited Shanghai Insurance Exchange is expected to receive approval from regulators this year, the paper reported, citing a source with direct knowledge of the matter. Shanghai Insurance Exchange would be a significant step to build the city into an international financial centre.

CHINA DAILY

- The State Administration of Taxation will sign and update more tax treaties and step up the implementation of these agreements to help Chinese companies investing in countries that form part of the "Belt and Road Initiative", according to the director-general of the international taxation department.

PEOPLE'S DAILY

- China's Anhui province has scrapped restrictions on home purchases, and encourages banks to extend mortgage lending, as the local government seeks to promote steady and healthy development of the real estate market, according to a notice published by the Anhui provincial government on Tuesday.

 

Britain

The Times

The chief executive of Europe's largest stock market operator could have known about Libor manipulation by UBS traders when he was a senior executive at the Swiss bank, a court was told. (http://thetim.es/1dfnlIA)

Tim Cook launched a ferocious attack on Google, Facebook and other big internet companies, accusing them of selling out their customers by profiting from their private information. (http://thetim.es/1BKUCl0)

The Guardian

George Osborne should spread the pain of tough public spending cuts beyond the next two years, according to the OECD in a critique of the chancellor's debt consolidation strategy. (http://bit.ly/1FuYGr5)

The Irish government is set to launch a formal investigation into a number of transactions at the bailed-out Anglo Irish bank. Finance minister Michael Noonan proposed a formal commission of investigation at a cabinet meeting on Wednesday to address growing public concern about the bank's dealings with certain business figures including Denis O'Brien, Ireland's second-richest man. (http://bit.ly/1AL6YP8)

The Telegraph

Bob Dudley, the chief executive of BP, has dismissed concerns that Britain will exit the European Union, as Prime Minister David Cameron steps up efforts to renegotiate the treaty. (http://bit.ly/1FUojEc)

Greece faced a showdown with its creditors on Wednesday night as the country's prime minister headed to Brussels to try and break the deadlock between the two sides and secure a financial lifeline for the economy. (http://bit.ly/1FuYZlV)

Sky News

Patrick McLoughlin, the Transport Secretary, is to hold a final round of talks with Gatwick and Heathrow airports just days before a recommendation about a new runway that could spark a protracted legal battle. (http://bit.ly/1BKyXcP)

Xio Group, which is based in Hong Kong, is among a small number of remaining bidders for Genworth Financial's lifestyle protection unit, which has operations in more than 25 countries, including Britain. (http://bit.ly/1KDmNr0)

The Independent

Thousands of small investors scored a High Court victory over Lloyds Banking Group today after a judge backed bondholders who had fought a controversial buyback attempt by the bank. (http://ind.pn/1QqJ3Gn)

 

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Thu, 06/04/2015 - 07:25 | 6162288 Headbanger
Headbanger's picture

GE selling assets!?

Can you say liquidity crisis dead ahead?

Thu, 06/04/2015 - 07:37 | 6162304 stant
stant's picture

I tought we were already in one

Thu, 06/04/2015 - 07:58 | 6162323 BrokusDickusMaximus
BrokusDickusMaximus's picture

I found that odd right away too. They are divesting of financial services assets and are going to concentrate on industrial manufacturing. How many ways can you say a major war is scheduled to be in full swing by next year. GE turbo fan engines come mind quickly, me being an aircraft mechanic. They also make shit loads of aircraft systems. Financial servicing companies are going to be dead by 1 January. Making war products are being ramped up very quickly. I have many friends in the MIC. I was told job security is not an issue what so ever. That was a Sikorsky guy, a Boeing guy and a GE guy. They also make the engines for the Ah-64D and the UH-60/SH-60 Blackhawk. My friend in Huntsville, Alabama said the same thing. AAMCOM HQ is in Huntsville. That's where the LAR's are. (logistical reps) they go between the Military and the Manufacturer for parts availability and condition of parts. A component may be off spec and a LAR can give you a letter saying it is good with different specs. A lot of Engineers there. Aircraft and rocket/missle.

Thu, 06/04/2015 - 08:08 | 6162374 stant
stant's picture

Might explain why I am seeing a lot of coal moving( metallurgical I suspect)

Thu, 06/04/2015 - 08:23 | 6162394 Handful of Dust
Handful of Dust's picture
Pink Slips at Disney. But First, Training Foreign Replacements.

 

Instead, about 250 Disney employees were told in late October that they would be laid off. Many of their jobs were transferred to immigrants on temporary visas for highly skilled technical workers, who were brought in by an outsourcing firm based in India. Over the next three months, some Disney employees were required to train their replacements to do the jobs they had lost.

 

http://www.nytimes.com/2015/06/04/us/last-task-after-layoff-at-disney-tr...

Thu, 06/04/2015 - 17:31 | 6164456 dizzyfingers
dizzyfingers's picture

http://www.debka.com/article/24646/Exclusive-Tehran-expected-to-invoke-defense-pact-for-large-scale-troop-deployment-to-Syria Tehran expected to invoke defense pact for large-scale troop deployment to Syria

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