Frontrunning: June 14

Tyler Durden's picture
  • Federal Reserve Expected to Deliver Rate Increase (WSJ)
  • Fire engulfs London tower block, at least six dead, more than 50 injured (Reuters)
  • Children lost, baby thrown to safety (Reuters)
  • Democrats Accuse Sessions of ‘Stonewalling’ (BBG)
  • World stocks march on as Fed rate hike looms, dollar steady (Reuters)
  • Trump’s Long-Time Lawyer Is Just Like His Boss (BBG)
  • The Global Economy Is Rebounding, But There’s One Big Problem (BBG)
  • David Bonderman Resigns From Uber Board After Sexist Remark (NYT)
  • Uber CEO Takes a Break as Scandals Roil Company (WSJ)
  • Trump gives U.S. military authority to set Afghan troop levels: U.S. official (Reuters)
  • Britain could stay in EU, but only on poorer terms - Verhofstadt (Reuters)
  • Anbang Chairman's Mysterious Absence Caps Months of Intrigue (BBG)
  • Elliott: BHP Board Presided Over Destruction of Market Value (WSJ)
  • Biggest Online Lenders Don't Always Check Key Borrower Details (BBG)
  • Egypt's parliament to vote on Red Sea islands transfer (Reuters)
  • Fiat Chrysler Looks to Bring Muscle Back to Motor City (WSJ)
  • Southern Ports Break Records as Panama Canal Anniversary Nears (BBG)
  • May faces calls to soften Brexit as political limbo drags on (Reuters)
  • Bromance of Trading Veterans Gives Viola’s Virtu a New Chairman (BBG)
  • Canadian Tech Is Having a Moment. The Trick Is Not to Mess It Up (BBG)

 

Overnight Media Digest

WSJ

- Uber Technologies Inc Chief Executive Travis Kalanick said he would take an indefinite leave from the company he built into the world's most valuable startup, as the ride-hailing giant announced sweeping changes to its workplace culture in response to a series of scandals. on.wsj.com/2rZoWwO

- International Business Machines Corp formally launched a Watson product for financial regulation, rolling out artificial-intelligence tools to help financial institutions comply with rules and detect possible financial crimes. on.wsj.com/2rYYe7s

- West Virginia University researchers found Fiat Chrysler Automobiles NV vehicles with diesel engines produced significant emissions discrepancies between the road and the lab, resembling earlier conclusions they reached with Volkswagen AG cars that helped expose a long-running deception. on.wsj.com/2rZfoC6

- A corporate dispute over a price-discount program for diabetes patients taking Eli Lilly & Co's insulin has resulted in an industry middleman's exit from the deal—the latest sign of discord among players in a prescription-drug supply chain facing criticism for high prices. on.wsj.com/2rZ9tN8

- Neiman Marcus Group Ltd isn't for sale. After announcing plans earlier this year to explore a potential deal, Chief Executive Karen Katz said the talks have ended and the luxury department store chain has the right strategy to go it alone. on.wsj.com/2rZbvNs

- Soupman Inc, of "Seinfeld" fame, filed for bankruptcy protection, just weeks after a top company executive was indicted on charges of tax evasion. on.wsj.com/2rZ6BQl

- Verizon Communications Inc announced it had completed its $4.5 billion acquisition of Yahoo Inc's core internet assets. on.wsj.com/2rZo7nD

 

FT

Prime Minister Theresa May should talk to the Labour opposition to develop a more consensual approach and adopt a "softer" Brexit, her predecessor David Cameron said in his first public comments since last week's general election.

French President Emmanuel Macron said "the door remained open" to Britain's staying in the European Union as he met Theresa May at the Elysee Palace on Tuesday evening.

J Sainsbury Plc, Britain's second largest supermarket group, is scrambling through a backlog of online grocery orders after a computer failure forced the chain to delay or cancel deliveries from nearly one in three stores.

Former British prime minister John Major on Tuesday called for May to consider operating as a minority government instead of signing a deal with the Democratic Unionist Party that he said would "create friction" across UK.

 

NYT

- In Uber Technologies Inc continuing attempt to repair its reputation over a series of scandals stemming from its bad-boy culture, its co-founder Travis Kalanick said he would take a leave of absence as chief executive. nyti.ms/2rZmF4F

- David Bonderman, an Uber Technologies Inc board member and partner at private equity firm TPG, resigned from the board of the ride-hailing company after he made a disparaging remark about women at an Uber meeting on Tuesday. nyti.ms/2rZakh0

- The chairman of a Chinese financial conglomerate who tried to forge a business relationship with President Trump's son-in-law has been detained by police. Wu Xiaohui, the chairman of Anbang Insurance Group, was taken away on Friday in Beijing, according to newsmagazine Caijing. nyti.ms/2rZ0lrS

- Rolling Stone has agreed to settle a defamation lawsuit brought by the University of Virginia fraternity at the center of a discredited article about an alleged gang rape, effectively closing the door on a pivotal and damaging chapter in the magazine's history. nyti.ms/2rZvsDR

- The Chinese authorities have charged employees of Australian casino company Crown Resorts Ltd with violating gambling promotion regulations, the company said on Tuesday, shedding potential light on a legal clash that has cast a pall over the gambling industry's efforts to win Chinese customers. nyti.ms/2rZsC1H

 

Canada

THE GLOBE AND MAIL

** Property developers in Ontario are calling for changes to rent-control measures announced by the province in April, saying they are too harsh and are already causing builders to cancel apartment construction projects. tgam.ca/2s9G5Cj

** Days before the end of his term, the chairman of Canada's telecom regulator, Jean-Pierre Blais, is warning that his successor may need to intervene directly in the wireless market to deliver more competition and lower prices for consumers. tgam.ca/2s9IsFe

NATIONAL POST

** Retailer Sears Canada Inc, whose sales have been on a steady downward trajectory, issued the direst warning yet about its future and said it is exploring strategic alternatives, including a possible sale of the business. bit.ly/2s9nkz5

** Canadian natural gas producers have been forced to shut in their production after Alliance Pipeline LP, a joint venture between Enbridge Inc and Veresen Inc, declared a force majeur Tuesday on its export pipeline to Chicago, which analysts say will hurt gas prices. bit.ly/2s9t3Fe

** Shaw Communications Inc announced two deals on Tuesday: it sold ViaWest, its data centre business, for C$2.3 billion ($1.7 billion) to Peak 10 Holding Corp, and announced a C$430 million deal with Quebecor Inc to buy low-band spectrum licences in Alberta, British Columbia and Ontario. bit.ly/2s9I21V (

 

Britain

The Times

* Ineos has set out a plan to spend about 2 billion euros ($2.24 billion) ramping up its chemical processing capacity across Europe. (bit.ly/2rp5Pxt)

* Petropavlovsk shareholders should reject attempts by three rebel investors to overhaul the board of the Russian gold miner, leading advisory groups ISS and Glass Lewis have said. (bit.ly/2roOt3G)
   

The Guardian

* EasyJet launched a new venture to allow the budget airline's customers to use the private jet terminal and facilities at Luton Airport. (bit.ly/2roXYA3)

* British Airways is close to striking an agreement for Capita  to run its call centres as the airline attempts  to improve its customer relations after its disastrous IT meltdown last month. (bit.ly/2rozyXn)

The Telegraph

* A trio of city of London traders charged by the U.S. Department of Justice with rigging the $5.3 trillion per day currency markets have agreed to go voluntarily to the United States and not fight extradition proceedings. (bit.ly/2roywut)

* Volkswagen is facing its biggest legal challenge in Europe over the "dieselgate" scandal with a UK class action against the car maker teaming up with a similar claim in the Netherlands. (bit.ly/2ro9SKJ)

Sky News

* The European Commission has announced plans that could force some euro clearing operations to relocate from the city of London to the euro zone after Brexit. (bit.ly/2romTnb)

* Milner Boardman and Duff and Phelps have been appointed as joint liquidators to Retail Acquisitions Limited, which was set up by the former bankrupt Dominic Chappell, according to Sky News. (bit.ly/2royTFq)

The Independent

* Almost thirty countries, including Iran, Congo and Burkina Faso, offer more favourable benefits for new dads than the UK does, according to new analysis conducted by family law firm First4laywers. (ind.pn/2roHB6C)

* Inflation jumped unexpectedly to 2.9 percent in May, its highest level in nearly four years, according to the Office for National Statistics. (ind.pn/2rokOb0)

 

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boattrash's picture

...and Rep Steve Scalise (Rep) LA has been shot this morning.

lester1's picture

Comey and Mueller are known to be friends. Doesn't anyone see a conflict of interest?.. And when Robert Mueller manufactures some bs charge against Trump, he will only have himself to blame for not shutting  down this phony investigation!!

 

What if Mueller demands to see Trump's taxes, then leaks them to the NY Times ??

boattrash's picture

"What if Mueller demands to see Trump's taxes, then leaks them to the NY Times ??"

I think that's why Leavenworth Prison was built...