Frontrunning: June 23

  • ‘Brexit’ Vote: U.K. Heads to the Polls in Historic Referendum on EU Membership (WSJ)
  • The Brits Have No Good Options on Europe Vote (BBG)
  • Stocks Rise With U.S. Futures as Pound Gains While U.K. Votes (BBG)
  • Trump and Clinton Place Bets to Woo Undecided Voters (BBG)
  • China brushes off doubts over support on South China Sea, says it is growing (Reuters)
  • After setbacks, N.Y. prosecutors resume insider trading crackdown (Reuters)
  • Twilio Raises More Than Expected in IPO (WSJ)
  • The Chinese Connection Fueling America’s Fentanyl Crisis (WSJ)
  • Platinum Partners Said to Be Raided by FBI Amid Bribes Probe (BBG)
  • McDonald's gets bids for China, HK stores sale in up to $3 billion deal (Reuters)
  • Rebel ‘Romance’ Means Gold and Cocaine to Flow After Peace Deal (BBG)
  • Mateen altered looks, researched anti-psychotic drugs before attack (Reuters)
  • Democrats Occupy House Floor to Compel Votes on Gun Bills (WSJ)
  • Japan probes suspected North Korean rocket nose cone amid growing missile concerns (Reuters)
  • BlackBerry reports first-quarter slump in revenue, net loss (Reuters)
  • Heroin use at 20-year high in U.S. drug 'epidemic', U.N. says (Reuters)

 

Overnight Media Digest

WSJ

- Twilio Inc raised more than it expected in its initial public offering, an optimistic sign for the dozens of other technology companies that have been valued at more than $1 billion in private fundraising. (http://on.wsj.com/28NXqGT)

- House Democrats wrested control of the chamber Wednesday to demand votes on new curbs on gun ownership in a protest inspired by civil-rights demonstrations that led to a loud confrontation with Republicans on the chamber's floor. (http://on.wsj.com/28NzpAJ)

- The ramifications of the U.K.'s referendum Thursday on European Union membership will spill through Britain's politics, Europe's brittle economy and the world's restive financial markets. (http://on.wsj.com/28QH3xT)

- Tesla Motors Inc's plan to acquire SolarCity Corp got a cold reception from investors and analysts, who raised concerns the takeover could prove a diversion for the electric-car maker and worsen both companies' strained finances. (http://on.wsj.com/28NXu9F)

 

FT

- Communications technology company Twilio priced 10 million shares at $15 each, beating the $11.31 price it sold shares in its last private funding round.

- London Mayor Sadiq Khan has blocked a housing development because it was on "Green Belt" land and said he intended to use his planning powers "to much greater effect" than his predecessors.

- The EDF's workers' committee has turned to the French courts to attempt delaying Britain's Hinkley Point nuclear power plant, an 18-billion-pound project.

- The United States will impose duties of more than 500 percent on imports of certain steel products from China after a ruling that the influx of Chinese steel has hurt the U.S. industry.

 

NYT

- The death on Sunday of the actor Anton Yelchin, crushed when his Jeep Grand Cherokee rolled backward down his driveway, has prompted Fiat Chrysler to accelerate its plans to modify gearshifts in 1.1 million vehicles linked to hundreds of rollaway accidents and dozens of injuries. (http://nyti.ms/28OLje9)

- Blame for the tainted water in Flint, Michigan, has engulfed federal regulators, the governor, state employees and city officials. On Wednesday, Bill Schuette, the attorney general, announced a lawsuit against two companies that he said imperiled public health in Flint and contributed to the city's lead-poisoned drinking water. (http://nyti.ms/28OFobt)

- Corinthian Colleges, once one of the nation's largest for-profit education companies, engaged in apparently unlawful practices by paying its recruiters based on how many sales leads they converted into actual students, according to documents unsealed late last week. (http://nyti.ms/28QWu84)

- If Britain wakes up on Friday morning to the news that it has voted itself out of the European Union, about the only thing that everyone is sure to agree on is that the nation will face a protracted political and legal mess. (http://nyti.ms/28LQUQk)

 

Canada

THE GLOBE AND MAIL

** The Quebec government has signed a definitive agreement with Bombardier Inc for the previously announced investment of $1 billion in the company's C Series new-jet program. (http://bit.ly/28S3liO)

** Ronald Weinberg, the co-founder of children's animation house Cinar Corp, has been sentenced to eight years and 11 months in prison for what the judge said was "a leading role" in the massive fraud that resulted in the collapse of the celebrated company and the destruction of the retirement savings of thousands of investors. (http://bit.ly/28S3aEd)

NATIONAL POST

** Air Canada is threatening to walk away from its plan to buy up to 75 CSeries jets from Bombardier Inc unless the federal government gives it more flexibility over where it does its maintenance work. (http://bit.ly/28NSGCa)

** BlackBerry Ltd isn't ditching handsets just yet, with its top objective for 2017 to return its struggling device business to profitability, CEO John Chen told shareholders Wednesday. (http://bit.ly/28NSBhA)

** A Toronto-based mining company Primero Mining Corp locked in a dispute with Mexico's tax authorities is hoping the Liberal government will raise its case when Mexican President Enrique Pena Nieto visits Canada next week. (http://bit.ly/28NSJOa)

 

Britain

The Times

The total cost of a two-year competition investigation into the British energy market could exceed 80 million pounds ($118.40 million), according to industry officials. The Competition and Markets Authority is set to publish its final 500-page report on Friday, bringing a formal end to a detailed study of the energy market that began in June 2014. (http://bit.ly/28YELtL)

City banks including UBS Group AG, HSBC Holdings Plc, Morgan Stanley and Bank of America Merrill Lynch have written to clients telling them to prepare for disruption tomorrow once the EU referendum result is declared. The Bank of England is on high alert to intervene if markets freeze. (http://bit.ly/28YEMxX)

The Guardian

Toymaker Hornby Plc has warned its future is in doubt unless shareholders back an 8 million pounds emergency fundraising plan. (http://bit.ly/28PYzmd)

Bunnings will arrive in UK in October when the Australian DIY chain will convert the first of the Homebase stores it bought for 340 million pounds this year. The company has hired British retail veteran Archie Norman and fellow former Kingfisher executive Matt Tyson to sit on an advisory board for the venture. (http://bit.ly/28PYC1t)

The Telegraph

Finance industry lobby group TheCityUK has itemised a list of "demands" for politicians if Britain votes to leave the European Union in Thursday's referendum, according to confidential documents seen by the Daily Telegraph. (http://bit.ly/28OkFC9)

Heathrow's new runway plans are a "rip off", according to airline boss Willie Walsh, and billions could be saved by extending an existing runway instead. (http://bit.ly/28PZ2Fe)

Sky News

Banks and money transfer services are warning that a surge in market volatility surrounding Thursday's EU referendum may impact electronic trading platforms. (http://bit.ly/28PZ8g7)

One of BHS's biggest creditors is demanding the appointment of a second administrator to the stricken retailer amid concerns about the complex web of ties connecting the company's former owners. (http://bit.ly/28PZcfQ)

The Independent

Britons have been rushing to get foreign currency ahead of the EU referendum, according to the Post Office. Sales of currency at the Post Office have surged 74 percent since the weekend, compared to the same period last year. (http://ind.pn/28PZhjs)