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Frontrunning: August 30

Courtesy of ZeroHedge. View original post here.

  • Harvey Forces Thousands to Seek Shelter (WSJ)
  • Damage From Harvey Rising by the Hour Amid ‘Apocalyptic’ Flooding (BBG)
  • Houston’s Economic Heft Gives City Means to Recover From Harvey (WSJ)
  • Why Trump Didn’t Tweet About Latest North Korea Missile Launch (BBG)
  • Stocks Rebound as Korean Fears Abate; Gold Steady: Markets Wrap (BBG)
  • Value of Trump's brand up in Middle East, his Gulf partner says (Reuters)
  • From Stocks to Bonds, the Bear-Market Signals Are Multiplying (BBG)
  • Trump hits road to tout tax reform as helping workers (Reuters)
  • Trump Pitches Business Tax Cut to Middle Class (WSJ)
  • Trump’s Tax Pitch Will Be Populist, But Bill May Benefit Elites (BBG)
  • Message from North Korean missile over Japan 'loud and clear': Trump (Reuters)
  • Businesses Struggle With Flawed Insurance as Floods Multiply (WSJ)
  • White House downplays Charlottesville comments from Tillerson, Cohn (Reuters)
  • 21st Century Fox Pulls Plug on Fox News in the U.K. (WSJ)
  • This Freshman GOP Senator Could Defy Wall Street (BBG)
  • White House Won’t Require Firms to Report Pay by Gender, Race (WSJ)
  • Dollar Rebound Threatens Euro's Jackson Hole Breakout Level (BBG)
  • Abbott Releases New Software Updates for Pacemakers (WSJ)
  • Apple App Store to Let Chinese Customers Pay Using WeChat Pay (WSJ)

Overnight Media Digest

WSJ

- The Justice Department has taken preliminary steps to investigate whether managers at Uber Technologies Inc violated a U.S. law against foreign bribery, according to people familiar with the matter. on.wsj.com/2gpbwqM

- Even before he takes the job as Uber Technologies Inc's new chief executive, fresh challenges confront Expedia Inc CEO Dara Khosrowshahi, with news of a federal bribery probe into Uber and public disagreement over how the board's decision to hire him unfolded. on.wsj.com/2gohMyZ

- Apple Inc is scrambling to strike deals with Hollywood studios to offer ultrahigh-definition films on its new Apple TV, but discussions have been hampered by disagreements over pricing, according to people with knowledge of the talks. on.wsj.com/2gnOqR4

- A federal appeals court ordered the Federal Communications Commission to give two firms affiliated with Dish Network Corp another chance at success in an airwaves auction where the FCC determined they were ineligible for crucial small-business discounts. on.wsj.com/2go4kuV

- Low-cost airline Allegiant Travel Co will venture into real estate with a sprawling resort on Florida's Gulf Coast, even as hotel development slows nationwide amid a glut of rooms. on.wsj.com/2gpSi4l

FT

* United Technologies Corp , owner of jet-engine maker Pratt & Whitney, is in talks to acquire aircraft component manufacturer Rockwell Collins Inc for almost $30 billion, including debt.

* British Prime Minister Theresa May will look to ease corporate Japan’s worries about Brexit during a three-day visit to the country from Wednesday focused on progress on a bilateral trade deal for when Britain leaves the European Union.

* President Donald Trump warned on Tuesday that all options are on the table for the United States to respond to North Korea’s firing of a ballistic missile over northern Japan’s Hokkaido island into the sea in a new show of force.

NYT

- Domino's Pizza Inc this week plans to start testing deliveries using Ford Motor Co self-driving Ford Fusion sedan outfitted with enough sensors, electronics and software to find its way to customers' homes or offices in a section of this city 40 miles west of Detroit. nyti.ms/2x2Bp5I

- A federal judge on Tuesday dismissed a defamation lawsuit filed by the former vice-presidential candidate Sarah Palin against The New York Times, saying Ms. Palin's complaint failed to show that a mistake in an editorial was made maliciously. nyti.ms/2iHhPGD

- Worried by a long-term rise in inequality, Britain announced on Tuesday a series of measures aimed at increasing transparency over executive compensation, hoping to ramp up pressure on companies that offer lavish salaries for bosses but restrict pay for regular employees. nyti.ms/2wh9Ipg

- A deal unveiled on Tuesday between the mining company Freeport-McMoRan Inc and the Indonesian government which is meant to bring an end to years of rising public anger over American control of one of the mining industry's crown jewels. It could also end a fight between the two sides that limited output at the mine and impacted metals prices worldwide. nyti.ms/2vHTDp1

Britain

The Times

- Asos is little more than 100 million pounds ($129.28 million) short of overtaking the market value of Marks & Spencer Group Plc in what is being called the UK high street's "Tesla moment". The Aim-listed internet-only fashion retailer was worth 4.93 billion pounds ($6.37 billion) yesterday compared with M&S's 5.05 billion pounds ($6.53 billion). bit.ly/2wHJ3mf

- The regime at Mitie Group Plc run by Baroness McGregor-Smith has come under investigation by UK's Financial Conduct Authority. The announcement that FCA has begun an inquiry into the timing of a profit warning last September that preceded the departure of Lady McGregor-Smith from Mitie is the latest setback for the former chief executive of the FTSE 250 company. bit.ly/2wmsY2P

The Guardian

- Downing Street has said UK government will not back away from its demand to kick off negotiations on a post-Brexit trade deal as soon as possible – even though the European commission president, Jean-Claude Juncker, flatly dismissed the idea on Tuesday. bit.ly/2wmzJBI

The Telegraph

- UK Government will reboot its industrial strategy today with a 160 million pound ($206.85 million) injection into Britain's drugs sector, with a major vaccines lab to prepare the country for emergency epidemics among the first initiatives to get support. bit.ly/2wmYlKK

- UK Prime Minister Theresa May has been forced to abandon her flagship plan to reform executive pay, prompting relief among business leaders but criticism from ­unions and Labour MPs. bit.ly/2wmEDPi

Sky News

- Tom and Ruth Chapman, who founded Matchesfashion.com, the online luxury fashion boutique, are close to sealing the sale of their company for about 800 million pound ($1.03 billion)to the private equity firm Apax Partners. bit.ly/2wHfKR1

- Arnold Schwarzenegger is fronting a campaign warning consumers they only have two years to claim compensation for mis-sold payment protection insurance. The 42 million pound ($54.30 million) campaign is the brainchild of UK's Financial Conduct Authority, which believes the sector's biggest mis-selling scandal is far from over as the clock ticks down to the 29 August 2019 deadline for claims. bit.ly/2wHlqdH

The Independent

- UK care home system is "teetering on a knife edge" thanks to a severe skills crisis that risks being worsened by Brexit, recruiters have warned. Care homes rely heavily on migrant labour and the risk of a staff shortage as a result of UK's decision to leave the EU, coupled with fewer nurses already entering the profession, could "bring the entire system to a standstill", according to specialist nursing practice Clayton Recruitment. ind.pn/2wH7LDo

- UK house price growth eased to its slowest in three months in August, underscoring the impact of a falling pound and an inflation jump on consumer appetite for big-ticket purchases. Nationwide's monthly house price index showed on Tuesday that house prices rose 2.1 percent year-on-year in the month, down from a 2.9 percent rise in July and matching May's four-year low. ind.pn/2wHhE47


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