Frontrunning: April 13

  • JPMorgan, Wells and Citigroup Earnings Top Expectations (WSJ)
  • TPP Nations Welcome Trump’s Interest, Don’t Want Renegotiation (BBG)
  • Trade war backfire: Steel tariff shrapnel hits U.S. farmers (Reuters)
  • Mob Boss? Slime Ball? Trump, Comey Trade Barbs Near Book Release (BBG)
  • Comey Compares Trump to Mafia Boss (WSJ)
  • Trump Forced to Juggle Syria Response, Rage Over Mueller Probe (WSJ)
  • Wells Fargo faces $1 billion fine to settle loan abuses (Reuters)
  • Companies Pressured to Pay More in Overtime Wonder If It’s Worth It (WSJ)
  • Volkswagen's new CEO asserts authority as sets out on road to reform (Reuters)
  • Tesla May Be the Most Hated (and Loved) Stock in America (BBG)
  • Russia spied on Skripal and daughter for at least 5 years: UK (Reuters)
  • Trade-War Panic Is Hard to Find Outside Stocks (WSJ)
  • Catalan parliament calls for Spanish judge to be charged over jailed politician (Reuters)
  • The Aramco Accounts: Inside the World’s Most Profitable Company (BBG)
  • Russia lawmakers draft list of U.S. imports that could be banned (Reuters)
  • Mysterious Swiss Franc Slide Shows Reach of Russia Sanctions (BBG)
  • Trump lawyer tries to prevent use of materials found in FBI raid (Reuters)
  • Moelis Reminds Staff to Treat Young Bankers Well (BBG)
  • The Wall Street Era of Deducting $65 Steaks Could Be Over (BBG)
  • China’s Built a Road So Smart It Will Be Able to Charge Your Car (BBG)
  • Comcast will add Netflix to cable bundles in U.S. (Reuters)
  •  

Overnight Media Digest

WSJ

- U.S.-based private equity firms General Atlantic and Silver Lake Partners are planning to invest in Hangzhou-based Ant Financial Services Group, according to people familiar with the matter. (on.wsj.com/2GUNTTd)

- Wynn Resorts Ltd has been in talks to sell its partially built Boston-area casino project to rival MGM Resorts International according to people familiar with the matter, as Massachusetts regulators continue their investigation into the company's handling of sexual-misconduct allegations against founder Steve Wynn. (bit.ly/2GW0vJK)

- The Trump White House, confident that its hard-line strategy is succeeding, is planning to ratchet up the pressure on China by focusing on new tariffs and threatening to block Chinese technology investment in the U.S., according to officials familiar with the strategy.(on.wsj.com/2GUdziN)

- John Smith, director of Treasury's Office of Foreign Assets Control, or OFAC, will leave the position early next month, Treasury said Thursday. Smith's departure was for personal reasons, according to several people familiar with the matter. (on.wsj.com/2GTQ0Xq)

- Volkswagen AG's board ousted chief executive Matthias Muller and replaced him with Herbert Diess, who quietly orchestrated a boardroom coup while he was rebuilding the company's namesake brand. (on.wsj.com/2GYguH6)

 

FT

UK Prime Minister Theresa May won backing from her Cabinet to deploy British forces in any U.S.-led action against Syrian President Bashar al-Assad’s regime, after an emergency meeting in Downing Street.

British Airways owner International Airlines Group is weighing a takeover offer for Norwegian Air Shuttle ASA , a low-cost airline after buying a 4.6-percent stake in it.

Czech cyber security company Avast Software said on Thursday it is targeting a $4 billion UK flotation in what would be one of the largest technology listings on the London Stock Exchange

 

NYT

- President Donald Trump, in a sharp reversal, told a gathering of farm-state lawmakers and governors on Thursday morning that the United States was looking into rejoining a multi-country trade agreement known as the Trans-Pacific Partnership, a deal he pulled out of days after assuming the presidency. nyti.ms/2EG7Res

- Trump abruptly issued an executive order on Thursday demanding an evaluation of the Postal Service's finances, asserting the power of his office weeks after accusing Amazon.com Inc, the online retail giant, of not paying its fair share in postage. nyti.ms/2JEywMq

- A Colorado civic group, Together for Colorado Springs, is spearheading an effort to buy the Denver Post, which on Sunday excoriated its owner, a New York hedge fund, in its opinion section by saying, "Denver deserves a newspaper owner who supports its newsroom." nyti.ms/2GUp6Pd

- Defense Secretary Jim Mattis sought on Thursday to slow down an imminent strike on Syria, reflecting mounting concerns at the Pentagon that a concerted bombing campaign could escalate into a wider conflict between Russia, Iran and the West. nyti.ms/2GVX2qC

 

Canada

THE GLOBE AND MAIL

Doug Ford says his first act as Ontario premier would be to fire the head of the partly privatized Hydro One and the utility's board of directors if his Progressive Conservatives win power in June. (tgam.ca/2qs5jw2)

Ottawa is set to investigate allegations that Restaurant Brands International Inc has failed to honor commitments made to gain federal approval to buy Tim Hortons. (tgam.ca/2qp0UKz)

Canada's Parliament will ask the Pope to reconsider his refusal to apologize to the Indigenous people who attended Catholic-run residential schools, and for the Catholic Church to make good on its financial obligations under the Indian Residential Schools Settlement Agreement. (tgam.ca/2qvNZWe)

NATIONAL POST

Battered by some of the lowest approval ratings in the country, Ontario Premier Kathleen Wynne said she considered quitting before this June's election, but was encouraged to soldier on by the backing of her colleagues. (bit.ly/2INaC03)

 

Britain

The Times

- More high street banks and building societies have curbed the supply of credit to consumers over the past three months than at any time since records began in 2007, according to the Bank of England. bit.ly/2ILDnKk

- Britain could recover as much as 7.5 billion pounds ($10.67 billion)of unpaid taxes every year by digitising government, according to the International Monetary Fund. bit.ly/2v9tNiz

The Guardian

- Walt Disney will have to make a full takeover bid for Sky even if the competition regulator quashes Rupert Murdoch's 11.7 billion pound attempt to buy 100 percent of Britain's biggest pay-TV broadcaster, the UK takeover panel has ruled. bit.ly/2IPParc

- Hundreds of poultry workers in Scotland are to lose their jobs due to the closure of a plant belonging to 2 Sisters Food Group, which has been dogged by a controversy over food standards. bit.ly/2IPT3wk

The Telegraph

- U.S. private equity firm Apollo Global Management's plan to buy rail operator FirstGroup Plc has already hit a hurdle due to the expected intense scrutiny from pension regulators and MPs keen to protect the retirement incomes of the Scottish company's army of workers. bit.ly/2v9V9oD

- Royal Dutch Shell is shaking off fears that billions of dollars worth of oil and gas investment could be left in the ground as global governments push for a cleaner energy system. In its first major sustainability report the Anglo-Dutch group said it is confident that the business will remain resilient. bit.ly/2ILH9Du

Sky News

- British Airways owner IAG revealed it has acquired a 4.61 percent stake in Norwegian Air Shuttle "to establish a position from which to initiate discussions, including the possibility of a full offer for Norwegian". bit.ly/2v7UPH0

- Carpetright Plc has said it is closing 92 stores resulting in 300 job losses as it fights for survival under a sweeping restructure. bit.ly/2v7VqIK

The Independent

- Metro Bank Plc chairman Vernon Hill is facing the prospect of an embarrassing shareholder rebellion after an investor hit out at more than 21 million pounds ($29.89 million)of payments from the lender to his wife's architecture firm. ind.pn/2vaZhEX

- Goldman Sachs Group Inc might not have chosen to build its new European headquarters in London if the decision had been made after Brexit, the bank's Chief Lloyd Blankfein said. ind.pn/2IQxU5j