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Frontrunning: June 20

Courtesy of ZeroHedge. View original post here.

  • Central bank caution beefs up stock gains (Reuters)
  • Pound Drops as BOE’s Carney Says Not Yet Time to Raise Rates (BBG)
  • Oil Just Hit Its Lowest Level of the Year (BBG)
  • Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal (Reuters)
  • Senate GOP Sets Ambitious Deadline on Health-Care Vote (WSJ)
  • Both Parties Have a Lot to Lose in Georgia and S.C. Special Elections (WSJ)
  • House speaker vows to complete tax reform in 2017 (Reuters)
  • The New Face of Trump’s Legal Team Is the Christian Right’s Pitbull (BBG)
  • Russia probe focuses on role of Flynn partner (Reuters)
  • Among the iPhone’s Biggest Transformations: Apple Itself (WSJ)
  • Democrats protest Senate Republican healthcare secrecy (Reuters)
  • Texas Is Too Windy and Sunny for Old Energy Companies to Profit (BBG)
  • Whole Foods CEO hints at another brand under Amazon (Reuters)
  • Robots Are Eating Money Managers’ Lunch (BBG)
  • Trump seen hardening line toward Pakistan after Afghan war review (Reuters)
  • Peak Banking Globalization Hasn’t Come and Gone, BIS Says (BBG)
  • Soros Says U.K. Is Approaching ‘Tipping Point’ as Brexit Bites (BBG)
  • Supreme Court to hear major case on political boundaries (Reuters)
  • Ex-BlackRock Exec’s Gas Bet Pays Off With $6.7 Billion Takeover Deal (BBG)
  • Millennials Are Helping America Save More Money (BBG)
  • Tesla driver in fatal ‘Autopilot’ crash got numerous warnings: U.S. government (Reuters)
  • Boeing lifts 20-year industry demand forecast to $6 trillion (Reuters)
  • Virginia police probe Muslim girl’s killing as ‘road rage’ incident (Reuters)

Overnight Media Digest


- Billionaire Li Ka-shing, for decades one of the world’s wealthiest tycoons, has told associates he plans to step down as chairman of his global conglomerate, CK Hutchison Holdings Ltd by next year.

- United Parcel Service Inc plans to charge retailers extra fees to deliver packages during the busiest weeks before Christmas, creating a new challenge for an industry already coping with a shift away from traditional stores.

- Twenty-first century Fox Inc’s Fox Networks Group is preparing a new six-second ad format for digital platforms and eventually traditional TV, mirroring an ad format recently adopted by Google’s YouTube, the company said.

- Vice Media has secured a $450 million investment from private-equity firm TPG, as the youth-focused digital media company looks to step up its spending on scripted programming and plans a direct-to-consumer service.


The proportion of car components made in UK and used in vehicles assembled in Britain has increased steadily, from 36 percent in 2011 to 41 percent in 2015, and is now at an estimated 44 percent in 2017, according to a new report by the Automotive Council.

BlackRock Inc, the world’s biggest asset manager, is to acquire a stake in Anglo-German digital investment manager Scalable Capital, extending its drive into the rapidly growing market for “robo-advice”.

Private equity group CVC Capital Partners agreed to buy a controlling stake in UK IT training company QA for 700 million pounds ($890.96 million).

Marlin Bidco, a buyout vehicle formed by BC Partners and Pollen Street Partners, received enough shareholder support on Monday to buy British challenger bank Shawbrook Group Plc


- Timothy Cook of Apple, Jeff Bezos of Amazon, Satya Nadella of Microsoft and Eric Schmidt of Alphabet were among 18 tech executives and investors — many of whom have criticized the Trump administration — who attended the four-hour afternoon session to discuss cloud computing and procurement systems run by government agencies.

- The meal-delivery service Blue Apron’s plans for a public debut come amid upheaval in the food retail industry generated by Inc’s takeover bid for Whole Foods Market Inc.

- The Chicago businessman Edwin Eisendrath heads a group, whose bid sets up a potential battle with Tronc Inc, owner of The Chicago Tribune and The Los Angeles Times.



** The Liberal government is overhauling the process by which members of the board of directors of CBC/Radio-Canada are selected, in hopes of ending decades of allegations of political interference in the public broadcaster’s operations.

** Liquor Stores NA Ltd said on Monday that six out of its eight directors would not stand for re-election at the Edmonton-based retailer’s annual meeting after a month-long proxy battle.


** Tim Hortons franchisees have filed a class-action lawsuit against the iconic Canadian coffee chain’s parent companies Restaurant Brands International Inc and TDL Group Corp, claiming damages for breach of contract.

** The Canadian government has mapped out the specific process for creating a so-called “bail-in” regime for the country’s biggest banks aimed at keeping taxpayers off the hook in the unlikely event of a bank failure.


The Times

* Bruno Iksil, a former JP Morgan trader accused of being behind the American investment bank’s multibillion-dollar trading loss scandal, said that Jamie Dimon, the bank’s chief executive, had been involved in the ultimately loss-making trades that his desk had bought.

* Greencoat Renewables, a wind farm operator is planning to breeze on to the London and Dublin stock exchanges with a 219 million pounds float.

The Guardian

* Silvana Tenreyro, an economics professor from the London School of Economics who warned against Brexit, has been appointed to the Bank of England’s interest rate-setting committee.

* ITV’s hunt for a chief executive has narrowed to a shortlist that includes Andrew Griffith, chief operating officer at Sky, Paul Geddes, chief executive of Direct Line, and Rob Woodward, the outgoing chief executive of STV.

The Telegraph

* Boeing has unveiled an enlarged version of its best-selling 737 airliner at the Paris airshow as the U.S. aerospace giant battles back against European arch-rival Airbus .

* Orange SA is selling around a third of its stake in BT, just five months after the French state telecoms monopoly was released from a lock-up preventing a share sale.

Sky News

* Pension Protection Fund is putting the funds into the company which operates the M6 toll road, just days after it was sold to IFM Investors, its second group of Australian owners, according to Sky News.

* Jaguar Land Rover says it is hunting 5,000 recruits as it bids to bolster its UK workforce despite concerns about the implications of the Brexit vote.

The Independent

* Google says it will step up its efforts to stem online extremism by putting more resources into identifying YouTube videos that spread hate.

* A survey of over 2,000 public and private sector employees conducted by Badenoch and Clark has revealed that two in five workers in the UK say that they have experienced workplace bias, and one in five have hidden their age, disability, social background or sexuality when applying for a job.

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