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Frontrunning: July 9

Courtesy of ZeroHedge. View original post here.

  • Trump Takes a Final Look at Choices for Supreme Court (WSJ)
  • Here's How a Trade War Between the U.S. and China Could Get Ugly (BBG)
  • U.S. Exporters Will Be a Surprise Loser From Tariff Fight (WSJ)
  • Trump's trade war splits a Missouri county (Reuters)
  • Strained NATO Alliance Prepares for Discord at Summit (WSJ)
  • Defiant May digs in on Brexit stance after blow of Davis resignation (Reuters)
  • Theresa May Moves to Defuse Crisis After Brexit Secretary Quits (BBG)
  • UK voters losing confidence in PM May's handling of Brexit: ORB poll shows (Reuters)
  • Nissan admits falsifying emissions tests in Japan (BBC)
  • Central Banks Try to Bolster Their Currencies. It’s Not Always Working (WSJ)
  • US banks count on tax cut windfall to boost profit (FT)
  • Why Are Young Billionaires So Boring? (BBG)
  • Samsung opens world's largest phone factory in India (Reuters)
  • BlackRock and Citi plan Paris expansion in Macron coup (FT)
  • Syrian rebels say army besieging their enclave in the southern city of Deraa (Reuters)
  • Legacy Preferences Complicate Colleges’ Diversity Push (WSJ)
  • Chinese customs clears some U.S. goods as new tariffs take effect (Reuters)
  • Apple slices into Spotify’s US music market lead (FT)
  • When Three Brothers With a Blood Disorder Lost Their Jobs, the Government Sued (WSJ)

Overnight Media Digest

WSJ

- Randa Accessories plans to publicly press its bid to buy Perry Ellis International Inc in an effort to overcome the apparel maker's swift rejection of its takeover offer last week. on.wsj.com/2L31kOS

- Quorum Business Solutions Inc is working with investment bank Credit Suisse Group AG to explore a possible sale. on.wsj.com/2J5caSS

- Cosco Shipping Holdings Co's takeover of rival Orient Overseas International Ltd has received the blessing of a U.S. national-security review body, removing a major overhang of the $6.3 billion deal. on.wsj.com/2J2A15D

- U.S. airlines are aiming to convince investors that surging fuel costs won't knock a record stretch of profitability off course. Some investors say airlines won't be able to raise prices fast enough to cover a roughly 55 percent increase in fuel costs from a year ago. on.wsj.com/2KXdnNS

- The path ahead for talks with North Korea appeared uncertain after a weekend visit by Secretary of State Mike Pompeo ended with Pyongyang accusing the U.S. of "gangster-like tactics" and increasing the "risk of war," but saying it retained confidence in President Donald Trump to reach an agreement on denuclearization. on.wsj.com/2J5RtWI

FT

BlackRock Inc and Citigroup Inc joined other Wall Street groups in expanding their Paris operations ahead of Brexit. This expansion in France is said to be due to French President Emmanuel Macron’s policies to win business from the City of London.

Rocco Commisso, an Italian-American cable television entrepreneur and owner of New York Cosmos soccer club, and the Ricketts family, which owns the Chicago Cubs baseball team, are expected to prepare bids to buy AC Milan which is on the verge of being taken over by U.S. fund Elliott Management.

The collapse of Carillion Plc has shown “fundamental flaws” in the UK government’s approach to contracting with companies for the provision of public services, members of parliament said in a report on Monday.

NYT

- John Stankey, a longtime AT&T Inc executive who now oversees HBO in his new role as chief executive of Warner Media, suggested at an HBO town hall meeting that the network would have to become more like a streaming giant to thrive in the new media landscape. nyti.ms/2L4n7Gc

- Xiaomi Corp, the Chinese smartphone maker, fell about 4 percent in its trading debut in Hong Kong on Monday, in a slow start for the first of what may be a slew of Chinese technology companies selling shares to the public there in coming months. nyti.ms/2KYLnJs

- Two nonprofits are criticizing Amazon.com Inc for allowing its platforms to spread white supremacy and racism, identifying in a report how shoppers can buy onesies for babies stamped with alt-right images, Nazi-themed action figures and anti-Semitic books and music. nyti.ms/2J6w6EH

Britain

The Times

- David Davis resigned as Brexit secretary, signalling that he could no longer support UK Prime Minister Theresa May's approach to Brexit and prompting the worst crisis since she lost her government majority. bit.ly/2N19sjN

- UK's competition watchdog Competition and Markets Authority has challenged the accounting profession to find ways to improve choice in the auditing market that could save the Big Four firms from being broken up. bit.ly/2MZwvvb

The Guardian

- The folly of using contractors to drive down the cost of providing public services has been exposed by the collapse of Carillion Plc, according to an official report in the UK. bit.ly/2MZNc9X

- The Chinese government has emerged as a potential buyer of a multibillion-pound stake in Britain's nuclear power plants. China General Nuclear Power Group, a state-run corporation, is said to be interested in buying a major stake in the UK's eight power stations, including Sizewell in Suffolk and Dungeness in Kent. bit.ly/2N1U1rd

The Telegraph

- Renault's Formula One team has raced into profit for the first time in nearly a decade driven by a boost in sponsorship, according to newly-filed accounts. Revenue jumped by 13.9 percent to 136.3 million pounds ($181.20 million) last year. bit.ly/2N0nj9E

- The Rolling Stones are deepening their global deal with Universal Music Group through a new contract that spans record sales to global branding. bit.ly/2N1gFA9

Sky News

- Stobart Group Ltd ‎chairman Iain Ferguson has discussed with boardroom colleagues a proposal to recruit a new chairman before next year's annual meeting. bit.ly/2KGdn8X

The Independent

- The chief executive of Asda Roger Burnley has added his voice to a chorus of supermarket bosses warning that a hard Brexit could leave food rotting at the border and have severe financial implications for the sector. ind.pn/2MXHMMs


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