Frontrunning: April 9
- JPMorgan Trader Iksil Fuels Prop-Trading Debate With Bets (Bloomberg), but, but, he is just proividing liquidity, and serving JPM's clients
- Short on tools, central banks left with words (Reuters)
- And the mainstream media finally catches up: Investors braced for fall in US profits (FT)
- Iran rules out pre-conditions to talks: Salehi (Reuters)
- North Korea ‘planning third nuclear test’ (FT)
- Japan to Hold Talks With China on IMF Contributions (Reuters)
- American Universities Infected by Foreign Spies Detected by FBI (Bloomberg)
- Is the Fed Promoting Recovery or Desperation? (Hussman)
- In Europe, Unease Over Bank Debt (NYT)
- Banks test ‘CDOs’ for trade finance (FT)
- Sony to Cut Estimated 10,000 Jobs (WSJ)
- Maritime insurer warns over Iran ban (FT)
- High-Speed Rail Takes Californians for a Ride (Bloomberg)
- A universe without purpose (LATimes)
Overnight Media Digest:
* The firm Pipeline said it filled stock investors' orders by matching them with opposite orders from other investors, but as the SEC said in a settlement last fall, most of the orders actually were filled by an internal Pipeline affiliate that was trading ahead of the Pipeline clients.
* The FDA approved an Eli Lilly test that can help detect Alzheimer's-a potential boon to treatment and developing drugs against the disease.
* The fight over the proposed Empire State Building public offering, which has aroused King Kong-size passions, has moved to a new battleground: a spat between small investors and the Malkin family over taxes arising from the iconic skyscraper's coming listing.
* Share prices have defied skeptics this year, registering strong gains even as first-quarter earnings estimates have been declining. That raises the prospect of a jolt to investors when reporting season begins this week.
* Water-park owner Great Wolf Resorts said KSL Capital Patners raised its bid for the company to $7 a share.
* Authorities in the U.S. and Libya are investigating oil giants such as Italy's Eni SpA and France's Total SA over their past relations with the fallen Libyan regime, potentially casting a cloud on the companies' ambitions to expand their foothold in the country with the largest oil reserves in Africa.
Thomas Cook is on the brink of agreeing a 1.2 billion pound ($1.90 billion) deal with banks that will secure the future of the debt-laden package-holiday operator. link.reuters.com/hek57s
BANKS TEST 'CDOS' FOR TRADE FINANCE
Some of the world's biggest banks are trying to extend the principles of securitisation to the plain-vanilla world of trade finance - a market worth an estimated $10 trillion a year - as concern mounts that regulatory changes could constrain a key lubricant of the global economy. link.reuters.com/jek57s
UK TO URGE EU ON EMISSIONS TARGETS
Britain will push to deepen the European Union's 2020 carbon reduction targets at talks in Denmark next week in a sign of renewed government commitment to the fight against global warming. link.reuters.com/kek57s
INVESTORS BRACED FOR FALL IN US PROFITS
The start of the first-quarter earnings reporting season this week is set to challenge the U.S. equity market, with analysts predicting that profits will fall in most sectors. link.reuters.com/mek57s
MITSUI FUDOSAN SET FOR EUROPEAN PUSH
Mitsui Fudosan, the world's largest property company by asset value, is preparing to break into the European market as it looks to double the share of its profits garnered from overseas business. link.reuters.com/nek57s
MARITIME INSURER WARNS OVER IRAN BAN
The compensation system for victims of oil tanker pollution will be "completely undermined" when European Union sanctions bar insurers from honouring some Iran-related claims made under valid certificates, the most senior international maritime insurer has warned. link.reuters.com/pek57s
BOSCO BETS ON BOOST FROM LONDON OLYMPICS
Bosco, one of Russia's best-known fashion brands, is betting that the London Olympics will provide a fillip for its first international store as the sports and leisurewear retailer enters the British market. link.reuters.com/qek57s
* Money for the primary training program for dislocated workers is 18 percent lower than it was in 2006, even though there are 6 million more people looking for work now.
* Mike Wallace, the CBS reporter who became one of America's best-known broadcast journalists as an interrogator of the famous and infamous on "60 Minutes," died on Saturday. He was 93.
* Bank of America and Citigroup have plenty in common, and when bank earnings are revealed in the coming weeks, investors will be watching to see how the two match up.
* KSL Capital raised the ante for Great Wolf Resorts with a $7 a share bid, over Apollo Global's most recent $6.75 a share.
* While bond purchases pushed down borrowing costs and helped Spain and Italy avoid a Greek-style bailout from the euro zone, they once again have enmeshed the banks in their debt woes.
THE GLOBE AND MAIL:
- A new complaint about misleading calls to voters in the Ontario riding of Guelph has been lodged with the country's elections watchdog.
The complaint, from a key member of the local Conservative team, says Tory supporters were erroneously told their polling stations had changed in last year's federal campaign.
- Years after Canadian researchers sounded the alarm about the dangers of prescribing codeine-based painkillers after surgery, children are still dying because of the practice.
Report on Business Section:
- BlackBerry maker Research In Motion is flagship of Canadian tech sector, but opinion is divided over whether Ottawa should intervene in a possible foreign takeover.
- After a year of rapid political changes, Myanmar is opening its doors to foreign investors. But even if some sanctions are lifted, it will still be a challenging place to do business.
- Defence Minister Peter MacKay says he has known since 2010 of the estimated $25-billion price tag for the F-35 fighter jet program, but stressed Sunday that his department never "manipulated" any information and that the $10-billion gap with National Defence estimates made public comes down to accounting differences.
- Foreign Affairs Minister John Baird condemned a "cowardly" Easter attack in Nigeria on Sunday that killed at least 20 in the central city of Kaduna.