Frontrunning: June 15

  • Osborne Warns of Brexit Tax Toll as ‘Leave’ Gains in Polls (BBG)
  • Clinton wins D.C. primary, has 'positive' meeting with Sanders (Reuters)
  • Federal grand jury could charge wife of Orlando shooter (Reuters)
  • Brexiteers swiftly closing in on Remain as poll reveals there’s just one point between the two sides (Sun)
  • Trump gains slightly on Clinton after Florida attack: Reuters/Ipsos poll (Reuters)
  • Hill Republicans despondent over Trump (Politico)
  • London traders brace for biggest night since 'Black Wednesday' (Reuters)
  • Venezuela in talks with China for grace period in oil-for-loans deal (Reuters)
  • Why Billions in Proven Shale Oil Reserves Suddenly Became Unproven (BBG)
  • Bank of America axe hovers over thousand of retail jobs (FT)
  • About 16 pct of Europe's top-rated corporate bonds yield below zero  (Reuters)
  • Andreessen Sees Big Exits for Tech Startups in Next Wave (BBG)
  • China spy ship 'shadowing' U.S., Japanese, Indian naval drill in Western Pacific (Reuters)
  • BOJ could be bracing for Brexit with delayed bond buying (Nikkei)
  • As gates open in Shanghai, Disney already adding to $5.5 billion park (Reuters)
  • China May new yuan loans rise to 985.5 bln yuan, beating forecasts (Reuters)

 

Overnight Media Digest

WSJ

- U.S. Republican House Speaker Paul Ryan joined Barack Obama and Hillary Clinton in rejecting Donald Trump's call for a ban on Muslim immigration in the wake of the Orlando shootings. (http://on.wsj.com/1S4NyWX)

- The U.S. Democratic presidential race officially came to an end with Hillary Clinton winning the District of Columbia's primary. (http://on.wsj.com/1S4OqLi)

- Uber Technologies is turning to the so-called leveraged-loan market for the first time to raise as much as $2 billion in a sign of the popular ride-sharing network's hunger for cash as it expands around the world. (http://on.wsj.com/1S4Pf6P)

- Media mogul Sumner Redstone, who has been out of the public eye for more than a year, paid a visit to Viacom Inc's Paramount Pictures movie studio in Hollywood, according to a letter made public from Viacom's lead independent director on Tuesday. (http://on.wsj.com/1S4OYRi)

 

FT

- London Business School raised 125 million pounds ($176.46 million) in a major fundraising round, closing its five-year fundraising schedule ahead of time.

- Twitter's venture capital arm has invested in online music platform SoundCloud. The investment is reportedly $70 million at a $700 million valuation.

- Volkswagen would seek to change its incentives in its components business so they can compete more with suppliers. It is likely to revamp its components business to shore-up profitability.

- Car-hailing company Uber seeks to raise $2 billion in leveraged loans and is being underwritten by Barclays and Morgan Stanley

 

NYT

- MSCI Inc, a widely-followed global index provider, said on Tuesday it wasn't adding China's local-currency shares to its benchmark emerging markets index, a fresh setback for China's efforts to join international markets. (http://on.wsj.com/1Ooj4Vn)

- Federal prosecutors claim that Andrew Caspersen ran a Ponzi-like scheme to defraud friends, family and a hedge fund foundation of nearly $40 million over an 18-month period. (http://nyti.ms/25WQC4J)

- High-speed internet service can be defined as a utility, a federal court has ruled in a sweeping decision clearing the way for more rigorous policing of broadband providers and greater protections for web users. (http://nyti.ms/1UstWls)

- Iran has reached an agreement with the Boeing Co for the acquisition of new passenger planes to help modernize its outdated fleet, state-run Iranian news media reported on Tuesday. (http://nyti.ms/21lcCQa)

 

Britain

The Times

A global flight to safety triggered by the prospect of Britain leaving the European Union and central banks' ability to stimulate economic growth pushed 10-year German government borrowing costs into negative territory for the first time in history. (http://bit.ly/1U7xnur)

British tenpin bowling operator Hollywood Bowl Group will unveil plans today for a stock market flotation valuing the company at about 280 million pounds ($395.11 million). (http://bit.ly/1U7x3eV)

The Guardian

Kingfisher, the owner of B&Q, will face further pressure over pay and conditions for staff at its annual shareholder meeting on Wednesday when campaigners will ask the retailer to reverse cuts made this year. (http://bit.ly/1U7vMEN)

The UK government now fully backs a legal ban on polluting plastic microbeads in cosmetics and toiletries, environment minister George Eustice said on Tuesday. (http://bit.ly/1U7wJNm)

The Telegraph

Betfred, the bookmaker led by billionaire chairman Fred Done, is to pay out more than 800,000 pounds ($1.13 million)after it was found that one of the company's VIP customers was betting online with stolen money. (http://bit.ly/1U7w0vM)

Equipment hire company Ashtead is to launch a 200 million-pound share buyback after a strong performance in the North American construction market helped push pre-tax profits up 24 percent to 616.7 million pounds. (http://bit.ly/1U7wqCc)

Sky News

A former finance executive, Barry Nightingale, at the airline Monarch will be installed on Wednesday in a top job at the troubled owner of Garfunkel's and Frankie & Benny's. (http://bit.ly/1U7vWfh)

Virgin Active, majority-owned by South African investment group Brait, is selling 35 UK gyms as it moves further to fund its expansion into luxury fitness clubs. (http://bit.ly/1U7wq5e)

The Independent

Evidence given by the former BHS owner Dominic Chappell at an enquiry into the collapse of the chain has been branded "not correct" by Goldman Sachs, days after a former financial adviser to the retailer slammed Chappell as a "Premier League liar". (http://ind.pn/1U7w7r4)

 

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