Frontrunning: March 6

  • Geopolitics, Deutsche Bank drag global stocks lower (Reuters)
  • Deutsche Bank Turnaround Plan Gets Mixed Reaction (BBG)
  • Conservative Groups Jeopardize GOP Plan to Repeal Health Law (WSJ)
  • Russian Hackers Seek Hush Money From Liberal U.S. Groups (BBG)
  • Automakers Near a Victory on Rollback of Fuel Standards (NYT)
  • Brought Down by Long Bust, Texas Oilmen Pray for Another Boom (WSJ)
  • General Motors Waves Goodbye to Europe (BBG)
  • PSA targets Opel turnaround as GM exits Europe (Reuters)
  • GM to Take $4 Billion Charge on Sale of European Unit to Peugeot (WSJ)
  • Standard Life to Buy Aberdeen in $4.7 Billion Stock Deal (BBG)
  • Bezos Expected to Unveil Further Plans for Private Space Exploration (WSJ)
  • Ahmadinejad Joins Twitter in Political Comeback Bid (BBG)
  • How a $26 Billion Hedge Fund Lures the Beautiful Minds (BBG)
  • Sarkozy camp asks France's Fillon to replace himself as candidate (Reuters)
  • Juppe says no to French presidential bid but slams candidate Fillon (Reuters)
  • TSA Warns Local Police About Its New Airport Pat-Downs (BBG)
  • ECB unlikely to boost bond lending to ease end-March squeeze (Reuters)
  • Charity Officials Increasing Get Million-Dollar Paydays (WSJ)
  • America’s Treasuries Revolution in Limbo With Mnuchin in Charge (BBG)
  • German minister warns UK over trade, predicts Frankfurt to gain (Reuters)
  • KKR Gets Record $13.9 Billion for North American Buyout Fund (BBG)
  • China has the right to 'step in' to Hong Kong election, top official says (Reuters)
  • Rich Asian Millennials Pool Family Fortunes to Build Venture Fund (BBG)
  • South Korea prosecutor paves way for charges against Park if impeachment upheld (Reuters)
  • Chinese Property Investors Could Exit U.S. as Asia Beckons (Bloomberg)
  • Orphan Endowments of Dead Schools Bedevil States Across America (BBG)
  • Greek PM glosses over delays and weak data, says economy is recovering (Reuters)
  • Verizon’s Unlimited Data Offer Puts Its Reputation for Reliability at Risk (BBG)
  • Alphabet lawsuit against Uber cements end of uneasy marriage (Reuters)
  • UK manufacturers enjoy post-Brexit surge in orders (Reuters)



Overnight Media Digest


- General Motors Co's sale of Adam Opel AG likely eliminates a source of low-cost funding for the Detroit auto giant's car-lending business, potentially pressuring profits in lending operations the company has been trying to rebuild since bankruptcy.

- The first case of highly pathogenic avian influenza to strike a commercial poultry flock in more than a year has been found on a Tennessee chicken farm affiliated with Tyson Foods Inc, government and company officials confirmed Sunday.

- A group of U.S. senators is examining Marathon Pharmaceuticals LLC's decision to charge $89,000 in the U.S. for an old steroidal drug that costs a fraction of that overseas, the latest sign of growing scrutiny of the company.

- The burgeoning space-transportation company owned by Inc chairman Jeff Bezos is expected to announce some customers and new initiatives this week, the latest step toward its long-term goal of building rockets powerful enough to penetrate deep into the solar system, according to industry officials.

- Malaysia Airlines, whose name became associated with two of aviation's worst disasters in recent history, is winning back passengers. Three years on, the airline is regaining its footing by aggressively courting business travelers and carrying out a restructuring that eliminated about 6,000 jobs and unprofitable long-haul routes.

- Charities, the tax-exempt organizations which include many hospitals and colleges as well as traditional charities such as the United Way, provided seven-figure compensation to roughly 2,700 employees in 2014, an analysis of newly available data shows.



- As soon as Tuesday, the Trump administration is expected to announce its agreement with the major auto companies that future mileage and emissions standards should be overhauled to reflect the growing consumer demand for larger, less fuel-efficient vehicles such as pickup trucks.

- Deutsche Bank said on Sunday that it planned to raise an additional $8.5 billion in capital, reorganize its retail business in Germany and combine its markets business with its corporate and investment bank in the latest reshaping under its chief executive, John Cryan.

- Matthew Axelrod, the former top deputy to the acting attorney general, Sally Q Yates, who was dismissed by President Trump in January after refusing to enforce his executive order barring travelers from seven predominantly Muslim countries, is joining a major global law firm, Linklaters.




** The governing Liberal Party in British Columbia is under investigation for its fundraising practices by Elections B.C. The independent body said its probe will look at tens of thousands of dollars in multiple donations, made by brokers such as Mark Jiles and Byng Giraud, who paid under their own names, with personal credit cards.

** U.S. President Donald Trump will not force TransCanada Corp to build the Keystone XL oil pipeline solely with American steel. Avoiding a "Buy American" provision championed by Trump removes a major impediment to proceeding with the $8 billion project that was rejected by the Obama administration amid opposition by environmentalists.


** An Iranian-Canadian accountant who was involved in the financial aspects of Iran's nuclear deal is believed to have been indicted in Iran on suspicion of espionage, six months after he was arrested. Abdolrasoul Dorri Esfahani was arrested in August but not immediately charged.



The Times

Germany's largest lender Deutsche Bank AG has announced plans to raise 8 billion euros ($8.48 billion) through a share sale and selling part of its asset management business.

Tim Steer, a former top City fund manager with a reputation for unearthing accounting problems at listed companies, has criticised the Financial Reporting Council for failing to intervene in the bookkeeping practices at Mitie Group Plc .

The Guardian

Hundreds of jobs could be cut if an 11 billion pounds ($13.52 billion) merger of two of Scotland's biggest companies – Standard Life Plc and Aberdeen Asset Management Plc – goes ahead.

The owner of John Lewis and Waitrose is poised to cut the annual bonus it pays staff to the lowest level since the 1950s due to the pressure on retailers. The John Lewis Partnership, which is owned by its staff, is expected to announce a bonus of between 6 and 7 percent of workers' annual salary.

The Telegraph

Philip Green's Arcadia Group is to double its top-up payments to its pension scheme, in another step in the billionaire businessman's bid to regain credibility.

ITV Plc has scored a court victory over services that retransmit its broadcasts without permission, setting the scene for a battle this summer with its biggest shareholder, Liberty Global Plc, the owner of Virgin Media.

Sky News

U.S.-based law firm Scott +Scott will announce on Monday that it is to pursue a claim in Europe against Deutsche Bank over its so-called 'last look' trades.

The Independent

The travel plans of tens of thousands of airline passengers at the start of the working week have been wrecked as industrial action intensifies across Europe with strikes by French air-traffic controllers, Air France KLM SA staff and British Airways cabin crew.