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Friday, March 29, 2024

Frontrunning: April 17

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

  • Fed Shies Away From June Rate Hike (Hilsenrath)
  • Europe Stocks Fall Most in Three Weeks Amid Greece as Banks Drop (BBG)
  • China Futures Tumble on Trust Curbs, Expansion of Short Selling (BBG)
  • Oil slips below $64 as ample supplies weigh (Reuters)
  • Fed officials lean all ways on rate hikes, data in focus (Reuters)
  • Eurozone deflation eases in March (FT)
  • U.K. Jobless Claims Hit 40-Year Low as Pay Growth Picks Up (BBG)
  • Lawmakers Introduce ‘Fast Track’ Trade Bill, Triggering Democratic Discord (WSJ)
  • Greek Bond Yields Climb Most Since Aftermath of Syriza Election (BBG)
  • Millionaire Turned Politician Poised to Take Power in Finland (BBG)
  • Verizon Breaks Pay-TV Bundle as Competition Mountsv (WSJ)
  • China jails journalist for seven years for ‘leaking state secrets’ (Reuters)
  • Wikileaks has released a large cache of Sony Pictures (WaPo)
  • Low Prices Cool Boom in U.S. Oil Production (WSJ)
  • Noble Group to Focus on Investor Returns, See Critics in Court (BBG)

Overnight Media Digest

WSJ

* A deal reached by lawmakers Thursday would pave the way for U.S. President Obama to conclude a Pacific trade agreement with rare Republican help but is triggering a fight within a Democratic Party increasingly opposed to liberalizing trade. (http://on.wsj.com/1b8F9oh)

* Schlumberger NV reported a 39 percent decline in first-quarter earnings and announced 11,000 more layoffs, as lower oil prices have slowed drilling activity in North America. (http://on.wsj.com/1DbeDAy)

* The Justice Department’s antitrust division has stepped up an examination of exclusivity agreements between large movie exhibitors and Hollywood studios that limit the number of theaters allowed to screen certain films, according to people familiar with the matter.(http://on.wsj.com/1PVIeru)

* Verizon Communications Inc said its FiOS service will offer new television packages aimed at giving customers flexibility to purchase only certain groups of channels they want to watch. (http://on.wsj.com/1yzQCI5)

* Spanish police searched the residence and private office of former International Monetary Fund managing director Rodrigo Rato as part of a money-laundering probe. (http://on.wsj.com/1HyVVct)

* UBS has launched a review of its Australian wealth-management business, the chief executive of the Swiss bank’s wealth-management division confirmed. (http://on.wsj.com/1DOa6J2)

FT

Wikileaks has released a large cache of Sony Pictures’ emails and documents that were allegedly stolen by North Korean hackers to offer a “rare insight” into the workings of a “large, secretive multinational corporation.”

The U.S. military risks relying on private rocket corporations, like that of Elon Musk’s SpaceX, for military launches if a new law on the use of Russian rocket engines remains unchanged, U.S. Air Force Secretary Deborah Lee James has cautioned.

Yahoo Chief Executive Marissa Mayer has shaken up Yahoo’s five-year deal with Microsoft on online searches. According to the new terms, Yahoo is free to do whatever it wishes to with up to 49 pct of its online search traffic. It could even send some of its traffic to Google search instead of Bing, as the struggling company tries to revive itself in the online search market.

Online collaboration platform Slack has raised a fresh round of funding that values it as $2.8 billion. The new round of funding comes just six months after the company was valued at $1 billion, making it one of the hottest startups in the technology space.

NYT

* Congressional leaders agreed on legislation to give President Obama special authority to finish negotiating one of the world’s largest trade accords, starting a battle that aligns the president with Republicans. (http://nyti.ms/1GPRyKZ)

* China has suspended a policy that would have effectively pushed foreign technology companies out of its banking sector, according to a note sent by Chinese regulators to banks. The rules, which called for companies that sell computer equipment to reveal secret code, have been at the center of a trade conflict with the United States. (http://nyti.ms/1IkhFaa)

* The Federal Communications Commission is trying to persuade hundreds of television stations to part with some of the most desirable airwaves, which would be acquired by mobile providers. (http://nyti.ms/1PVtZmx)

* A corruption unit of the Nassau County district attorney’s office will open a review of county contracting practices, in response to revelations that a federal investigation into the leader of the New York State Senate, Dean Skelos, is focused in part on a county storm water contract. (http://nyti.ms/1G2lseY)

* Yahoo Inc and Microsoft Corp announced that they had amended their 10-year search partnership to allow Yahoo to deliver its own search results and ads for up to half the searches made by visitors to Yahoo sites and apps. (http://nyti.ms/1IQjQ8P)

* Sony Corp’s Sony Pictures Entertainment reacted harshly on Thursday to word that WikiLeaks had posted a searchable archive of emails and other documents stolen from the studio last year by hackers. (http://nyti.ms/1NUmUnK)

Canada

THE GLOBE AND MAIL

** Bruce Power and the Ontario government are mired in negotiations for a $15 billion deal to refurbish six nuclear reactors, delaying the planned project past a self-imposed deadline and posing new questions about the province’s future energy mix. (http://bit.ly/1CT1kWi)

** Calloway Real Estate Investment Trust is buying SmartCentres and changing its name to SmartREIT in a deal that will create one of Canada’s largest retail landlords. Calloway will buy 24 shopping centres, mainly in Ontario and Quebec, for $1.16 billion. (http://bit.ly/1IRjHSB)

** A national class-action lawsuit has been filed against Bell Canada over alleged breaches of privacy arising from its recently discontinued target ads program. The suit against subsidiaries of Bell alleges that the defendants used the program to track, collect and sell sensitive account and Internet browsing information of their customers to advertisers. (http://bit.ly/1IlwxFl)

NATIONAL POST

** Corus Entertainment Inc is snatching coveted kids-programming rights from rival DHX Media Ltd in a “landmark” licensing agreement with a subsidiary of The Walt Disney Co that will see Disney Channel launch in Canada later this year. (http://bit.ly/1cBG6pC)

** Ontario’s Liberal government plans to sell 60 percent of Hydro One, the province’s huge transmission utility, to help pay for new transit and infrastructure projects. (http://bit.ly/1G3R183)

** Bombardier Inc’s new strategic adviser has a tough job ahead of him as he untangles the problems that have sapped time, money and investor confidence from the commercial aircraft business. But he says there’s one thing that takes some of the pressure off: there’s nothing wrong with the CSeries. (http://bit.ly/1yyP2WK)

Hong Kong

SOUTH CHINA MORNING POST

— A proposed shopping centre near Lok Ma Chau border crossing intended to lure mainland visitors as soon as they enter Hong Kong is unlikely to be ready in time for the National Day holiday in October, and may be delayed until Christmas. The Town Planning Board would need more time to study transport arrangements and noise pollution, said lawmaker Wong Ting-kwong. (bit.ly/1FPSY2z)

— The mainland’s middle class is the most willing in Asia to send their children abroad for education, according to a survey carried out by TNS Singapore on behalf of Visa. Hong Kong came second, and India placed third. The United States was the most favoured destination in terms of education spending, Britain came second, followed by Australia, the survey showed. (bit.ly/1DNA3sl)

— Hong Kong is witnessing a pronounced shift in attitudes towards the consumption of shark fin, with almost 70 per cent of residents having reduced or entirely stopped eating the traditional delicacy in the past five years, according to a study conducted by the Social Science Research Centre at the University of Hong Kong. (bit.ly/1DMq3zn)

THE STANDARD

— More than 10,000 retail outlets, restaurants and malls will take part in a five-week campaign to attract tourists and hopefully boost consumer spending by 20 to 30 percent. The campaign by the Quality Tourism Services Association will run from April 27 to May 28, with some sectors specifically targeting locals. (bit.ly/1NTtfQm)

— Watch sellers are scaling back operations amid sluggish business that has been hit by fewer tourist arrivals. Kowloon Watch will close its 20-year-old branch in Shatin next month, and Stelux has ended tenancy for a City Chain outlet in Mong Kok. Retailers ask for up to 40 percent discount before renewing leases, said property consultancy DTZ. (bit.ly/1GR01O4)

— Buyers swooped on Wheelock Properties’ Peninsula East property development, snapping up more than 100 of the 150 units within 90 minutes. A recent bullish stock market has added to buyers’ zeal, said property agent Midland Realty residential chief Sammy Po Siu- ming. (bit.ly/1CUhayQ)

HONG KONG ECONOMIC JOURNAL

— Lenovo’s parent Legend Holdings plans to sell up to HK$9.8 billion ($1.26 billion) worth of shares of CSPC Pharmaceutical Group Ltd in a share placement at a 6 percent discount to the previous close.

Britain

The Times

POACHERS EXPLOIT POOR EU CONTROLS

Thousands of products made from tigers, rhinos, elephants and other endangered species are being traded in Britain and other European Union countries because of conflicting rules and poor controls at ports and airports, a report by the Born Free Foundation says.(http://thetim.es/1GQInKd)

SQUANDERED OVERSEAS AID SCANDAL REVEALED

Britain is paying professional aid staff up to 1,000 pounds ($1,493) a day to work in Africa and Asia as part of a spending “frenzy” to meet a government target, the Times has learnt. All three main parties support Britain’s legal commitment to devote 0.7 percent of GDP to overseas aid. It has meant the budget soaring to £12 billion in two years, and led to a rush to spend all the money.(http://thetim.es/1GQJpGe)

The Guardian

GREECE PUSHED A STEP CLOSER TO GREXIT AFTER IMF SNUB

Greece has been pushed a step closer to default and potential exit from the euro after one of its main lenders, the International Monetary Fund, all but ruled out allowing the cash-strapped country to delay repaying the 1 billion euros ($1.08 billion) due next month. The head of the IMF, Christine Lagarde, said delaying the payments would be an unprecedented action that would only make the situation worse.(http://bit.ly/1GQL8LH)

EU CLEARS PATH FOR 17 NEW GM FOODS

Seventeen new genetically modified food products will be authorised for import to Europe before the end of May in a significant acceleration of biotech trade, the Guardian has learned. Europe currently imports around 58 GM products from abroad, mostly U.S. maize, cotton, soy bean and sugar beet.(http://bit.ly/1GQLhPg)

The Telegraph

MORRISONS TO AXE 720 HEAD OFFICE JOBS AS NEW CHIEF DAVID POTTS SHIFTS STRATEGY

WM Morrison Supermarkets Plc is cutting up to 720 jobs at its head office and is hiring 5,000 staff for its stores in the latest strategic shift under new Chief Executive Officer David Potts.(http://bit.ly/1zmuo7f)

ADDISON LEE SNAPS UP LONDON RIVAL TO BOLSTER FIGHT AGAINST UBER

Addison Lee, the private-hire taxi company, is attempting to boost its services in the face of bitter competition from Uber by snapping up rival London-based luxury car and courier service, Cyclone VIP Cars & Couriers.(http://bit.ly/1zlpqHL)

Sky News

EXPRESS OWNER DESMOND GIVES 1 MLN POUNDS TO UKIP

The owner of the Daily Express newspaper has donated 1 million pounds ($1.49 million) to Nigel Farage’s UKIP. It is the second large donation the party has received from the media magnate and will significantly bolster UKIP’s war chest with 20 days to go to the General Election.(http://bit.ly/1zl8iC0)

RSA FACES INVESTOR BACKLASH OVER HESTER PAY

The FTSE-100 insurer RSA Group is facing a backlash from leading investors over part of the pay deal awarded to Stephen Hester, its chief executive. Sky News understands that a number of large shareholders in the company are close to deciding to oppose RSA’s remuneration report at next month’s annual general meeting.(http://bit.ly/1zmvwHR)

The Independent

BP SHAREHOLDERS BACK MOTION FOR COMPANY TO BE MORE TRANSPARENT ABOUT CLIMATE POLICY

BP Plc will become much more accountable for its role in climate change after its shareholders overwhelmingly supported a resolution for the company to be more transparent about its contribution to global warming.(http://ind.pn/1zmy6h3)

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