U.S. stock futures slip amid lukewarm earnings, fall in
commodities (
Reuters)
Stressful times for low-polling Republicans who may miss debate
stage (
Reuters)
Trump shows staying power with surge ahead of first debate (
Reuters)
China Market Manipulation Probe Targets Spoofers After Crash (
BBG)
Beijing Chosen to Host 2022 Winter Olympics (
WSJ)
Obama Warns Support on Iran Deal ’Getting Squishy’ Amid
Pressure (
BBG)
Pacific trade negotiators chase elusive final deal in tough
talks (
Reuters)
Relativity Media’s Bankruptcy Filing Ripples Beyond Hollywood (
WSJ)
Commodities Slide With Ruble as Europe’s Stocks, Bonds Decline
(
BBG)
Cargill’s Black River Asset Management Shutting Four Hedge
Funds (
WSJ)
'What lion?' Zimbabweans ask, amid global Cecil circus (
Reuters)
Greek bailout talks shift into higher gear (
AP)
Greek PM defends controversial 'Plan B' for euro zone exit (
Reuters)
U.S. Banks Take Global Lead (
WSJ)
AQR’s Trading Chief Goes on Leave Amid SEC Probe of Ex-Employer
(
BBG)
Investigators Face Pressure to Confirm MH370 Link (
WSJ)
Nusra Front attacks Western-backed rebels in northern Syria (
Reuters)
Stocks Turmoil Leaves Chinese Investors in Nowhere-to-Run Bind
(
BBG)
Suspect in Charleston church massacre to be arraigned on hate
charges (
Reuters)
Overnight Media Digest
WSJ
* In the trans-Atlantic rivalry for banking supremacy, U.S.
banks are preparing to pounce, with executives touting the gloom
emanating from their European counterparts as a big opportunity to
press their newfound advantage. (
http://on.wsj.com/1MxAyL6)
* Accident investigators appeared tantalizingly close to
determining whether a piece of plane debris belongs to Malaysia
Airlines Flight 370, but still faced a long and complex process in
trying to solve one of the world's greatest aviation mysteries. (
http://on.wsj.com/1eEPWHK)
* Diageo and other global spirits companies are expanding across
Africa, targeting even the poorest consumers with liquor made
locally and sold cheaply. The global spirits industry sees Africa
as the final frontier - a potentially huge market that is largely
untapped. (
http://on.wsj.com/1I6daRR)
* Comcast Corp struck a deal with Verizon Communications Inc in
2011 giving it the right to sell wireless service using the
carrier's network at set terms and pricing. But as the company
again explores a wireless offering, the deal is looking dated. (
http://on.wsj.com/1Ub8BLi)
* Cargill's Black River Asset Management plans to shutter four
of its hedge funds and return more than $1 billion to investors
over the next several months, the latest agricultural giant to
reassess its investment ambitions. (
http://on.wsj.com/1IO7aR7)
* The U.S. economy emerged from its winter lull with a moderate
spring rebound, but the historically sluggish expansion is looking
even more sluggish as it enters year seven. (
http://on.wsj.com/1ODCb8K)
* Despite a government crackdown on extremists in Pakistan, one
group operates openly in Karachi and elsewhere and is believed to
serve as a recruiting ground for militants. (
http://on.wsj.com/1DefGq4)
FT
GEORGE OSBORNE PROPOSES TO CAP PUBLIC SECTOR PAY-OFFS AT 95,000
STG (
http://on.ft.com/1DdnE2V)
AMAZON PAYS $250 MLN TO SIGN DEPARTING TOP GEAR TRIO FOR NEW
SHOW (
http://on.ft.com/1DdoFbi)
IHG and Starwood have held early deal talks (
http://on.ft.com/1DdpZLf)
Overview
George Osborne on Friday will set out plans to end six-figure
severance payments for civil servants as he tries to save about 100
million pounds ($156.00 million) a year by curbing pay-offs.
Britain's former BBC "Top Gear" host Jeremy Clarkson has signed
an exclusive deal with Amazon to present a new motoring show for
the online retailer's subscription service alongside co-presenters
Richard Hammond and James May.
InterContinental Hotels Group has held early stage talks with
Starwood Hotels & Resorts over a union to create the world's
largest hotel group, said two people familiar with the
discussions.
NYT
* SunGard is in talks to sell itself to Fidelity National
Information Services Inc, a big service provider for banks, people
briefed on the matter said on Thursday. Such a deal could value
SunGard at more than $8 billion, one of those people said. (
http://nyti.ms/1OS2d91)
* Wells Fargo & Co announced on Thursday that it was ending
all mortgage marketing services and desk rental agreements with
builders and real estate brokers. These arrangements are widespread
throughout the highly competitive mortgage industry, where lenders
scrap to find eligible borrowers. (
http://nyti.ms/1fNvUf5)
* Fitness chain SoulCycle filed for an initial public offering
on Thursday, hoping to take advantage of swelling interest in
workouts. (
http://nyti.ms/1MWRvfW)
* The European private equity firm PAI Partners said on Thursday
that it had signed an agreement to sell the air cargo services
company Swissport International to the owner of Hainan Airlines of
China for 2.7 billion Swiss francs, or about $2.8 billion. (
http://nyti.ms/1IO6zyU)
Canada
THE GLOBE AND MAIL
** Bombardier Inc pushed back the commercial launch of its
Global 7000 corporate jet by two years as chief executive Alain
Bellemare slows the company's output of business aircraft and tries
to reset near-term sales expectations for its flagship C Series
plane. (
http://bit.ly/1De3sy5)
** Home Capital Group Inc began suspending mortgage brokers
after its board of directors received a letter from an anonymous
whistle-blower last fall pointing it to problems with some of its
mortgages, company officials confirmed Thursday. (
http://bit.ly/1IxloUr)
** Major landlords of failed retailer Target Canada have raised
concerns about the U.S. parent's role in the insolvency process -
and whether it jeopardizes creditors' collecting what could be
billions of dollars they are owed.
RioCan Real Estate Investment Trust, the largest landlord of
Target Canada, contends the retailer could be holding back on
releasing vital information, possibly putting all creditors at a
disadvantage. (
http://bit.ly/1eFBKy5)
NATIONAL POST
** The federal and provincial governments have put aside their
differences to help expand Toyota's manufacturing operations in
Southern Ontario. The two governments will provide a total of $100
million toward Toyota's planned $421-million investment in the
automaker's Cambridge operations. (
http://bit.ly/1MBpX2F)
** Barrick Gold Corp has struck a deal to sell a 50 percent
stake in its Zaldivar copper mine in Chile for just over $1
billion, giving the company's balance sheet some much-needed
relief. The buyer is Antofagasta Plc, a large Chilean copper miner.
(
http://bit.ly/1MBq9iv)
** Goldcorp Inc has slashed its dividend 60 percent in order to
maintain financial flexibility in a miserable gold market. The
Vancouver-based mining giant announced on Thursday that it cut the
monthly dividend to two cents per share, down from five cents. The
move will save Goldcorp almost $300 million a year. (
http://bit.ly/1MBqdid)
China
CHINA SECURITIES JOURNAL
- Investment in China's robotic industry could exceed 100
billion yuan ($16.10 billion) between 2014 and 2020, the newspaper
reported, citing the National Development and Reform
Commission.
SHANGHAI SECURITIES NEWS
- China's Insurance Regulatory Commission (CIRC) suggested
insurance funds should not sell off their investments in the equity
market in the near term, unnamed sources told the newspaper.
SECURITIES TIMES
- The vice president of the Industrial and Commercial Bank of
China (ICBC) Zhang Wanchun may become the president of China
Minsheng Bank, the newspaper said, citing several Minsheng Bank
sources.
CHINA DAILY
- The Trans-Pacific Partnership (TPP) should not undermine the
role of the World Trade Organisation in global trade
liberalisation, the newspaper said in an editorial, noting that one
of the problems in negotiations is the extremely high standards set
by countries for trade blocs.
PEOPLE'S DAILY
- The fall of former military leader Guo Boxiong has
demonstrated the Chinese government is determined to purge
corruption, the newspaper said in its commentary. "One demon
killed, all demons deterred, the article was quoted as saying."
Britain
The Times
RBS SHARE SELL-OFF IS GIVEN THE GREEN LIGHT
The government is set to launch its first sale of Royal Bank of
Scotland Group Plc shares since the lender's 46 billion pound
($71.73 billion) taxpayer-funded rescue nearly seven years ago,
marking the beginning of the bank's return to private ownership. (
http://thetim.es/1DdcgEl)
MPs QUESTION HEDGE FUND TIES OF BANK'S NEW RATESETTER
The newest member of the Bank of England's rate-setting
committee, Gertjan Vlieghe, will face tough questions from the
Treasury select committee after it emerged that he has retained a
financial link to a hedge fund, raising concerns over a potential
conflict of interest. (
http://thetim.es/1DdcImb)
The Guardian
SANTANDER'S UK SPIN-OFF DELAYED
The spin-off of Spanish bank Santander's UK arm has been pushed
back for a number of years, the chief executive officer of the
British operation has revealed. Nathan Bostock said on Thursday he
did not expect the flotation of the business, first mooted five
years ago, to take place "for the next couple of years". (
http://bit.ly/1Ddd0ta)
IMF WILL REFUSE TO JOIN GREEK BAILOUT UNTIL DEBT RELIEF DEMANDS
ARE MET
The International Monetary Fund will refuse to participate in a
new bailout for Greece until there is an "explicit and concrete
agreement" on debt relief from the country's eurozone creditors, an
IMF official has confirmed. (
http://bit.ly/1DddlMs)
The Telegraph
FORMER RABOBANK TRADER BANNED FROM WORKING IN THE CITY OVER
LIBOR FRAUD
A Libor-manipulating trader from Dutch institution Rabobank has
been banned from working in the UK's financial services industry by
the Financial Conduct Authority. (
http://bit.ly/1Ddgvj9)
DEUTSCHE BANK MUST DO BETTER, NEW CHIEF JOHN CRYAN TELLS
STAFF
Deutsche Bank's profits are "not nearly good enough", the German
firm's new chief executive told staff as he unveiled his first set
of financial results. New boss John Cryan criticised costs,
litigation and fines, and operating inefficiencies at the lender on
Thursday. (
http://bit.ly/1DdgJqA)
Sky News
IOD CHIEF CALLS FOR EARLY EU REFERENDUM
Simon Walker, the head of one of Britain's Institute of
Directors (IoD), will urge David Cameron on Friday to hold the
referendum on the UK's European Union (EU) membership next year and
avoid an "inappropriate" delay. (
http://bit.ly/1Dd9miR)
FOOD GROUP BRAKES COOKS UP 2.5 BLN STG FLOAT PLAN
Brakes Group, the UK's biggest food distributor, has begun
preparing for a stock market listing in London that could see it
valued at up to 2.5 billion pounds ($3.90 billion). (
http://bit.ly/1Ddmjcx)
The Independent
ALEXIS TSIPRAS TRIES TO CALM HIS INCREASINGLY FRACTURED SYRIZA
PARTY WITH INTERNAL VOTE ON BAILOUT PLANS
Greece's Prime Minister Alexis Tsipras has made a last-minute
bid to secure unity in his increasingly fractured Syriza party,
with the offer of an internal referendum this Sunday. (
http://ind.pn/1Ddm2Gp)
TESCO SCRAPS 'UNEXPECTED ITEM IN THE BAGGING AREA' AS
SELF-CHECKOUTS SWITCH TO LESS 'FRUSTRATING' AUDIO
Tesco Plc is to replace the audio on its self checkout machines
with one that is "friendlier, more helpful and less talkative". It
will also scrap the infamous alert "unexpected item in the bagging
area" that was introduced with the self-checkout machines in 2003.
(
http://ind.pn/1DdlOPD)
