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Frontrunning: May 8

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

  • It just get worse and worse: After McClendon’s trades, Chesapeake board gave blessing (Reuters)
  • Iran Accepts Renminbi for Crude Oil (FT)… which is not news: recall China and Iran Bypass Dollar from July 2011
  • As Gas Prices Fall, a Sigh of Relief  (WSJ)… so now people can direct their disability payments to where they belong: extra fries
  • Greece Braces for a Repeat of Elections (FT), as first predicted by Zero Hedge, this will be a recurring affair
  • China dissident Chen says officials must face justice (Reuters)
  • Merkel Urges Athens to Stick With Reform (FT)
  • Hollande’s Win is a Chance for Change (FT)
  • U.K. Manufacturers Expect Exports to Rise (WSJ)
  • U.S. Says Bomb Plot Disrupted Before Public Threatened (Bloomberg)
  • Santorum Endorses Romney as Republican Nominee (Bloomberg)
  • Beijing May Host OTC Market (China Daily)
  • India Delays Tax Avoidance Laws (FT)

Overnight Media Digest

WSJ

* The CIA has thwarted a suicide bombing plot by al Qaeda’s Yemeni branch that would have used a more stealthy version of the underwear bomb deployed in the failed 2009 Christmas Day bombing attempt on a Detroit airliner.

* Gasoline prices fell for the fifth consecutive week, extending a sharp decline that has eased fears that prices would soon top $4 a gallon at the pump.

* Facebook’s Mark Zuckerberg, clad in a black hoodie and sneakers, met with buttoned-up Wall Street types as the social network kicked off its IPO roadshow.

* Dewey & LeBoeuf suffered a global round of defections as 25 partners of the ailing law firm and their teams jumped ship in cities ranging from New York to Moscow.

* Most of MF Global’s moneymakers and lower-ranking former employees have been able to find work since the firm’s collapse; others who held non-revenue-generating roles haven’t been as fortunate.

* Disney’s ABC News and Univision agreed to create a 24-hour cable news channel that will primarily target the growing population of Hispanics in the U.S. but broadcast in English.

 

FT

Financial Times

WONGA TO OFFER LOANS TO SMALL BUSINESSES

Wonga, the online lender that charges annual interest rates of 4,000 per cent on short-term loans, has launched a service for cash-strapped small businesses that offers to make credit available in as little as 15 minutes.

TERRA PLANS TO LAUNCH IN EUROPE

Terra Networks, the Latin American online media company that emerged out of a high-profile dot com-era boom and bust story, is planning to launch in several European countries, with help from its Spanish parent company, Telefonica.

MAN GROUP REPLACES AHL’S HEAD OF RISK

Man Group, the world’s second largest hedge fund manager by assets under management, has appointed a new head of risk to oversee its troubled flagship fund, AHL.

IRAN ACCEPTS RENMINBI FOR CRUDE OIL

Iran is accepting renminbi for some of the crude oil it supplies to China, industry executives in Beijing and Kuwait and Dubai-based bankers said, partly as a consequence of U.S. sanctions aimed at limiting Tehran’s nuclear programme.

REPSOL WARNS RIVALS OVER INVESTING IN YPF

Spain’s Repsol, stripped of a 51 percent stake in Argentine oil company, YPF, by the government in Buenos Aires, has written to oil majors including Exxon, Chevron and ConcoPhillips warning it would sue if they try to invest in YPF or its assets.

UK GROUPS PRESS FOR REFORM OF FSCS

UK financial companies are putting regulators under growing pressure to reform the Financial Services Compensation Scheme, arguing that the current system unfairly penalises responsible companies for malpractice at other groups.

JURY DELIVERS SPLIT ORACE-GOOGLE VERDICT

The high-stakes courtroom showdown between Oracle and Google has been thrown into confusion after a jury found against Google on the main copyright infringement charge it faced, but also failed to reach a decision on a central argument made in Google’s defence.

SHIPS SLOW DOWN IN PIRATE WATERS TO SAVE FUEL

Violent confrontations between Somali pirates and merchant ships’ armed guards could become more common as some shipping companies have reduced ship speeds through the highest-risk area to save on fuel, maritime experts have warned.

 

NYT

* AMC Entertainment, which owns the second-largest movie theater chain in North America, is in talks to sell the company or a significant stake in it to the Wanda Group, one of China’s largest theater owners, according to people briefed on the discussions.

* Yahoo Inc’s embattled chief executive, Scott Thompson, sent an e-mail to employees on Monday apologizing for how the issue of his misstated academic credentials has drawn criticism toward the Internet company.

* Barneys New York, one of New York’s bastions of high fashion, ended years of struggles with its hefty debt load by selling itself to the financiers Richard Perry and Ronald Burkle.

* Abbott Laboratories said on Monday it had reached an agreement with the federal and nearly all state governments to pay $1.6 billion in connection with its illegal marketing of the anti-seizure drug Depakote.

 

Canada

THE GLOBE AND MAIL

- Mayor Rob Ford is passing up another opportunity to support the gay and lesbian community, this time opting to skip a flag-raising outside his office that will be attended by Toronto Maple Leafs general manager Brian Burke.

- Tides Canada is having its charitable status audited by the Canada Revenue Agency in the midst of an attack by conservative politicians who have branded it as a foreign-funded radical group.

Reports in the business section:

- Viterra Inc’s Chief Executive officer Mayo Schmidt was coordinating an intense bidding war for the grain handling company even as he said on television that Viterra was not approached for a takeover, company documents indicate.

NATIONAL POST

- Looming cuts to refugee health benefits are inhumane, unethical and won’t save the government money, say some Ottawa doctors. A program providing temporary health insurance to refugee applicants who aren’t eligible for provincial or territorial coverage will be pared back starting June 30, Minister of Citizenship and Immigration Jason Kenney announced last month.

FINANCIAL POST

- SNC Lavalin Group Inc is working with a company owned by controversial Quebec construction magnate Tony Accurso to bid on the Quebec government’s $3 billion project to renovate Montreal’s Turcot interchange.

 

European Overnight Summary

  • UK RICS House Price Balance for April -19% – lower than expected. Consensus -11%. Previous -11%.
  • Norway Industrial Production for March -0.7% m/m 2.4% y/y. Previous -0.3% m/m 3.1% y/y.
  • Germany Industrial Production for March 2.8% m/m 1.6% y/y – higher than expected. Consensus 0.8% m/m -1.2% y/y. Previous -1.3% m/m -1.0% y/y.

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