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Frontrunning: Friday 13

Tyler Durden's picture





 
  • ECB Seen Favoring Bond Buying Over Bank Loans (Bloomberg)
  • Italians Rally Against Monti’s Pension-Overhaul Limbo (Bloomberg)
  • Spain Cracks Down on Fraud as Rajoy Says Aid Impossible (Bloomberg)
  • Europe’s Capital Flight Betrays Currency’s Fragility (Bloomberg)
  • China’s Less-Than-Forecast 8.1% Growth May Signal Easing (Bloomberg)
  • China Banks Moving to Lower Mortgage Interest Rates (China Daily)
  • Fed Officials Differ on Need to Keep Rates Low to 2014 (Bloomberg)
  • North Korea Confirms Rocket Failure (Reuters)
  • Yuan Lending Set to Cross New Border in Pilot Plan (China Daily)

Overnight Media Digest

WSJ

* Google unveiled a 2-for-1 stock split designed to assuage investors while also allowing its founders to maintain their control over the company.

* A surprising boost in global oil inventories is blunting the possibility that sanctions against Iran will drive up oil prices on the eve of nuclear talks with the West.

* Best Buy's investigation into the personal conduct of former CEO Brian Dunn is exploring whether he misused company assets in the course of an alleged relationship with a female subordinate.

* Barnes & Noble Inc bore the brunt of Wednesday's antitrust settlement between the U.S. government and three major book publishers, losing 6.4 percent of its market value on Thursday alone and tumbling 17 percent this month.

* Roche Holding AG Thursday stepped up its courtship of U.S. gene-sequencing company Illumina, again signalling the Swiss company might find extra value in the reluctant target if Illumina agrees to begin takeover talks.

NYT

* The decision by BrightSource Energy to withdraw its initial public offering on Thursday highlights the current difficulties facing the solar market. Despite a vast increase in installation, profits remain scarce.

* In one of the first tests of its willingness to show its muscle, the new agency created to protect consumers declined on Thursday to put up a fight.

The agency, the Consumer Financial Protection Bureau, introduced a proposal that would make it easier for credit card issuers to charge fees before borrowers' accounts were officially open.

* A plan to reopen a mine in Spain has been stalled, angering local residents in need of jobs while leaving environmentalists worried that economic priorities will trump safety concerns.

* Mark Zuckerberg is said to have had a large role in Facebook's $1 billion purchase of Instagram, but he has not always played a heavy hand in the company's acquisitions.

* The fate of Argentina's largest oil company, YPF , was thrown into doubt on Thursday as reports that President Cristina Fernández de Kirchner was preparing to nationalize the company drew a warning from Spain that it would consider such a move a hostile action.

FT

INCOMING CO-CEO TO REVAMP DEUTSCHE BANK

Deutsche Bank's incoming co-chief executive is planning an overhaul of its operations, aiming to make its wealth and asset management operations work more closely with its investment banking arm in bid to emulate the business model of Swiss rivals Credit Suisse and UBS.

JK ROWLING REVEALS TITLE AND PRICE OF NEXT NOVEL

A day after her publisher reached a settlement with the Department of Justice that is expected to cut the price of bestselling ebooks in the U.S. to $9.99, JK Rowling announced that the electronic edition of her next novel would be priced at twice that sum.

EU SEEKS NEW CURBS TO CAP BANK BONUSES

Bankers' bonuses across Europe would be capped at no more than their fixed salaries under strict new curbs sought by senior lawmakers in response to continued public anger over financial sector pay.

GOOGLE TO PAY STOCK DIVIDEND

Google has announced an unusual two-for-one stock split that is designed to keep control of the company in the hands of its founders Larry Page and Sergey Brin for the long term.

TESCO TO FOCUS ON SMALLER STORES

Tesco is poised to slow its store expansion in the UK as part of the strategic blueprint to be outlined next week by new chief executive Philip Clarke.

BG IN SALE TALKS OVER BRAZIL GAS DISTRIBUTOR

BG Group is in talks with Cosan, Royal Dutch Shell's Brazilian partner, to sell its 60 percent stake in the country's largest gas distributor in a deal estimated to be worth more than $1 billion.

BLACKROCK LOOKS TO TAKE ON WALL STREET

BlackRock, the world's largest money manager by assets under management, has filed documents and is in talks with the Securities and Exchange Commission as it seeks an expansion of its broker dealer operation that will put it in direct competition with traditional Wall Street banks.

NEWS CORP FACES HACKING LAWSUITS IN US

News Corp could be exposed to further legal action in the U.S. after Mark Lewis, the lawyer representing dozens of public figures in the UK phone-hacking scandal, said he was planning to file three civil lawsuits in American courts.

UK RETAILER MORRISON IN STORES REVAMP

Wm Morrison will on Friday announce a shake-up of its commercial division as the company prepares to revamp its supermarkets, expand its network of smaller stores and extend into areas such as clothing.

China

THE GLOBE AND MAIL

-The chairman of Air Canada Pilots Association is urging members to report for work on Friday and ignore "a small group" of pilots who want colleagues to call in sick to show dissatisfaction with management. r.reuters.com/tag67s

 

 

 

- Wildrose leader Danielle Smith, Progressive Conservative leader Alison Redford, Liberal leader Raj Sherman and NDP leader Brian Mason squared off for the first time all together at an Edmonton TV studio 11 days before Albertans head to the polls. r.reuters.com/vag67s

 

 

 

Reports in the business section:

 

- Royal Bank of Canada has its sights set on expansion in Asia, with an eye to building its wealth management business to take advantage of China's rising prosperity. r.reuters.com/wag67s

 

 

 

- Bauer Performance Sports Ltd has drawn a minor penalty from its successful rush to become the world's No. 1 maker of hockey sticks.

 

The company is selling more sticks than ever, but sticks break with greater frequency than its helmets and skates do. That was never a problem for stick-makers when they sold wooden sticks for $30 or $40 each: Customers rarely asked for refunds, because manufacturers didn't offer them. r.reuters.com/xag67s

 

 

NATIONAL POST

 

- The head of Ontario's elementary teachers union says the province's bargaining proposal unfairly targets working conditions and women.

He cited a proposed freeze to wages and compensation rollbacks and reductions in explaining why the union will not be participating in the current round of preliminary, voluntary discussions with the province. r.reuters.com/ceg67s

 

- The Canadian government will not be voicing its opposition to the death penalty during a clemency hearing next month in Montana for Alberta-born Ronald Smith, the only Canadian on death row in the United States. r.reuters.com/deg67s

 

Reports in the business section:

 

- With the future of the proposed $5.5 billion Northern Gateway oil sands pipeline by Enbridge Inc looking bleak because of hardening opposition, competitor Kinder Morgan Energy Partners LP surged from behind Thursday with a plan for a better-looking replacement - a $5-billion expansion of its Trans Mountain pipeline from Edmonton to Vancouver. r.reuters.com/keg67s

 

- Eldorado Gold Corp, the Canadian miner that recently acquired European Goldfields, expects its annual gold production to touch 1.7 million ounces within five years as it brings new mines into production. r.reuters.com/teg67s


European Economic Data:

  • UK PPI Input 1.9% m/m 5.8% y/y – higher than expected. Consensus 1.4% m/m 4.8% y/y. Previous 2.1% m/m 7.3% y/y. Revised 2.5% m/m 7.8% y/y.
  • UK PPI Output n.s.a 0.6% m/m 3.6% y/y – higher than expected. Consensus 0.5% m/m 3.5% y/y. Previous 0.6% m/m 4.1% y/y.
  • Spain CPI (EU Harmonised) 2.2% m/m 1.8% y/y – in line with expectations. Consensus 2.2% m/m 1.8% y/y. Previous 0.0% m/m 1.8% y/y.
  • Spain Consumer Price Index 0.7% m/m 1.9% y/y – in line with expectations. Consensus 0.7% m/m 1.9% y/y. Previous 0.1% m/m 1.9% y/y.
  • Netherlands Trade Balance 2.9B. Previous 4.1B. Revised 3.9B.
  • Italy Industrial Production -0.7% s.a. m/m -6.8% w.d.a. y/y – lower than expected. Consensus -0.7% s.a. m/m -5.1% w.d.a. y/y. Previous -2.5% s.a. m/m -5.0% w.d.a. y/y. Revised -2.6% s.a. m/m -4.6% w.d.a. y/y.
  • Italy CPI – EU Harmonised 2.5% m/m 3.8% y/y – in line with expectations. Consensus 2.5% m/m 3.8% y/y. Previous 2.5% m/m 3.8% y/y.
  • Germany Consumer Price Index 0.3% m/m 2.1% y/y – in line with expectations. Consensus 0.3% m/m 2.1% y/y. Previous 0.3% m/m 2.1% y/y.
  • Germany CPI – EU Harmonised 0.4% m/m 2.3% y/y – in line with expectations. Consensus 0.4% m/m 2.3% y/y. Previous 0.4% m/m 2.3% y/y.
  • Russia Money Supply Narrow Def. RUB 6.76T. Previous 6.72T.
  • Russia Budget Level YTD -121.3B. Previous -245.3B.
  • Hungary Industrial Production 0.8% s.a. m/m -3.4% w.d.a. y/y. Previous 0.8% s.a. m/m -3.4% w.d.a. y/y.
 


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Fri, 04/13/2012 - 08:07 | Link to Comment Jason T
Jason T's picture

RMB worlds reserve currency by 2016

Fri, 04/13/2012 - 08:15 | Link to Comment LongSoupLine
LongSoupLine's picture

Spain cracks down on fraud..

 

So does this mean the people are standing up to govt?

Tue, 06/12/2012 - 10:08 | Link to Comment zagam2
zagam2's picture

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