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Frontrunning: June 4

Courtesy of ZeroHedge. View original post here.

  • Trump and Allies Set for Showdown Over Trade (BBG)
  • Value Investors Face Existential Crisis After Long Market Rally (WSJ)
  • Mueller-Trump Tests the Limits of Presidential Power (BBG)
  • Saudi Aramco restructures non-oil assets ahead of IPO (Reuters)
  • Czech PM rejects Merkel's EU border force idea (Reuters)
  • California city fights poverty with guaranteed income (Reuters)
  • Buying GitHub Would Take Microsoft Back to Its Roots (BBG)
  • The Supreme Court’s Key Decisions of 2017-18 (WSJ)
  • Big Tesla investors look like firewall for Elon Musk (Reuters)
  • 1MDB scandal could yet bring some critical closure (Reuters)
  • Blockchain start-up raises more than $4bn (FT)
  • Tesla Is Rejected by One Class of Investors Who Should Love It (BBG)
  • Why Robocallers Win Even if You Don’t Answer (WSJ)
  • Republican Holdout in California Is Under Siege (WSJ)

Overnight Media Digest

WSJ

- The Trump administration is weighing an appeal from the United Arab Emirates for direct U.S. support to seize Yemen's main port for humanitarian aid from Iranian-backed Houthi fighters, according to U.S. officials, a move they worry could have catastrophic effects on the country. on.wsj.com/2sCIczf

- SpaceX has indicated it won't launch a pair of space tourists to loop around the moon this year as previously announced, the latest sign that technical and production challenges are disrupting founder Elon Musk's plans for human exploration of the solar system. on.wsj.com/2Hjo8qX

- Discovery Inc is making a big bet on international interest in golf. The media company, which owns channels like the Discovery channel, TLC and Eurosport, has signed a 12-year deal with the PGA Tour for rights to air its events outside the U.S. on TV and digital platforms. on.wsj.com/2HfWKub

FT

Spanish energy major Repsol SA is teaming up with Google to make use of the technology company's big data and AI tools across its refineries. on.ft.com/2sD4fWv

Pharma group Bayer AG announced a 6 billion euro ($7.00 billion) capital increase to finance its 66 billion euro takeover of Monsanto Co, clearing its last big regulatory hurdle last week. on.ft.com/2Hg98Kw

The UK government, within the next four years, should bring in rules requiring pension funds and UK-listed companies including banks to disclose climate-related risks, according to the Environmental Audit Committee. on.ft.com/2sDZSdJ

CYBG Plc has raised its offer for rival Virgin Money Holdings by offering Virgin shareholders a greater stake in the overall combined group, agreeing to discuss negotiations over a deal to create UK's sixth-largest bank. on.ft.com/2sBSWhm

NYT

- Facebook Inc has reached data-sharing partnerships with at least 60 device makers – including Apple, Amazon, BlackBerry, Microsoft and Samsung – over the last decade. Facebook allowed the companies access to the data of users' friends without their explicit consent, even after declaring that it would no longer share such information with outsiders. nyti.ms/2kPiAvP

- Finance ministers from the six other nations attending the Group of 7 meeting in Canada issued an unusual rebuke over the United States' trading practices and the use of tariffs against allies. The statement said tariffs "undermine open trade and confidence in the global economy" and called on Mnuchin to make their worries known to Trump. nyti.ms/2sujvG5

- The United States and China ended trade talks in Beijing on Sunday without any announced deals and with Chinese officials refusing to commit to buying more American goods without a Trump administration agreement not to impose further tariffs on Chinese exports. nyti.ms/2Lk14ei

Canada

THE GLOBE AND MAIL

** Ontario's New Democrats and Progressive Conservatives are setting their sights on a majority government – and each other – in the final week of a tumultuous election campaign, offering voters a stark choice in the wake of Liberal Leader Kathleen Wynne's admission that her party is facing certain defeat. tgam.ca/2sE15lD

** White Star Capital, a global venture-capital fund with deep Canadian roots, has raised $180 million for its second fund after scoring big returns on two U.S. investments. tgam.ca/2HhE0dL

** Real estate developer Fortress Real Developments Inc. is facing a flurry of legal actions from mortgage lenders who have filed applications to foreclose on land earmarked for development projects. tgam.ca/2JrD2AE

NATIONAL POST

** From Jason Kenney to Brad Wall, Scott Moe to James Moore, many of Canada's most prominent conservative politicians and ex-politicians voiced public support of Justin Trudeau Thursday after U.S. President Donald Trump slapped Canada, Mexico and the European Union with new steel and aluminum tariffs. bit.ly/2xPizRV

Britain

The Times

AstraZeneca Plc is preparing to disclose payments to doctors in all countries in which it operates in a move that will pile pressure on its rivals to follow suit. bit.ly/2Hi6Hal

Richard Lloyd, the consumer rights champion and former "Which?" director, is reviewing claims that the Financial Ombudsman Service, which settles disputes between City firms and their customers, hurt complainants by issuing flawed judgments in favour of banks. bit.ly/2sAFCtG

The Guardian

The GMB union announced on Monday that it is taking legal action on behalf of members working for three delivery firms used by Amazon.com Inc, arguing that the companies wrongly classed them as self-employed. bit.ly/2sCZcWk

Greece is to take a substantial step towards easing capital controls – restrictions associated with the worst days of economic crisis – as it prepares to exit its current bailout programme. bit.ly/2sCoy6t

The Telegraph

Theresa May is facing a rebellion by Boris Johnson and senior Tory MPs after it emerged that she is considering whipping a vote on a third runway at Heathrow later this month. bit.ly/2sAFWZq

Gala Leisure, the UK's biggest bingo chain, has recruited industry veteran John Kelly as non-executive chairman. bit.ly/2HjD5cy

Sky News

CYBG Plc, the owner of the Clydesdale and Yorkshire banks, is this weekend locked in talks‎ with Virgin Money Holdings about an improved all-share offer to create a 4 billion stg challenger lender. bit.ly/2sHfYng

Finance ministers at the G7 have told the U.S. that "collaboration and co-operation has been put at risk" by its trade tariffs. bit.ly/2sDJY3h

The Independent

The government should make it mandatory for large companies and pension funds to report their exposure to climate change risks, a committee of MPs has said. ind.pn/2sCZXyE


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