Frontrunning: August 18

  • World stocks rise, dollar weakens on divided Fed  (Reuters)
  • U.S. Held Cash Until Iran Freed Prisoners (WSJ)
  • Brazil police pull U.S. swimmers from flight amid robbery probe (Reuters)
  • Rio’s Latest Headache: Loads of Empty Seats (WSJ)
  • Clinton Foundation hired cyber firm after suspected hacking (Reuters)
  • How Lending Club’s Biggest Fanboy Uncovered Shady Loans (BBG)
  • Spain PM seeks small party support to try to snap deadlock (AP)
  • Lawsuit Alleges Banks Manipulated Australian Rate  (WSJ)
  • Brexit Means Little to British Consumers When the Sun Is Shining (BBG)
  • Welcome to the ‘Meat Casino’! The Cattle Futures Market Descends Into Chaos (WSJ)
  • Cathay Says Premium Travel Slumping, Prompting Discounts (BBG)
  • Turkey 'to seize assets of 187 Gulen-linked businessmen (AFP)
  • How Bernie Sanders Avoided Disclosing His Personal Finances (NBC)
  • Samsung Climbs to Record, Defying Sluggish Smartphone Market (BBG)
  • Merkel says refugees didn't bring Islamist terrorism to Germany (Reuters)
  • Germany Sees Tailor-Made Brexit Deal as U.K. Tests Patience (BBG)
  • Serbia intercepts over 3,000 illegal migrants in a month (Reuters)

 

Overnight Media Digest

WSJ

- An Iranian cargo plane left Geneva with $400 million in cash after a flight with Americans aboard took off from Tehran in January. http://on.wsj.com/2byZtS3

- Some Republicans welcomed Donald Trump's overhaul of his campaign staff, while others worried that Trump couldn't recover lost ground by choosing a provocative media entrepreneur who has never run a campaign to lead his team. http://on.wsj.com/2bBNJ3a

- The Consumer Financial Protection Bureau sent undercover investigators to BancorpSouth Inc as part of an investigation into alleged mortgage discrimination, the latest example of the agency testing boundaries with its enforcement tactics. http://on.wsj.com/2b2Nn0U

- Federal Reserve officials, playing a waiting game on the economy, sought to keep their options open at a July policy meeting as they tried to reconcile differences over whether it was time to raise short-term interest rates again. http://on.wsj.com/2b1Byew

 

FT

- Cisco will cut 7 percent of its global workforce or up to 5,500 jobs as it restructures in what it called a "challenging macro environment".

- City of London Police said they detained a female employee of Sage Group at the airport on suspicion of conspiracy to defraud. The woman may have been detained in relation to the data breach that hit Sage Group.

- Cobham has appointed a new CEO after reporting losses two weeks ago in the first half of the year. David Lockwood, who is currently chief executive of Laird, will replace Bob Murphy before the end of the year.

- The number of people in Britain claiming jobless benefits fell in July and the unemployment rate also held steady at an 11-year low of 4.9 percent in a sign of the labour market's resilience.

 

NYT

- Hillary Clinton leaned into her plans to raise taxes on the wealthiest Americans on Wednesday, denouncing Donald Trump's tax proposals as a boondoggle for billionaires. http://nyti.ms/2bkdfpX

- Pinterest has started selling video advertising. Video ads from brands like Kate Spade and bareMinerals will start appearing in the virtual scrapbook-like Pinterest feed on Wednesday and into the coming weeks. http://nyti.ms/2bkdsZX

- Facing high-profile withdrawals from online insurance exchanges and surging premiums, the Obama administration is preparing a major push to enroll new participants into public marketplaces under the Affordable Care Act. http://nyti.ms/2bkdRMg

 

Canada

THE GLOBE AND MAIL

** Ontario said it would start licensing home inspectors in the province as part of legislation that could be passed as early as this fall. The province plans to introduce laws that would establish minimum standards for home inspections. (http://bit.ly/2bpA1Qg)

** The federal government expressed its willingness to settle lawsuits over the mass adoption of indigenous children into non-indigenous families, even as its lawyers file disclosures related to an Ontario class-action lawsuit scheduled to be heard in court next week. (http://bit.ly/2bpBia6)

** Canadian auto startup EVEN Electric is launching an innovative web-based sales platform and showroom that will move transactions online and away from the traditional car lot. (http://bit.ly/2bpBQfZ)

NATIONAL POST

** A fraud investigation in the UK and a Senate impasse in the U.S. have virtually eliminated export financing for two of Bombardier Inc's biggest competitors, Boeing Co and Airbus Group SE, giving the Canadian company a leg up as it vies to win new orders for its CSeries commercial jet. (http://bit.ly/2bpzga1)

** Meridian, Ontario's largest credit union, will be able to tap a much broader pool of deposits to fund its business, if it is successful in a bid for a national banking license. But analysts say the firm will need to gain sufficient scale and efficiency to take on the country's biggest banks. (http://bit.ly/2bpyM3y)

** Victims of the hepatitis C tainted blood scandal of the 1990s will receive compensation from a surplus of more than C$200 million ($156.09 million), after an Ontario court rejected Canada's efforts to claw it back. (http://bit.ly/2bpA7r1)

 

Britain

The Times

Norges Bank Investment Management, the world's largest sovereign wealth fund, has cut the valuation of its UK property portfolio, which includes Regent Street in London, by 5 percent after the Brexit vote. http://bit.ly/2boygmo

Economic and consumer uncertainty surrounding the vote to leave the European Union will take away any growth in UK car sales this year, one of Britain's leading motor retailer Lookers group has admitted. http://bit.ly/2boyGta

The Guardian

Government proposals to impose heavy fines on banks, accountants and lawyers who market tax avoidance schemes will fail without more resources for HM Revenue & Customs to pursue offenders, campaigners have said. http://bit.ly/2bozhuH

More than a million workers from eastern Europe are working in Britain following a rise in the number of foreign nationals entering the labour market before the Brexit vote. The total number of EU workers employed in the UK increased by almost 90,000 in the three months to the end of June, pushing the overall employment rate to another record high in statistics, which were published on Wednesday. http://bit.ly/2boz5LX

The Telegraph

The City of London police arrested a Sage Group employee at Heathrow airport on Wednesday on suspicion of conspiracy to defraud, just two days after the FTSE 100 company revealed a data breach. http://bit.ly/2boC0EA

The London Stock Exchange Group Plc's merger with its German counterpart is now in the hands of the world's regulators after Deutsche Boerse AG's shareholders belatedly gave their blessing to the pairing. http://bit.ly/2boDiPY

Sky News

Uber Technologies Inc has launched legal action against Transport for London over new rules for private hire companies which are designed to improve passenger safety. http://bit.ly/2boCri3

The Independent

Certain London airport bureaux de change are now returning less than 1 euro ($1.13) for each pound offered, underlining how the slide in the value of the sterling since the 23 June Brexit referendum vote is already hitting holidaymakers in the pocket. http://ind.pn/2boCr1J