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Frontrunning: May 23

Courtesy of ZeroHedge. View original post here.

  • Rare Bipartisan Deal Rolls Back Postcrisis Banking Regulation (WSJ)
  • Fed Minutes to Detail Views on Inflation Overshoot, Yield Curve (BBG)
  • Turkey Heads Toward a Currency Crisis as Lira Goes Into Freefall (BBG)
  • U.S. warns citizens in China after 'abnormal' sound injures consulate worker (Reuters)
  • The Hard Truth at Newspapers Across America: Hedge Funds Are in Charge (BBG)
  • Eurozone composite PMI down to lowest in 18 months (MW)
  • Barclays explores mergers with rival banks (FT)
  • Apple Avoids Amazon’s Beauty Contest, Searches Secretly for New Campus (WSJ)
  • Ocean, jungle explosions new risks from Hawaii eruption (Reuters)
  • Barclays has no plans for tie-up with rival banks: sources (Reuters)
  • Lira Plunges as Japanese Investor Exodus Adds to Turkey's Woes (BBG)
  • Gun control support fades after Florida shooting: poll (Reuters)
  • Tiffany Sales Blow Away Estimates (BBG)
  • Comcast says considering all-cash offer to buy Fox assets (Reuters)
  • Ex-Trump campaign chief seeks to suppress evidence seized by FBI (Reuters)
  • Tesla Model 3 registrations zip past rivals in California (Reuters)
  • Why Do Americans Stay When Their Town Has No Future? (BBG)
  • Iranian officials split over response to U.S. demands (Reuters)
  • London’s Long Housing Boom Is Over. Is a Bust Coming? (BBG)
  • How the U.S. Will Launch More Rockets, And Faster (BBG)

Overnight Media Digest

WSJ

- J.C. Penney, struggling to reverse its decline, is losing its chief executive to Lowe's Companies Inc, another retailer trying to fix itself. on.wsj.com/2rZt27W

- Amazon.com Inc found itself thrust into the contentious issue of government surveillance on Tuesday after dozens of civil-rights organizations called on the tech giant to stop selling its facial-recognition technology to law-enforcement organizations. on.wsj.com/2IYNkIl

- Mark Zuckerberg apologized to European Union lawmakers over the fake-news and privacy scandals engulfing Facebook Inc but rebuffed suggestions that the company has outsize market power and avoided responding to many difficult questions. on.wsj.com/2sbCjZV

- President Donald Trump is weighing measures to cut European Union steel and aluminum exports to the U.S. by about 10 percent, in a sign the bloc's concessions to secure tariff exemptions aren't meeting White House demands, EU officials familiar with the talks said. on.wsj.com/2s0lkKA

FT

The U.S. House of Representatives passed on Tuesday bipartisan legislation that would ease bank rules introduced in the wake of the 2007-2009 financial crisis, giving President Donald Trump a major legislative victory.

U.S. civil liberties groups on Tuesday called on Amazon.com Inc to stop offering facial recognition services to governments, warning that the software could be used to target immigrants and people of colour unfairly.

U.S. President Donald Trump said on Tuesday there was a “substantial chance” his summit with North Korean leader Kim Jong Un will not take place as planned on June 12 amid concerns that Kim is resistant to giving up his nuclear weapons

NYT

- Former executive at Valeant Pharmaceuticals International Gary Tanner, and Andrew Davenport, the onetime head of a small mail-order pharmacy were convicted on Tuesday of using a secret kickback arrangement to defraud the drugmaker. nyti.ms/2kgxFGf

- Facebook CEO Mark Zuckerberg's meeting with European lawmakers in Brussels ended with members of the parliament complaining that Zuckerberg had used the session's odd format to evade specific questions and just repeat statements he had made in the past. nyti.ms/2IFOBR2

- President Trump declared on Tuesday that he was not happy with how recent trade talks with China had gone, and said the United States had not reached a deal to suspend penalties on the Chinese telecom firm ZTE Corp, disputing reports that the administration had decided to go easy on the company in return for trade concessions. nyti.ms/2KNCceE

- United States Congress agreed on Tuesday to free thousands of small and medium-sized banks from strict rules that had been enacted as part of the 2010 Dodd-Frank law to prevent another meltdown. nyti.ms/2s7b6aF

Canada

THE GLOBE AND MAIL

** An internal investigation has urged the South African government to consider suspending a $1.2-billion contract with Bombardier Inc as part of a wider probe into corruption and soaring costs in a $5-billion locomotive project. tgam.ca/2GH9wkY

** Deloitte LLP, one of the world's largest accounting firms, is hiring its first ever chief economist in Canada, the latest sign that financial services firms feel the pressure to evolve for a new era. tgam.ca/2kktNnR

** Robo-adviser Wealthsimple is boosting its line of business for financial advisers with the addition of prominent wealth management executive Jean-Francois Courville. tgam.ca/2ICLi1b

NATIONAL POST

** The British Columbia Securities Commission issued letters to 12 offshore companies that advertise initial coin offerings in the province, asking that they cease activities in the region until they are compliant with applicable laws. bit.ly/2IENAgk

Britain

The Times

Marks & Spencer said it had earmarked 14 stores for closure, in addition to 21 that have already shut. It plans to relocate, convert and downsize other stores and "radically" reshape its clothing and homewares business. (bit.ly/2IZUr3a)

Fresh charges have been brought against two people in an investigation into allegations of bribery at Unaoil, an oil and gas consultancy business. The Serious Fraud Office said that it had charged Basil Al Jarah and Ziad Akle with conspiracy to pay alleged bribes to secure a 555 million pound ($745 million) contract that was linked with a scheme to build two oil pipelines in Iraq. (bit.ly/2kf0oLx)

The Guardian

Mark Zuckerberg's meeting at the European parliament ended in acrimony amid a chorus of complaints that the Facebook Inc founder had been allowed to evade questions and give vague answers. Over the 90-minute session, he told MEPs there would be no repeat of the Cambridge Analytica data scandal as he fielded accusations that his company had too much power. (bit.ly/2kftOsU)

The European Union is bracing itself for a trade war with the United States, after Donald Trump's administration signalled to Brussels that it would not prolong the exemption granted to European steel and aluminium importers from its tariffs. (bit.ly/2IZPask)

The Telegraph

The chief executive of Royal Dutch Shell Plc, Ben van Beurden, has suffered a bruising shareholder revolt, after more than a quarter of the oil company's investors voted against his multi-million euro payout for last year. (bit.ly/2J1rhR8)

The UK boss of Homeserve Plc, which provides home emergency insurance cover and repairs, is to step down, as the business reports growing success in its overseas markets. (bit.ly/2kfto5O)

Sky News

London-listed investment firm Intermediate Capital Group Plc is on the brink of winning a 1.2 billion pound race to participate in Britain's biggest-ever software takeover deal. ICG is likely to strike a joint agreement to buy Iris, which supplies software to doctors' offices across the UK, in the coming days. (bit.ly/2x5E5kV)

A senior Conservative lawmaker is demanding a personal intervention from the boss of bank TSB to help customers who have been unable to access their accounts online for a month. (bit.ly/2IW002y)

The Independent

BP Plc has had to halt work on one of its North Sea gas fields due to the reintroduction of U.S. sanctions on Iran in the wake of Donald Trump's decision to withdraw the United States from the Iran nuclear deal. (ind.pn/2IYkdVE)

British supermarket Tesco Plc said it was shutting its loss-making website Tesco Direct, putting up to 500 jobs at risk. Tesco Direct is the firm's non-food website, which sells a range of general merchandise, including technology, homewares, clothing and toys. (ind.pn/2keqSNg)


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