Frontrunning: May 16

  • North Korea Bristles at U.S. Demands; Summit in Jeopardy (WSJ)
  • Trump Is ‘Ready to Meet’ Despite North Korea's Threat on Summit (BBG)
  • Italian markets jolted by 5-Star, League coalition proposals (Reuters)
  • Italian Bonds Fall While Populists Debate $300 Billion Write-Down (BBG)
  • EU Readies Measures to Protect Firms From U.S. Sanctions on Iran (BBG)
  • Israel says Hamas curbed Gaza protests after Egyptian warning (Reuters)
  • Why the Credit-Card Boom May Have Just Peaked (WSJ)
  • How Rusal escaped the noose of U.S. sanctions (Reuters)
  • Military firms flourish in Sisi’s Egypt (Reuters)
  • Pennsylvania’s Voters Break Up All-Male Congressional Delegation (BBG)
  • EU leaders explore ways to save Iran economic ties from U.S. sanctions (Reuters)
  • Trump’s Goal for Nafta Rewrite Looks Unattainable in 2018 (WSJ)
  • Top Novartis lawyer exits over Trump attorney deal error (Reuters)
  • Justice Department and F.B.I. Are Investigating Cambridge Analytica (NYT)
  • Meet Tesla's new bondholder: Billionaire George Soros (Reuters)
  • Tesla Workers Can Now Make Dinner With Vending-Machine Meal Kits (BBG)
  • You’ve Got Air Miles, but Can You Use Them? Top Frequent-Flier Programs for 2018 (WSJ)
  • Hundreds of thousands remain without power after deadly storm pounds U.S. Northeast (Reuters)
  • A Venezuelan paradox: Maduro's critics long for change but won't vote (Reuters)
  • Amazon cuts Whole Foods prices for Prime members in new grocery showdown (Reuters)

Overnight Media Digest


- Twitter Inc is turning to greater automation in its battle against abuse on its platform, saying its software will start automatically demoting response posts that it determines are likely to disrupt users' conversations.

- Kellogg Co, citing the "deterioration" of a country in the midst of an economic meltdown, said Tuesday it was closing operations that employed 400 workers and produced the majority of the breakfast cereal consumed by Venezuelans.

- Fox News and its parent company Twenty-First Century Fox Inc said they have reached settlements with 18 former employees of the news channel who had filed lawsuits that included allegations of racial and gender discrimination.

- A senior North Korean official said Pyongyang isn't interested in a summit with the U.S. focused solely on denuclearization and accused Washington of trying to "impose on our dignified state the destiny of Libya or Iraq."

- Uber Technologies Inc is taking a step toward moving past its scandal-ridden history by ending the company's use of the widespread but controversial practice of mandatory arbitration for claims of sexual harassment and assault.

- iHeartMedia Inc Chief Executive Robert Pittman collected more than $14 million in the 12 months leading up to the bankruptcy of the company he leads, his best year since taking the helm of the nation's largest radio broadcaster.




- Attempting to put to rest a drama that has plagued Fox News since the summer of 2016, the network's parent company Twenty-First Century Fox Inc has reached a roughly $10 million settlement to resolve a group of racial and gender discrimination lawsuits involving 18 current and former employees.

- The White House eliminated the position of cybersecurity coordinator on the National Security Council on Tuesday, doing away with a post central to developing policy to defend against increasingly sophisticated digital attacks and the use of offensive cyber weapons.

- The Justice Department and the FBI are investigating Cambridge Analytica, the now-defunct political data firm, and have sought to question former employees and banks that handled its business.

- Facebook Inc has been under pressure for its failure to remove violence, nudity, hate speech and other inflammatory content from its site. Government officials, activists and academics have long pushed the social network to disclose more about how it deals with such posts.



** Hydro One Ltd's shareholders voted 92 per cent in favour of the electric utility's executive compensation plan, which has faced intense scrutiny during the lead up to Ontario’s election campaign. (

** An Alberta businessman is suing Callidus Capital Inc for C$205 million ($159.46 million), alleging the distressed lender, led by financier Newton Glassman, drove his water-drilling company into receivership to take control of it and deprive him of lucrative international contracts. (

** Air Canada has joined the growing list of air carriers bowing to Beijing's pressure campaign to designate the self-ruled island of Taiwan as part of China. (

** LNG Canada's chief executive officer Andy Calitz says conditions are ripe for the consortium to start building a liquefied natural gas project in British Columbia by the end of this year. (

** The Canadian Radio-television and Telecommunications Commission said it is working with its partners to find all the issues that arose after technical errors caused test alerts to be inconsistently distributed to cellular devices. Wireless providers must report back on their participation by May 21. (

** The Department of National Defence is planning a new C$1.1 billion ($855.63 million) building in Ottawa's west end, even while employees are settling into its C$800 million ($622.28 million) headquarters complex at the former Nortel campus. (

** With British Columbia's NDP government, environmental activists and some First Nations attempting to derail the line to the Pacific coast, Kinder Morgan Inc wants the uncertainty around the C$7.4 billion ($5.76 billion) project addressed by May 31 or it is prepared to walk away. (



The Times

The directors of Carillion Plc should be formally investigated after overseeing a "rotten corporate culture" and may warrant disqualification from holding boardroom roles in the future, a House of Commons inquiry has concluded.

Concerns have been raised over plans by the former director of the Serious Fraud Office, David Green, to join law firm Slaughter and May, that has represented some of the biggest companies he has prosecuted.

The Guardian

EasyJet Plc is planning to expand its holiday business and set up a new loyalty scheme as it targets a 30 percent leap in profits this year.

Sales at Sir Philip Green's Arcadia retail empire dropped below 2 billion pounds ($2.70 billion) during 2017 when a surge in online transactions hit trade in its shops.

The Telegraph

Britain's economy is entering a "menopausal" phase after passing peak productivity, Ben Broadbent, deputy governor of the Bank of England has suggested.

Energy bill payers will be forced to stump up an extra 1.5 billion pounds for their energy over the next 15 years after a tweak to the government's auction for low-carbon power subsidies backfired.

Sky News

Betfred, which owns The Tote, will axe more than 4,500 jobs if the government implements plans to slash maximum stakes on gambling machines to just 2 pounds.

One of Britain's fastest-growing online travel agents, Love Holidays, is likely to announce a takeover by Livingbridge, the private equity firm, for more than 180 million pounds.

The Independent

Vodafone on Tuesday said its Chief Executive Addio Vittorio Colao will step down and be replaced by the current finance chief Nick Read.

The transport secretary, Chris Grayling, is expected this week to cancel the troubled Virgin Trains East Coast (VTEC) franchise, just three years after it began.