Frontrunning: August 31

  • Katrina Survivors Relive Nightmare (WSJ)
  • Harvey drenches Louisiana, sparks blast at Texas chemical plant (Reuters)
  • Immigration crackdown could slow rebuilding efforts (Reuters)
  • Kushners’ China Deal Flop Was Part of Much Bigger Hunt for Cash  (BBG)
  • U.S. bombers drill over Korean peninsula after latest North Korea launch (Reuters)
  • Britain, Japan discuss possible new U.N. resolution against North Korea (Reuters)
  • Trump’s Impatience Emerging as Biggest Threat to Nafta Deal (BBG)
  • NAFTA nations plan talks progress under barrage of Trump threats (Reuters)
  • Markets Are About to Find Out What China's Leadership Reshuffle Means  (BBG)
  • Southeast Asian Stocks Post Longest Winning Streak in Five Years (BBG)
  • Iraqi PM Abadi declares victory over Islamic State in Tal Afar (Reuters)
  • Harvey Ripples Through U.S., Global Energy Markets as Record Flooding Strains Trade (WSJ)
  • EU’s Top Negotiator Says Brexit Talks Have Not Made ‘Sufficient Progress’  (BBG)
  • GE's new CEO preparing job cuts in bid to reduce costs (Reuters)
  • Disney Considers 10% Cost Cuts in ABC TV Unit (BBG)
  • After Years of Struggle, Cadillac Finds Its Sweet Spot: China (WSJ)
  • Americans Now Buy More Compact SUVs Than Family Sedans (BBG)
  • Islamic State evacuation convoy will cross to Deir al-Zor: alliance commander (Reuters)
  • U.S. oil prices set for worst month in over a year as floods hit demand (Reuters)
  • Manafort’s Overseas Work Involved a Russian Oligarch (WSJ)
  • Rules Relax, Rates Rise and Some New Banks Start Up in the U.S.  (BBG)
  • Philippine lawmakers concerned about big jump in drug-war budget (Reuters)
  • Singapore Wins Qantas Stopovers After Airline Dumps Dubai (BBG)

 

Overnight Media Digest

WSJ

- The Food and Drug Administration approved a first-of-its kind cancer therapy aimed at bolstering a patient's own immune cells, while the drugmaker behind the treatment attempted to allay worry over the high cost of the procedure. on.wsj.com/2el0w9f

- Walt Disney Co is preparing significant budget cuts at its Disney/ABC Television Group that will include staff reductions and restructurings, people familiar with the matter said. on.wsj.com/2el00Iy

- Uber Technologies Inc's new chief executive, Dara Khosrowshahi, said he would start on Tuesday and aim for an initial public offering as soon as 2019, setting the stage for what would be one of the most highly anticipated market debuts in memory. on.wsj.com/2el0a2C

- Toyota Motor Corp said Wednesday it plans to dive deeper into the ride-hailing business by teaming up with Singapore-based startup Grab Inc. on.wsj.com/2el0gr0

- The Equal Employment Opportunity Commission said Wednesday that it has sued Estee Lauder Companies Inc accusing the beauty giant of violating federal law when it awarded male employees fewer weeks of parental leave than female workers receive. on.wsj.com/2el1oLf

- David Madden, who has been Twenty-First Century Fox Inc's president of entertainment for the past three years, is leaving. He will be succeeded by Michael Thorn, a senior development executive at Twentieth Century Fox Television, the sister production company that makes shows for Fox and other networks. on.wsj.com/2el1Hpi

 

FT

* British Prime Minister Theresa May said she wanted to continue as Britain’s leader beyond the next parliamentary election, not due until 2022, dismissing expectations she could stand down after Brexit as early as 2019.

* Uber Technologies Inc’s new Chief Executive Dara Khosrowshahi told employees on Wednesday the ride-services company would change its culture and may go public in 18 to 36 months.

* Britain’s Co-operative Group is in exclusive talks to buy Nisa, entering the fray days after larger rival Sainsbury’s suspended its own bid talks for the wholesale group.

 

NYT

- The Food and Drug Administration approved the first-ever treatment that genetically alters a patient's own cells to fight cancer, a milestone that is expected to transform treatment in the coming years. nyti.ms/2eGM0JP

- As a brutal storm continues to pound the Gulf Coast, tens of thousands of homeowners are turning to the government for help in repairing and rebuilding. Much of the aid they receive will require taking on debt; an unpleasant surprise to those who may lack the income to pay it back. nyti.ms/2wKhnxg

- David Tang, the founder of Shanghai Tang, a global chain of flashy emporiums of Chinese-inspired clothing, accessories and home furnishings, and a prominent writer and raconteur in Hong Kong and Britain, died on Tuesday in London. He was 63. nyti.ms/2wkcOsi

- Travis Kalanick, the former chief executive of Uber technologies Inc, won a preliminary victory on Wednesday in his nasty legal clash with the venture capital firm trying to oust him from the ride-hailing company's board when a judge ruled that the dispute should be moved to arbitration for now. nyti.ms/2eGQoIx

- David Madden, the outgoing entertainment president of Fox Broadcasting, will be replaced by Michael Thorn, a development executive at Twenty-First Century Fox Inc in-house TV studio, the network said. The move may have opened the door for AMC Entertainment Holdings Inc to claim a new programming chief of its own. nyti.ms/2xOhqor

 

Canada

THE GLOBE AND MAIL

Sears Canada Inc's executive chairman is scrambling to put together a last-minute takeover proposal for the company as a court-imposed deadline looms on Thursday for bids to buy the insolvent retailer. (tgam.ca/2vuF2So)

The Mexican government is warning it will walk away from the renegotiation of the North American free-trade agreement if U.S. President Donald Trump follows through on his threat to trigger a withdrawal from the pact as a way of pressuring Mexico and Canada into concessions. (tgam.ca/2vLSb4V)

Passengers who were trapped aboard two Air Transat jets on the Ottawa tarmac earlier this summer described hours on end of sweltering heat, a lack of water and the stench of vomit in the cabin as a federal agency began hearings Wednesday into their ordeal. (tgam.ca/2vM3RER)

NATIONAL POST

The National Energy Board is expected to announce the details of hearings to narrow down the route of the Trans Mountain pipeline expansion, even as construction is set to start in September in segments where regulatory requirements have been met. (bit.ly/2vMJ7gc)

The economic impact of Hurricane Harvey's destruction has been limited on Eastern Canada so far, but the fallout from the storm is expected to affect oil markets for months. (bit.ly/2vM0zl7)


Britain

The Times

* An energy price cap for two million of the most vulnerable households will be fast-tracked into place by January, under Ofgem plans to be unveiled within weeks. bit.ly/2vu418p

* The tax authorities are chasing large businesses for 24.8 billion pounds ($32.03 billion) of potential underpayments, 3 billion pounds more than last year, as they step up efforts to close loopholes and stamp out avoidance. Investigations by the large business directorate at HM Revenue & Customs (HRMC) have identified the sum as tax that might be recovered from previous years. bit.ly/2vtOW6U

The Guardian

- The alleged mastermind behind a series of cyber-attacks on Lloyds and Barclays banks that disrupted up to 20 million accounts has been extradited from Germany to face charges in the UK. The British man, Daniel Kaye, 29, is accused of attempting to blackmail the banks after using an infected network of computers known as the Mirai#14 botnet. bit.ly/2eGz7za

- Mike Ashley, the billionaire owner of Newcastle United, is moving from the pub to the golf course in his latest high court dispute with a former business partner . bit.ly/2eGwAFh

The Telegraph

- Britain's slowdown could have run its course as business lending is rising, mortgage lending growing at a steady pace and the boom in consumer credit, appears to be moderating, according to figures from Bank of England. bit.ly/2eGA9v2

- Dunelm delivered a shock to shareholders after abruptly parting ways with chief executive John Browett following what is understood to be a clash of leadership styles. bit.ly/2eGz7iK

Sky News

- Royal Mail is to be relegated from the FTSE 100 nearly four years after its controversial privatisation. Shares in the delivery business have fallen more than 15 percent so far this year as it faces a cocktail of headaches including declining letter volumes and rumblings of industrial action. bit.ly/2eGxt0G

- The Co-op Group has moved into pole position to swoop on Nisa Retail, trumping its rival J Sainsbury in an accelerating battle to consolidate Britain's convenience store market. The board of Nisa Retail has granted a period of exclusivity to the Co-op to negotiate a takeover of the member-owned business. bit.ly/2eGyB4n