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Frontrunning: June 11

Courtesy of ZeroHedge. View original post here.

  • U.S.-Canada Trade Feud Escalates After Fraught G-7 Summit (WSJ)
  • Stocks, euro climb as calm in Italy overshadows chaotic G7 (Reuters)
  • Singapore Summit: U.S., North Korea Huddle in Last-Minute Talks (WSJ)
  • Art of the Foreign-Policy Deal: Trump’s Tactics (WSJ)
  • Mexico minister calls for 'flexibility' in reworking NAFTA (Reuters)
  • Italian Markets Rally After Finance Minister Commits to Euro (BBG)
  • The Return of the Political-Risk Trade (WSJ)
  • UK Data Cast Doubt Over Health of Economy (BBG)
  • Suicide bomber kills 13, including women, outside Afghan ministry (Reuters)
  • Foxconn says investigating labor conditions at China factory used for Amazon (Reuters)
  • Jaguar Land Rover to Move Discovery SUV Production to Slovakia (BBG)
  • China's Xiaomi books $1 billion quarterly loss ahead of blockbuster IPO (Reuters)
  • Mexico leftist's pitch to Trump: growth, not walls to fix migration (Reuters)
  • HSBC Outlines Plan to Spend $17 Billion by 2020 (BBG)
  • The Foreign Funds Making Cyprus Their Gateway to Europe (BBG)
  • China Bought Enough American Cotton Futures to Make 400 Million T-Shirts (WSJ)
  • Audi CEO Is Suspect in Diesel Case, Prosecutors Say (BBG)
  • Rolls-Royce, preparing to cut thousands of jobs, says engine problem has spread (Reuters)

Overnight Media Digest

WSJ

- KKR & Co is nearing a deal to buy Envision Healthcare Corp for $46 a share, or about $5.5 billion, in one of the largest recent leveraged buyouts. on.wsj.com/2sUfWZb

- Indian media conglomerate Star India, which is fully owned by Twenty-First Century Fox, is among the most desired assets as Walt Disney Co and Comcast Corp gear up for a possible bidding war over a big chunk of Fox. on.wsj.com/2sWNNAQ

- A United States national security panel approved Chinese conglomerate China Oceanwide Holdings Group Co's $2.7 billion takeover of Richmond-based insurer Genworth Financial Inc , after the companies convinced authorities they would take extraordinary steps to secure Americans' personal data. on.wsj.com/2t3kL2z

- U.S. administration officials escalated President Donald Trump's criticisms of Canadian Prime Minister Justin Trudeau and the global trading system on Sunday, heightening tensions with major allies as Washington enters an important stretch of negotiations on several fronts, from China to the North American Free Trade Agreement. on.wsj.com/2sUgzC1

FT

Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case in India, has fled to the UK, where he is claiming political asylum.

EDP-Energias de Portugal sees merits in the plans of suitor China Three Gorges (CTG), it said on Saturday, signalling it may be open to an improved offer after rejecting a 9 billion euro ($10.6 billion) takeover proposal as too low.

A study by Deloitte of two funds at Abraaj found it dipped into investor funds due to cash shortages but there is no evidence of embezzlement at the private equity firm.

NYT

- At the annual meeting of major Western powers in decades, President Trump criticized the tariffs imposed on American goods as "ridiculous and unacceptable" and vowed to put an end to being "like a piggy bank that everybody is robbing." nyti.ms/2JBYeAG

- K.K.R., the private equity giant, is near a deal to buy Envision Healthcare, months after the company put itself up for sale as controversy over its hospital billing practices mounted. nyti.ms/2LHVzpZ

- Craig Newmark, the Craigslist entrepreneur who arguably forced the newspaper industry to change its business model after his website put a dent in the lucrative classified ads business, is giving $20 million to the CUNY Graduate School of Journalism. nyti.ms/2HFk3NZ

Canada

THE GLOBE AND MAIL

** The United States and Japan declined to sign onto an agreement between the other G7 countries to reduce the amount of plastic waste in the world's oceans and cut down on the usage of single-use plastics, such as straws, bottles and cups. (tgam.ca/2LIp8aX)

** Some Tim Hortons franchisees are threatening a public protest if management does not agree to overturn a decision to revoke the licence of Mark Kuziora, a restaurant owner who was critical of the company. (tgam.ca/2LFnS8f)

NATIONAL POST

** A new C$75 million ($57.7 million) venture capital fund is being launched to develop early-stage fintech companies and artificial intelligence applications for financial services with the backing of large financial institutions including the Caisse de depot et placement du Quebec and Sun Life Financial Inc . (bit.ly/2HBynHf)

** DavidsTea Inc Chief Executive Officer Joel Silver is making an impassioned pitch for stability as the battle for control of the struggling tea retailer comes to a head at the company's annual general meeting this week. (bit.ly/2HH8O7I)

Britain

The Times

- Market jitters caused by Italy's political crisis could set back Greek plans for a bond issue, according to officials in Athens. bit.ly/2JrSdKP

- The chairman of Stobart Group Ltd, Iain Ferguson, resisted fresh calls for him to resign on Sunday as a boardroom row at the aviation and energy conglomerate escalated further. bit.ly/2JpVHgU

The Guardian

- Rolls-Royce Holdings Plc is set to announce more than 4,000 job losses this week as the aero-engine maker attempts to increase profits by cutting middle-management posts. bit.ly/2JvbefL

- Members of parliament are calling for the police and parliament to investigate the links between the millionaire Brexit donor Arron Banks and the Russian government, after it emerged that he met the Kremlin's ambassador to UK three times, rather than once as he originally claimed. bit.ly/2JqVeLA

The Telegraph

- Social media companies such as Facebook Inc face a controversial European Union privacy crackdown that would prevent them from reading private messages sent between individuals. bit.ly/2JtgO1Q

- Cable operator Virgin Media has launched a landmark legal action against Durham County Council over claims it is obstructing efforts to bring ultra fast broadband to thousands of homes. bit.ly/2JqDSOR

Sky News

- Sky News has learnt Apax Partners, the London-based buyout group, is working on a potential offer to take BCA Marketplace Plc private in a deal that would be worth more than 1.7 billion pounds ($2.28 billion). bit.ly/2JpWwX2


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