Frontrunning: May 11

  • Full picture of Clinton charities' foreign government funding remains elusive (Reuters)
  • Greece Readies for Another Week of Deadlines (BBG)
  • Greece says deal will be 'difficult' at Eurogroup meeting (Reuters)
  • Saudi Arabia’s Rulers Snub Arab Summit, Clouding U.S. Bid for Iran Deal (WSJ)
  • Saudi Aramco Said to Plan Spending $80 Billion Overseas (BBG)
  • The $900 Billion Influx That’s Wreaking Havoc in U.S. Bills (BBG)
  • Cameron rules out another Scottish independence vote (Reuters)
  • Banks Prep Defense for Anti-Wall Street Campaigns (WSJ)
  • China's Currency Trap (BBG)
  • During One Hour Every Day, China's Stock Rally Falls Apart (BBG)
  • Moroccan F-16 jet from Saudi-led coalition in Yemen goes missing (Reuters)
  • The $3,417-a-Night Cancun Resort That Bond Traders Can’t Resist (BBG)
  • Man, woman charged with murdering two policemen in Mississippi (Reuters)
  • Britain may sell RBS shares at loss this year (Reuters)
  • Noble Energy Buys Rosetta Resources for $2.1 Billion (BBG)

 

Overnight Media Digest

WSJ

* China cut interest rates for the third time in six months amid a worse-than-expected economic slowdown as authorities scramble to ease the heavy debt burdens of companies and governments. (http://on.wsj.com/1F85RZH)

* Saudi Arabia's monarch pulled out of a summit to be hosted by President Barack Obama on Thursday, in a blow to the White House's efforts to build Arab support for a nuclear accord with Iran. King Salman's decision appeared to ripple across the Persian Gulf. Bahrain said on Sunday that its ruler, King Hamad bin Isaa Al Khalifa, had opted not to travel to Washington.(http://on.wsj.com/1Fe3iXW)

* United Auto Workers officials are considering a plan to encourage the Detroit Three auto makers - General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles NV - to add thousands of jobs traditionally belonging to autoparts suppliers, hoping to fuel the union's recent string of modest membership increases. (http://on.wsj.com/1dWiahi)

* GlaxoSmithKline Plc and the University of North Carolina at Chapel Hill are jointly launching a research center that will focus on one of the areas of most intense interest in HIV/AIDS science: the search for a cure. (http://on.wsj.com/1RtaXET)

* Nasdaq OMX Group Inc is testing a new use of the technology that underpins the digital currency bitcoin, in a bid to transform the trading of shares in private companies. (http://on.wsj.com/1F7WxEV)

* Apple Inc has pledged to create enough energy through renewable sources to power its global operations. Now it's setting a far more ambitious goal to do the same for its manufacturing supply chain. Apple says it generates renewable energy - from solar, wind, biogas, fuel cells, geothermal and small hydropower plants - equivalent to 87 percent of the energy used by its facilities worldwide. The company's goal is to get to 100 percent. (http://on.wsj.com/1zRxxBC)

 

FT

Broadband networks builder Gigaclear Plc <IPO-GIGA.L> has secured funds from Prudential Financial Inc's Infracapital and Woodford Investment Management LLP <IPO-WOOD.L> to accelerate the rollout of ultrafast broadband networks in rural areas of the UK.

Italian market regulator Consob has been urged by a Spanish minority shareholder of World Duty Free S.p.A. to look into the Benetton Family's deal to sell the airport retailer to Swiss rival Dufry AG.

Wm Morrison Supermarkets Plc, Britain's fourth-biggest grocer, is most at risk from discount stores, according to research done by the Local Data Company.

 

NYT

* The influence of the European Central Bank and the International Monetary Fund will be felt behind the scenes on Monday, when finance ministers from Greece and other European nations meet in their latest effort to break an impasse that is paralyzing the Greek economy and frightening global markets. (http://nyti.ms/1cGMU5E)

* British pharmaceutical company GlaxoSmithKline is teaming up with the University of North Carolina at Chapel Hill to start a research institute and a company aimed at curing HIV infection and AIDS.(http://nyti.ms/1IsvqqN)

* Broadcast and cable companies are asking marketers to open their wallets at a time of great anxiety in the industry, when TV ratings have collapsed and networks are fending off fierce competition from digital outlets. (http://nyti.ms/1FeCpmF)

* China said on Sunday that it would cut benchmark interest rates for the third time in five months. By reducing interest rates, the government hopes to spur lending to businesses and create more momentum for the economy, the world's second-largest after the United States. (http://nyti.ms/1cGpVrx)

* The shrinking time between funding rounds shows how Silicon Valley's current boom is not just about start-ups reaching a high valuation but also about how fast they can pull that off. After raising a total of more than $2 billion from investors in June and December last year, Uber is now back for another round. The ride-hailing company is in talks to raise around $1.5 billion in financing, which could value it at $50 billion. (http://nyti.ms/1QzWgi1)

 

China

- The amount of asset-backed securities (ABS) issued this year will exceed the total amount from the past nine years, Chen Fei, an official from the country's stock regulator, said on Saturday.

- More than 60 percent of listed companies, who have already reported their first-half results, were profitable, the paper said citing a local consultancy.

 

Britain

The Times

FRONTRUNNER DAN JARVIS QUITS RACE FOR LABOUR LEADERSHIP

Dan Jarvis, the former paratrooper tipped to replace Ed Miliband, today rules himself out of the race and launches a devastating critique of the former Labour leader.(http://thetim.es/1zR4fD0)

The Guardian

IAIN DUNCAN SMITH BACK IN CABINET TO OVERSEE 12 BLN POUNDS IN WELFARE CUTS

Iain Duncan Smith is to press ahead with his controversial welfare reforms after David Cameron confirmed that the former Conservative leader would remain in the cabinet as the work and pensions secretary.(http://bit.ly/1zR4wWI)

GEORGE GALLOWAY TO MOUNT LEGAL CHALLENGE OVER ELECTION DEFEAT

George Galloway has said that he has begun legal proceedings to overturn the election result in Bradford West, after he lost by more than 11,000 votes to the Labour candidate, Naz Shah.(http://bit.ly/1zR4Kgk)

The Telegraph

DAVID CAMERON: I'VE ALREADY STARTED EU NEGOTIATIONS

David Cameron has already begun negotiations with his European counterparts over Britain's membership of the EU, it emerged last night as sources indicated that an in-out referendum could take place as early as next year.(http://bit.ly/1zR4RZe)

HSBC TO LEND 8 BLN POUNDS TO UK'S SMALL BUSINESSES

HSBC, the UK's largest bank, is setting aside 8 billion pounds to increase its loan offerings to small and medium-sized businesses across the UK.(http://bit.ly/1zR53Ic)

Sky News

MICHAEL GOVE TO BECOME NEW JUSTICE SECRETARY

Michael Gove has been brought back to a frontline Cabinet role to oversee Conservative plans to scrap the Human Rights Act.(http://bit.ly/1zR5tOI)

MANDELSON LASHES OUT AT MILIBAND 'EXPERIMENT'

New Labour architect Lord Mandelson has said Ed Miliband's selection as Labour leader was the result of "trade union abuse" and his election campaign had badly damaged the party.(http://bit.ly/1zR5L8c)

The Independent

TESCO AXES PWC AS AUDITOR AFTER ACCOUNTING SCANDAL

Tesco has dumped its auditors of 32 years, PwC, in the wake of the 263 million pounds accounting scandal that hit the supermarket last year.(http://ind.pn/1cniEvO)

MPS SET TO FIGHT THREAT TO AXE BIS DEPARTMENT

A powerful committee of MPs is set to grill ministers over whether the new government is developing plans to abolish the Business, Innovation and Skills (BIS) department.(http://ind.pn/1cnj6KG)