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Thursday, March 28, 2024

Frontrunning: May 5

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

  • Europe shares, oil snap four-day losing streaks (Reuters)
  • Oil rallies as Canada fire and Libya violence threaten supply (Reuters)
  • How Trump Won—and How the GOP Let Him (WSJ)
  • Hedge Fudge Managers Lose Their Swagger (BBG)
  • Turkey Premier Said to Give Up as Erdogan Tightens Grip (BBG)
  • Health Insurers Struggle to Offset New Costs (WSJ)
  • Judge says Clinton may have to testify in email lawsuit (Reuters)
  • Trump’s deportation plan could slice 2 percent off U.S. GDP (Reuters)
  • A Cartel and a Briefcase: How Drug Cash Moves on a River of Gold (BBG)
  • Big-Spending Fracking Family Behind Cruz Won’t Back Trump (BBG)
  • China’s Great Commodity Bubble Loses Air Before It Can Burst (BBG)
  • Abortion provider Planned Parenthood sues Kansas over plan to cut funding (Reuters)
  • Look Out, Loonie, Canada May Have Just Peaked (BBG)
  • Bass Says Investors Would Avoid China If They Knew Bank Risk (BBG)
  • Tribune Publishing Rejects Gannett Bid (WSJ)
  • Truce takes hold in Aleppo but fighting goes on elsewhere in Syria (Reuters)
  • The Unloved Business That’s Saved Big Oil From Low Energy Prices (BBG)

Overnight Media Digest

WSJ

– The U.S. Justice Department warned North Carolina officials that it considers the state’s new bathroom law a violation of the Civil Rights Act. (http://on.wsj.com/1To3Taf)

– Tesla Motors plans to ramp up annual production to a half-million vehicles, two years earlier than planned, but will do so without its two top manufacturing executives. (http://on.wsj.com/1To3wfG)

– Tribune Publishing Co’s board of directors rejected an unsolicited acquisition offer from Gannett Co , calling the bid “opportunistic”. (http://on.wsj.com/1To3vIO)

– Former Republican senator, 82-year-old Bob Bennett of Utah, one of the first incumbents ousted in a national wave of anti-incumbent sentiment in 2010, has died, his assistant said. (http://on.wsj.com/1To3p3V)

FT

* Trinity Mirror is set to shut down its new national newspaper called The New Day, just two months after launching it as it seeks to cut its losses.

* Liberty Global, which also owns Virgin Media, is evaluating a potential contribution of up to 500,000 pounds ($724,550) to a campaign to keep Britain in Europe.

* Airbus is developing humanoid robots in partnership with French and Japanese researchers with a purpose of being able to use them alongside humans on its assembly lines and inside aircraft.

NYT

– Tesla Motors said it was confident it could accelerate production to meet high demand for its forthcoming Model 3 electric vehicle, despite the departure of two top manufacturing executives. (http://nyti.ms/1T2C7Gs)

– U.S. Federal safety regulators said long-term exposure to environmental moisture and wide temperature fluctuations caused airbags made by Takata to rupture violently. (http://nyti.ms/24z88I7)

– Tribune Publishing sent a letter to Gannett saying its board had unanimously rejected the $815 million takeover offer, which included debt and other liabilities and represented a significant premium above Tribune’s share price. (http://nyti.ms/1rWgFam)

– Chinese company Xintong Tiandi has won the right to sell its leather goods under the iPhone trademark after years of legal back-and-forth with Apple, according to an article in Chinese state news media. (http://nyti.ms/1VKKPtk)

– The European Central Bank on Wednesday announced an end to the 500-euro bank note, worth roughly $575, in a move aimed at hampering cash transactions by drug dealers and money launderers. (http://nyti.ms/1W9dSXo)

Britain

The Times

– Executives at Royal Bank of Scotland Group Plc faced accusations of taking home “obscene” pay packets and being “glorified civil servants” at a stormy annual meeting. (http://bit.ly/1W8QBVt)

– EDF’s former finance chief tried to persuade the French energy giant to postpone plans to build an 18-billion-pound nuclear power station at Hinkley Point, Somerset, for at least three years, he told French MPs yesterday. (http://bit.ly/1W8QJ7q)

The Guardian

– The mining group BHP Billiton Plc and its partner Vale SA are facing a 30-billion-pound claim from Brazilian prosecutors over an iron ore mine dam collapse last year that released a torrent of toxic mud, killing 19 people and leaving 700 homeless. (http://bit.ly/1W8QQjl)

The Telegraph

– BT group Plc is to unveil a multibillion-pound network upgrade programme, including laying ultrafast fibre-optic broadband lines to around two million homes and businesses. (http://bit.ly/1W8Qvgt)

– Intercontinental Exchange Inc has walked away from its attempt to break up the London Stock Exchange’s 21-billion-pound merger with Deutsche Boerse AG, removing one of the major hurdles to the deal. (http://bit.ly/1W8QAB1)

Sky News

– The New Day newspaper is to close after just nine weeks of circulation. The daily newspaper, published by Trinity Mirror Plc, is to be publishing its final edition on Friday. (http://bit.ly/1W8OUHt)

– Royal Dutch Shell Plc has reduced its key investment forecast by a further 10 percent or $3 billion after announcing a sharp drop in first quarter profits amid the depressed oil price environment. (http://bit.ly/1W8QpFK)

The Independent

– Housing analysts have slammed a 100-percent mortgage launched by Barclays Plc as “crackers”, saying the first mortgage since the crisis not to require a deposit will help people buy property they can’t afford. (http://ind.pn/1W8QLw6)

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