Frontrunning: June 5
- Spain says markets are closing to it as G7 confers (Reuters)
- Germany Pushes EU Bank Oversight (WSJ)
- Falling Oil Prices Are No Mystery (Bloomberg)
- Aussie Rises After RBA Cuts Rate Less Than Swaps Suggest (Bloomberg)
- Euro falls on Spain worries as market awaits G7 (Reuters)
- Bad News Piles Up for China's Economy (Bloomberg)
- Japan Lawmakers Push to Curb Central Bank (WSJ)
- Lawyer Kluger Gets 12 Years, Bauer 9 for Insider Trades (Bloomberg)
- All eyes on Wisconsin governor's recall election (Reuters)
- The Global Obesity Bomb (BusinessWeek)
Overnight Media Digest:
* The CIA is preparing to cut its presence in Iraq to less than half of wartime levels, a move that is largely a result of challenges the CIA faces operating in a country that no longer welcomes a major U.S. presence.
* Germany's Angela Merkel suggested that European Union leaders consider putting the largest banks in the bloc under direct European supervision.
* Topics discussed at Goldman Sachs board meetings are strictly confidential, the investment bank's chief executive, Lloyd Blankfein, told jurors at Rajat Gupta's insider-trading trial.
* Mobile ad networks are using new techniques to target iPhone users by circumventing Apple's earlier efforts to protect user privacy.
* Private-sector economic data sometimes are faster than government reports. At the very least, such figures can sometimes foreshadow similar measures from the government.
* A Wall Street regulator is pushing to extend conflict-of-interest curbs to include analysts and investment bankers who work in the giant market for debt offerings.
Such controls already exist for Wall Street firms dealing with stocks. But the Financial Industry Regulatory Authority plans to submit by year-end proposed rules for debt, said a spokeswoman. The rules could force firms to build firewalls between investment bankers who pitch debt offerings and research analysts who follow companies issuing the debt.
* Bears looking to profit from a further fall in Facebook Inc took the long view Monday, buying contracts that are liable to pay off if poor earnings this summer add to the company's run of bad news.
* Yihaodian, a Chinese online retailer backed by Wal-Mart Stores Inc is probing a possible security breach, in what appeared to be the latest attempt to steal consumer data in China's growing e-commerce sector.
MF GLOBAL'S CORZINE MAY FACE LEGAL CLAIMS
Jon Corzine has been blamed by the legal trustee overseeing the bankruptcy of the MF Global for ramping up risk at the dealer-broker while failing to overhaul money management systems.
RUSSIAN COURT REOPENS $13 BILLION BP SUIT
A Siberian court has called for a new hearing into a $13 billion lawsuit filed by minority shareholders in TNK-BP against BP over a failed bid last year to form an alliance with Rosneft, the Russian state oil champion.
LISBON TO INJECT BILLIONS INTO LARGEST BANKS
The Portuguese government will inject 6.6 billion euros ($8.25 billion) into three of the country's largest banks, becoming the latest euro zone country to tap international bailout funding for an undercapitalised financial sector.
DRAGON CONSORTIUM WINS IRAQ OIL FIELDS BID
Dragon Oil has emerged as a partner in a winning consortium seeking to develop new oil and gas fields in southern Iraq, although low levels of interest from companies marked the auction of 12 blocks last week.
SCHRODERS EYES PROPERTY LOANS MARKET
Schroders is in talks to enter the real estate lending market in the latest example of a company moving into the funding gap created by the retrenchment of bank lending.
EFG-HERMES IN LEGAL THREAT OVER BID
The fight for control of the Arab world's most prominent investment bank escalated on Monday with its managers threatening to take legal steps to halt a hostile takeover attempt by a group of Egyptian financiers.
BRUSSELS NEUTRAL ON CARMAKER OVERCAPACITY
Europe's industry commissioner has ruled out a Brussels-led fix for the car industry's deepening crisis of excess capacity, ahead of a meeting with carmaking chief executives on Wednesday.
BANK UNION ADVOCATES HIT GERMAN OPPOSITION
Moves by senior EU leaders to develop a "banking union" in Europe face robust opposition from banks in Germany over fears that they would be put on the hook to support rivals in weaker countries.
* An incentive to get customers to use renewable energy systems is now seen as overly generous in some circles, as it may raise rates for other customers.
* After weathering the first two years of Europe's economic crisis fairly well, some companies in the United States are warning investors that their sales on the Continent are slowing down.
* German leaders have not provided details of a potential deal, but it would likely mean an expansion of executive power in Brussels over fiscal targets in member states.
* China limited searches on Monday after an unlikely stock exchange result on the anniversary of the crackdown
* Based on economic and market indicators, and a growing sense of public panic, top European Central Bank officials could easily justify a policy move at their regular monthly meeting Wednesday.
* From Italy, Greece, Spain and other countries in the euro zone, the affluent are moving money into hard assets valued in something other than euros.
THE GLOBE AND MAIL
- Canadians' growing love affair with mobile devices is putting the country on track to achieving a wireless penetration rate that exceeds 100 per cent in about three years.
Report in the business section:
- Air Canada's chief executive officer is vowing to redouble his efforts to launch a low-cost carrier, saying he is prepared to make hard choices to ensure the airline's growth.
- The Conservative government knew as far back as last year that Defence Department budget cuts had made its multi-billion-dollar shopping list of military equipment "unaffordable," Postmedia News said it has learned.
- Rogers Communications Inc is moving to implement a raft of untested initiatives over the coming quarters, a period that could reignite growth for the country's biggest mobile operator - or shape up to be as challenging as the present.
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