Frontrunning: October 23

Tyler Durden's picture
  • Trump Backs GOP Incumbents, Hinting at Bannon Conflict (WSJ)
  • Japan's Abe to push pacifist constitution reform after strong election win (Reuters)
  • Yellen Says Fed May Need to Use Unconventional Policy Again Some Day (WSJ)
  • Big money shies from booming bitcoin (Reuters)
  • This Big Tax Cut for ‘High Fliers’ Shows Why an Overhaul Is So Hard (BBG)
  • Ill-Timed Uber Investment Roils a Giant Saudi Fund (WSJ)
  • Industry continues driving German growth: Bundesbank (Reuters)
  • China’s Pursuit of Fugitive Businessman Guo Wengui Kicks Off Caper Worthy of Spy Thriller (WSJ)
  • Trump's tougher stance could backfire by boosting Iran's Guards (Reuters)
  • Venezuela’s Behind on Its Debt and Facing Two Huge Bond Payments (BBG)
  • London introduces charge on most polluting vehicles (Reuters)
  • Noble Group Warns of Loss Topping $1 Billion (BBG)
  • A Xi Jinping Protégé Rises to Stardom (WSJ)
  • U.S. Midwest oil refiners boost output, cut region's dependence on Gulf Coast (Reuters)
  • TD Has Quickly Become a Top 10 U.S. Bank and It’s Not Done Yet (BBG)
  • The Crude Market May Be Underestimating China (BBG)
  • Americans Are Retiring Later, Dying Sooner and Sicker In-Between (BBG)
  • May’s Brussels Gains Eclipsed by Domestic Challenge on Brexit (BBG)
  • Merrill Lynch Fined $45 Million by U.K. for Failing to Report Transactions (BBG)

Overnight Media Digest

WSJ

- Electric-car maker Tesla Inc reached an agreement to set up its own manufacturing facility in Shanghai, a move that could help the company gain traction in China's fast-growing EV market. on.wsj.com/2yISsZt

- A Trump administration proposal aimed at shoring up coal-fired and nuclear power plants across the nation has generated opposition from an array of energy and consumer interests, including some who are often at odds on energy policy. on.wsj.com/2yGRk8R

- U.S. President Donald Trump's campaign digital director, Brad Parscale, will be interviewed Tuesday by the House Intelligence Committee, his first appearance before any of the panels examining the issue of Russian interference in the 2016 election. on.wsj.com/2yHl0CB

- AFL-CIO members selected Richard Trumka as its president on Sunday evening, retaining a position he has held since 2009. Trumka said his goal was for labor unions to emerge with a unified political agenda at a time when the labor movement is split over what approach to take to U.S. President Donald Trump. on.wsj.com/2yGD67R

- U.S. President Donald Trump said he was optimistic Congress would pass a tax plan he could sign by year-end that reduces the corporate rate while providing tax relief for the middle class. on.wsj.com/2yITaG7

 

FT

Labour will support a dozen amendments backed by rebel Conservative MPs to the government’s flagship Brexit bill if the opposition party’s own demands for changes to the legislation are rejected, shadow Brexit secretary Keir Starmer has said.

Telecom infrastructure company Arqiva is set to announce plans to go public with a projected market value of more than 4.5 billion pounds ($5.93 billion) after its shareholders opted to list rather than sell the company.

The Single Source Regulations Office, the body charged with monitoring defence contracts awarded without competition, has called for clarification on the profits being made by certain contractors after more than 100 queries on pricing went unanswered by the Ministry of Defence.

Commodities trader Noble Group Ltd agreed on Monday to sell its Americas-focused oil business to rival Vitol for about $580 million.

 

NYT

- Tesla Inc is moving closer to becoming the first foreign car company to have a wholly owned manufacturing operation in China, a deal that will test the relationship norms between a foreign automaker and the Chinese government. nyti.ms/2zIpnO4

- The CIA is expanding its covert operations in Afghanistan, sending small teams of experienced officers and contractors alongside Afghan forces to hunt and kill Taliban militants across the country, according to two senior American officials. nyti.ms/2xfR2E7

- The U.S. Environmental Protection Agency has canceled the speaking appearance of three agency scientists who were scheduled to discuss climate change at a conference on Monday in Rhode Island, according to the agency and several people involved. nyti.ms/2yHOKiW

- Senate Majority Leader Mitch McConnell said he will be willing to bring a bipartisan proposal to stabilize health insurance markets up for debate if U.S. President Donald Trump signaled his support. nyti.ms/2zukzeg

- All three committees looking into an alleged Russian interference in the 2016 U.S. elections — one in the House, two in the Senate — have run into problems, from insufficient staffing to fights over when the committees should wrap up their investigations. nyti.ms/2yHX2cd

 

Canada

THE GLOBE AND MAIL

** India's competition regulator agreed to the merger of Potash Corp of Saskatchewan Inc and Agrium Inc , provided Potash sells its stakes in Arab Potash Co Plc , Israel Chemicals Ltd and Sociedad Quimica y Minera de Chile SA within 18 months. The companies can close their deal before divesting the assets, which are estimated to be worth more than $5 billion. tgam.ca/2iu7Pkz

** British Columbia's NDP government is facing controversy over liquefied natural gas as environmental groups warn that a project led by Royal Dutch Shell Plc will derail the province's efforts to transition to a low-carbon economy. tgam.ca/2iujgZi

** As Ottawa overhauls its cultural policies, Canadian record labels are pleading for the federal government to revise copyright laws in favour of artists, hoping to offset internet-driven losses to both musicians and the businesses that support them. tgam.ca/2iumpZ6

NATIONAL POST

** Canada is selling its last inshore coastal surveyor ship, the Canadian Coast Guard Ship Matthew, in an auction that closes on Friday with a minimum bid of C$1 million ($791,891). bit.ly/2iqTXHz

 

Britain

The Times

Britain is facing an investment crisis as factories cut back spending plans amid mounting political uncertainty over Brexit, the country's leading manufacturing trade body has warned. bit.ly/2yJwEPk

Cash-strapped Britons are taking the inflation-driven squeeze on incomes in their stride as they grow more confident about their job prospects, according to a survey by Deloitte. bit.ly/2yKJvkA

The Guardian

Labour's deputy leader Tom Watson is to write to the competition watchdog urging it to refuse the Murdoch family's takeover of Sky Plc after it emerged that Fox News gave presenter Bill O'Reilly a new contract after paying $32m to settle a sexual harassment suit against him. bit.ly/2yJN36p

UK business leaders have united to urge David Davis to quickly establish a Brexit transition deal that mirrors existing arrangements or risk losing British jobs and investment. bit.ly/2yJKCRo

The Telegraph

U.S. President Donald Trump has an "absolute duty" to prepare for military intervention against North Korea in the face of the mounting nuclear threat posed by the regime, Boris Johnson will say at the annual Chatham House conference in London. bit.ly/2yIBiNK

The UK government has intervened in a row over wholesale charges for broadband, backing BT Group Plc's network subsidiary Openreach in its battle against cheaper prices. bit.ly/2yJt5Zz

Sky News

InterContinental Exchange Inc, owner of the New York Stock Exchange, is in advanced talks to buy Royal Bank of Scotland Group Plc's 4 percent shareholding in Euroclear, giving it a say in the future of one of the world's most valuable financial markets settlement platforms. bit.ly/2yJbhhf

The Independent

A boom in new fintech innovations saw UK financial services firms register a record number of trade marks in 2016, according to research. Companies in the sector registered 4,228 trade marks last year, up from 3,141 in 2011, professional services firm, RPC, found. ind.pn/2yIZlvW

 

 

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insanelysane's picture

More thought on Las Vegas shooting.  A day or two after shooting, reportedly video showed a mystery woman with Paddock.  Woman was supposedly found and is a prostitute and cleared.  Nothing out of the ordinary except, now MGM is trying to claim they have no video cameras in areas.  ???  So there were cameras that showed Paddock and this woman going to his room but now there are no cameras.  Not buying it.

Arnold's picture

No video for you.
How 'bout a Seven Eleven candy bar theft?
You can have that.
We also have all sorts of public urination to choose from.

A. Boaty's picture

"The CIA is expanding its covert operations in Afghanistan..." That worked so well in 2001. What could go wrong?

CheapBastard's picture

Millennials don’t fear censorship because they plan on doing all the censoring

Matt Ridley’s fine recent Times column was hardly the first to raise the alarm about the pseudo-Soviet intolerance of the left emerging from university campuses. Yet he began with arresting statistics: ‘38 per cent of Britons and 70 per cent of Germans think the government should be able to prevent speech that is offensive to minorities.’ Given that any populace can be subdivided into a veritably infinite number of minorities, with equally infinite sensitivities, the perceived bruising of which we only encourage, pretty soon none of us may be allowed to say an ever-loving thing.

 

https://www.spectator.co.uk/2017/10/millennials-dont-fear-censorship-bec...

Arnold's picture

- Tesla Inc is moving closer to becoming the first foreign car company to have a wholly owned manufacturing operation in China, a deal that will test the relationship norms between a foreign automaker and the Chinese government. nyti.ms/2zIpnO4

Every other foreign Auto manufactuer has had 'supply chain interruption' in China.
Good on yer, Elon.
I can only dream of your cash burn ability.