Frontrunning: September 25

Tyler Durden's picture
  • Merkel’s Bloc Regroups After ‘Nightmare Victory’ in Germany (BBG)
  • Germany’s Election Results Reflect European Unease on Economy, Immigration (WSJ)
  • Chastened Merkel looks for coalition partners after vote (Reuters)
  • Jews around world concerned by far-right breakthrough in German election (Reuters)
  • Iraqi Kurds Vote in Independence Referendum (WSJ)
  • GOP Revises Obamacare Repeal With Bill Headed to Likely Defeat (BBG)
  • Trump Tax Plan to Cut Taxes for Corporations and Wealthy (BBG)
  • Trump’s Revised Travel Ban Opens New Stage in Legal Fight  (BBG)
  • Trump’s War With NFL Threatens to Overshadow Rollout of Tax Plan (BBG)
  • Trump’s NFL Anthem Crusade Angers Big Campaign Donors  (BBG)
  • China Eyeing Rule Change That Could Aid Tesla (WSJ)
  • Springsteen Tickets Hit $10,000, and Wall Street Gets Scalped  (BBG)
  • Equifax’s Massive Hack Has a Tiny Silver Lining  (BBG)
  • Colleges Move to Close Gender Gap in Science (WSJ)
  • iPhone Disappointment Hammers Suppliers (BBG)
  • Funding Tesla Annoys Automakers That Need Electric Car Credits (BBG)
  • Department Stores Cling to Power Over Landlords on Mall Upgrades (BBG)
  • In World’s Hottest Oil Patch, Jitters Mount That a Bust Is Near (BBG)
  • GE Agrees to Sell Industrial Unit to ABB for $2.6 Billion (WSJ)
  • Activist Funds Seek Ouster of Tuesday Morning CEO (WSJ)
  • Unilever to Buy Korean Skin-Care Firm for $2.7 Billion (WSJ)

Overnight Media Digest

WSJ

- President Donald Trump on Sunday issued a new ban on entry to the U.S. that applies a range of restrictions on nationals from eight countries, including new targets Chad, North Korea and Venezuela. on.wsj.com/2fpx1ay

- Uber Technologies Inc is pushing to meet the London regulator which on Friday said it would refuse to reissue the ride-hailing company's operating license there. on.wsj.com/2xpal19

- Two investment funds are calling for new leadership at Tuesday Morning Corp, the latest in a series of activist campaigns targeting chief executives. on.wsj.com/2xpjsPq

- Chancellor Angela Merkel's conservative alliance won the German election, but a steep drop in its support and an anti-immigrant party's surge signaled political turbulence ahead for Europe's largest economy. on.wsj.com/2frWa4G

- Donald Trump's son-in-law and adviser Jared Kushner has used a personal email account to correspond with colleagues in the White House, his attorney confirmed on Sunday. on.wsj.com/2fri6fY

- Senate Republican leaders appeared to face a difficult path to reviving their repeal of the Affordable Care Act, after Senator Susan Collins of Maine said she could not envision voting for the bill. on.wsj.com/2wMeLzP

 

FT

Uber Technologies Inc said it was willing to discuss how to better support police investigations and to strengthen official reporting procedures for private hire companies, in an attempt to resolve the issues that prompted Transport for London to revoke its licence to operate in London.

In one of the most high-profile prosecutions ever brought by the Serious Fraud Office, three former Tesco Plc will stand trial on Monday for their alleged role in an accounting scandal in which Tesco was found to have inflated its profit by 326 million pounds ($440 million) in 2014.

UK opposition leader Jeremy Corbyn was accused of making Labour a “laughing stock” by an MP from his party after Corbyn used his support group Momentum to prevent delegates at the annual conference from getting a vote on Brexit — even as he claimed to be making the party more democratic.

The Labour Party’s John McDonnell will on Monday introduce a policy to put a cap on credit card interest payments to tackle Britain’s debt crisis, a measure that would be similar to restrictions imposed on payday lenders by the Financial Conduct Authority.

 

NYT

- The U.S. Commodity Futures Trading Commission is shifting its law enforcement strategy and expects to increasingly look to banks and other financial institutions to come clean on their own about misconduct and problems in the market. nyti.ms/2fJWw3d

- U.S. President Donald Trump on Sunday issued a new order indefinitely banning almost all travel to the United States from seven countries including most citizens of Iran, Libya, Syria, Yemen, Somalia, Chad and North Korea. nyti.ms/2xzbkeF

- The revised version of the health bill, authored by Senators Lindsey Graham of South Carolina and Bill Cassidy of Louisiana, would provide extra money for an unnamed "high-spending low-density state," a last-minute change seemingly aimed at Alaska and its holdout Republican senator, Lisa Murkowski, who has yet to say how she will vote. nyti.ms/2wgfS6m

 

Canada

THE GLOBE AND MAIL

** Canadian authorities have started to collaborate with their Swedish counterparts in the continuing corruption investigation into Bombardier Inc's $340-million contract to sell railway equipment in Azerbaijan. tgam.ca/2hs3Lgz

** Donald Trump's unpredictable personality and hostile opposition to free trade is looming over NAFTA talks as Prime Minister Justin Trudeau and his negotiating team remain uncertain as to what the U.S. President wants from a reformed pact, or whether he would even sign a deal and risk alienating his base. tgam.ca/2htFTZU

** In a survey of 53 companies conducted by Nanos Research for the American Chamber of Commerce, U.S.-headquartered firms operating in Canada said their biggest concerns about the bilateral trading relationship involve U.S. protectionism. tgam.ca/2htkfVI

NATIONAL POST

** More than half of Canadians think rising interest rates will negatively impact their personal finances, but only about a quarter of them have an emergency fund to deal with any potential hardship according to a new poll by Forum Research Inc. bit.ly/2hsc5Ah

Britain

The Times

The credibility of an expert witness put up by the pharmaceuticals industry has been shot down by the National Institute for Health and Care Excellence in a legal row over drugs pricing, according to court papers obtained by the Times. bit.ly/2fKKoix

A row over a confidential regulatory report into the activities of Royal Bank of Scotland Group Plc's restructuring division has descended into farce after television presenter Noel Edmonds claimed to have a copy. bit.ly/2fKtwse

The Guardian

Royal Bank of Scotland has postponed plans to introduce a cut-price credit card amid concerns about the 200 billion-pound of lending amassed by UK households. bit.ly/2fKbFSa

UK's antislavery body has launched 185 investigations since May, nearly double its total for the whole of last year, after assuming powers that allow it to look beyond the food and farming sector. bit.ly/2fKA3Dq

The Telegraph

The boss of the Chinese-backed private equity firm behind a proposed 550 million pound ($743 million) takeover of Imagination Technologies Plc is already eyeing further acquisition opportunities in UK. bit.ly/2fKI7nF

The pay gap between male and female managers is worsening with women earning an average 12,000 pounds less than their male colleagues, according to figures from the Chartered Management Institute and XpertHR. bit.ly/2fIBphN

Sky News

Carlyle, the buyout firm‎ whose British investments include the RAC breakdown service, is close to entering a period of exclusivity during which it would seek to conclude a takeover of tobacco supplier Palmer & Harvey. bit.ly/2fK52zg

U.S. taxi firm Uber Technologies Inc could stay on the road if it met the "reasonable" demands set out by Transport for London, senior Labour frontbencher Diane Abbott has said. bit.ly/2fKD6vk

The Independent

Britain's Labour Party is to announce plans for a broad cap on the total interest anyone can pay to a credit card company, potentially helping some three million Britons trapped in a debt spiral. ind.pn/2fKcGJX

 

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Falling Down's picture

Federal investigation into financing for a large apartment and commercial holding company:

http://buffalonews.com/2017/09/24/federal-investigation-examines-financi...

"Many of the companies' loans for residential real estate have been bought by national loan guarantors Fannie Mae and Freddie Mac and sold to investors. An investigator with the Inspector General's Office of the Federal Housing Finance Agency, the government unit that oversees Fannie Mae and Freddie Mac, was involved in the early stages of the investigation, two sources with direct knowledge said."

TeethVillage88s's picture

Is this Mal-Investment do you think... from ZIRP/LIRP for 10 Years? Bad Money chases good money out of the market, then sets up a collapse down the road?

"Morgan is a son of Holocaust survivors who, when working in his family's seafood store in Rochester in 1991, was shot by an armed robber and left paralyzed below the waist. After the shooting, he made a career of real-estate investing, which had been a sideline for him. Over the years he acquired mobile home parks, RV parks, retail plazas, apartment complexes and storage units."

Arnold's picture

http://www.pennlive.com/steelers/index.ssf/2017/09/steelers_anthem_twitt...

Better solution than many.
Private corporation, exempt from many laws we are subject to.
They will be laid out flat on the slab, like the rest of us, eventually.
Corporations are people too.

TeethVillage88s's picture

Profiteers or Privateers?

I think the war privateers live on in a foreign country after the USA is all gone.

Never One Roach's picture

Donald Trump Is A Threat to Survival of Life on Earth

https://www.yahoo.com/news/donald-trump-threat-survival-life-142638901.h...

 

Full retard.

Snaffew's picture

don't the corporations and wealthy get enough breaks?...Soon, a law will be passed forcing ordinary Americans to salute corporate elites and the wealthy.  I'm sure many will come up with their own unique middle fingered salutes though.

MEAN BUSINESS's picture

Trump's tax plan is to replace ALL income taxes with FairTax (A GST) and repeal the 16th Amendment.

See FairTax.org / H. R. 25 FairTax / Pence on the FairTax

TeethVillage88s's picture

Control of Govt Tax Plans, Spending, Staffing, Training of Staff, Resources, Laboratories, Facilities, Follow Up to see that Bills passed actually do what they intend... Control is known as key.

Where are the Optics, Scopes, Sighting Instruements, Monitoring Devices, Tracking Devices?

- 2007 - 2011 we had Fiscal Policy, Monetary Policy, TARP, Bailouts, ZIRP/LIRP/NIRP, Discount Window operations... and the TBTF Paided their own Bonuses, Promoted themselves, Grew their Corporations, Sealed themselves as... like the Big 3 Autos... State Corporations too big to Fail... Because there was no Control
- Counter-Intelligence Operations against US Voters... were carried out by MSM, the Free Press, proving we had no Free Press... and also by our Elites, Big Corporations, Lawyers, Bankers, Lobbyists... and DC Politicians

Today, we are in the same position. Another McCain- Feingold or another Bush Tax Cut or another TBTF Bailout

- Let's make institutions larger, even larger, like global monopolies... and ship jobs overseas... and concentrate our Economy on Wall Street and in the FIREs Industry... and let's start a new war!

S/

Poor Control, President Donald Trump, like your Health Care Reform Bills from GOP

TeethVillage, CBO & OMB Control Freak

TeethVillage88s's picture

Trump Style Nationalism suddenly takes on War-Tone as he chastises NFL Leadership/Corporate Profiteers.

- Patriotism without Freedom is what?
- Freedom limited by Corporations is Fascism?
- Why were we not told about Corporate influence, nepotism, gift-giving, hegemony, state-capitalism, globalism, trade deals to import goods and offset our national labor force?
- Control of the People by Press, Monopoly Press, New York Bankers, DC Politicians is what? Fascism?
- What is insensitivity to elderly, sick, infirm, while creating inflation & deflating the World Reserve Currency? Fascism?

TeethVillage, Social Contract Observer

TeethVillage88s's picture

- cause inflation only exists in New York & Jersey!

"President Donald Trump and Republican leaders plan to release a tax framework this week that would dramatically cut taxes for corporations and the wealthy, provide a measure of middle-class tax relief and punish some households in Democratic-leaning states like New York and New Jersey."

Assume 37% are Democrats & 37% are Republican leaning... if report is true that weak tax tweek will be nod to conservative business types/workers

A) Many will react to anything trump does the same way
B) Many will revert to the mean
C) Many who look to job creation and support Trump will support this tax tweek
D) Many 90% of USA will not understand that this does nothing for Jobs, Outsourcing, Offshoring, Foreign Tax Jurisdictions, Trade Imbalance, Low Money Velocity, Low Funding to CAP-EX or investment in infrastructure in the USA, does not address poor statistics regarding inflation, GDP, Employment, Fund Flows, Capital Hoarding, Mal-Investment, Monopolies/Oligopolies, Proprietary Trading with Created Money, Banks Creating Money for self use only... Downward Pressure on Labor that is designed on purpose

The Dummies out number the smart. Trump wins you lose.

TeethVillage, Loser