Frontrunning: November 8

  • At last, America decides (Reuters)
  • America’s Voters Finally Get Their Day (BBG)
  • This Election Has One Sure Thing: A More Dysfunctional Congress (BBG)
  • Control of the Senate Goes Down to the Wire (WSJ)
  • 2016 Election Day: Live Results and Analysis (WSJ)
  • Dollar Volatility Drops as Clinton Leads in Final Election Poll (BBG)
  • Gun control measures expected to win in four states (Reuters)
  • Voters could legalize marijuana for quarter of all Americans (Reuters)
  • Trump’s Big-Money Cavalry Never Rode to His Rescue (BBG)
  • Trump tears up political rule book with media ad strategy (FT)
  • Iran to Sign $6 Billion Gas-Field Deal With Total, CNPC (WSJ)
  • Valeant Cuts 2016 Forecast to Below Estimates After Big Losses (BBG)
  • Samsung Drawn Into Korean Political Crisis After Offices Raided (BBG)
  • Boeing’s Retiring Boomers Underscore U.S. Manufacturing Plight (BBG)
  • Anxiety in Manila as Duterte Blasts U.S., Embraces China (BBG)
  • No revenge in Brexit but market access needs migration: Juncker (Reuters)
  • Blackstone Ends Southeast Asia Venture as Oil Deals Dry Up (WSJ)
  • Hong Kong Banker Rurik Jutting Guilty of Murdering Two Women (BBG)
  • Smith & Wesson Wants to Change Its Name (BBG)
  • Blast rocks pipeline feeding Forcados terminal in Nigeria's Delta (Reuters)


Overnight Media Digest


- Democrat Hillary Clinton and Republican Donald Trump crisscrossed the presidential battlefield on Monday in a final effort to maximize turnout from their supporters on Election Day, providing a frantic close to an already volatile race.

- China removed its high-profile, reformist finance minister from the post in a shuffle that comes as President Xi Jinping positions trusted allies in key roles and Beijing prioritizes short-term growth over major overhauls.

- Tesla Motors Inc next year will stop providing unlimited free access to its fast-charging stations for new buyers of its electric vehicles, a move intended to help pay for the charging network and the launch of a cheaper and higher-volume electric sedan.

- Iran plans to sign a preliminary $6 billion deal with France's Total SA on Tuesday to help develop an offshore gas field, an agreement that would mark the first Western energy investment there since international sanctions were lifted this year.

- The Commerce Department on Monday launched two new investigations into whether Chinese steelmakers are shipping metal to the U.S. via Vietnam to evade U.S. import tariffs.

- CBS Corp has retained banks Moelis & Co and Goldman Sachs to advise the company on a possible merger with Viacom Inc.

- The Federal Maritime Commission, the U.S. maritime watchdog, has seen no evidence of price-fixing by the recently formed ocean-shipping alliances and expects more industry consolidation.

- The U.S. Securities and Exchange Commission is looking into whether big banks have been mishandling securities in the arcane but sizable market for American depositary receipts.



France's Total SA and China National Petroleum Corp are set to sign a major agreement with Iran for the development of its gasfields as a result of loosening of international sanctions.

Tesco Bank, owned by retailer Tesco Plc saw one of the biggest cyber bank robberies in British history, after 20,000 customer accounts lost money.

The offices of Samsung Electronics Co Ltd were raided amid the widening scandal surrounding Choi Soon-sil, a confidante to South Korea's president.

Royal Bank of Scotland Group Plc will announce on Tuesday that it is putting aside almost 400 million euros to admit some wrongdoing by its restructuring unit in the aftermath of the financial crisis.



- Banks like Citigroup and Wells Fargo of the United States, TD Bank of Canada and Mizuho of Japan have come under fire for their role in bankrolling the North Dakota oil pipeline.

- A federal jury on Monday ordered Rolling Stone and one of its writers to pay $3 million in damages to a University of Virginia administrator over a discredited article two years ago about a supposed gang rape at the university.

-In one of President Obama's last major healthcare initiatives, the administration is stepping up enforcement of laws that require equal insurance coverage for mental and physical illnesses.

-On Monday, China passed a law to help cyberattacks and help prevent acts of terrorism, after business groups around the world petitioned for the Chinese government to rethink the proposed law which would hurt foreign companies.




** No matter who prevails in Tuesday's presidential election, the U.S. ambassador to Canada says President Barack Obama is determined to win an uphill fight to get congressional approval of the controversial Trans-Pacific Partnership deal during the lame-duck session.

** Air Canada is assessing whether to expand its Rouge discount airline within Canada as a way to compete with new low-cost carriers that are preparing to enter the market, chief executive officer Calin Rovinescu says.

** The federal government has revised how it assesses applications for permanent residence from former international students and expects to release the changes later this month, bolstered by recommendations from its panel on economic growth that argued this group is key to Canada's immigration strategy.


** With his announcement on Monday of a C$1.5 billion ($1.12 billion) marine protection plan, Prime Minister Justin Trudeau created the conditions to approve Kinder Morgan's Trans Mountain pipeline expansion.

** National Bank of Canada has made a deal to deploy up to C$1.3 billion through the loan platform of San Francisco-based fintech firm LendingClub Corp over the next year.

** New federal regulations designed to ensure that pipelines have "readily accessible" funds on hand to deal with the consequences of oil or gas spills will have little impact on major pipeline projects, but could spell trouble for smaller companies.

** In an attempt to reduce the number of unsolicited calls Canadians receive, the Canadian Radio-television and Telecommunications Commission issued a decision Monday that gives telecoms 90 days to develop technical solutions to block illegitimate nuisance calls within their networks.



The Times

Santander has launched another bid to buy branches owned by Royal Bank of Scotland Group Plc, bringing hope that the state-controlled bank will finally be able to divest the business.

European competition watchdogs have asked the government to spell out what promises it made to Nissan motor Co Ltd to persuade the Japanese carmaker to continue with investment in Britain.

The Guardian

Sports Direct's efforts to rehabilitate its reputation after a year-long scandal over working practices took a farcical turn on Monday when the retailer was accused of secretly recording a group of MPs visiting its controversial warehouse.

Tesco Bank was scrambling to restore services for customers on Monday after it admitted 40,000 customers had been affected by an online heist over the weekend when money was stolen from half the number of accounts targeted.

The Telegraph

Fever-Tree, the upmarket tonic water maker, has warned that it could pull manufacturing out of Britain if European tariffs become too "punitive".

Sainsbury's has poached Poundland's boss, Kevin O'Byrne, to be its new chief financial officer, despite the discount retailer chain's new South African owners offering him £2.7 million to stay on.

Sky News

Royal Bank of Scotland (RBS) is setting aside hundreds of millions of pounds to repay fees to business customers amid allegations of mistreatment by the state-backed lender.

Taxi booking app Karhoo, which claims to have raised hundreds of millions of dollars and boasted just two months ago that it was bigger than Uber in the UK, is on the brink of crashing into administration amid a frantic search for new investment.

The Independent

The UK Government has cast yet more uncertainty over whether workers will lose key employment rights after Brexit - including rules that protect employees during the takeover of British firms by foreign companies.