Frontrunning: August 23

  • Dollar Drops on Rate Outlook as European Stocks Rise, Oil Falls (BBG)
  • Bank of Japan's rush into stocks raises fears of market distortions (Reuters)
  • With Moderate Drinking Under Fire, Alcohol Companies Go on Offensive (WSJ)
  • Merkel Says Brexit Is U.K.’s Loss While Pledging EU Results (BBG)
  • Turkey cuts rates for sixth straight month amid ratings worries (Reuters)
  • Euro-Area Economy Shrugs Off Brexit as Key Index Edges Up (BBG)
  • Donald Trump Courts Black Vote While Avoiding African-American Communities (WSJ)
  • Everyone Wants Emerging-Market Bonds, But There Aren’t Enough to Go Around (WSJ)
  • Appeals arguments begin on Kansas law requiring voters to prove citizenship (Reuters)
  • Delphi, Mobileye Join Forces to Develop Self-Drive System (WSJ)
  • What Detroit Needs Now: More Squatters (Bloomberg)
  • Anbang Group plans Hong Kong IPO of life insurance unit (Reuters)
  • Devolved government sees 2 billion to 11 billion stg Brexit hit to Scottish economy (Reuters)
  • VW, suppliers settle dispute after marathon talks (Reuters)
  • The Pentagon Takes Aim at Bomb-Carrying Consumer Drones (BBG)

 

Overnight Media Digest

WSJ

- A federal judge prodded the U.S. State Department to quickly review a batch of 14,900 recently discovered emails as the controversy over Democratic presidential candidate Hillary Clinton's correspondence while she served as America's top diplomat continued to simmer. http://on.wsj.com/2bPHYig

- Despite signs that Donald Trump may be softening his rhetoric on the issue that catapulted him to political prominence, cracking down on illegal immigrants, the Republican presidential nominee said Monday that he wasn't waffling and reiterated his commitment to strict anti-immigration measures. http://on.wsj.com/2bQBNdI

- A U.S. national security panel cleared China National Chemical Corp's $43 billion planned takeover of seed giant Syngenta AG, months after shooting down much smaller Chinese deals for electronics and lightbulb manufacturers. http://on.wsj.com/2bcD90W

- Ryan Lochte has lost all of his major endorsement deals as swimwear company Speedo USA, clothing line Ralph Lauren Corp , a mattress maker and a hair-removal brand have dropped their sponsorship of the Olympic swimmer in the wake of the Rio de Janeiro scandal. http://on.wsj.com/2bHf00G

- Pfizer Inc said that it had agreed to buy biotech Medivation Inc for about $14 billion, in a move that adds one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer's portfolio. http://on.wsj.com/2bwpaW4

- New York's environmental regulator has notified federal officials that General Electric Co's seven-year, $1.6 billion dredging campaign to remove industrial pollutants from the Hudson River has been inadequate. http://on.wsj.com/2bBQ25H

- Sharp Corp will implement a large-scale corporate restructuring to achieve profitability, with the hope of restoring the brand's image as a global provider of innovative consumer electronics, the company's new chief executive said Monday. http://on.wsj.com/2b8KP7w

 

FT

Crucial details were excluded from a French government report about how Renault SA's diesel cars were able to emit fewer deadly gases when subject to official emissions testing, members of the state inquiry told the Financial Times.

The London Metal Exchange (LME) said it has cut fees in half for open outcry trades during August as a goodwill gesture after it had to vacate its premises because of structural problems.

More than one million low-income households in Britain are left struggling with debt problems as a result of years of stagnant wage growth, according to a report from the Trades Union Congress.

The leaders of the euro zone's biggest economies declared they would not allow Britain's shock decision to leave the European Union to propel the bloc into reverse, as they discussed plans to deepen intelligence co-operation and bolster a pan-European investment plan.

 

NYT

- Pfizer Inc said it would buy U.S. cancer drug company Medivation Inc in a deal valued at about $14 billion. http://nyti.ms/2bK5xWO

- The fallout from Ryan Lochte's story about being robbed at gunpoint in Rio continued Monday when four companies said they would end business partnerships with Lochte, an American swimmer and 12-time Olympic medalist. http://nyti.ms/2bK5r1y

- A lawyer for Melania Trump said Monday that he had informed several news organizations, including The Daily Mail, that they could face legal action for publishing articles that she contended were defamatory. http://nyti.ms/2bK5nPe

- Andrea Tantaros, a former Fox News host, charged in a lawsuit filed Monday that top executives at the network, including the man who replaced Roger Ailes, punished her for complaining about sexual harassment by Ailes. http://nyti.ms/2bK5LgG

 

Canada

THE GLOBE AND MAIL

** Ontario's Liberal government has bowed to public and opposition pressure in order to tighten caps further on political donations, but is still allowing cash-for-access fundraising. (http://bit.ly/2bdOmLS)

** Climate change is the "greatest global health threat of the 21st century," so it is incumbent that physicians take a stand to protect their patients, one of the world's leading human-rights advocates, James Orbinski, told the Canadian Medical Association. (http://bit.ly/2bbv1Rr)

** New data shows that about one-third of Toronto's public schools require critical repairs as Canada's largest school board, Toronto District School Board, faces a $3.4-billion maintenance backlog. (http://bit.ly/2bbvQth)

NATIONAL POST

** Twitter Canada has a head of News and Government again, an important position to the company as it tries to get more media and political influencers to incorporate its products into their daily workflow. The position was previously held by Steve Ladurantaye. (http://bit.ly/2bbsSoI)

** Mogo Financial Technology Inc unveiled a mobile application on Monday, hoping to attract clients with an app that gives them access to a suite of credit and loan products and services in under three minutes. (http://bit.ly/2bbsQx0)

 

Britain

The Times

** Senior Conservatives reacted with anger last night after a European leader warned Theresa May that handing a tax cut to businesses would make Brexit negotiations "more difficult". (http://bit.ly/2bvzFoc)

** The chairman of the parliamentary committee investigating Philip Green's handling of the BHS pension deficit is seeking talks with an American investor who owns a minority stake in the entrepreneur's Topshop chain. (http://bit.ly/2bxK2MA)

The Guardian

** Sports Direct has been heavily criticised by its own shareholders and corporate governance experts after it emerged that the sportswear retailer pays an obscure company owned by Mike Ashley's brother to deliver online orders outside the UK. (http://bit.ly/2bxKmeq)

** Volkswagen has been thrown into another crisis after a dispute with a supplier forced it to halt production at six plants and cut the hours of nearly 28,000 workers. (http://bit.ly/2bvu3dv)

The Telegraph

** Theresa May and Chancellor Philip Hammond have both scrapped George Osborne's plan to abolish the budget deficit by 2020, giving them room to hike borrowing - potentially by as much as 50 billion pounds in the next financial year. (http://bit.ly/2bvuyEB)

** Dubai-based property developer Damac has signed a 200 million pounds deal with Lendlease to build its new tower in London, signalling a vote of confidence in the post-Brexit newbuild market. (http://bit.ly/2bvvJUd)

Sky News

** The overhaul of senior management at Britain's most prominent payday lender, Wonga, will continue this week when a former Travelex executive is appointed to run its British operations. (http://bit.ly/2bvv9pH)

** The former Argos and Homebase boss Terry Duddy has been approached about taking over the chairmanship of Findel Plc , the mail order retailer, as it seeks to resolve a row over the influence of Mike Ashley, the tycoon whose sports goods chain is its biggest shareholder. (http://bit.ly/2bvAops)

The Independent

** A "collapse" in the value of pay, alongside soaring unsecured debt means 1.6 million families are now living in extreme debt in the UK, according to a new report. (http://ind.pn/2bvzWHs)