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Frontrunning: June 1

Courtesy of ZeroHedge. View original post here.

  • Moment of truth arrives for EU after U.S. tariffs strike (Reuters)
  • U.S. Tariffs Raise Fear of Trade War (WSJ)
  • Spanish Socialist Sanchez succeeds Rajoy as prime minister (Reuters)
  • Stocks Head for a Positive End to a Tumultuous Week (BBG)
  • May Jobs Report Expected to Show Hiring Kept Apace (WSJ)
  • Deutsche Bank’s Credit Rating Cut by S&P (ZH)
  • Deutsche Bank gets key investor backing as S&P doubts strategy (Reuters)
  • Coal lobby fights black-lung tax as disease rates surge (Reuters)
  • Trump To Grant Lifeline to Money-Losing Coal Power Plants (BBG)
  • China’s Mighty Piggy Bank Is Shrinking (BBG)
  • Stormy Daniels Lawyer Avenatti Dogged by His Own Legal Battles (WSJ)
  • Starbucks Racial Bias Training ‘Uncomfortable’ and ‘Enlightening’: Employees React (WSJ)
  • U.S. military looking at deploying anti-missile system in Germany (Reuters)
  • U.S. Opens Criminal Probe Into Trading in Fannie, Freddie Bonds (BBG)
  • Using satellites to count buildings in South China Sea (Reuters)
  • A group of Bitcoin nerds are trying to secede from America (The Outline)
  • Wall Street Firms Are Moving West. Here Come the Luxury Hotels (BBG)
  • For Master Class in Amazon’s Success, Look at Its Cloud Business (WSJ)

Overnight Media Digest


- SoftBank Group Corp on Thursday said its $92 billion Vision Fund would invest $2.25 billion in General Motors Co's driverless-car unit, while Alphabet Inc's self-driving car subsidiary Waymo LLC said it would buy as many as 62,000 minivans from Fiat Chrysler Automobiles NV as part of a plan to dramatically increase the number of driverless cars it has on the road in coming years.

- General Electric Co is planning to end sales of oil and natural-gas equipment later this year in Iran, illustrating how U.S. withdrawal from the nuclear deal is shutting a narrow window of opportunity for some American businesses there.

- Sears Holdings Corp said Thursday it plans to close more than 60 stores it has deemed unprofitable, as the retailer continues to struggle with falling sales.

- Samsonite International said on Friday that Chief Executive Ramesh Tainwala resigned a week after a short seller claimed the executive had misrepresented himself as having a doctorate.

- Fiat Chrysler Automobiles NV is considering setting up an in-house financing unit in the United States, in a move that could allow the company to directly extend credit to American car buyers for the first time in a decade.

- Costco Wholesale Corp said on Thursday it would raise its minimum wage and boost pay for 130,000 U.S. store staff, intensifying the battle for workers in a tight U.S. job market.


HSBC Holdings Plc has approached outgoing Royal Bank of Scotland Chief Finance Officer Ewen Stevenson to replace HSBC Finance Director Iain Mackay.

The United States Federal Reserve last year designated Deutsche Bank AG’s U.S. operations to be in “troubled condition”, according to a person briefed on the decision.

Samsonite International SA said on Friday it has replaced Chief Executive Ramesh Dungarmal Tainwala with Chief Financial Officer Kyle Francis Gendreau.


- China announced Thursday evening that it would cut tariffs sharply on July 1 for an eclectic array of imported goods, the latest in a series of moves by Beijing to dismantle steep trade barriers at a time of rising frictions with the United States.

- The Trump administration said on Thursday that it would impose steep tariffs on metals imported from its closest allies, provoking retaliation against American businesses and consumers and further straining diplomatic ties tested by the president's combative approach.

- On Thursday, a fund affiliated with SoftBank Group Corp said it planned to invest $2.25 billion in the driverless-technology division of General Motors Co to help the automaker ramp up a ride-hailing service in select cities.

- Federal prosecutors on Thursday accused a Goldman Sachs Group Inc investment banker in San Francisco of insider trading, alleging that Woojae Jung used confidential information to trade in a dozen stocks over three years.

- Waymo, the driverless-technology company spun out of Google, has agreed to purchase as many as 62,000 minivans from Fiat Chrysler Automobiles, for use in a ride-hailing service set to begin commercial operations later this year.

- Pavel Durov, the founder of Telegram, accused Apple Inc of refusing to allow the messaging service’s software to be updated globally after Russian authorities ordered the iPhone maker to remove Telegram from Apple’s App Store.



Bank of Nova Scotia is extending a string of acquisitions with a C$2.6 billion ($2.01 billion) deal to buy MD Financial Management, a wealth management company catering to doctors.

The Leader of Ontario's New Democratic Party says that, as Premier, Kathleen Wynne appears to have turned "a blind eye" to allegations that one of her cabinet ministers intimidated a Greater Toronto Area mayor over a proposed housing development.

Canadian Radio-television and Telecommunications Commission, the country's broadcasting regulator, argued that internet service providers, wireless companies and foreign streaming services should be forced to fund the production of Canadian cultural content to compensate for the declining contribution of cable and satellite providers.


A new committee of MPs and senators tasked with reviewing national security and intelligence matters delivered its first classified report to Canadian Prime Minister Justin Trudeau, regarding his trip to India in February and the Jaspal Atwal affair that dogged him for weeks afterward.


The Times

- J Sainsbury Plc has come under more pressure after being asked to explain the reasoning behind a pay deal which could leave 9,000 staff worse off. Rachel Reeves, chair of the business, energy and industrial strategy committee, has asked it to explain why workers "deserve to be paid less in future for doing the same amount of work".

- Ofgem, UK's energy regulator, said it had reached a provisional view that Economy Energy and E (Gas and Electricity) worked with Dyball Associates, a consultancy firm, to prevent their salesmen targeting each other's customers. The regulator said it was alleging that the companies breached competition law.

The Guardian

- Inc has been accused of treating staff like robots as it emerged that ambulances had been called out 600 times to the online retailer's UK warehouses in the past three years.

- UK's Pensions Regulator on Thursday said its Chief Executive Lesley Titcomb will step down at the end of her four-year contract in February 2019.

The Telegraph

- Wolfhart Hause, the interim boss of transport company FirstGroup Plc, has said he will accept a bid for all or part of the company after its Chief Executive Tim O'Toole was sacked and the firm swung to a major loss.

- Fast-rising online retailer The Hut Group plans to recruit 2,000 more staff in a major hiring spree.

Sky News

- Lenders to House of Fraser (HoF) are demanding that its Chinese shareholder injects fresh funding into the struggling department store chain as it finalises a rescue plan that would see dozens of its high street outlets close.

- Chelsea have ditched plans to build a new 60,000-seater stadium due to what they call an "unfavourable investment climate". The club said plans to redevelop Stamford Bridge had been put on hold indefinitely.

The Independent

- UK academic economist Jonathan Haskel has been appointed by the Chancellor as the latest external member of the Monetary Policy Committee of the Bank of England.

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