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Frontrunning: July 28
- Fed Officials May Offer More Clarity on Rates (WSJ)
- Stocks rebound, shrugging off volatile and weak China (Reuters)
- Three-Day Selloff Knocks 11% From China Shares (WSJ)
- China shares fall again as Beijing scrambles to calm markets (Reuters)
- VAT hikes to make Greek destination less popular (Kathimerini)
- Varoufakis - Something is rotten with the eurozone’s hideous restrictions on sovereignty (FT)
- EU denies Varoufakis 'tax control' claims (FT)
- Allergan signals appetite for new mega deal after $41bn disposal (FT)
- Heta Law Wiping Out Junior Debt Declared Unconstitutional (BBG)
- NATO backs Turkey's fight against Islamic State (Reuters)
- Pell Grants to Be Restored for Prisoners (WSJ)
- Japan Banks May Lend $810 Million to Nikkei to Buy FT (BBG)
- Clock Is Ticking for Time Inc.’s CEO (WSJ)
- Hedge-Fund Billionaires Bet on London as Revival Gathers Pace (BBG)
- BP Has Worst Profit in 10 Years on Libya Write-Off, Trading (BBG)
- A World Where Man Beats Machine (BBG)
- DuPont profit falls 12 pct, cuts full-year outlook on weak farm sales (Reuters)
- Husky Energy, Canada's No.3 integrated oil company, reported 81% fall in profit (Reuters)
Overnight Media Digest
WSJ
* The Obama administration plans to restore federal funding for prison inmates to take college courses, a potentially controversial move that comes amid a broader push to overhaul the criminal justice system. (http://on.wsj.com/1IDgh7h)
* The National Security Agency will destroy the telephone records of millions of Americans it has collected over almost 10 years once it has resolved pending litigation and implemented a new surveillance law. (http://on.wsj.com/1Kv0jcK)
* When Mylan NV moved its legal home to the Netherlands it gained not just tax savings, but a Dutch corporate rule book that gave it more levers to resist takeovers, such as Teva Pharmaceutical Industries' $40 billion proposal. (http://on.wsj.com/1IpYKxp)
* Procter & Gamble Co is expected to soon name David Taylor as CEO, succeeding A.G. Lafley, who came out of retirement to take a second stint running the company. (http://on.wsj.com/1I5Yekt)
* With its decision to end auto production in the United States, Mitsubishi Motors Corp has become the latest second-tier car maker to shift its focus away from crowded, mature markets to smaller emerging economies. (http://on.wsj.com/1Ku8ZD9)
FT
Online gambling firm GVC Holdings returned on Monday with a new 1 billion-pound ($1.56 billion) bid for rival Bwin.party Digital Entertainment, looking to trump a recently accepted offer from 888 Holdings Plc.
Marwyn Value Investors Ltd, the group that brought companies including Peppa Pig rights owner Entertainment One to the public markets, is launching an Aim-listed acquisition vehicle called Gloo Networks to buy media companies valued at up to 1 billion pounds ($1.56 billion).
Deliveroo, an early-stage UK start-up that delivers takeaways from high-end restaurants, has raised $70 million to expand internationally, valuing the London-based company at $315m, according to one person familiar with the matter.
NYT
* Teva Pharmaceutical Industries has found a neat exit from its Mylan NV mess. Teva, an Israeli pharmaceutical firm, had been locked in a bitter battle to take over Mylan. Now it has agreed to buy the generic business from Allergan Plc for $40.5 billion. (http://nyti.ms/1evy6Hb)
* Fiat Chrysler Automobiles could pay up to $105 million in addition to giving authority to an independent monitor to oversee safety operations, buying back defective vehicles and paying consumers to participate in a Jeep recall. (http://nyti.ms/1Jr8qIO)
* Comcast Corp and Discovery Communications Inc announced Monday that they had reached a multiyear agreement over the fees Comcast pays to carry Discovery networks. (http://nyti.ms/1I61Xyh)
* McGraw Hill Financial Inc, the owner of Standard & Poor's Ratings Services and S&P Capital IQ, said on Monday that it had agreed to buy the financial data and information provider SNL Financial for $2.2 billion in cash. (http://nyti.ms/1JMTYq9)
Canada
THE GLOBE AND MAIL
** Veteran corporate director James Baillie has resigned from the board of Home Capital Group Inc, just days before the company is expected to shed light on the sudden drop in its new mortgage business in the second quarter of the year. The company said it plans to announce a new director in the third quarter of the year. (http://bit.ly/1ewg0EZ)
** TransAlta Corp deliberately timed outages at power plants in Alberta at peak times in order to drive up electricity prices, the province's utilities commission said in a ruling on Monday. The Alberta Utilities Commission launched an investigation after the market surveillance administrator alleged that the company manipulated the electricity market. (http://bit.ly/1GXCzct)
** Flight simulator manufacturer CAE Inc is selling its mining division, the Montreal-based company said on Monday. It said Constellation Software Inc has acquired its CAE Mining unit for an undisclosed amount. (http://bit.ly/1h29rMc)
NATIONAL POST
** Canada Mortgage and Housing Corp announced changes on Monday that will make it easier for homeowners to rent out their residences and qualify for a loan. The Crown corporation, which controls a majority of the mortgage default insurance market, says that starting Sept. 28 homeowners will able to count all the income from rental units when qualifying for a loan. (http://bit.ly/1h2auvx)
** Despite weak oil prices and a slowdown in oilfield activity, PrairieSky Royalty Ltd was able to grow its revenue by 31 percent between the first and the second quarter. PrairieSky, which recently marked a year since being spun out from Encana Corp in a massive initial public offering, reported revenue of C$71.8 million ($55.2 million) for the second quarter on Monday. (http://bit.ly/1h2aUSD)
Hong Kong
SOUTH CHINA MORNING POST
- A breakthrough study by the University of Hong Kong has found two existing drugs, which are being used to treat HIV and sclerosis, offer the best hope of beating the Middle East respiratory syndrome (MERS) coronavirus that has claimed hundreds of lives globally since its emergence three years ago. (bit.ly/1S9Z6hO)
- Chinese venture firm GSR Capital has launched a $5 billion fund devoted to buying up Western technology, internet and biotech firms that are looking to enter the Chinese market. Its chairman Sunny Wu Shen Chun said the new fund will either buy-out or acquire a minority stake in target enterprises through a combination of equity and leveraged debt. (bit.ly/1Ktsk4w)
THE STANDARD
- There will be no reshuffling of Chief Executive Leung Chun-ying's Cabinet in the last two years of his term, a source said. This comes after the shock departure of Tsang Tak-sing, the former home affairs secretary, and Paul Tang Kwok-wai, who resigned as secretary for the civil service last week. (bit.ly/1MSPzFl)
- One in every six housewives will gladly swap brooms and cooking pots for a desk, a government survey has found. Hong Kong women spend 2.7 hours daily taking care of the family while only 10 percent of men do housework. (bit.ly/1D7bBUy)
MING PAO DAILY
- DBS Hong Kong posted an 11 percent rise in first-half net profit thanks to growth in brokerage and wealth management businesses, but investors' cautious approach on investment is set to affect its business in the third quarter, according to Chief Financial Officer Chan Nap-shan.
Britain
The Times
FACTORIES STRUGGLE TO SHAKE OFF BURDEN OF STRONG POUND
Order books for British manufacturers grew at their slowest rate in two years this month as exports continued to struggle in the face of the strong pound, according to a key industry survey. (http://thetim.es/1Io33Vq)
The Guardian
NORTHERN IRELAND DENIED EXTRA WELFARE AID AHEAD OF US STORMONT TALKS
Northern Ireland will not receive any extra finance to cushion the impact of welfare reforms that could destabilise power sharing in the region, cabinet minister Theresa Villiers warned, ahead of separate trips to Washington this week for two politicians with opposing views on the province's economic future. (http://bit.ly/1Io3fUB)
SCOTTISH GOVERNMENT TURNING TO MORE PRIVATE MONEY FOR PUBLIC PROJECTS
The Scottish government is turning to increased private-sector funding to pay for a multi-billion-pound spending programme after a Brussels ruling that has delayed major public projects in Scotland. (http://bit.ly/1Io3rDo)
The Telegraph
ECB WARNED TO PUMP MORE MONEY TO SAVE EURO ZONE AS VAROUFAKIS DENIES HACKING INTO GREEK TAX SYSTEM
The European Central Bank should stand ready to use the full force of its financial fire power to stop the euro zone from falling into renewed turmoil in the wake of the Greek crisis, according to the International Monetary Fund. (http://bit.ly/1Io47ss)
BARCLAYS 'MAY HAVE TO RAISE 5 BLN STG TO KEEP UP WITH RIVALS'
Barclays Plc may have to ask investors for more money to bolster its capital levels, just two years after last tapping shareholders for funds. The bank could need as much as 5 billion pounds ($7.78 billion), analysts at Bernstein Research said, as it has fallen behind rivals. (http://bit.ly/1Io4d3g)
Sky News
HSBC FACES THREAT OF FTSE EXIT OVER HQ REVIEW
Sky News has learnt that HSBC Holdings Plc, which announced in April that it was launching a formal review of its domicile, has been discussing with its advisers the implications of an enforced ejection from the FTSE-100. (http://bit.ly/1MvUPBE)
MERS FEARS CLOSE MANCHESTER A&E DEPARTMENT
Two suspected cases of the respiratory virus MERS have forced A&E at Manchester Royal Infirmary to close for several hours. The patients were isolated for tests and treatment before the department reopened. (http://bit.ly/1Io3MWM)
The Independent
GOOGLE VENTURES GIVES 39 MLN STG BACKING TO LONDON'S SECRET ESCAPES
Secret Escapes, the London-based travel website, has won backing from Google's venture capital arm, which has jointly led a 38.7 million pounds ($60.22 million) fundraising for the flash sales site. (http://ind.pn/1Io3S0r)
BUSINESSES IN KENT COUNT THE COST AFTER M20 WAS TURNED INTO GIANT LORRY PARK
Businesses across Kent are counting the cost of the disruption by Operation Stack - which saw stretches of the M20 turned into a giant lorry park for most of last week - and demanding the Government prevent a repeat of the gridlock. (http://ind.pn/1Io3YVS)
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Hillary Clinton Lays Out Climate Change Plan
http://www.nytimes.com/2015/07/28/us/politics/hillary-clinton-lays-out-c...
DES MOINES — Setting ambitious goals for producing energy from the sun, wind and other renewable sources, Hillary Rodham Clinton seized on an issue Monday that increasingly resonates with Democratic voters and sets up a stark contrast with the Republican presidential field.
With many Republican candidates saying they do not believe that climate change is a threat or requires government intervention, Mrs. Clinton assailed their logic, saying, “The reality of climate change is unforgiving no matter what the deniers say.”…
=========
Flashback:
http://wattsupwiththat.com/2011/07/18/clintons-solution-for-the-jobs-cri...
UPDATE: have a look at Clinton’s house below. Yep, that’s the big plan. Paint your roofs white. From the Atlantic:
UPDATE: Reader John provides this image link to the former president’s home. Goose, gander, and all that. We look forward to seeing Bill lead the way.
Source: http://www.zillow.com/howto/FamousPresidentsHomes.htm
dup
CNBC stops quoting gold on its site as antigold rhetoric continues.
Huh? I don't go to CNBC but they still have this up
http://www.cnbc.com/metal-commodities/
What do you mean?
clinton will produce thousands of solyndra's ..think of the economic growth and the potential kick backs..Ivy League grads are droooooling.
Obama is not leaving.... read the prophecies about his coming assassination and ressurection by Satan! http://revelation12.ca
False Prophet alert.
When it doesn't happen, everyone will know you are a FALSE PROPHET.
PS- Your asteroid prediction won't happen either.
I'm not much for religion but what he said in Ethiopia about Trump et.al was disturbing... here is the basic statement, "I want to know that whoever takes the white house is quailfied BEFORE I HAND OVER THE KEYS"...
My flashback is when some nutter in California proposed to ban all black colored automobiles. Same nonsense, different day.
Those black cars get hot, what with soaking up all that solar energy. Surely that will stop global warming! Because climate change is caused by too much heat, and the only source of heat in our galaxy is the Sun. Oh wait...
Condé Nast's CFO Tried To Pay $2,500 for a Night
With a Gay Porn Star
Jordan Sargent
Filed to: SEX 7/16/15 8:26pm
https://cryptome.org/2015/07/gawker-geithner.pdf
David Geithner, brother of ex-Obama Treasury Secretary Tim Geithner, is currently the chief financial officer of
Condé Nast. This past weekend, he’d planned to go to Chicago—where he planned to meet a gay porn star and
escort for “2-3 hours” at a cost of $2,500.
But this would not be a simple sexual transaction. Geithner, it seems, fucked with the wrong escort. The escort—
who does not want to reveal his identity for professional reasons, but whom we will call Ryan—says he bailed on
the date with the married (to a woman) father of three because Geithner declined to use his influence to help with
a housing dispute.
The thwarted rendezvous began on July 4, when Geithner first contacted Ryan, whose phone number is available
on a number of Chicago-area escort websites, via text message. Geithner said that he was going to be in Chicago
exactly a week later, and would pay $2,500—plus airfare and hotel—for “2-3 hours” of Ryan’s services.
1
Arkin at Gawker fired.
https://cryptome.org/2015/07/gawker-fires-arkin.htm
Dear Friends,
Two Fridays ago, when I read a story posted on Gawker that seemed to senselessly out a nobody for soliciting a gay porn prostitute, I immediately thought someone should be fired.
I never thought it would be me.
To me, the story wasn’t out of character for Gawker, nor did I think it “vile” or any of the hyperbolic adjectives heaped upon it: It seemed perfectly in line with the aesthetic of this world of digital anarchy. And I thought that amidst a high stakes legal battle of Hulk Hogan versus Gawker in which the company was arguing that it was justified to post a sex tape because Hogan was a public figure, someone had made a grave error in demonstrating that that really didn’t matter, that if Gawker had to the goods – and the article was meticulous in documenting its nothingness with texts and screenshots of Fedex receipts – it would publish them.
The owner of Gawker took down the post, I guess the first time that was done in 13 years, and though at first I thought it a defensive move to symbolize the company’s journalistic creds, in reality behind the scenes it seemed the end of a long internal fight. The top editor in chief and the editor at Gawker resigned in protest, claiming that Nick Denton had done exactly what he had promised previously not to do in setting up an editorial staff to insulate him and “the business side.” The two editors who resigned were as impetuous as the owner in citing this and that reasons for why they had to go. The external shitstorm, the resignations, and then the internal drama left the staff in the lurch and without leadership and without even a clear mission. And just let me say: Though almost every article I have read since has captured Gawker’s rapid meltdown, I haven’t really seen one that captures fully what happened and why.
But here’s the truth: The goods on Geithner were so good, the story almost wrote itself. That’s exactly the same that I’ve experienced working for network television or the mainstream media and is commentary on our frenzied society. But it is not unique; not even to new media. And it all happened on a Friday afternoon, including the throat clearing and cowardly call I got telling me to take the buyout. So the next time the CIA or Pentagon puts out an unpleasant press release on a Friday, take pity: That’s how all institutions, old and “new” act. Now the Gawker management is trying to portray the corrective as some new Gawker – “20 percent nicer” or is it kinder or is it smarter, I forget – and hopefully the readers won’t notice or care and the advertisers and sponsors will return.
Bloomberg ran this:
http://www.bloomberg.com/news/articles/2015-07-17/gawker-pulls-story-on-...
Reuters ran this:
http://www.reuters.com/article/2015/07/20/us-media-gawker-idUSKCN0PU2E82...
OT, but ZH was just cited on a local Philly talk radio station (KYW). It was about the Jim Quinn article here yesterday regarding Philadelphia- 30 blocks of incompetence. The hosts invited Jim on to talk about it but apparently he declined because he'd rather just have his writing speak for itself (and perhaps because KYW broadcasts from the heart of center city!). Can't blame him. I don't go in the city any more either.
Varoufakis is a con man who speaks like an academic. He claims they were only going to set up these separate accounts with Greek tax ID numbers and then create a new currency in the event the banks closed. In reality, he could have set up new accounts and dumped VAT revenues into them, then when the Greek gov't defaulted, NEVER told anyone about the accounts, transferred all the money to himself and skipped town to Russia.
AND even if the EU is protecting the VAT system from this type of petty fraud, so what? Sovereignty Sovereignty Sovereignty! I need to have access to either set up a new currency immediately and have complete control over it OR I need to have the ability to commit petty fraud at well. Else, you've limited my Sovereignty!
I'm an old dog. The day Dr.Leary said to me in private, "What the hell am I doing"? was the day he touched buddha. Even now, Sands sunshine is seriously amazing. That was My moment of enlightenment. Order is order. What did you expect? This is the second cycle economic model since that day. Timothy Leary fucking stared at me, clueless about econ and said "What the fuck am I doing?". That was cool. That's the buddha.
I know the look.
From that moment we paid karma on everything we did. Just look. Look what you got for it. Twats.
Signed, A US Commander
Bitcoin retweeted
Michael Sonnenshein @Sonnenshein 12m12 minutes ago.@blythemasters delivering the opening keynote at @AmerBanker's #bitcoin4bankers
A Chinese mother has died after becoming trapped following the sudden collapse of an escalator at a shopping mall. The woman fought to push her son out of danger before being swallowed by the mechanism.
https://www.hongkongfp.com/2015/07/27/mother-crushed-saving-her-son-in-h...