Frontrunning: May 11

  • Quotas Return as Countries Seek U.S. Tariff Exemptions (WSJ)
  • Trump plan for drug prices may spare industry (Reuters)
  • Squeeze on Iranian Oil Could Upset OPEC Pact (WSJ)
  • Iran says Syria has every right to defend itself against Israel (Reuters)
  • Democrats Campaign on Health-Care Expansion After Failed ACA Repeal (WSJ)
  • At Deutsche Bank’s U.S. Unit, Anxiety Grows Before the Ax Falls (BBG)
  • Record Buybacks Help Steady Wobbly Market (WSJ)
  • Oil Cartel Member Complains U.S. President Is Driving Up Prices (BBG)
  • Cisco pulls all online ads from YouTube (Reuters)
  • Safeguards Are Weakening in the $1 Trillion Leveraged Loan Market (BBG)
  • Corporate America Is Staring Down a $4 Trillion Wall of Refinancing (BBG)
  • Barclays CEO Jes Staley fined £640,000 over whistleblowing scandal (FT)
  • Argentina Peso Risks 'Disorder' With Notes Coming Due, JPMorgan Says (BBG)
  • Malaysia's Mahathir eyes speedy pardon for foe-turned ally Anwar (Reuters)
  • The U.S. Yield Curve Is the Flattest Since August 2007 (BBG)
  • Russia, after Netanyahu visit, backs off Syria S-300 missile supplies (Reuters)
  • IMF Seeks 'Rapid Conclusion' With Argentina on Credit Line (BBG)
  • Sprint, T-Mobile Vow Merger Won’t Repeat Nextel Havoc (WSJ)
  • Apple Leaves Overseas Cash Out of Its Latest Quarterly Report (BBG)
  • Robinhood Founders Turn Billionaires in a Silicon Valley Minute (BBG)

Overnight Media Digest


- Apple Inc and Goldman Sachs Group Inc are preparing to launch a new joint credit card, a move that would deepen the technology giant's push into its customers' wallets and mark the Wall Street firm's first foray into plastic.

- Newly released documents show how Russian propagandists on Facebook grew increasingly sophisticated and inflammatory in their tactics over two years as they worked to sow discord in the U.S. before and after the 2016 presidential election.

- JPMorgan Chase & Co is seeking approval from a Chinese regulator to launch a joint-venture brokerage in the country, becoming the latest bank to explore the opportunity after Chinese authorities loosened rules on foreign firms controlling such ventures.

- The U.S., Canada and Mexico are focusing on rewriting the auto rules at the center of the North American Free Trade Agreement as negotiators face hard deadlines in an election year, raising the possibility of less drastic changes to other controversial parts of Nafta.



Prime Minister Theresa May postponed key Brexit legislation on Thursday while her allies played down the prospect of any imminent deal over future customs policy.

Labour leader Jeremy Corbyn is planning to demand “decisive public intervention” on Friday to protect Britain’s shipbuilding industry and call for foreign companies to be blocked from a 1 billion Royal Navy contract.

Bank of England Governor Mark Carney said on Thursday the overall economic climate in the UK looks “little changed” to him despite the economy having failed to meet the projections made in the February inflation report.



- Spotify Technology SA said it would stop promoting or recommending music by artists whose content or conduct it deemed to be offensive, hoping to quell a furor over the singer R. Kelly but immediately starting another debate over who qualified for the ban.

- Apple Inc and Goldman Sachs Group Inc have been working for months on a new credit card product that would bear the Apple Pay brand, according to two people familiar with the companies' talks.

- Kirstjen Nielsen, the homeland security secretary, told colleagues she was close to resigning after President Trump berated her on Wednesday in front of the entire cabinet for what he said was her failure to adequately secure the nation's borders, according to several current and former officials familiar with the episode.



** Canadian Tire Corp will acquire the Norway-based Helly Hansen sportswear and industrial clothing line for C$985 million ($773.1 million) with an eye to eventually using it as a springboard to expand its own brands globally.

** Telus Corp added fewer new wireless customers in the first quarter and its signature low rate of subscriber turnover even edged upward. Telus finished the first quarter with 48,000 new wireless subscribers on contracts, more than the 35,000 analysts had predicted, but behind Rogers Communications Inc and BCE Inc.

** WestJet Airlines Ltd pilots voted 91 percent in favor of a strike, but said on Thursday they will hold off any job action until after the Victoria Day holiday weekend.

** The head of SNC-Lavalin Group Inc said Canada should avoid being "schizophrenic" in its openness to foreign capital, as delays around the proposed acquisition of a Canadian construction firm threatens to magnify various political squabbles that have already dampened investor confidence.

** Enbridge Inc will push ahead with plans to build Line 3 oil pipeline replacement through Minnesota along its preferred route, ignoring the recommendations of an administrative law judge who proposed an alternative route connecting Hardisty, Alberta to Superior, Wisconsin.



The Times

Investors in SIG Plc have overwhelmingly rejected the reappointment of Deloitte as its auditor in a rare shareholder rebellion only months after it was revealed that SIG had exaggerated its profits for years.

Royal Bank of Scotland Group Plc has hailed a tentative $4.9 billion settlement with U.S. prosecutors over its sale of toxic mortgage-backed securities as a "major milestone" in its decade-long recovery.

The Guardian

BT Group Plc is to axe about 13,000 jobs over the next three years and move out of its central London headquarters as it seeks to cut 1.5 billion pounds ($2.03 billion) in costs after a torrid 18 months.

Apple Inc is scrapping plans for an 850 million euros ($1.01 billion) data centre in Ireland after three years of planning approval delays, the company said.

The Telegraph

Apple Inc and Goldman Sachs Group Inc are planning to launch a joint credit card under the 'Apple Pay' brand next year, in a further potential major disruption to traditional high street banks.

The Ministry of Defence's refusal to admit to a 21 billion pound black hole is putting Britain's national security at risk and making it impossible for arms companies to plan for what the military can actually afford.

Sky News

The Bank of England has left interest rates on hold at 0.5 per cent and slashed its forecast for economic growth this year, but warned that borrowing costs may still have to rise in the coming months.

The online estate agents eMoov and Tepilo are in talks about a ‎merger that would pave the way for the creation of a publicly quoted rival to Purplebricks Group Plc , the industry leader.

The Independent

Homebuilding firm Bovis Homes Group Plc is at the centre of a new row after an investigation found that some customers had allegedly been offered rewards in return for completing positive satisfaction surveys.