Frontrunning: November 3

Tyler Durden's picture
  • House GOP Readies for Tax-Bill Battle (WSJ)
  • GOP’s United Front on Tax Cuts Masks Divisions (BBG)
  • Republican tax plan a blow to Democratic states, officials say (Reuters)
  • As Trump Embarks on Asia Tour, North Korea Looms Large (WSJ)
  • Apple Store Lines Return as iPhone X Debuts (WSJ)
  • There’s Some Good News About 401(k)s in the Tax Bill (BBG)
  • iPhone Xs Are Already Being Resold in Hong Kong (BBG)
  • CNN to Launch Subscriptions for Digital News (WSJ)
  • Mr. Ordinary: Who Is Jerome Powell, Trump’s Fed Pick? (WSJ)
  • U.S. bomber drills aggravate North Korea ahead of Trump's Asia visit (Reuters)
  • Bitcoin Is the ‘Very Definition’ of a Bubble, Credit Suisse CEO Says (BBG)
  • Goldman Retreats From Options as Stock Derivatives Trading Struggles (WSJ)
  • Here’s a Juicy Tax Break. Now, How to Keep Everybody From Claiming It? (BBG)
  • Dark Side at Fidelity: Women Describe a Culture of Revenge (BBG)
  • Get Ready for an Appalachian Gas Bonanza (BBG)
  • PDVSA Bonds Slump After Venezuela Calls for Restructuring: Chart (BBG)
  • Drug Deaths Rose More Last Year Than in the Previous Four Combined (BBG)

Overnight Media Digest

WSJ

- Two U.S. B-1B bombers flew near North Korea on Thursday, alongside Japanese and South Korean jet fighters, provoking anger from Pyongyang ahead of President Donald Trump's closely watched trip to Asia. on.wsj.com/2gZ02qP

- The Justice Department is laying the groundwork for a potential lawsuit challenging AT&T Inc's planned acquisition of Time Warner Inc if the government and companies can't agree on a settlement, according to people familiar with the matter. on.wsj.com/2ipyGuh

- T-Mobile US Inc and Sprint Corp are working to salvage their potential blockbuster merger, people familiar with the matter said, days after Sprint Chairman Masayoshi Son appeared to call off the talks. on.wsj.com/2gZNq2Q

- General Motors Co and Ford Motor Co have been contacted as part of a Justice Department probe into job-training programs set up jointly with the industry's biggest autoworker union, the companies said Thursday. on.wsj.com/2gZF1MR

 

FT

Labour MP Kelvin Hopkins was suspended on Thursday evening by his party which is investigating unspecified allegations against the veteran politician.

At the trial of three former senior executives of Britain’s biggest retailer Tesco Plc, Chief Executive Dave Lewis told of his “surprise” and “shock” when, three weeks into his job, the supermarket’s top lawyer showed him a document that is now at the centre of one of Britain’s highest-profile prosecutions for fraud.

The Bank of England raised interest rates for the first time in more than 10 years on Thursday but said it expected only “very gradual” further increases as Britain prepares to leave the European Union, sending sterling down sharply.

U.S. President Donald Trump on Thursday named Fed Governor Jerome Powell as his nominee to become head of the U.S. central bank, breaking with precedent by denying Janet Yellen a second term but signalling a continuation of her cautious monetary policies.

 

NYT

- The Republican tax proposal has clouded the outlook for electric vehicles in the United States. The congressional plan presented on Thursday, which would abolish a $7,500 federal income-tax credit for electric vehicles, arrives just as automakers are gearing up to expand their lineups. nyti.ms/2gY7rqv

- As Apple Inc reported revenue and profit increases that beat Wall Street expectations for its fiscal fourth quarter, the company said it was also seeing strong demand for the iPhone X, as well as for the iPhone 8 and iPhone 8 Plus models, which it unveiled in September. nyti.ms/2h04qG0

- The Trump administration will promote coal, natural gas and nuclear energy as an answer to climate change at a presentation during a United Nations global warming conference this month, the White House confirmed Thursday. nyti.ms/2gZH2IV

- Travel website TripAdvisor Inc has apologized to a Texas woman for repeatedly deleting her review of a Mexican resort that detailed how she had been raped there by a security guard. nyti.ms/2gXVdxU

- India's Paytm unveiled an updated version of its service on Friday that integrates chat features, including photo and video sharing, into its market-leading digital wallet. nyti.ms/2gYsY27

 

Canada

THE GLOBE AND MAIL

BuildDirect.com Tecnologies Inc has filed for creditor protection, days after the sudden departure of founder and CEO Jeff Booth. It's the second crash of a west coast Canadian e-commerce company this year, following the demise of online shoe retailer Shoes.com Technologies Inc. tgam.ca/2z9JvbK

The U.S. Department of Commerce has imposed final tariffs averaging 20.83 per cent against most Canadian shipments of softwood lumber into the United States, intensifying trade tensions between the two countries. tgam.ca/2zadFM8

Canadian Pacific Railway Ltd's train crews have voted down a one-year contract, dealing a setback to chief executive officer Keith Creel's stated attempt to improve poor relations with the freight hauler's biggest union. tgam.ca/2zao2Q1

NATIONAL POST

Bombardier Inc has landed its first CSeries jet order in 18 months, a move the company says was bolstered by its blockbuster partnership with Airbus SE, but the company will deliver fewer jets than anticipated this year due to delays related to production ramp up. bit.ly/2zcAw9R

 

Britain

The Times

- Chief executive of Tesco Plc, Dave Lewis, said he was "surprised" and "shocked" to be told only 19 days after starting his new job that the grocer had misstated its profit forecast by nearly 250 million pounds ($326.33 million). bit.ly/2iqMd4D

- Carmaker Volkswagen AG is looking at opening a British bank to help fund sales of its cars in UK after Brexit. Talks with the Bank of England are expected to lead to Volkswagen making a formal application for a banking licence that will allow it for the first time to take savers' money. bit.ly/2ipyRpo

The Guardian

- Hundreds of trainee GPs have not received their salaries because of the delays by outsourcing company Capita Plc, which holds a contract to administer training grants for GPs through a body called Primary Care Services England. bit.ly/2iqpTII

- Former Scottish first minister Alex Salmond has joined an activist investor Christen Ager-Hanssen, seeking to oust the board and chief executive of Johnston Press Plc. bit.ly/2iqGXy9

The Telegraph

- Luxury furniture company, Oka, is on the verge of being put up for sale after receiving a number of unsolicited approaches from would-be buyers. Estimates put the value of the business at more than 40 million pounds. bit.ly/2ioI8yb

- Problems in Asia and a troublesome bingo contract have forced gaming and spread-betting company Playtech Plc to issue a profit warning sending the shares plunging by a fifth. bit.ly/2iqeqsy

Sky News

- Singaporean sovereign wealth fund Government Investment Corporation (GIC) is in talks to buy a 10 percent stake in OakNorth, the first of Britain's new generation of "challenger banks" to hit a coveted $1 billion valuation. bit.ly/2iqMqVt

- Financial Conduct Authority (FCA) has begun making inquiries into events at Telit Communications Plc, which makes products enabling access to the Internet of Things (IoT), weeks after its chief executive departed amid doubts about his true identity. bit.ly/2iqfNHL

The Independent

- Bank of England has issued a fresh set of warnings about the economic implications of Brexit, reiterating that the UK's split from the European Union will probably hamper productivity and slow growth. ind.pn/2iqEBzj

- The Bank of England has hiked its benchmark interest rate for the first time in more than a decade. While the move was widely expected, it will affect millions of households as rates on savings, mortgages and other loans change. ind.pn/2iqOMnh

 

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Arnold's picture

Here’s a Juicy Tax Break. Now, How to Keep Everybody From Claiming It? (BBG)

I enjoy hearing the whines of reporting that cannot even keep the media they work for afloat.

Half a million revenue is a small, small business.

And S corporations.
Peanut farmers, in comparison to the Fortune 10,000.

Yet, these are the innovators and job creators that need to be encouraged by keeping the money we labor for away from the governance.

Never One Roach's picture
BMW recalls 1 million vehicles in North America

 

https://www.msn.com/en-us/money/companies/bmw-recalls-1-million-vehicles...

 

That's got to hurt.

Handful of Dust's picture

Is this why all those football players are kneeling?

 

Baltimore hits 300 homicides so far this year

 

https://www.msn.com/en-us/news/crime/baltimore-hits-300-homicides-so-far...