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Frontrunning: June 8

Tyler Durden's picture




 
  • White House denies Obama said strong dollar a problem (Reuters)
  • Lira Falls to Record Amid Stock Rout as AK Party Loses Majority (BBG)
  • Bond-Market Game of Chicken With Fed Is Riskier Than Ever (BBG)
  • Xetra Dax enters correction territory (FT)
  • China trade shrinks amid slowing demand (FT)
  • Greek government eyes compromise with lenders, rules out snap polls (Reuters)
  • If You Think Greece’s Crisis Will End Soon, Think Again (BBG)
  • China growth data ‘overstated’ due to data error (FT)
  • Calpers to Cut External Money Managers by Half (WSJ)
  • German yields rise again, stocks dip (Reuters)
  • With eye on U.S. election, Republicans assail Russia's Putin (Reuters)
  • DirecTV, Fox Worked With FIFA Middlemen (WSJ)
  • Deutsche shares jump after management purge (Reuters)
  • U.S. Is Awash in Glut of Scrap Materials (WSJ)
  • South Korea MERS Outbreak Began With a Cough (BBG)
  • Deutsche Bank’s Surprise CEO Pick Brings Turnaround Record (BBG)
  • Hackers Are Next on Government-Spyware Company’s List of Targets (BBG)
  • Banks Face Basel Push to Prepare for Interest Rate Change (BBG)
  • African Journalists Go Undercover, With Official Blessing (WSJ)
  • Apple expected to focus on watch, music at developer conference (Reuters)

 

Overnight Media Summary

WSJ

* Calpers, the largest U.S. public pension fund, intends to sever ties with roughly half of the firms handling its money, one of the most aggressive industry moves yet to reduce fees paid to Wall Street investment managers. (http://on.wsj.com/1dpHnjM)

* The decades-old argument that trade agreements boost both exports and jobs at home is losing its political punch, even in some of the United States' most export-heavy regions. (http://on.wsj.com/1JBzaFB)

* The embattled co-chief executives of Deutsche Bank have announced their resignations, an abrupt move at one of the world's largest banks. They will be replaced by a former UBS finance chief. (http://on.wsj.com/1KURNWU)

* American media companies, including DirecTV and 21st Century Fox, have had business relationships with the sports-marketing firms at the center of the corruption scandal that has rocked international soccer. (http://on.wsj.com/1HVjwAq)

* Turkey's Islamist-rooted government lost its majority in national elections after 13 years in power, dealing a blow to President Recep Tayyip Erdogan's push to consolidate power. (http://on.wsj.com/1RWh04k)

* Agribusiness giant Monsanto's pursuit of rival Syngenta is sowing fears in the U.S. Farm Belt that another round of industry consolidation will eliminate a top competitor and boost prices for seeds and pesticides. (http://on.wsj.com/1AZQT88)

* General Electric Co is nearing an agreement to sell its private-equity-lending unit to Canada's largest pension fund, marking a major step in the industrial giant's retreat from banking, in one of the biggest finance takeovers since the credit crisis. (http://on.wsj.com/1KOcgtg)

* Smartphone startup Xiaomi used social networking to take on Apple and Samsung in China, and now it is looking overseas. (http://on.wsj.com/1BTsHPK)

 

FT

Deutsche Bank AG's co-chiefs Anshu Jain and Jurgen Fitschen are set to step down from their roles. John Cryan, former chief financial officer of UBS Group AG , will replace Jain. Fitschen, who will leave after the bank's annual meeting next year, will not be replaced.

Chocolate company Mars has joined oil companies BP Plc and Royal Dutch Shell Plc to oppose planned new European financial market regulations, arguing that they would increase volatility and reduce liquidity in raw materials markets. (http://on.ft.com/1G4TX1L)

French carmaker Renault SA will launch a retail savings bank in UK through its financing brand RCI. The bank is set to offer interest rates to attract funding.

Online investment platforms and stockbroker provider, AJ Bell, received about 21 million stg worth investment from funds run by Neil Woodford.

 

NYT

* Deutsche Bank said Anshu Jain would resign at the end of the month after three years as co-chief executive and Jürgen Fitschen, the other co-chief executive, will step down before his contract would have run out in 2017. Jain will be replaced by John Cryan, 54, a former high-ranking executive of the Swiss bank UBS.

* World leaders on Sunday increased the pressure on Europe to resolve the crisis over Greek debt, hours after one of the chief European negotiators expressed exasperation with the way the Greek leader was handling the talks. (http://nyti.ms/1HgI4If)

* Poland has the highest levels in Europe of the tiny pollution particles that are strongly linked to serious health problems like heart attacks, strokes, cancer and even dementia. (http://nyti.ms/1RWKzmm)

* Without raising its bid, Monsanto renewed that bid by saying it would pay Syngenta $2 billion if Monsanto were not able to get regulatory clearance. (http://nyti.ms/1G5gJGV)

* General Electric is near a deal to sell the bulk of a division that finances leveraged buyouts to a major Canadian pension fund, people briefed on the matter said on Sunday, as the industrial giant seeks to shed most of its GE Capital finance arm. (http://nyti.ms/1BTxb9h)

* Plains All American Pipeline, a Texas company whose ruptured pipeline created the largest coastal oil spill in California in 25 years had assured the government that a break in the line, while possible, was "extremely unlikely" and that state-of-the-art monitoring could quickly detect possible leaks and alert operators, documents show. (http://nyti.ms/1cFDmak)

 

Canada

THE GLOBE AND MAIL

** The Canada Pension Plan Investment Board is close to buying a big chunk of General Electric Co's private-equity lending arm, a deal that would see more than $10 billion of loan assets switch hands from the industrial giant to Canada's largest pension fund. (bit.ly/1QEsF5f)

** The average price for detached homes within the city of Vancouver has rocketed to a record C$2.23 million ($1.8 million) as the provincial government faces pressure to cool off the scorching housing market. (bit.ly/1Gl6LT2)

** The federal government last year found a number of environmental issues related to the Alberta oil sands, including contaminant levels that exceed guidelines, higher-than-expected atmospheric concentrations of chemicals, and a lack of regional species such as marten and fisher. (bit.ly/1F3TvNv)

NATIONAL POST

** Toronto Mayor John Tory announced his plans to permanently cancel carding on Sunday, answering a growing demand to bring an end to the controversial police practice. Tory told a news conference that he will seek cancellation of the practice, which allowed Toronto police to routinely and randomly stop citizens and record personal information, "once and for all" at the next Toronto Police Services Board meeting, on June 18. (bit.ly/1RXDv8W)

 

China

CHINA SECURITIES JOURNAL

- China will soon roll out a policy to encourage overseas-listed Chinese companies with variable interest entity (VIE) structures to come back and list on the A-share market, the paper reported citing sources familiar with the issue.

CHINA DAILY

- China needs to conduct a transparent investigation into the cause of the Yangtze River ship disaster and avoid similar accidents in the future, said in an editorial in the paper.

PEOPLE'S DAILY

- State Administration of Work Safety, China's workplace watchdog, said it would conduct secret workplace checks once a week in a bid to identify and record hazards at workplaces.

 

Britain

The Times

The EU's top official, Jean-Claude Juncker, yesterday accused Alexis Tsipras of lying to his parliament as tempers flared over the stand-off between Greece and its international creditors. (http://thetim.es/1RWmyf5)

A leading official at FIFA has said that Russia or Qatar could be "invalidated" as World Cup hosts if investigations uncovered evidence of bribery in the bidding process. (http://thetim.es/1RWmGep)

The Guardian

Poland's secretary of state for European affairs, Rafa Trzaskowski, who met Prime Minister David Cameron 10 days ago in Warsaw, says British people must be told the brutal truth about the damaging consequences of leaving the European Union, and not be duped into believing that they can "keep all the goodies and forget about the costs." (http://bit.ly/1QBsMP5)

HSBC Holdings Plc, the biggest payer of the UK banking levy, will set out on Tuesday exactly how it plans to decide whether to keep its headquarters in Britain in remarks that will be closely watched by finance minister George Osborne as he prepares to deliver his Mansion House speech the following day to an audience of top bankers. (http://bit.ly/1KVy35y)

The Telegraph

Prime Minister David Cameron has told his ministers that they will have to resign if they want to campaign and vote for Britain to leave the European Union. (http://bit.ly/1FDqEkv)

The co-chief executives of Deutsche Bank AG, Anshu Jain and Juergen Fitschen, are resigning, ending an unorthodox double act just weeks after the bank was subject to a record-breaking penalty for manipulating the Libor benchmark. (http://bit.ly/1FDrvl9)

Sky News

U.S. President Barack Obama has said he is "looking forward" to the United Kingdom staying in the European Union as he met Prime Minister David Cameron for talks on the margins of the G7 summit in Germany. (http://bit.ly/1QglCEU)

George Osborne will this week attempt to reframe the "value-for-money" debate around the taxpayer's stake in Royal Bank of Scotland when he unveils a review of options for the shareholding ahead of its return to the private sector. (http://bit.ly/1KiOOpQ)

The Independent

Millions of pounds in British aid funding could be diverted from existing projects around the world and targeted specifically at stopping the flood of migration across the Mediterranean from Libya, under plans being considered by Downing Street. (http://ind.pn/1KOydbv)

 

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Mon, 06/08/2015 - 07:45 | 6173610 wmbz
wmbz's picture

"White House denies Obama said strong dollar a problem"

 

Of course they deny it, that is what liars do. The Nigga General can do no wrong in the eyes of lunatics, liars & morons. They worship the ground he walks on.

Must be a pathetic way to live. Gladly I'll never know. Sadly this asshole is creating massive destruction.

 

Mon, 06/08/2015 - 07:57 | 6173634 Creepy A. Cracker
Creepy A. Cracker's picture

Exactly.  My, and pretty much every rational person's first thought.  Since when is the Dear Leader Obama White House lie machine - which is HUGE(!!!!!) - record breaking in size, unprecedented - not denying that they said something that they said?  Keep drawing your pink lines, Dear Leader...

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