Frontrunning: January 6

Tyler Durden's picture




 
  • Obama, wiping tears, makes new push to tighten gun rules (Reuters)
  • Global stocks hit by China worries, North Korea nuclear test (Reuters)
  • Oil hits 11-year low, Saudi-Iran row cuts chances of output restraint (Reuters)
  • North Korea says successfully conducts first H-bomb test (Reuters)
  • Valeant Planning to Appoint New Leader as CEO Remains Hospitalized (WSJ)
  • Treasuries Extend 2016 Winning Start With Growth Outlook Clouded (BBG)
  • Apple Scales Back Orders for Its iPhones (WSJ)
  • Apple Suppliers Drop Globally After IPhone Output Cut Report (BBG)
  • Bank Options Turn Bearish as Favorite 2015 Trades Keep Unwinding (BBG)
  • Starboard Calls for Management, Structural Changes at Yahoo (WSJ)
  • U.S. Apartment Vacancies Climb as New Buildings Crowd the Market (BBG)
  • JPMorgan Picks Virtu as New NYSE Market Maker (BBG)
  • China’s State Stockpiler Said to Seek Domestic Copper Supplies (BBG)
  • North Korea's Hydrogen Bomb Claim Disputed by Weapons Experts (BBG)
  • Demographic Differences Tell the Tale in Early Voting States (WSJ)
  • Islamic State threatens to destroy Saudi prisons after executions (Reuters)
  • El Nino Is So Last Year, Here Comes La Nina to Wreak More Havoc (BBG)
  • Wu-Tang Clan's RZA Doesn't Regret Shkreli Album Sale (BBG)
  • Land Rover Climbs to the Top of a Record U.S. Car Market (BBG)

 

Overnight Media Digest

WSJ

- Apple is scaling back orders for its iPhones, sending ripples throughout the multibillion-dollar industry that supplies and builds the company's phones. (http://on.wsj.com/1JsTWtI)

- Valeant Pharmaceuticals International Inc is planning to appoint a new chief executive while its CEO, Michael Pearson, remains under hospital care, said people familiar with the matter. (http://on.wsj.com/1RgeGHW)

- North Korean state television said the country successfully conducted its first hydrogen-bomb test Wednesday, following reports that a detected earthquake was thought to have been man-made. (http://on.wsj.com/1PezeKS)

- Spirit Airlines Inc appointed airline-industry veteran and board member Robert Fornaro as its new chief executive. (http://on.wsj.com/1n2Mgo3)

 

FT

British bank Lloyds Banking Group PLC is seeking a waiver on one of the key measures of the UK's new ringfencing regime for its ringfenced entity to have a different board of directors to that of its parent group, as the country's big banks take prepare for submission of their plans to protect ordinary customers from the banks' risky activities.

German Chancellor Angela Merkel will hold talks with David Cameron in Downing Street on Wednesday as part of a UK visit that is expected to set out her limits for helping the British prime minister renegotiate Britain's relationship with Europe.

Finance minister George Osborne cast the UK general election as a choice between "competence and chaos," as the Conservatives began a four-month offence against the Labour claiming that the opposition party has almost 21 billion pounds ($32.05 billion) of unfunded spending plans.

Scottish football club Rangers confirmed it had received an offer from American financier Robert Sarver to take control of the ailing company that owns it.

 

NYT

- On Tuesday, one of China's regulators said it would demand answers to new questions about Microsoft Corp's business practices in China. The announcement, related to electronic data that the government collected in an antitrust inquiry, shows how a sustained effort by Microsoft to cozy up to China's leadership has done little to relieve the regulatory challenges that it faces in the country. (http://nyti.ms/1mEX8Ig)

- The auto industry reported that 17.5 million vehicles were sold in the United States last year, surpassing the previous high of 17.4 million in 2000. (http://nyti.ms/1Z4Cg9D)

- LVMH, the largest luxury conglomerate in the world, and American private equity firm Catterton have now decided to combine in a deal rarely seen among private equity firms. The combined company will be named L Catterton. (http://nyti.ms/1JWMlyo)

- Chinese conglomerate Dalian Wanda Group, which already owns the AMC chain of multiplex cinemas, is poised to buy a majority stake in Legendary Entertainment, a Hollywood production company that makes blockbuster-style movies, giving the politically powerful company with close ties to the Communist Party's ruling elite a foothold in the heart of America's entertainment industry. (http://nyti.ms/1Jt7NA7)

- MannKind Corp, the developer of inhaled insulin Afrezza, announced on Tuesday that Sanofi SA, the big French drug company with the marketing rights, was terminating the agreement between the two companies. (http://nyti.ms/1UvuCnp)

 

Canada

THE GLOBE AND MAIL

** North Korea's triumphant claim that it successfully tested a miniaturized hydrogen bomb provoked global anger on Wednesday and calls for harsh new measures against the isolated nuclear power. (http://bit.ly/1PeQu2o)

** Justin Trudeau's government is facing calls to explain to Canadians how Ottawa's $15-billion arms sale to Saudi Arabia is justified under export control rules that impose special restrictions on shipments to countries with poor human-rights records. (http://bit.ly/1PeQu2o)

** There's a new player joining Canada's audio streaming market. iHeartRadio, a U.S.-based rising competitor in online music and live radio, is moving north through a partnership with Bell Media. (http://bit.ly/1Jtzrx2)

NATIONAL POST

** Suncor Energy Inc CEO Steve Williams is feeling confident his company has the backing of shareholders needed to secure its hostile C$4.3 billion ($3.1 billion) bid for Canadian Oil Sands Ltd. (http://bit.ly/1IQmzB5)

 

Britain

The Times

* Plans to convert the Drax plant in North Yorkshire to run on greener fuels were in jeopardy last night after the European Commission ordered an "in-depth investigation" into a possible violation of state aid rules. (http://thetim.es/1R9UZ4o)

* A key lieutenant to Angela Merkel, Michael Fuchs, has claimed that the U.S. government's multibillion-dollar legal action against Volkswagen is aimed at destabilising the German carmaker in favour of American rivals. (http://thetim.es/1R9VafY)

The Guardian

* M and S Bank is offering anyone prepared to switch to its current account up to 220 pounds ($322.78) in Marks and Spencer store vouchers. (http://bit.ly/1R9VtYf)

* Retailer Next PLC has reported a "disappointing" performance over Christmas, with sales hit by the unusually warm weather in November and December. (http://bit.ly/1R9VDPn)

The Telegraph

* Princess Yachts, Britain's largest boatbuilder, is cutting hundreds of jobs as the global economy continues to struggle. The Plymouth-based business will make 350 of its 2,300 workers redundant, with job losses expected to come in March. (http://bit.ly/1Z4bw9m)

* Mind Candy, the developer behind the children's online game Moshi Monsters, is seeking a delay to loan repayments over fears its future is threatened by mounting losses. The company said it was in negotiations with its lender, the technology startup specialist TriplePoint, to push back the first repayment on a loan it took out in 2014. (http://bit.ly/1JWlId7)

Sky News

* The chairman of Countrywide, Grenville Turner, is to move out of the company's boardroom, according to Sky News. (http://bit.ly/1JWlId7)

* NBNK Investments will issue a statement ahead of a Jan. 11 deadline for completing an acquisition, according to Sky News. (http://bit.ly/1R9WbVh)

The Independent

* Sainsbury 's has said that it is considering making an offer to buy Home Retail Group, the owner of retailer Argos. The grocer said it had approached Home Retail Group with an offer of shares and cash in November but that this was rejected. (http://ind.pn/1R9Wkbo)

* HSBC customers have endured another day without online banking after the troubled bank failed to solve the technical glitches which had plagued customers trying to transfer money or do other online transaction. (http://ind.pn/1R9WlMA) 

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Wed, 01/06/2016 - 07:45 | 7003866 Looney
Looney's picture

North Korea says successfully conducts first H-bomb test

BTW, it wasn’t a hydrogen bomb. It was an ESTROGEN BOMB!  ;-)

Looney

Wed, 01/06/2016 - 08:11 | 7003938 R.R.Raskolnikov
R.R.Raskolnikov's picture

Obama went again emotional...

Wed, 01/06/2016 - 07:48 | 7003874 gmak
gmak's picture

OMG. Him and Boner.  I weep (figuratively) for the Amerian male. These are your role models?

 

Given how many kids have been injured or killed by cops, maybe they should be totally disarmed including stun grenades.

Wed, 01/06/2016 - 07:55 | 7003892 Handful of Dust
Handful of Dust's picture

He must be crying over the astronomical murder rate in his home town:

 

America’s Mass-Shooting Capital Is Chicago

 

http://www.thedailybeast.com/articles/2015/10/08/america-s-mass-shooting...

 

 

Wed, 01/06/2016 - 08:10 | 7003935 R.R.Raskolnikov
R.R.Raskolnikov's picture

Or about those civilians killed by those drone bombings?

That's why I loved George Bush so much. Tactless, however you knew exactly what you got expect from him. This obama is loves attention and is so fake he should have become an actor.

Wed, 01/06/2016 - 07:47 | 7003876 buzzsaw99
buzzsaw99's picture

Obama, wiping tears...

no tears for the weddings. hospitals, and orphanages he's bombed though. huh.

Wed, 01/06/2016 - 07:59 | 7003902 Oldwood
Oldwood's picture

I would love to give him something to cry real tears over.

Wed, 01/06/2016 - 07:51 | 7003880 KesselRunin12Parsecs
KesselRunin12Parsecs's picture

Having a Reggie sized dick in your @ss is supposed to hurt (but you'd think he'd be used to it by now). Or Wait! Maybe those weren't 'tears' he was wiping away.

Wed, 01/06/2016 - 08:00 | 7003904 Ghordius
Ghordius's picture

"German Chancellor Angela Merkel will hold talks with David Cameron in Downing Street on Wednesday as part of a UK visit that is expected to set out her limits for helping the British prime minister renegotiate Britain's relationship with Europe."

more Merkel-Cameron kabuki theater. meanwhile, Brits are not told even the simplest facts about all this

fact: the British public is the least knowlegdble of the whole EU about what the EU is or isn't, and the most steeped in EuroMythologly, thanks to the hilarious British press attitude versus those boring themes

and the worst thing of all this is that the British Electorate is already now completely apathetic about the impending referendum. they simply can't be made to care

have a look at this: http://leave.eu or this: http://www.eureferendum.com ; or this: http://campaignforanindependentbritain.org.uk

pathetic. do I really have to set up a blog or site that explains to Britons why they should leave the EU?

Wed, 01/06/2016 - 08:58 | 7004148 Lady Jessica
Lady Jessica's picture

Question:  Should they leave the EU?

Wed, 01/06/2016 - 10:41 | 7004653 Ghordius
Ghordius's picture

Lady Jessica, of course they should. We in the eurozone simply have a different values system, a different legal system, a different world outlook, and so on

we see as our countries as ordinary, and like what we call The Concert Of Europe. different instruments, but some agreement on how to play them, as peers

England sees itself as special. a bit like a lead singer chafing against the band and moaning that the band is holding it back, while making the band go nuts about her

the only thing that is truly holding England back is Scotland, which does not think itself as special as England does. and the English propensity of holding a foot in every door

Wed, 01/06/2016 - 08:07 | 7003925 847328_3527
847328_3527's picture

 

Post-Christmas gloom for retailers as number of shoppers hitting the sales drops by around 40% compared to last year

 

http://www.thisismoney.co.uk/money/markets/article-3375623/Post-Christma...

 

 

 

Wed, 01/06/2016 - 08:11 | 7003937 Kagemusho
Kagemusho's picture

Obama makes me recall Slick Willie Clinton's behavior at Ron Brown's funeral. Tears for the cameras one minute, laughs for his buddies the next. So shallow. But that's part of the job requirement.

Wed, 01/06/2016 - 08:21 | 7003969 Catullus
Catullus's picture

Did Obama wipe any tears when the weapons the ATF was running to Mexican drug gangs were used in murders in the US? What about those people's "rights"?

Wed, 01/06/2016 - 08:30 | 7004008 youngman
youngman's picture

Watch that Turkey- Dubai gold go to North Korea for something to buy...Hmmmm what would a radical Muslum want????? 

Wed, 01/06/2016 - 08:32 | 7004017 Ghordius
Ghordius's picture

70 virgins in paradise, of course

Wed, 01/06/2016 - 08:35 | 7004026 CheapBastard
CheapBastard's picture
Turkish civil servants to have time off for Friday prayers: PM

 

 

http://news.yahoo.com/turkish-civil-servants-time-off-friday-prayers-pm-...

Wed, 01/06/2016 - 08:43 | 7004066 Ghordius
Ghordius's picture

luckily, Turkish civil servants don't count towards "radical Muslims". and hopefully, this will continue to be so, insha'Allah

Wed, 01/06/2016 - 08:56 | 7004123 Lady Jessica
Lady Jessica's picture

"Obama Tears" - A Haiku:

Fake citizens mock,

Just folk who seek to protect,

Their hard labour's fruits.

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