Frontrunning: February 2

  • January Jobs Report Expected to Show Pickup in Hiring (WSJ)
  • Global stocks set for biggest weekly loss since late 2016 as bond yields rise (Reuters)
  • Tech Giants Power to New Heights as Revenues Rise (WSJ)
  • Tech Bounce Fails to Hold as Jobs Angst Cools U.S. Stock Futures (BBG)
  • Bitcoin set for worst week since 2013 as crypto sell-off intensifies (Reuters)
  • Crypto Bros Are Actually a Brotherhood (BBG)
  • Wynn Calls on Staff to Rally Behind Him Amid Allegations (WSJ)
  • Texas shale tests North Sea crude as oil benchmark (Reuters)
  • Migrant boat capsizes off Libya, 90 feared dead, mostly Pakistanis (Reuters)
  • Bank of America Sell Signal Rings Louder on Record Equity Inflow (BBG)
  • More victims of ex-USA Gymnastics doctor to testify as scandal widens (Reuters)
  • Deutsche Bank Posts Big Loss, Triggering Slide in Share Price (WSJ)
  • Wall Street Is Taking On More Risk Again (BBG)
  • Former Trump Aide Carter Page Was on U.S. Counterintelligence Radar Before Russia Dossier (WSJ)
  • Exclusive: U.S. to impose arms embargo on South Sudan to end conflict  (Reuters)
  • Put That Bag Down: Flyers Ignoring Safety Pleas to Grab Luggage (BBG)
  • Russia says U.S. 'hunting' for Russians to arrest around the world (Reuters)

Overnight Media Digest

WSJ

- The Commodity Futures Trading Commission fined Deutsche Bank Securities Inc $70 million as regulators continue to punish attempted manipulation of interest-rate benchmarks. on.wsj.com/2ntU98O

- U.S. President Donald Trump is expected to tell lawmakers as early as Friday that he has approved the release of a classified memo that Republicans allege shows improper surveillance of one of the president's former campaign aides, a White House official said Thursday. on.wsj.com/2nxBf0L

- CBS Corp and Viacom Inc said Thursday that their boards have formed special committees to evaluate a potential merger, a deal that would reunite the two big pieces of the Redstone family's media empire. on.wsj.com/2nwkGlG

- Trump said Thursday that he is willing to walk away from immigration negotiations if Democrats won't agree to his terms, and many involved in the debate said the chances of a deal appear to be fading. on.wsj.com/2nu7QEO

- Pope Francis has decided to accept the legitimacy of seven Catholic bishops appointed by the Chinese government, a concession that the Holy See hopes will lead Beijing to recognize his authority as head of the Catholic Church in China, according to a person familiar with the plan. on.wsj.com/2nuxBVf

 

FT

- Carmakers that try to cheat vehicle emissions tests could face unlimited fines and criminal charges under proposals set out on Thursday by the British government.

- Britain’s Royal Mail Plc and the Communications Workers Union (CWU) said on Thursday they had reached an agreement to end a nearly 10-month dispute over plans to replace the firm’s defined benefit pension scheme, sending its shares higher.

- The White House will likely give Congress approval on Friday to make public a secret Republican memo alleging FBI bias against President Donald Trump in its Russia probe, a White House official said on Thursday, as tensions over the disputed document gripped Washington.

 

NYT

- CBS Corp and Viacom Inc, which were part of the same company from 2000 to 2006, said on Thursday that their boards had created special committees of independent directors to "evaluate a potential combination." (nyti.ms/2DRMonc)

- India announced on Thursday a sweeping plan to give half a billion people free access to healthcare. The healthcare plan, part of the government's 2018-19 budget presented on Thursday, would offer 100 million families up to 500,000 rupees ($7,797.88) of coverage each year. (nyti.ms/2GEeRKV)

- Chinese conglomerate HNA Group, in an email, advertised an "employee treasure" product with an 8.5 percent return if workers handed over $1,500, while a similar one dangled 9 percent, and a third mentioned a return as high as 40 percent if employees handed up $15,000. These pitches, more than a dozen of which were reviewed by The New York Times, were not part of an employee stock program. Instead, they appear to be high interest loans, with the company as borrower and its workers as lenders. (nyti.ms/2nvM0Az)

 

Canada

THE GLOBE AND MAIL

** The battle over the flow of oil to the West Coast has ratcheted up with Canadian Prime Minister Justin Trudeau declaring that Kinder Morgan Canada Ltd's Trans Mountain pipeline expansion will be built, and Alberta Premier Rachel Notley suspending electricity-purchase talks with B.C. tgam.ca/2nuXYdF

** Swoop, the new WestJet Airlines Ltd ultralow-cost carrier (ULCC), will begin operating in June with domestic flights, but will also announce that month how it plans to win back Canadian travellers heading to southern destinations from airports near the U.S. border. tgam.ca/2nuZ2ya

** British Columbia's public auto insurer's ability to meet its obligation to pay claims is on a crumbling footing, a key measure of the financial health of an insurance company shows. The Insurance Corp of B.C., according to its latest financial update, has only half of the capital it is required to hold in reserve to ensure that it is able to pay its claims. tgam.ca/2nvwuVn

NATIONAL POST
** Canadian cannabis stocks plunged on Thursday to their lowest levels since December, and analysts covering the sector say investors should be ready for more volatility in the weeks to come. The pain was widespread, with the Canadian Marijuana Index, which tracks 24 leading cannabis stocks, down more than 11 percent at Thursday's close. bit.ly/2nzXlQr

 

Britain

The Times

- Royal Mail Plc and its main trade union have declared industrial peace with an agreement to cut working hours, a two-and-a-half-year pay settlement worth 12 percent and a groundbreaking new pension arrangement. bit.ly/2DWA716

- SIG Plc is attempting to strip several staff of their bonuses after revealing that its profits had been overstated by 6.6 million pounds over multiple years. bit.ly/2E5iqeL

The Guardian

- The UK's food regulators are launching a nationwide review of all meat cutting plants in the wake of "serious incidents" at 2 Sisters Food Group and Russell Hume. bit.ly/2E9l2Zg

- The former BHS boss Dominic Chappell has been issued with a formal demand for about 10 million pounds ($14.26 million)relating to the pension scheme of the collapsed department store chain. bit.ly/2DUhURs

The Telegraph

- Medopad, a UK healthcare startup, is planning to raise $120 million in what would be one of the largest early-stage funding rounds for a British company. bit.ly/2BO3Jrb

- Array BioPharma on Thursday sued AstraZeneca Plc , accusing the pharmaceutical company of refusing to pay required royalties for a cancer drug after entering into an $8.5 billion collaboration with Merck & Co Inc. bit.ly/2E8VKdO

Sky News

- The struggling doorstep lender Provident Financial Plc will take the unusual step on Friday of moving its acting chairman into the role of permanent chief executive. bit.ly/2FytApB

- Luke Johnson, one of Britain's most successful entrepreneurs, has hoisted a "for sale" sign over Neilson Active Holidays, the leisure business he acquired five years ago. bit.ly/2FBfsfa

The Independent

- Morrisons is to axe 1,500 shop floor workers as it becomes the latest supermarket to announce large-scale job cuts. ind.pn/2nuANk2

- Less than a week after Primera Air abruptly cancelled its planned flights from Birmingham to Boston, the airline has announced a new link from Stansted to Washington D.C. ind.pn/2GE58UT