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Frontrunning: June 22

Courtesy of ZeroHedge. View original post here.

  • European stock markets stumble as oil languishes near lows (Reuters)
  • Some Trump Aides Want a New Leader at the Fed (BBG)
  • Goal of Saudi Shake-Up: Drag Country Into the Modern Era (WSJ)
  • Under fire in Washington, Trump back in campaign mode in Iowa (Reuters)
  • Revenue Slides at Some Trump Businesses, but Vegas Tower Brings Windfall (WSJ)
  • Trump, new Saudi crown prince share hardline views on Iran but risks abound (Reuters)
  • Canada’s Plan for Managing Trump: Go Around Him (NYT)
  • Democrats Take Stock: ‘Our Brand Is Worse Than Trump’ (NYT)
  • Apple Scraps Like an Underdog in India’s Huge Mobile Market (WSJ)
  • Norway’s central bank keeps rates on hold, removes easing bias (Reuters)
  • Tesla Reaches Pact With Shanghai for China Production (BBG)
  • South Korea president calls on China’s Xi to do more on North Korea nuclear program (Reuters)
  • Airbus concedes defeat to Boeing in Paris order race (Reuters)
  • Migrants Return to France’s ‘Jungle’ in Calais (WSJ)
  • Amid Tumult at Uber, Bill Gurley Is Said to Be Leaving Board (NYT)
  • How Uber Investors Engineered the Ousting of Kalanick (WSJ)
  • Kalanick’s Ouster Shows Founder Control Doesn’t Mean Job Security  (BBG)
  • Philippines says Islamist fighters trapped in corner of besieged town (Reuters)
  • Canadian Charged in US Airport Attack Investigated as Terror (BBG)
  • Foxconn in Talks With U.S. States Over New Plant (WSJ)
  • Imagination Tech up for sale after bruising Apple fight (Reuters)
  • UK factories have best month for orders since 1988 (Reuters)

Overnight Media Digest

WSJ

- Oracle Corp reported earnings that topped Wall Street’s modest forecasts, sending the stock up more than 10 percent in after-hours trading. on.wsj.com/2ssIUQF

- Nike Inc has agreed to sell some of its products directly to Amazon.com Inc, a person familiar with the matter said, a concession by the sneaker giant that it can no longer afford to ignore the online retailing behemoth. on.wsj.com/2ssXYOu

- Diageo PLC agreed to buy actor George Clooney’s upscale tequila brand Casamigos for $700 million, part of a larger push by the spirits giant to increase its exposure to the tequila market. on.wsj.com/2ssKBxQ

- Sears Canada Inc, which operates more than 200 stores, has hired advisers and is preparing to file for bankruptcy protection in Canada, according to people familiar with the matter. on.wsj.com/2st5xEA

FT

Prime Minister Theresa May ditched a series of promises from the Conservative manifesto, illustrating her weakness after the disappointment of this month’s election, as she set out a Brexit-focused government programme on Wednesday.

The City of London Corporation is buying 68 flats in the Kensington Row development on Kensington High Street to house some of the families made homeless in the deadly fire at London’s Grenfell Tower last week.

Bank of England’s chief economist, Andy Haldane, said on Wednesday that he was likely to vote for an interest rate hike in 2017, putting himself at odds with Mark Carney the day after the governor said “now is not the time” to do so.

Phoenix Asset Management said it has acquired a majority stake in Hornby Plc after buying the entire stake of activist investor New Pistoia which succeeded in seeing the removal of Roger Canham as chairman of the loss-making British toymaker.

NYT

- Travis Kalanick stepped down as chief executive of Uber Technologies Inc, the ride-hailing service that he helped found in 2009 and built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company. nyti.ms/2st1OH6

- Magazine publisher Wenner Media has agreed to sell its men’s lifestyle title to American Media to focus on expanding its remaining brand, Rolling Stone. nyti.ms/2st1iJl

- An appeals court is set to rule on whether premium, subscriber-based news organizations should have the same protection as a traditional media company. nyti.ms/2st2vk4

Canada

THE GLOBE AND MAIL

** Struggling Sears Canada Inc plans to file for court protection from its creditors soon with the goal of closing about one-third of its 94 department stores and keeping the rest running, industry sources say. (tgam.ca/2twNzQo)

** Export Development of Canada has committed $72 million in financing for Canadian Solar Inc’s participation in Dubai’s massive Solar City project. (tgam.ca/2twlTef)

NATIONAL POST

** Berkshire Hathaway Inc said late Wednesday evening it has agreed to indirectly acquire C$400 million of Home Capital Group’s common shares on a private placement basis, providing a new C$2 billion line of credit to its subsidiary, Home Trust. (bit.ly/2twW65G)

** AIMCo Realty Investors LP, a unit of AIMCo, launched its initial debt offering in Canada, hoping to raise C$400 million. (bit.ly/2twCgY8)

Britain

The Times

* Business groups applauded a more pro-business tone from the government in the Queen’s Speech yesterday, but warned that they were still in the dark over future trading arrangements. bit.ly/2sCpIyn

* Hornby Plc’s Roger Canham, fresh from seeing off a challenge to his position, resigned as executive chairman with immediate effect. bit.ly/2sCtk3v

The Guardian

* Just 24 hours after Bank of England governor Mark Carney said the state of the economy and the uncertainty caused by Brexit meant borrowing costs should stay on hold, the bank’s chief economist, Andy Haldane said it would be prudent to tighten policy before the end of the year. bit.ly/2sCjWNg

* Tesco is to close a call centre in Cardiff, putting 1,100 jobs at risk. bit.ly/2sCk6Em

The Telegraph

* Drinks giant Diageo has agreed to pay up to $1 billion to buy George Clooney’s tequila company, Casamigos. bit.ly/2sCsl3f

* The Serious Fraud Office appears to have been granted a reprieve from plans to abolish it in a U-turn that came just a day after the organisation targeted Barclays with the first criminal charges ever brought against a bank over the financial crisis. bit.ly/2sCF7yS

Sky News

* AS Watson Group, which is part of the vast Asian conglomerate CK Hutchison Holdings, has tabled an indicative offer for Holland and Barrett, whose owner has kicked off an auction of the business, according to Sky News. bit.ly/2sCCm0r

* Uber’s troubled chief executive, Travis Kalanick, has quit following a revolt by major shareholders. bit.ly/2sCmefu

The Independent

* Starbucks will hire 2,500 refugees across Europe by 2022 as part of a wider plan that sparked a social media backlash when it was announced in January. ind.pn/2sCHdP2

* The co-founder of Cobra beer, Karan Bilimoria, has said that he does not think that Britain will end up leaving the EU, once people become aware of the full impact a split will have on business and the economy. ind.pn/2sCplUN


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