Frontrunning: November 9

Tyler Durden's picture
  • In China, Trump Cajoles Xi With Tough Talk, Flattery (WSJ)
  • Trump’s Flashy $250 Billion China Haul Has Little Substance (BBG)
  • Blame Game Over Rising Health-Insurance Premiums Begins (WSJ)
  • How to End Our Long National Tax Nightmare (BBG)
  • Trump Says Democrats Will Like Senate Tax Plan Over House Version (WSJ)
  • Venezuela's PDVSA misses debt payments to India's top oil producer (Reuters)
  • Britain, Russia clash over Syria at chemical weapons body (Reuters)
  • Coinbase Escalates Showdown on U.S. Tax Probe as Bitcoin Surges (BBG)
  • Saudi graft inquiry spreads beyond borders as UAE examines bank accounts (Reuters)
  • How an American Family Escaped From Amazon Pirates (WSJ)
  • Britain to provide Saudi Aramco with $2 billion credit guarantees (Reuters)
  • U.S. Proposes Freezing Mexican Trucks Out of New Nafta (BBG)
  • Exclusive: Iran's Revolutionary Guards arrest more dual nationals (Reuters)
  • Behind the Fall of a New York State Pension Fund Executive (WSJ)
  • Want to Stay Safe While Traveling? Wear a Rolex (BBG)
  • Wal-Mart gears up to compete on Black Friday (Reuters)
  • Macy's posts bigger-than-expected comparable sales drop (Reuters)
  • In 2017, Investors Can Either Buy Bubbles or Be Left Far Behind (BBG)
  • The Many Ways Amazon and Others Could Storm the Gates of Finance (BBG)
  • This French Bank Is Thriving on Exotic Deals (BBG)
  • Why Is U.S. Wage Growth So Low? It's All About the Top 80% (BBG)
  • Republicans Take Stock After Election Losses (WSJ)

 

Overnight Media Digest

WSJ

- U.S. antitrust regulators are pressing for major changes to AT&T Inc's proposed takeover of Time Warner Inc , demands that threaten one of the biggest media deals ever, people familiar with the matter said. on.wsj.com/2jdNwIv

- Federal prosecutors are investigating Carl Icahn's former role advising U.S. President Donald Trump and the activist investor's attempts to change an environmental rule that he opposed. on.wsj.com/2jbwbzU

- Twenty-First Century Fox Inc said profit and revenue rose in the most recent quarter, as higher fees for its cable networks helped offset continued weakness at local TV stations and its film studio. on.wsj.com/2ja5TOi

- China's President Xi Jinping welcomed U.S. President Donald Trump to China with a series of business deals and a private tour of the Forbidden City, seeking to impress the U.S. president even as he stepped up pressure on Beijing to curb financial ties with North Korea. The deals, valued at an estimated $9 billion, were designed to set a positive tone for Trump's visit. on.wsj.com/2jejVOR

- U.S. House lawmakers on Wednesday prepared changes to the GOP tax bill to fill a revenue hole of at least $74 billion, as Senate Republicans were set to release their own plan with significant differences that the GOP will eventually have to resolve to complete its tax overhaul. on.wsj.com/2jbH9FC

- Saudi authorities have frozen the bank accounts of the kingdom's former crown prince, Mohammed bin Nayef, the latest royal targeted in a corruption crackdown carried out by a Saudi leadership seeking to consolidate power. on.wsj.com/2jby5R4

 

FT

* Former Yahoo Chief Executive Marissa Mayer apologised on Wednesday for two massive data breaches at the internet company, blaming Russian agents for at least one of them, at a hearing on the growing number of cyber attacks on major U.S. companies.

* British aid minister Priti Patel was forced from office on Wednesday over undisclosed meetings with Israeli officials after Prime Minister Theresa May sought to reassert her diminished authority as she negotiates Brexit.

* U.S. antitrust regulators and AT&T Inc sparred on Wednesday over whether the wireless carrier would be required to sell Time Warner Inc’s CNN cable network as a condition of approval of its deal to buy the media company.

 

NYT

- Russian Finance minister Anton Siluanov announced that Venezuela and Russia have agreed to the restructuring of roughly $3 billion in Kremlin loans. nyti.ms/2zuQe0n

- Senate Republicans, under pressure to pass a sweeping tax rewrite before year's end, are expected to unveil legislation on Thursday that would eliminate the ability of people to deduct state and local taxes but would stop short of fully repealing the estate tax, according to lobbyists and other people familiar with the bill. nyti.ms/2zw70fp

- AT&T Inc's pending $85.4 billion acquisition of Time Warner Inc could hinge on whether they agree to sell Turner Broadcasting, the group of cable channels that includes CNN. nyti.ms/2zudECU

- Apple Inc has secured one of the most sought-after new projects in television, landing the rights to a new drama centered on a morning TV show and starring Reese Witherspoon and Jennifer Aniston, the company announced on Wednesday. nyti.ms/2ztqNvR

- Responding to what one travel expert categorized as "a wake-up call," TripAdvisor Inc has begun placing symbols next to hotels and resorts that have been identified as locations of sexual assault and other major concerns. nyti.ms/2ztYOML

 

Britain

The Times

British jobs would be put at risk by government plans not to match the EU's tough stance on dumped imports after Brexit, the steel industry warned. bit.ly/2hn9NCX

U.S. Hedge fund Kerrisdale Capital has taken a short position in drugmaker Prothena Corp Plc, a company backed by UK investor Neil Woodford, claiming that a key treatment is likely to prove a failure. bit.ly/2hlnu5z

The Guardian

Struggling care home provider Four Seasons, which is responsible for 17,000 elderly and vulnerable people, is set to be taken over by a U.S. hedge fund Terra Firma in a complex rescue deal being closely monitored by regulators. bit.ly/2hmBGeA

Uber Technologies Inc has taken a step forward in its plan to make autonomous "flying taxis" a reality, signing a contract with NASA to develop the software to manage them. bit.ly/2hlOqC0

The Telegraph

AT&T Inc Chief Executive Randall Stephenson said he had "no intention" of selling CNN and had "never offered" to, after reports emerged the media company was told by regulators a sale was needed to secure approval for its acquisition of Time Warner Inc. bit.ly/2hmzd3N

Financial Conduct Authority said it is now scanning the insurance market for anti-competitive behaviour just as London fights to retain its status as a financial hub post-Brexit. bit.ly/2hmdU2o

Sky News

JPMorgan Chase & Co Chief Executive Jamie Dimon held private talks with British Prime Minister Theresa May and finance minister Philip Hammond, according to Sky News. bit.ly/2hlPgPa

Priti Patel has offered the Prime Minister a "fulsome apology" as she resigned as International Development Secretary over secret foreign meetings. bit.ly/2hm1Uxx

The Independent

Patrick Vallance, president of research and development at the pharmaceutical company GlaxoSmithKline Plc has been appointed as the British Government's chief scientific advisor. ind.pn/2hkZVto 

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A. Boaty's picture

Stack Rolex?

https://www.bloomberg.com/news/articles/2017-11-08/want-to-stay-safe-whi...

From the article:

"I was working on a project in Singapore, and an ex-[Special Air Service] soldier told me to always wear a nice watch: Don’t flaunt it, but have it with you. He had a stainless-steel Rolex and wore it everywhere. He told me that no matter where you travel, a good watch—like a Rolex—is like currency and is something you can always use to barter to get yourself out of trouble. You always hear “never have anything nice on expedition,” but that soldier’s advice was smart and practical so I always wear a “tradable” watch that can help get me out of a bind."

Buddha 71's picture

foolish, in many countries, they will simply take the watch, so much easier. why would "they " trade ? been there done that. 

TeethVillage88s's picture

All of the Excitement since 2001... wow. Nobody is talking about Inflation as attack on common man in USA and anyone holding USDs & US Treasuries. China should demand higher Fed Target Interest Rate.

Total Consumer Loans Owned by Federal Government, Outstanding (TOTALGOV)
Sep 2017: 1,136.5321 Billions of Dollars, Not Seasonally Adjusted, (Huge Upward Trend)
https://fred.stlouisfed.org/series/TOTALGOV

Total—International Assistance Program Outlays 2014 = $49.37 Billion

Federal government current transfer payments: Government social benefits: To persons (B087RC1Q027SBEA)
Q3 2017: 2,077.506 Billions of Dollars, Seasonally Adjusted Annual Rate, Oct 27, 2017
https://fred.stlouisfed.org/series/B087RC1Q027SBEA

Government social benefits: To persons: Federal: Supplemental Nutrition Assistance Program (SNAP) (TRP6001A027NBEA)
2016: 65.421 Billions of Dollars, Not Seasonally Adjusted, Updated: Oct 27, 2017
https://fred.stlouisfed.org/series/TRP6001A027NBEA

Total—Department of Health and Human Services Outlays 2014 = $1.032 Trillion
Total--Centers for Medicare and Medicaid Services Outlays 2016 = $1.417 Trillion
Total—Department of Agriculture Outlays 2014 = $159.61 Billion
2014 Federal Outlays for SNAP, Child Nutrition, & WIC = $102.34 Billion

TheLastTrump's picture

Right. Meanwhile, the Chinese put on the Ritz for President Trump.

 

Recall the ladder incident when Obama vistited China? Yeah. That's because they owned Obama. They don't own Trump, and they know he's about to reduce the size of their cookie jar.

 

https://www.youtube.com/watch?v=nzFFMGcw72A

 

https://www.ar15.com/forums/general/President-Trump-s-reception-in-China...