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Frontrunning: June 9

Courtesy of ZeroHedge. View original post here.

  • UK voters deal May a crushing blow (Reuters)
  • May Fights to Remain U.K. Premier After Election Debacle (BBG)
  • Warning of U.S. desertion, EU chief calls for European defense (Reuters)
  • EU Turns Schadenfreude Up to Maximum After May Election Disaster (BBG)
  • Dollar cleans up as UK election shock stuns sterling (Reuters)
  • Trump tweets on Comey, declares ‘total vindication’ (AP)
  • Baghdad rejects Kurds’ move to press for independence unilaterally (Reuters)
  • Oil’s price fall stalls despite supply glut (Reuters)
  • Once Stalwart Oil Stock Bulls Starting to Say Enough Is Enough (BBG)
  • Feud over Qatar deepens conflicts across Arab world (Reuters)
  • Venezuela Bond Repudiation Jitters Grow After Goldman Sachs Deal (BBG)
  • Saudis Have a Lot to Lose in Qatar Fight, Even If They Win (Bloomberg)
  • Arab powers adds Qatar-linked people, groups to blacklists (Reuters)
  • Trump calls ex-FBI director Comey a ‘leaker’ after testimony (Reuters)
  • Central Banks Are Poised to Start Rowing in One Direction Again (BBG)
  • China says it is vigilant as two U.S. bombers fly over South China Sea (Reuters)
  • Russia may seize U.S. property if its own compounds not returned (Reuters)
  • Verizon to Cut 2,100 Jobs at Yahoo, AOL After Merger (WSJ)
  • Saks Owner Hudson’s Bay to Cut About 2,000 Jobs (WSJ)
  • Torn by War on ISIS, Mosul Risks Lasting Divisions (WSJ)
  • Here’s How to Kill Electric Cars (BBG)
  • South Korea finds apparent North Korean drone near border (Reuters)
  • SoftBank to buy robotics businesses from Alphabet Inc (Reuters)
  • Bain replacing KKR in Japan government-backed bid for Toshiba chip unit: sources (Reuters)
  • South Korea’s Stance on U.S. Missile-Defense System Hasn’t Shifted (WSJ)

Overnight Media Digest


- Members of the family that founded Nordstrom Inc are exploring the possibility of taking the retailer private, signaling they are ready to double down on the business at a time when many investors see a bleak future for the American department store.

- Hudson’s Bay Co, owner of Saks Fifth Avenue and Lord & Taylor, said that it would eliminate about 2,000 positions as part of restructuring efforts, the latest sign of deepening distress in the retail sector.

- The U.S. Food and Drug Administration is requesting Endo Pharmaceuticals Inc remove its Opana ER from the market over concerns about the painkiller’s links to injection drug abuse, in what the agency called its first effort to remove an opioid pain drug over abuse concerns.

- About 2,100 people will lose their jobs at Yahoo Inc and AOL after Verizon Communications Inc completes its acquisition of Yahoo and combines the two onetime internet rivals, a person familiar with the matter said.

- While Uber Technologies Inc wrestles with a string of controversies, the ride-hailing company is in advanced talks to acquire much of the engineering team from a struggling car-parking service, according to people familiar with the matter.

- A unit of Berkshire Hathaway Inc will be able to sell a revised version of its controversial workers’ compensation insurance policies in California following a settlement with the state’s top insurance regulator.


- Saudi Aramco IPO-ARMO.SE will not join the FTSE 100 stock index if it lists its shares in the UK. FTSE Russell, the exchange that runs the FTSE 100, says that members of the index must have high-grade “premium” listings and float at least 25 percent of their shares, but Aramco plans to only sell less than 5 percent of its equity. Aramco has not pushed for a change of FTSE Russell’s listing rules.

- JPMorgan Chase Chief Operating Officer Matt Zames announced his resignation. His COO responsibilities will be spread among four senior colleagues.

- UK Prime Minister Theresa May’s gamble on a snap election appeared to have not worked well, after exit polls showed that the Tories would fall 12 short of an overall majority, leaving her future as prime minister in doubt.

- Owner of the Saks Fifth Avenue Hudson’s Bay said on Thursday that it planned to cut some 2,000 jobs across its North American operations as part of a major restructuring.


- Alibaba Group Holding Ltd signaled on Thursday that for all the global worries about China’s rising debt and bloated state industries, its economy still enjoys a strong pillar of support from online shoppers.

- Japan’s SoftBank Group Corp agreed to acquire Boston Dynamics, a manufacturer of animal-like robots, from Google’s parent company, Alphabet Inc for an undisclosed sum.

- JPMorgan Chase & Co’s chief operating officer Matt Zames resigned from the bank, according to an internal memo on Thursday.

- Verizon Communications Inc plans to lay off 2,100 people once it completes its acquisition of Yahoo Inc’s internet business on Tuesday.

- Members of the family that founded Department store operator Nordstrom Inc in Seattle a century ago said they were exploring ways to shift the company into private ownership.



** Hudson’s Bay Co is cutting 2,000 jobs in its core North American retail business, or 4 percent of its work force in that market, as its losses mount amid falling sales in a fast-changing retail climate. (

** Britain’s Centrica Plc has struck a deal to sell its entire Canadian oil and gas exploration and production business to Hong Kong-listed MIE Holdings Corp, in the latest example of Asian capital snapping up domestic energy assets. (

** Enbridge Inc says it will put new focus on capitalizing on the demand for billions of dollars in energy infrastructure needed to help move growing North American oil and natural gas supplies to overseas markets in the decades ahead. (


** Canada has moved a little closer to meeting its target to protect five percent of the country’s oceans by the end of 2017, but some are concerned about the methods the government is using to reach that goal. To coincide with World Oceans Day, Fisheries Minister Dominic LeBlanc announced on Thursday that St. Anns Bank, covering 4,364 square km east of Cape Breton, is officially Canada’s latest marine protected area. (

** High levels of household debt and red-hot housing markets in Toronto and Vancouver pose the biggest threats to the stability of the country’s financial system, the Bank of Canada said Thursday. (

** A Senate committee says the government must “urgently” amend laws to prevent foreign interference in Canadian elections, including the possible theft of confidential emails. (


The European Central Bank has ruled out further interest rate cuts in a first small step towards normalising monetary policy as the euro zone rapidly gathers momentum.

BT Group Plc has fired PricewaterhouseCoopers (PWC) as its auditor after the firm failed to spot a fraud at its Italian business, which is thought to have continued for up to 10 years.

The Guardian

Mahmud Kamani the co-founder of Plc, has cashed in on the fast-growing popularity of the online fashion group by selling more than 80 million pounds ($101.70 million) in shares.

The celebrity chef Gordon Ramsay has drafted in a specialist team of Brexit negotiators to tackle rising food costs at his restaurant empire as the cost of imported ingredients spiral because of weak sterling.

The Telegraph

The European Union wants to give police new powers to obtain information from internet companies including Facebook Inc and Alphabet Inc’s Google as part of new measures to fight terrorism.

Marks and Spencer Group Plc boss Steve Rowe received a smaller pay packet for his first year at the helm of the high street retailer than his predecessor Marc Bolland, the firm’s annual report has revealed.

Sky News

Qatar’s Al Faisal Holding and Interritus Limited of Switzerland are in talks about a takeover of the struggling Co-op Bank.

The exit poll team says there is a “serious risk” that Theresa May will lose her overall majority – although this is “far from certain.”

The Independent

The Liberal Democrats will make “no pact, no deal, no coalition” with either Labour or the Conservatives in the event of a hung parliament, the former leader of the Liberal Democrats has said.

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