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Frontrunning: June 23

Courtesy of ZeroHedge. View original post here.

  • One year after Brexit: Forget euro zone breakup, sterling now deemed riskier (Reuters)
  • Senate Holdouts Seek Upper Hand in Perilous Health Bill Talks (BBG)
  • Senate Bill Poses Risks to Health-Care Companies (WSJ)
  • Trump’s Tape Ruse Risks Fresh Legal Jeopardy in Russia Probe (BBG)
  • Arab states demand Qatar closes Jazeera, cuts back ties to Iran (Reuters)
  • Qatar Seen Rejecting List of Severe Demands to End Gulf Crisis (BBG)
  • Turkey rejects call to shut military base in Qatar (Reuters)
  • From Music to Maps, How Apple’s iPhone Changed Business (WSJ)
  • How Killing Obamacare Might Save Obamacare, For a While (BBG)
  • Baghdadi death near 100 percent certain: Interfax quotes Russian senator (Reuters)
  • Japanese warship takes Asian guests on cruise in defiance of China (Reuters)
  • FBI Director Nominee’s Client List Could Hinder Oversight of Investigations (WSJ)
  • Buffett’s Home Capital Bet Backs Turbulent Canada Housing Market (BBG)
  • China’s authorities tighten noose around online video content (Reuters)
  • Deadly London apartment blaze began in Hotpoint fridge freezer, police say (Reuters)
  • Trump’s Steel Tariff Threat Faces Resistance From Lawmakers (WSJ)
  • ‘Fair’ or ‘vague’? EU sizes up May’s Brexit rights offer (Reuters)
  • Canada Ponders an Unusual Drug Problem: a Shortage of Marijuana (BBG)
  • North Korea tests rocket engine, possibly for ICBM: U.S. officials (Reuters)
  • Venezuelan soldier shoots protester dead in airbase attack, minister says (Reuters)

Overnight Media Digest


- Qatar Airways said it aims to buy a significant stake in American Airlines Group Inc – a brash attempt by the fast-growing Middle East carrier to push into the U.S. amid political upheaval back home.

- Mylan NV’s board nominees were elected in full at the pharmaceutical company’s annual meeting Thursday despite pressure from a group of institutional investors unhappy over high executive pay.

- Tesla Inc said it is exploring with government officials in Shanghai the possibility of opening a facility to build electric vehicles for the Chinese market.

- The U.S. Department of Agriculture suspended imports of fresh beef from Brazil, citing recurring safety concerns. The USDA’s move came after Brazil earlier Thursday suspended beef exports from five slaughterhouses to the U.S.

- Samsung Electronics Co is in late-stage discussions to invest about $300 million to expand its U.S. production facilities at a factory soon to be vacated by Caterpillar Inc according to people familiar with the matter, with an announcement expected as early as next week.


Prime Minister Theresa May offered to allow EU citizens who had lived in Britain for five years to continue staying after Brexit, as she tried to regain the initiative on exit negotiations at a European summit in Brussels on Thursday.

The UK’s deal with EDF SA to build the Hinkley Point C nuclear plant could cost British electricity consumers 30 billion pounds ($38.03 billion) above market prices, the National Audit Office said in a report.

Bank of England policymaker Kristin Forbes, whose three-year term on the bank’s Monetary Policy Committee ends next week, said on Thursday that senior staff were too busy to take monetary policy decisions sufficiently seriously and worried too much about bad press and their public profiles.


- Tesla Inc is in discussions to establish a factory in Shanghai, its first in China, a move that could bolster its efforts in one of its major markets even as it further lifts China’s position as a builder of electric cars.

- The largest U.S. banks breezed through the first phase of their annual Federal Reserve stress tests, demonstrating that they have enough capital to withstand the type of financial shock that nearly ruined the industry and the world economy in 2008.

- Berkshire Hathaway Inc, run by Warren Buffett, agreed to buy a stake in Home Capital Group Inc, which has struggled amid accusations of fraud.

- Akbar al-Baker, the chief executive of Qatar Airways, recently approached his counterpart at American Airlines Group Inc, a bitter rival, with some news: His state-owned company wanted to buy a 10 percent stake in American.

- Martin Shkreli, former hedge fund manager, “pharma bro” and self-styled bad boy, sat in federal court for a hearing before his fraud trial begins next week.


The Times

* A state-backed Chinese operator is among the companies shortlisted to run the new HS2 railway, the first bidder for a rail franchise from mainland China.

* Central banking may have become too political and policymakers too overstretched to manage interest rates properly, a leading Bank of England ratesetter, Kristin Forbes, suggested yesterday.

The Guardian

* Britain’s vote to leave the EU has squeezed living standards, hit consumer spending and dampened the country’s growth prospects, according to an analysis by Guardian of economic news over the year since the referendum shows.

* The price of British strawberries could rise by more than a third if the UK cannot ensure access to European workers after Brexit, The National Farmers’ Union said.

The Telegraph

* Peter Hambro has lost his bid to stop a major Russian investor from filleting the board of Petropavlovsk, the gold mining company he co-founded more than 20 years ago.

* Fears of a clampdown on China’s swashbuckling corporate empire builders are mounting after authorities in Beijing began gathering financial intelligence on big-spending conglomerates.

Sky News

* The new chief executive of GlaxoSmithKline, Emma Walmsley, is pursuing a sale of MaxiNutrition, which was bought in 2010 for 162 million pounds ($205.38 million) , according to Sky News.

* Malcolm Barr, who works for JP Morgan, one of the world’s largest banking institutions, said of the Brexit negotiations: “I’m not convinced that (the UK is) really very well prepared at all, to be perfectly blunt.”

The Independent

* The reckless rise of artificial intelligence is going to be much more disruptive for the London technology scene in the longer run than Britain’s departure from the EU, according to musician,

* McDonald’s has launched its long-awaited home delivery trial in the UK after teaming up with Uber’s takeaway service across parts of London, Nottingham and Leeds.

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