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Thursday, March 28, 2024

Frontrunning: July 23

Courtesy of ZeroHedge. View original post here.

  • Trump Warns Iran of ‘Consequences’ If It Threatens the U.S. (WSJ)
  • Trump, Aides Diverge Further on Russia (WSJ)
  • Bank of Japan Policy Change Speculation Roils Markets (BBG)
  • Small-Caps Surge, but Their Haven Status Is in Jeopardy (WSJ)
  • Trade Tensions Threaten Global Economic Growth, G-20 Cautions (BBG)
  • China state-backed funds sit on their hands during stock market slump (Reuters)
  • Sudden CEO Shift Jolts Fiat Chrysler (WSJ)
  • Fiat Chrysler Europe Chief to Quit After Being Passed Over (BBG)
  • Private Pension Product, Sold by Felon, Wipes Investors Out (WSJ)
  • Mortgage, Groupon and card debt: How the bottom half bolsters U.S. economy (Reuters)
  • Immigration and the Border Are Suddenly Tough Issues for Trudeau (BBG)
  • Pimco Executive Resigns After Allegations of Inappropriate Behavior (WSJ)
  • Elected Leaders Are Making the World Less Democratic (BBG)
  • Tesla shares drop after report on supplier talks (Reuters)
  • Unusual Role of the Judge Who Ordered Migrants Be Reunited (WSJ)
  • French interior minister seeks to shift blame over Macron bodyguard scandal (Reuters)

Overnight Media Digest

WSJ

– Atos SE of France has struck a $3.4 billion deal to buy Syntel Inc, a U.S. based information-technology company, in a move that would give it access to some of the biggest U.S. financial-services companies. on.wsj.com/2OaGChV

– Tesla Inc has asked some suppliers to refund a portion of what the electric-car company has spent previously, an appeal that reflects the auto maker's urgency to sustain operations during a critical production period. on.wsj.com/2JLHGFX

– The finance ministers and central bankers of the G-20 group of countries ended their meeting here with little progress on resolving global trade tensions sparked by U.S. President Donald Trump's tariffs, with the U.S. and EU both insisting their conditions for trade talks must be met. on.wsj.com/2LCBx0i

– Papa John's International Inc board members voted to adopt a "poison pill" on Sunday to prevent its founder John Schnatter from gaining a controlling interest in the pizza chain. on.wsj.com/2myV9HE

FT

Brussels has rejected the United Kingdom’s proposals on how to govern the City of London’s access to the European market after Brexit, saying British Prime Minister Theresa May’s latest financial services plan would rob the EU of its “decision-making autonomy”.

Rolls-Royce Holdings Plc is planning to shut down its project to develop small nuclear reactors if the government does not make a long-term commitment to the technology, including financial support, in the coming months.

Atos SE agreed to acquire Syntel Inc in an all-cash transaction for about $3.57 billion, including net debt, the companies said on Sunday.

NYT

– Sergio Marchionne, the chain-smoking, deal-making boss of Fiat Chrysler Automobiles, was abruptly replaced on Saturday. Fiat Chrysler revealed that he had become gravely ill since having shoulder surgery on July 5. The company named Mike Manley, 54, who is the head of the automaker's North America operations and its Jeep and Ram truck brands, as Marchionne's successor, effective immediately. nyti.ms/2mzPilv

– Negotiations to ease an escalating trade war between the United States and the rest of the world sputtered to a close with no breakthroughs on Sunday at a summit meeting of finance ministers, who warned that the predicament over President Trump's tariffs was casting a pall over the global economy. nyti.ms/2LkdPKo

– Russia, which American intelligence agencies said spread its fair share of misinformation during the 2016 United States election, says it will crack down on "fake news" at home, with a proposed law that critics say could limit freedom of speech on the internet. nyti.ms/2OaNpZa

Canada

THE GLOBE AND MAIL

** On Monday, for the first time in 15 years, Statistics Canada will release data on crime reports deemed unfounded by police, following a nationwide Globe and Mail investigation into how police respond to reports of sexual assault. tgam.ca/2mCxd6i

** Officials in British Columbia intentionally merged two fires burning in the southern interior on Sunday, to get a better handle on the largest and highest priority wildfire in the province. tgam.ca/2NEqynH

** Hundreds of volunteer humanitarian workers known as the "White Helmets" and their families were whisked to safety from southwest Syria this weekend in a daring overnight rescue operation, an effort sparked earlier this month by Foreign Affairs Minister Chrystia Freeland. tgam.ca/2A1YzfJ

NATIONAL POST

** A patent fight that has ensnared oilsands major MEG Energy Corp is headed to trial, leaving the potential for a massive payout hanging over the heavily indebted producer. bit.ly/2O4LAwC

Britain

The Times

Mike Manley, at present the boss of Jeep and hitherto little known outside of the automotive sector, has been appointed chief executive of Fiat Chrysler, after the abrupt retirement of Sergio Marchionne, the much-feted industry leader, owing to ill-health. bit.ly/2uYRtTo

The chief executive of Airbus has opened the door to a merger of the aerospace giant's jet fighter business with that of BAE Systems Plc to create a pan-European military aircraft company with the might to take on America. bit.ly/2uUJ1EU

The Guardian

Tesco Plc is preparing to launch a new discount chain as early as September, as the supermarket ramps up its battle with the discounters Aldi and Lidl. bit.ly/2JHQX1r

Millions of TV viewers are unable to watch UKTV channels including Dave and Gold after Virgin Media's removal of the network from set-top boxes on Sunday morning following a business dispute. bit.ly/2JLFNZT

The Telegraph

Ofcom has urged Virgin Media and the broadcaster UKTV to make peace after a row over fees cut off 10 channels in nearly four million homes over the weekend. bit.ly/2JMbZMv

The chief executive of food delivery operator Deliveroo has urged the government to draw up a "gig economy charter" to allow the company to offer sick pay and holidays without formally employing its workers. bit.ly/2JKu0Lh

Sky News

Alibaba Group Holding Ltd and Tencent‎ Holdings Ltd , the two biggest names in China's technology industry, are in talks to buy a stake in the $2.5 billion Chinese operations of WPP Plc. bit.ly/2JMtk7U

Stonegate Pub Company Ltd, which also owns the Walkabout and Yates brands, has struck a deal to buy cocktail bar chain Be At One from its founders and private equity backers 50 million pounds

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