Frontrunning: March 23

  • China Started the Trade War, Not Trump (WSJ)
  • Trump Says He's Considering a Veto of the Omnibus Spending Bill (BBG)
  • China Hits Back on Trump Tariffs as Europe Off Hook for Now (BBG)
  • Russia eyes restrictions on U.S. imports in response to tariffs (Reuters)
  • EU, Six Nations Granted a Tariff Reprieve (WSJ)
  • EU complains of Trump's 'gun to our head' (Reuters)
  • Trade Moves Redraw Political Fault Lines (WSJ)
  • Oh nuts! China shoppers lament tariffs (Reuters)
  • White House lawyer McGahn eager to exit, but it’s complicated (Politico)
  • Venezuela knocks three zeros off ailing currency amid hyperinflation (Reuters)
  • Inside Trump’s Snap Decision to Oust McMaster (BBG)
  • Europeans to unveil new steps against Russia over UK spy attack (Reuters)
  • How Your Pay Stacks Up to Your CEO’s (BBG)
  • China Intervenes to Support Its Stock Market (BBG)
  • YouTube Bans Firearms Demo Videos, Entering the Gun Control Debate (BBG)
  • TV's Death by a Thousand Streaming Apps (BBG)
  • Dropbox heads for trading debut after upsized IPO pricing (Reuters)
  • Steve Wynn sells stake in company he founded, Macau casino Galaxy buys in (Reuters)
  • Trump official quietly drops payday loan case, mulls others (Reuters)

Overnight Media Digest

WSJ

- Nike Inc's Chief Executive Mark Parker told investors the company has "a deep leadership bench," a week after complaints about workplace behavior triggered a management shuffle and the resignation of his heir apparent. on.wsj.com/2pzV6wy


- Facebook Inc investigation into outsiders' handling of its users' information will help identify and deter bad actors but won't be able to uncover where all the data ended up and how it is being deployed, Chief Executive Mark Zuckerberg said Thursday. on.wsj.com/2pCZqLE

- Samsung Electronics Co expanded the size of its board of directors and added three new independent members, though the moves to diversify did little to fully satisfy critics who argue that the world's largest smartphone maker needs stronger corporate governance. on.wsj.com/2pxFNEA

- Steve Wynn sold the remainder of his stake in Wynn Resorts Ltd on Thursday, part of a deal with two long-term institutional investors that will "effectively eliminate his ownership" in the company. on.wsj.com/2pzPS3R

- Alphabet Inc Google will ask web publishers to obtain consent on its behalf to gather personal information on European users and target ads at them using Google's systems, part of a plan to keep up with data-privacy rules in Europe. on.wsj.com/2pzBIzx

- China fired a retaliatory shot against the United States, announcing planned tariffs against American goods and saying it is readying more actions against the Trump administration's proposed penalties on Chinese exports. on.wsj.com/2pyXJP2

 

FT

Deutsche Bank has priced the initial public offering of its asset management arm DWS at 32.50 euros a share. The bank will sell 22.5 percent of the company, which has assets north of 700 billion euros under management, raising 1.4 billion euros.

Unilever’s shareholder Columbia Threadneedle Investments on Thursday criticised the Anglo-Dutch group saying it failed to consult British investors over the implications of last week’s decision to establish a single legal base in Rotterdam.

Struggling UK Italian restaurant chain Carluccio’s has approached several private equity groups in an effort to secure a sale, according to people familiar with the process.

 

NYT

- The much-watched antitrust trial between the Justice Department and AT&T Inc began on Thursday, with opening statements that presented starkly different visions for how the company's blockbuster merger with Time Warner Inc would fit into a media industry upturned by the internet. nyti.ms/2INGD9a

- Less than an hour after U.S. President Donald Trump named John Bolton as his new national security adviser on Thursday, Bolton made an appearance in the venue where many Americans, including Trump, have come to know him over the past decade: Fox News. nyti.ms/2pAlTsD

- Citigroup Inc is setting restrictions on the sale of firearms by its business customers, making it the first Wall Street bank to take a stance in the divisive nationwide gun control debate. nyti.ms/2G038cU

- YouTube said this week that it would tighten restrictions on some firearm videos, its latest policy announcement since coming under scrutiny following last month's mass shooting at a high school in Parkland, Fla. nyti.ms/2ILlnkq

 

Canada

THE GLOBE AND MAIL
** Canada's BC Green Party, which holds the balance of power in the provincial legislature, has softened its threat to topple the NDP government over its pursuit of liquefied natural gas (LNG) projects for British Columbia. (tgam.ca/2DPe8nv)

** The Alberta government has laid out ambitions to get its budget balanced within five years, including a deficit that drops to below $9 billion in the coming fiscal year. But its blueprint relies heavily on yet unbuilt pipeline capacity and revenues from federally imposed increases to its carbon tax beginning in 2021. (tgam.ca/2pwURmG)

NATIONAL POST
** Canada's Bank of Montreal is delving deeper into the cannabis sector, with investment banking subsidiary BMO Nesbitt Burns Inc leading a $100 million bought deal for marijuana company Cronos Group Inc. (bit.ly/2G7xsyE)

** Canada's telecommunications regulator won't require the Big Three wireless carriers to open up their wireless networks to smaller players yet, but it will make them come up with cheaper, data-only cell phone plans. (bit.ly/2G6Hjoh)