Frontrunning: October 20

  • Trump’s Tax Plan Takes a Big Step Forward, But What Comes Next Won’t Be Easy (BBG)
  • Low pay, no bonus: U.S. retailers struggle with hiring (Reuters)
  • Donald Trump Jr. Becomes a Rainmaker on the Republican Speaking Circuit (BBG)
  • In Kuroda's face - researchers find ways to predict central bank changes (Reuters)
  • One Month After Maria, a Crisis Still Rages in Rural Puerto Rico (BBG)
  • GOP Gears Up for Tax-Overhaul Push (WSJ)
  • A Fed for a Growth Economy (WSJ)
  • Three Wise Men: Xi Seeks to Join Mao and Deng in China’s ‘Holy Scripture’ (WSJ)
  • EU leaders demand UK raises Brexit divorce payment  (FT)
  • No trade talks but May wins gesture, warm words at EU summit (Reuters)
  • La Croix CEO Bubbles Over in Anger About Short-Sellers (BBG)
  • Nursing shortage strains U.S. hospitals (Reuters)
  • New GE Chief Slashes Forecasts, Plans to Exit $20 Billion in Businesses (WSJ)
  • Uruguay’s President, Who Won a Fight With Big Tobacco, Is Now Targeting Alcohol (BBG)
  • Austrian coalition talks set to begin, far right likely partner (Reuters)
  • Wall Street’s Robots Still Have a Lot to Learn About Being a Human Trader (Bloomberg)
  • Tillerson Balances Trump’s Objectives With His Own (WSJ)
  • Lawyers Begin Sketching Strategy to Challenge Possible Nafta Withdrawal (WSJ)
  • Celgene abandons Crohn's drug trials, shares drop (Reuters)

Overnight Media Digest

WSJ

- U.S. Senate Republicans adopted a budget for the next fiscal year, clearing a critical hurdle in the GOP push to overhaul the tax code. on.wsj.com/2gpoOQM

- U.S. Secretary of State Rex Tillerson described how he seeks to manage an often-fraught relationship with President Donald Trump, saying he tries to deliver short-term victories to an impatient commander-in-chief while focusing on a longer horizon himself. on.wsj.com/2gn2XcB

- The Federal Bureau of Investigation has joined the investigation into how a group of militants thought to be Islamists killed four American soldiers in Niger two weeks ago, a move that comes as U.S. officials face criticism over their struggle to answer questions about the incident. on.wsj.com/2goQ3uI

- Wal-Mart Stores Inc. is near a deal to add Lord & Taylor to its website, part of a broader effort by the retail giant to build an online shopping destination that can compete with Amazon.com Inc. on.wsj.com/2gpp6ak

- A federal judge sentenced Thomas C. Davis, the former chairman of Dean Foods Co, to two years in prison for engaging in a long-running insider trading scheme with legendary Las Vegas gambler William "Billy" Walters. on.wsj.com/2gp0Chv

- Personal-shopping service Stitch Fix has filed for an initial public offering, revealing that the six-year-old startup's annual sales have zoomed to nearly $1 billion at a time when traditional clothing retailers are struggling. on.wsj.com/2gnXlie

 

FT

Goldman Sachs Chief Executive Lloyd Blankfein is planning to spend a lot more time in Frankfurt, he said on Thursday, as the Wall Street bank pushes ahead with plans to make the German city a major base after Britain leaves the European Union.

British lawmaker Nicky Morgan, chair of parliament’s Treasury Committee, voiced concern about a lack of gender and ethnic diversity at the top levels of the Bank of England, which currently has only two women serving across its three major policy committees.

Lyft Inc has raised $1 billion in fresh financing, the ride-services company said on Thursday, in a round led by one of Alphabet Inc’s investment funds, further complicating the convoluted world of ride-hailing alliances and dealing a blow to rival Uber Technologies Inc.

 

NYT

- Lyft has begun to explore going public in 2018 and is trying to strengthen its position by raising more capital, including $1 billion in new financing led by CapitalG, an investment arm of Google's parent company Alphabet Inc . nyti.ms/2gpvI8E

- Sean Penn and Netflix Inc are fighting over a documentary series "The Day I Met El Chapo: The Kate del Castillo Story" that will become available early Friday, with a lawyer for Penn saying in a letter to the streaming service that it is "hereby on notice that blood will be on their hands if this film causes bodily harm." nyti.ms/2gn0ChC

- U.S. President Trump has picked Joseph Simons to lead the Federal Trade Commission, the White House said Thursday. nyti.ms/2gp954d

- Senator John McCain and two Democratic senators moved on Thursday to force Facebook Inc, Google and other internet companies to disclose who is purchasing online political advertising, after revelations that Russian-linked operatives bought deceptive ads in the run-up to the 2016 election with no disclosure required. nyti.ms/2gnaZlE

 

Canada

THE GLOBE AND MAIL

Two of the biggest stars of the Canadian entertainment industry Gilbert Rozon and Eric Salvail have resigned from running their empires amid accusations they sexually harassed or assaulted people under their professional sway. tgam.ca/2goS8GR

Former Ontario premier Dalton McGuinty's chief of staff got instructions on how to double delete e-mails in the summer of 2012, a period when the government was under mounting pressure to release documents related to the controversial cancellation of two gas-fired power plants, court documents show. bit.ly/2gnW22E

NATIONAL POST

A number of buyers have emerged to snap up assets from Cenovus Energy Inc as it divested oil and gas properties to pay down debt after announcing a C$1.3 billion ($1.04 billion) deal to sell its Palliser oil and gas properties. bit.ly/2gozW03

Ontario man William Whyte, owner and CEO of an armoured vehicle company Armet Armored Vehicles in Virginia, has been convicted for his role in a scheme to provide the U.S. with shoddy equipment for use in Iraq. bit.ly/2goaYxX