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Frontrunning: June 12

Courtesy of ZeroHedge. View original post here.

  • Tech selloff spreads to Europe and Asia, politics lifts euro (Reuters)
  • GE Names Flannery CEO as Immelt to Step Down After 16 Years (BBG)
  • Trump to Call for Curbs on CFPB (WSJ)
  • Sessions Testimony Will Keep Attention on Russia Probe (WSJ)
  • France Is on the Verge of an Astonishing Political Transformation (BBG)
  • Fed Finds Foe in Financial Markets (WSJ)
  • Britain, U.S. deny that Trump state visit delayed (Reuters)
  • Qatar Says It Can Defend Currency and Economy in Gulf Feud (BBG)
  • Aldi fires $3.4 billion shot in U.S. supermarket wars (Reuters)
  • Cruz Goes From ‘Lucifer’ to Dealmaker in Health-Care Overhaul (BBG)
  • Former Amazon Warehouse Manager Sues for Overtime Wages (NYT)
  • Foxconn says Apple, Dell join its bid for Toshiba chip business (Reuters)
  • China, Singapore Vow Trade Cooperation in Sign of Thaw (BBG)
  • When Activists Enter the Kitchen, the CFOs Feel the Heat (WSJ)
  • Russian police detain Putin critic Navalny ahead of Moscow protest (Reuters)
  • A Graft Machine’s Collapse Sows Chaos in the Caribbean (BBG)
  • These Cities Have Too Many Stores, and They’re Still Building (BBG)
  • Does Anyone Remember How to Make a Subprime Mortgage? (WSJ)
  • Risk and robots: Ripping out a radioactive heart (Reuters)
  • Why You Don’t Want to Buy a Sharp TV in the U.S. (WSJ)
  • The Other Eric in Trump Tower Reaches Down in New Hotel Push (BBG)
  • How Trump Digs a Deeper Legal Hole When He Tweets (BBG)

Overnight Media Digest


- Uber Technologies Inc’s leadership crisis intensified as the board of directors met to weigh issues including a possible leave of absence for Chief Executive Travis Kalanick and the potential departure of his closest lieutenant.

- Discount grocery chain Aldi is expected to unveil on Monday plans to invest $5 billion to open nearly 900 stores and remodel hundreds more in the U.S.

- The Trump administration will recommend limits on the U.S. consumer-finance regulator and a reassessment of a broad range of banking rules in a report to be released as early as Monday, according to people familiar with the matter.

- Microsoft Corp said its next videogame console will go on sale on Nov. 7 for $499, about $100 more than Sony Corp’s high-end PlayStation 4 Pro.

- Boeing Co said it had moved a step closer to completing a contentious jetliner sale to an Iranian airline, though the U.S. government still needs to give the green light before planes could be delivered.


BP Plc has invested in artificial intelligence technology start-up Beyond Limits as it joins growing interest among oil and gas companies in the use of big data to help find new resources.

British business has regained its voice to call for a softer approach to Brexit, after Theresa May failed to demonstrate there is public support for her vision of a hard Brexit in the election.

Brexit campaigner Michael Gove was appointed as the minister for environment, food and rural affairs by Theresa May on Sunday, in a remarkable recovery for a politician who seemed to have systematically burnt bridges with many of his colleagues over a number of years.

Inquiries from overseas authorities investigating the trail of dirty cash flowing to UK have risen to a record level, according to Home Office data released through a Freedom of Information request.


- Michael Ortiz, a former shift manager for Inc in several warehouses in the San Francisco Bay Area, accused Amazon of failing to pay him overtime wages in a lawsuit.

- Ride-hailing service Uber Technologies Inc board moved on Sunday to shake up the company’s leadership, ahead of the release this week of an investigation’s findings on its troubled culture. Uber directors were weighing a three-month leave of absence for chief executive Travis Kalanick, according to people with knowledge of the plans.

- Attorney General Jeff Sessions will testify Tuesday before the same Senate committee that heard from former FBI Director James Comey last week, keeping national attention on a Russia investigation that White House officials have been trying to push to the background.



** Home Trust Co, the main operating subsidiary of troubled alternative mortgage lender Home Capital Group Inc, is beefing up its anti-money-laundering controls under orders from Canada’s banking regulator.

** Health Minister Jane Philpott said she is “determined to find ways to make it very clear that we expect the law to be upheld” and she finds it “disturbing” to see how Canadian physicians are double-dipping – by billing the public system, while also charging patients directly for medical services.

** Canadian technology companies are greeting a new federal blueprint for hiring foreign talent with open arms – and cautious optimism. The government’s C$7.8 million, 24-month pilot program is designed to allow high-growth firms to bring in international talent within two weeks.


** After a series of debates in which the New Democratic Party leadership candidates agreed on just about everything, the claws finally came out on Sunday when they were allowed to question each other directly during their fourth debate in St. John’s, N.L.


The Times

Business confidence has plunged since the election and company bosses blame uncertainty over the make-up of the government, according to a poll by the Institute of Directors.

Lawyers have excessive influence over swathes of public life, from security to the compensation culture, according to Stephen Hester, chief executive of RSA Insurance Group Plc .

The Guardian

Private schools are set to get tax rebates totalling 522 million pounds ($664.56 million) over the next five years as a result of their controversial status as charities, according to a study of local council records.

Theresa May is to be told the European Union will take a year to draft a new mandate for its chief negotiator, Michel Barnier, effectively killing the Brexit negotiations, if she insists on discussing a future trade relationship at the same time as UK’s divorce bill.

The Telegraph

Centrica Plc has launched its own rival to Homeserve Plc after a potential bid for the boiler repair service provider was scuppered by competition fears.

The Guardian newspaper will soon abandon its European-style “Berliner” print format and go tabloid to help stem heavy losses.

Sky News

The member-owned convenience store group Nisa Retail is exploring a shock sell-off that would underline the seismic shifts taking place across Britain’s food retailing industry.

The Independent

Michael Gove has been appointed environment secretary by Prime Minister Theresa May in her cabinet reshuffle.

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