Frontrunning: February 17

Tyler Durden's picture
  • ‘In Trump We Trust’ Is Market Mantra as Turmoil Besets White House (BBG)
  • World stocks lose momentum after record-breaking week (Reuters)
  • As Tax Debate Heats Up, Lawmakers Struggle to Think of a Plan B (WSJ)
  • Mnuchin Warned as G-20 Sees New Economic Order (BBG)
  • Deutsche Bank examined Donald Trump's account for Russia links (Guardian)
  • Stop hurling insults and listen, Pope Francis tells politicians (Reuters)
  • Carney, Wrong on Brexit, May Have Called Consumer Collapse Right (BBG)
  • SCOTUS to frame Trump's immigration plans (Reuters)
  • Trump Assails Critics as Russia Questions Mount (WSJ)
  • French Bonds Drop on Potential Left-Wing Candidacy Merger (BBG)
  • S&P downgrade warning sends Toshiba shares falling (Reuters)
  • Meet the Gold Rush Towns at Risk of Flooding From California Dam (BBG)
  • Kremlin says not disappointed by how U.S-Russia ties are developing (Reuters)
  • Kraft Heinz to pursue merger despite Unilever rejection (Reuters)
  • Hurdles Mount for Saudi Aramco’s IPO (WSJ)
  • Malaysia says needs kin's DNA before releasing Kim Jong Nam's body (Reuters)
  • Theranos Had $200 Million in Cash Left at Year-End (WSJ)
  • Congress Tests Trump Officials on Trade (WSJ)
  • Zuckerberg Lays Out Vision for Facebook in New Mission Statement (WSJ)
  • Pakistan crackdown after suicide attack claimed by Islamic State (Reuters)

Overnight Media Digest

FT

Allianz SE said it would launch a share buyback worth up to 3 billion euro, as Europe's largest insurance group posted a 23 per cent rise in fourth-quarter profits.

Shares in UK aerospace and defence company Cobham Plc dropped almost 20 per cent after it issued its fifth profit warning in just over a year and said earnings could fall further next year.

Bruce Carnegie-Brown is set to be named as the new chairman of Lloyd's, the London insurance market. The 58-year-old will replace John Nelson, who has held the post since 2011 and is due to step down later this year.

Stock in Samsung Electronics Co Ltd fell as much as 1.6 per cent at the open on Friday after the early-morning arrest of Lee Jae-yong, heir apparent of Samsung Group.

 

NYT

- UnitedHealth Group is accused in a scheme that allowed its subsidiaries and other insurers to improperly overcharge Medicare by "hundreds of millions — and likely billions — of dollars" according to a lawsuit made public on Thursday at the Justice Department's request. http://nyti.ms/2lRKd9W

- In a 5,800-word letter posted publicly, Facebook CEO Zuckerberg expressed alarm that what was once considered normal — seeking global connection — was now seen by people and governments around the world as something undesirable. http://nyti.ms/2lRL2zz

- Jeffrey A. Zucker, the president of CNN, has been at the center of a media firestorm since President Trump started singling out the cable network as the country's leading distributor of that favorite Trump phrase "fake news" http://nyti.ms/2lRN7vp

- The de facto leader of Samsung, Lee Jae-yong, was arrested Friday on bribery charges, a dramatic turn in South Korea's decades-old struggle to end collusive ties between the government and powerful family-controlled conglomerates. http://nyti.ms/2lRIGAy

- Moving quickly after his first choice for labor secretary withdrew his nomination amid controversy, President Trump made a seemingly safe selection on Thursday in Alexander Acosta, a Florida law school dean and former assistant attorney general. http://nyti.ms/2lRyCaW

- Snap Inc disclosed on Thursday that it expected to be valued at as much as $22.2 billion in the sale. At the midpoint of the offering's range of $14 to $16 per share, Snap would be worth nearly $20.9 billion. http://nyti.ms/2lRIguf

 

Britain

The Times

The volume of French bonds being traded has doubled this month to levels not seen since the eurozone crisis because of uncertainty about the outcome of the presidential election in late April. http://bit.ly/2lpyRJk

Britain has taken a step closer to relying on imported gas after Centrica Plc said that the country's only sizeable storage facility may be out of action next year. http://bit.ly/2lpf8JD

The Guardian

The Competition and Markets Authority is to scrutinise Heineken NV's planned 305 million pounds acquisition of 1,900 pubs from Punch Taverns Plc, a deal that will make the Dutch brewer the UK's third-largest pub group. http://bit.ly/2lphKHi

The UK business secretary, Greg Clark, has said he has been reassured about the future of General Motor Co's Vauxhall production operations in Britain, following a meeting with the U.S. carmaker's chairman. http://bit.ly/2lpsJRg

The Telegraph

Bruce Carnegie-Brown will be announced as the new chairman of Lloyd's of London next week as the former JP Morgan veteran secures one of the most prestigious posts in the City. http://bit.ly/2lpfUX3

The UK's biggest banks have warned the government against launching a "significant" overhaul of the rules governing executive pay, the Daily Telegraph has learned. http://bit.ly/2lpqnBX

Sky News

Train drivers have voted to reject a deal that their union, ASLEF, had agreed with Southern Rail to end a long-running dispute. http://bit.ly/2lpCpuT

Thousands of Argos workers will share a 2.4 million pounds payout after it emerged they had been paid less than the national living wage. http://bit.ly/2lph9Wk

The Independent

Deutsche Bank AG, the troubled German lender that loaned hundreds of millions of dollars to Donald Trump, has performed a detailed investigation into the U.S. president's personal accounts in a bid to determine whether he had any connections with Russia. http://ind.pn/2lpqs8q

 

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Arnold's picture

- UnitedHealth Group is accused in a scheme that allowed its subsidiaries and other insurers to improperly overcharge Medicare by "hundreds of millions — and likely billions — of dollars" according to a lawsuit made public on Thursday at the Justice Department's request. http://nyti.ms/2lRKd9W

 

"Shocked"

 

--Captain Renault

Arnold's picture

The question I ask myself, going into the weekend, is:

Is there any Mega business that is not involved in probable criminal activity?

Small business, it is a given, just to keep the lights on.

Is there any business that is not stealing my past, current wallet and future wallet.

Arnold's picture

Deutsche Bank examined Donald Trump's account for Russia links (Guardian)

"The internal review found no evidence of any Russia link, but Deutsche Bank is coming under pressure to appoint an external and independent auditor to review its business relationship with President Trump."

Son of Loki's picture

Suburban moms ditch Nordstrom for Dillard's to support Ivanka

A new viral video shows a group women storming into a Nordstrom to cancel their accounts in response to the retailer's decision to stop selling Ivanka Trump's fashion brand, promising to shop at Dillard's instead. 

On Wednesday, Laurie Ray posted a video on Facebook of herself and seven other women — some wearing "Haters Gonna Hate" Trump shirts — walking into Nordstrom with handfuls of cash to cancel their accounts with the retailer at a location in Chandler, Arizona, the Daily Mail reported. 

"I've been shopping at Nordstrom for 30 years," one woman in the video says, speaking into a telephone. "Because of your decision to drop Ivanka Trump, I will no longer shop at your store, nor will my husband, or our nine children, or our eight grandchildren."  

Instead, the women say they are "headed to Dillard's to buy all kinds of stuff." Dillard's, unlike Nordstrom, continues to sell Ivanka Trump's brand. 

http://www.msn.com/en-us/money/companies/suburban-moms-ditch-nordstrom-f...

NoWayJose's picture

Time to go buy a good metal detector and plan a two week trip to California. If the Oroville Dam breaks, it will churn up the old gold fields like they have never been churned up. Forget the dust - there will be plenty of nuggets seeing sunlight for the first time!

Arnold's picture

The American River was good to me.

dizzyfingers's picture

http://www.strategic-culture.org/news/2017/02/16/flynn-resignation-blood...It all pretty much comes down to Russia. Congressional critics of both parties are demanding that Flynn’s talking with the Russian ambassador in Washington be subsumed into inquiries about unproven allegations of Russian hacking of the U.S. election and the president’s dogged unwillingness to denounce Vladimir Putin as a murderer, thug, war criminal, and so forth. Obviously, no one but a cabal of Kremlin agents could consider a worthy goal of American policy a respectful, give-and-take policy toward so deplorable an adversary. The fact that discussion of sanctions against Russia imposed by the Obama Administration came up in Flynn’s talk with the ambassador will spur efforts on Capitol Hill to codify them in law to prevent Trump from lifting them.

Trump is guilty of many unpardonable crimes and heresies against the Establishment. His insistence on controlling our borders, his America-first trade policy, and his rejection of nation-building and «regime change» as standard U.S. policy are bad enough. But anything less than a full-throated detestation of Russia is totally intolerable and must be stopped by any means necessary. It remains to be seen whether the full story of Deep State management of leaks to produce Flynn’s political assassination will be revealed.