Frontrunning: April 6

  • China’s Running Out of U.S. Imports to Target (BBG)
  • After Targeting U.S. Farms, China Can Strike America's Shale (BBG)
  • Jobless Rate Expected to Fall to 4% for First Time Since 2000 (WSJ)
  • Trump says 'we've already lost the trade war' (Reuters)
  • Former South Korea Leader Park Sentenced to 24 Years in Jail (BBG)
  • Mueller Reveals Search in Manafort Case, Suggesting Fresh Trail (BBG)
  • Brazil's Lula seeks refuge with supporters as prison looms (Reuters)
  • Hacked Crypto Exchange Sold for $34 Million (BBG)
  • New Goldman Office Dumps Dress Code for Kombucha on Tap (BBG)
  • Kushner, CIM to Get $600 Million JPMorgan Loan for Brooklyn Site (BBG)
  • Tesla Has a Problem, and It’s Not the Model 3 (BBG)
  • Dying for a paycheck: the Russian civilians fighting in Syria (Reuters)
  • Former Catalan leader leaves German prison after paying bail (Reuters)
  • Some Colleges Bail from TIAA, Objecting to Increase in Fund Fees (WSJ)
  • Hungary PM Orban on track for third straight term in power (Reuters)
  • How a secret Russian airlift helps Syria's Assad (Reuters)
  • What’s Driving Trump’s Attacks on Amazon? It’s Personal (WSJ)
  • Israeli gunfire wounds 40 Palestinians in renewed Gaza border protest (Reuters)
  • Hey Alexa, Can You Help Amazon Get Into the Payments Business? (WSJ)

Overnight Media Digest

WSJ

- U.S. President Donald Trump threatened a major escalation in trade tensions with Beijing on Thursday, saying he was considering imposing tariffs on an additional $100 billion in imports from China. on.wsj.com/2GCwfiY

- The two largest proxy advisory firms are recommending that General Electric Co fire KPMG LLP as its auditor after 109 years, in light of accounting issues at the industrial giant. on.wsj.com/2GFsqcT

- Trump said Thursday he continues to have confidence in Environmental Protection Agency chief Scott Pruitt and praised his service, remarks that come as the White House is looking into several controversies swirling around the administrator. on.wsj.com/2Eo3W5R

- Dozens of U.S. diplomats departed Russia on Thursday hours after the Kremlin failed to garner support for a joint investigation into the use of a Soviet-era nerve agent in UK, moves that underscore the deepening divisions between Russia and the West. on.wsj.com/2GGfi7r

- William Ackman, the famed shareholder activist, is losing investors at a rapid pace and facing a future that would no longer include managing a private hedge fund. on.wsj.com/2GWzUvi

 

FT

Vivendi SA has unveiled its nominations for the new Telecom Italia SpA board in preparation for a meeting on May 4 that will decide whether it will retain control of management of the company.

Commodity supplier Cargill has said it is deeply concerned about trade tensions between the U.S. and China and is urging both countries to get to the negotiating table, amid fears that Beijing’s proposed 25 percent tariffs will affect U.S. farmers and their business.

Italian state lender Cassa Depositi e Prestiti is to buy up to 5 percent of Telecom Italia SpA to protect the state’s interests ahead of a May 4 meeting that will pit existing shareholders Vivendi SA and Elliott Management against each other.

Peugeot owner PSA is creating a new division dedicated to electric vehicles, scheduled to begin in 2019, in a move designed to offer all of its models with an electric option by 2025

 

NYT

- U.S. President Donald Trump said on Thursday that the United States would consider slapping an additional $100 billion in tariffs on the Chinese, escalating a potentially damaging trade dispute with Beijing. nyti.ms/2GHpP1R

- At least five Environmental Protection Agency officials were sidelined after raising concerns about the unusual spending and security demands of the agency's chief, Scott Pruitt. nyti.ms/2Eoc7iC

- Civil society groups in Myanmar on Thursday criticized Facebook Chief Executive Mark Zuckerberg arguing that he mischaracterized his company's effectiveness at detecting and quashing messages encouraging violence in the country. nyti.ms/2GGdXNE

- After months of fraught negotiations and stalled talks, the Trump administration is aiming to announce a preliminary deal on the North American Free Trade Agreement this month, moving to resolve one trading conflict as a separate clash with China looms. nyti.ms/2GD2xd

 

Canada

THE GLOBE AND MAIL
** Ontario's securities regulator has launched a probe of the cryptocurrency industry after receiving complaints that some firms may have violated securities laws. tgam.ca/2JoqpmV

** The next round of NAFTA talks has been put on hold as top officials from Canada, the United States and Mexico meet in Washington with the goal of hammering out the framework of an agreement. tgam.ca/2H0u504

NATIONAL POST
** Vancouver's Teck Resources is buying out a minority partner in a major copper project in Chile at a cost that could reach as high as C$262.5 million ($205.5 million). bit.ly/2GYr9Rw

** The Bank of Montreal is reaping the benefits of increasing consumer confidence and tax cuts in the United States, but the lender's chief executive, Darryl White, said that the new U.S. tax regime is already starting to sap investment dollars from Canada. bit.ly/2JocoFO

 

Britain

The Times

The chief executive of the company leading the 9 billion pounds ($12.61 billion) development of Battersea Power Station has resigned after 10 years on the project in order to "do other things". (bit.ly/2GElb9e)

Japan's Takeda Pharmaceutical that is stalking Shire Plc the London-listed drug company, has raised expectations that it will launch a bid after it moved to allay concerns about its plans. (bit.ly/2GElzoc)

The Guardian

The UK's biggest mobile operators have smashed expectations by spending almost 1.4 billion pounds ($1.96 billion) in the race to secure spectrum to launch next-generation 5G services. (bit.ly/2GAoyOg)

Sales of new cars in the UK plunged in March as economic uncertainty weighed on demand and consumers turned their backs on diesel, extending the run of falling sales to 12 months. (bit.ly/2GC5P4T)

The Telegraph

The City watchdog has called time on an era of bloated fees by giving Britain's 8 trillion pounds ($11.20 trillion) asset management sector just over a year to justify high prices or switch savers to cheaper funds. (bit.ly/2GAoI8k)

BP Plc executives are planning to break with a 100 year precedent by holding the oil group's annual shareholder meeting almost 180 miles from its London headquarters. (bit.ly/2GFyINq)

Sky News

- Abu Dhabi Investment Authority is among a small number of parties in talks ‎to acquire JC Flowers' 21.4 percent shareholding in Pension Insurance Corp. (bit.ly/2uM5KGl)

- Royal Bank of Scotland Group Plc has said the ring-fencing of its retail banking operations will take effect on 30 April. (bit.ly/2EmtPmL)

The Independent

- Almost two-thirds of working over-55s in the UK have admitted they are confused by the rules around pensions since the government introduced more freedom to the sector in 2015, according to a new study. (ind.pn/2GC6gMz)