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Frontrunning: June 9

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  • Greece Said to Submit Revised Budget Plan in Bid for Funding (BBG)
  • Protesters seek firing of Texas officer who threw girl to ground (Reuters)
  • HSBC to cut 50,000 jobs in quest for higher dividends (Reuters)
  • U.S. base shipped live anthrax to 19 states plus D.C.: Pentagon (Reuters)
  • Obama Administration Opens Door for More Student-Debt Forgiveness (WSJ)
  • China Said to Weigh Margin Finance Rule Change Amid Stock Boom (BBG)
  • Doctor who trained U.S. troops suspended for macabre techniques (Reuters)
  • Exxon to Face Regulators’ Questions Over Quakes (WSJ)
  • Apple Works to Refocus Its Devices at Nexus of Entertainment (BBG)
  • Donald Rumsfeld: George W. Bush Was Wrong About Iraq (BBG)
  • Merger Boom Spawns a CFO Surplus (WSJ)
  • Governor Christie in spotlight as N.J. pension decision due Tuesday (Reuters)
  • Draghi Economy Fails to Stoke Cash Machine for Europe Stocks (BBG)
  • CNN Unveils New Studio to Produce Content for Advertisers (WSJ)
  • The Alleged Flash-Trading Mastermind Lived With His Parents and Couldn’t Drive (BBG)
  • Hong Kong issues 'red alert' against South Korea travel due to MERS (Reuters)
  • Russian Pause in Dollar Purchases Helps to End Ruble’s Tumble (BBG)

 

Overnight Media Digest

WSJ

* Fiat Chrysler Automobiles NV Chief Executive Sergio Marchionne is reaching out to hedge funds and other potential allies to prod General Motors Co into a merger, according to people familiar with the matter. (http://on.wsj.com/1MjyoMG)

* Greece and its creditors are discussing an extension of the country's bailout program through March 2016, people familiar with the talks said, an offer aimed at breaking a protracted standoff over the terms for fresh aid and averting a Greek default. (http://on.wsj.com/1MDF8Wp)

* U.S. activist hedge fund Elliott Associates LP filed a court injunction to block a proposed $8 billion merger of two Samsung affiliates. (http://on.wsj.com/1JFgu7P)

* An Exxon Mobil Corp subsidiary and EOG Resources Inc, one of the biggest shale-oil and gas producers, will face state regulators over North Texas energy operations in hearings to assess some oil companies' role in causing Dallas-area earthquakes.(http://on.wsj.com/1AUuUzf)

* Apple Inc unveiled Apple Music - a new streaming service and an ad-supported online-radio offering - in an attempt to change how people buy and listen to music.(http://on.wsj.com/1QHg3ub)

 

FT

G7 leaders agreed the world should stop the use of fossil fuels this century. They said they support cutting global greenhouse gas emissions by 40 percent to 70 percent by 2050 from 2010 levels.

A high court in London asked the Royal Bank of Scotland to hand over documents regarding its negotiations with the FCA over its fine for Libor manipulation. Some documents will be inspected by the judge, while others are to be disclosed to the claimant, Property Alliance Group, which is seeking 30 million pounds, in damages, from the bank.

Private equity firm Apollo Global Management is in talks to buy Sanit-Gobain's Verallia unit for about 2.95 billion euros. The firm has won the bidding, beating four other bidders for the division including Blackstone Group LP, CVC Capital Partners, Ardian and Portuguese group Ba Vidro.

British health and beauty retailer Boots is cutting about 700 jobs as part of an overhaul of its business.

 

NYT

* After Iceland imposed capital controls during the global financial crisis, the move helped stabilize the country's banking system, putting the economy on a path to recovery. As Iceland now unwinds those controls nearly seven years later, the government is trying to prevent a mass exodus of money and keep the country from backsliding. (http://nyti.ms/1eZiInk)

* The French conglomerate Saint-Gobain said on Monday that it had begun exclusive talks to sell its glass-packaging unit Verallia to the private equity firm Apollo Global Management for about $3.3 billion. (http://nyti.ms/1KlU9gm)

* Syngenta said on Monday that it had rejected a second takeover approach from Monsanto, its American rival. Syngenta of Switzerland said it received another letter from Monsanto on Saturday, essentially repeating its prior offer to acquire the company for about $45 billion. Syngenta rejected a takeover bid by Monsanto in May, in part citing potential regulatory concerns. (http://nyti.ms/1MjZJy9)

* President Barack Obama would have preferred to spend the summit meeting of the leaders of the seven leading industrial nations fully focused on big issues that he hopes will define his legacy, including confronting climate change and expanding global trade. Instead, crisis diplomacy once again largely overshadowed those issues, as the leaders struggled to confront the threats posed by the Islamic State and the problem of Russia's involvement in Ukraine.(http://nyti.ms/1GnpJbS)

* German regulators played a role in the departures of Deutsche Bank's chief executives, according to two people briefed on the events that contributed to the leadership upheaval. (http://nyti.ms/1GnpJbS)

* A report from Paul Volcker's new foundation says that states are building up piles of debt and pushing costs to future generations of taxpayers. (http://nyti.ms/1dZdUhC)

* Faced with homegrown competition in China, Uber is offering its Chinese drivers bonuses of up to three times fares. (http://nyti.ms/1eZiInk)

 

Hong Kong

SOUTH CHINA MORNING POST

-- Lawmaker Ronny Tong Ka-wah has launched a think tank, Path of Democracy, that will seek a "third road" on political reform and aim to improve strained relations with the mainland. Tong, the convener of the 18-member group, said it would provide an alternative for supporters of the pan-democratic camp, which had lacked research initiatives. (http://bit.ly/1drCXZD)

-- Sun Hung Kai Properties released the price list for the first batch of flats at its The Ultima luxury residential development in Ho Man Tin, with a unit of more than 2,000 square feet listed at nearly HK$100 million ($12.90 million), a new benchmark for the area. (http://bit.ly/1QGH28Z)

-- China Eastern Airlines is close to introducing new widebody aircraft to its fleet, possibly the Airbus A350-900 or Boeing B787-9, as its North American routes have turned profitable for the first time, chairman Liu Shaoyong told the newspaper in an interview. (http://bit.ly/1KRHa3X)

THE STANDARD

-- Major travel agencies in Hong Kong agreed in principle to cancel all tours this month to South Korea, Travel Industry Council chairman Michael Wu said after the Hong Kong Department of Health issued a travel advice against South Korea amid the Middle East Respiratory Syndrome alarm. (http://bit.ly/1drE3EK)

HONG KONG ECONOMIC JOURNAL

-- Shimao Property Holdings will begin work on a 1,200-room hotel in Hong Kong's Tung Chung later this year involving an investment of up to HK$5 billion ($645.04 million), chairman Hui Wing Mau said after an annual general meeting

 

Britain

The Times

Five men apparently masquerading as migrants on board a British warship were arrested in Sicily on Sunday for suspected people smuggling after being identified by their alleged victims. (http://thetim.es/1T7ZwDv)

Transport ministers are monitoring the future of one of Britain's leading train companies after a bidding scandal cost the company's two senior executives their jobs. (http://thetim.es/1HXHkng)

The Guardian

Monsanto Co, the U.S. seed and agrochemicals group known for its genetically modified crops, wants to switch its headquarters from the United States to the UK as part of a complex merger deal designed to unlock tax savings for shareholders. (http://bit.ly/1drrWaS)

HSBC Holdings Plc has launched an investigation into one of its senior executives in connection with a major corporate scandal centered on deals made by Italy's largest insurer. (http://bit.ly/1KRx3ft)

The Telegraph

Pets At Home Group Plc's biggest shareholder is to almost halve its stake in the business in a share sale worth 300 million pounds at current prices. Private equity group Kohlberg Kravis Roberts used a regulatory announcement after the market closed on Monday to reveal it plans to place 108 million shares in the UK's leading pet care and products retailer. (http://bit.ly/1IzpQ6t)

Sky News

David Cameron has said he was "misinterpreted" over comments that suggested he had given ministers an ultimatum on the EU referendum. Speaking at the G7 summit in Germany, Cameron said he did not intend to imply that ministers who did not back a yes vote on the EU referendum should resign. (http://bit.ly/1IqRsYr)

A dispute over pension conditions at Tata Steel Ltd means the UK steel industry will witness the first strike for 30 years. Steel unions have confirmed that strike action against Tata Steel will take place on June 22. The action will be preceded by other disruption involving an overtime ban and a work to rule. This action will begin as soon as legally practical, the union indicated, likely to be around the middle of next week. (http://bit.ly/1cHisre)

The Independent

Boots is cutting 700 office jobs in the UK, a spokesman has confirmed. The pharmacy chain will lose 400 roles from its UK headquarters in Nottingham and another 300 from supporting roles in regions. Not all staff will lose their jobs outright, however, with voluntary losses, redeployments and retraining expected for some. (http://ind.pn/1RZEaGW)

 

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Tue, 06/09/2015 - 07:42 | 6177802 aliki
aliki's picture

Paul Volcker warns on health of US state finances FT 
http://www.cnbc.com/id/102742682?trknav=homestack:topnews:6

Tue, 06/09/2015 - 07:48 | 6177818 TeethVillage88s
TeethVillage88s's picture

"In particular, the (Volker) Alliance critiqued the budget practices of three states. Triple-A-rated Virginia, though not perfect, has the best methods, New Jersey is a serious offender and California falls somewhere in the middle, having improved significantly in recent years."

http://www.ft.com/cms/s/0/7c36c050-0e0b-11e5-8ce9-00144feabdc0.html#ixzz...

Tue, 06/09/2015 - 07:50 | 6177819 aliki
aliki's picture

can only wonder where rates would be if he was back in-charge. im guessing with his actual take on actual inflation is & has been, no less than 5%, most likely 10%.  excellent piece ZH ran on rents & ownership being insanely priced; here in NJ, can't get a decent 1-bedroom for under $3,000 & an $800,000 mortgage with nothing down at current rates priced a little more than $4,000 a month. with the mortgage interest deduction (which i fully anticipate will will be gonzo if a repub takes the white house & a tax deal actually gets on the board, something along the line of simpson-bowles), that nets out @ a little more than $2,000 a month. so if u can qualify, its brand new construction on a monster 4 bedroom home or 1 bedroom apartment u pay someone elses mortgage on. something gonna give - its only a matter if its gonna be man-made pain or market-induced. volcker knew to do the right thing in the 80's. while it hurt, it wasn't the decapitation i unfortunatley see us marching towards.

Tue, 06/09/2015 - 07:55 | 6177841 q99x2
q99x2's picture

Man you know things are bad when CNBC pulls Dick Bove out of the casket to announce that investors are missing tremendous value in banks. He is the same shill they used in 2009 after the collapse. Doesn't look like he's taken a shower since.

Tue, 06/09/2015 - 08:01 | 6177855 TeethVillage88s
TeethVillage88s's picture

That is funny. I don't get cable, so I missed it.

Back in 2008 before the Crash, I was looking at buying UK Bank Stocks that were High Dividends. Glad I didn't or maybe immediately sold what ever I did for just a hundred dollar loss or whatever.

All of the High Dividend Stocks, Allied Irish, Barkley's, Lloyd's... were totally toxic.

Tue, 06/09/2015 - 07:55 | 6177842 buzzsaw99
buzzsaw99's picture

pentagon = terrorists

Tue, 06/09/2015 - 08:11 | 6177846 TeethVillage88s
TeethVillage88s's picture

News:

- Voodoo sex slavery ring busted in Spain...
- Toronto to host massive orgy - for disabled people...
- Berlin, Leery of One Bush, Prepares to Meet Jeb...
- Aging MDs Prompt Call For Competency Tests at AMA Meeting...

Obama

- Supreme Court rules only president has power to recognize nations...
- Justices bolster Obama's foreign policy power...
- NY girl 'barbarically' raped by teen gangsters from El Salvador...
- NEW AMERICA: Hazleton, PA goes from 5% to 37% Hispanic in 10 years...
- Petraeus had friends in high places as leak sentence loomed, court papers show...

- EXPERTS WORRY THAT 'PHONY NUMBERS' MISLEADING INVESTORS...
- COMPANIES 'ADJUST' PROFITS...
- Volcker warns on state finances...
- NEXT TO VANISH: Your bank account?(Abra Bank on Cell)
- Deutsche Bank Raided in 3 Countries
- Story "Everything is Rigged", updated from original

- SUPERBUGS SPREAD BY HOSPITAL WET WIPES...
- XDT TB Hits USA (Disease, months or Years of Treatment)

A female patient with an extremely hard-to-treat form of tuberculosis is being treated at NIH in DC (She traveled from India to Chicago, Missouri, Tennessee).

Tue, 06/09/2015 - 08:16 | 6177896 kaiserhoff
kaiserhoff's picture

Your list reflects the real world, not Jew York agitprop.

WE NEED MORE OF THIS!

Tue, 06/09/2015 - 08:15 | 6177892 JustObserving
JustObserving's picture

The number of labs that received live anthrax samples from a U.S. military base in Utah has risen to 66 in 19 states, Washington and three foreign countries, the Pentagon said on Monday.

http://www.reuters.com/article/2015/06/08/us-usa-military-anthrax-idUSKB...

The last time anthrax was shipped by the US post office, it was to Senators Daschle and Leahy, the ones who were most likely to oppose the Patriot Act which had just been introduced. Some news outlets got anthrax too at that time.  The FBI investigation into those anthrax attacks turned out to be a total sham:

Head of the FBI’s Anthrax Investigation Says the Whole Thing Was a Sham

http://www.globalresearch.ca/head-of-the-fbis-anthrax-investigation-says...


Tue, 06/09/2015 - 08:34 | 6177950 NoWayJose
NoWayJose's picture

Love the anthrax story. Inadvertent? 31 Times? And tracing this is so good that we 'just added one more state'. In other words - there is no tracking!

Tue, 06/09/2015 - 08:45 | 6178005 FranSix
FranSix's picture

FWOW him to the fwow, centurion!

http://youtu.be/2K8_jgiNqUc

Tue, 06/09/2015 - 09:28 | 6178201 Brazen Heist
Brazen Heist's picture

Money laundering is hard these days....gotta fire 50 000 people to cover costs.

Do NOT follow this link or you will be banned from the site!