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Frontrunning: October 20

  • Canada's Trudeau topples PM Harper in shock election win (Reuters)
  • Where Canada’s Harper Hit Hurdles (WSJ)
  • Pugnacious Trudeau Steps Out of Father's Shadow and Into Power (BBG)
  • European Stocks Decline, Euro Rallies as ECB QE Optimism Fades (BBG)
  • Valeant, Under Pressure About Price Increases, Plans Changes (WSJ)
  • Syrian rebels say they receive more weapons for Aleppo battle (Reuters)
  • Hillary Clinton Widens Lead in Primary Race, WSJ Poll Shows (WSJ)
  • Hedge Funds are Bringing Back Everyone's Least Favorite Toxic Investment (BBG)
  • United Tech profit falls on currency swings; plans $12 billion share buyback (Reuters)
  • U.S. Said to Approve $11 Billion Saudi Buy of Littoral Ships (BBG)
  • U.S. appeals court upholds core of N.Y., Connecticut gun laws (Reuters)
  • OPEC Brings Oil Price War Home in Pursuit of Asia's Cash (BBG)
  • Harley-Davidson third quarter profit falls on slowed sales (Reuters)
  • Not the "Hitman": United Airlines Names Brett J. Hart Acting CEO (WSJ)
  • Chipotle Reaches Awkward Age (WSJ)
  • Apple CEO Defends Encryption, Opposes Government Back Door (BBG)

 

Overnight Media Digest

WSJ

- United Continental Holdings said Chief Executive Oscar Munoz is on medical leave indefinitely following a heart attack last week, and it named the company's general counsel as acting CEO. (http://on.wsj.com/1MQrUrT)

- Valeant Pharmaceuticals says it plans to shift from making deals and toward more of the research-based approach it had once shunned. (http://on.wsj.com/1GQ9qkV)

- Stuyvesant Town and Peter Cooper Village, an 11,200-apartment complex that rode the boom and bust of the real-estate cycle, is set to be sold to Blackstone Group LP for about $5.3 billion, according to people familiar with the matter. (http://on.wsj.com/1LHkOFk)

- A New York judge declared a mistrial in a financial fraud case against three former Dewey & LeBoeuf executives.(http://on.wsj.com/1RkO7h1)

- Canada's Conservative Party was ousted after almost a decade in power, as voter discontent and a souring economy helped Justin Trudeau sweep into the top office. (http://on.wsj.com/1hOU09O)

- Millennium Health agreed to pay $256 million to resolve government allegations that it billed Medicare for unnecessary tests. (http://on.wsj.com/1OPlVn9)

 

FT

HSH Nordbank has agreed to a restructuring deal with the European Commission that will allow the German regional lender to offload billions of euros in troubled assets onto its government owners and avoid being shut down, saving around 2,500 jobs.

China's Ministry of Commerce on Monday approved Nokia's proposed acquisition of French rival Alcatel-Lucent with conditions, almost completing the 15.6 billion euro ($17.67 billion) deal's antitrust process.

ITV Plc, Britain's biggest free-to-air commercial broadcaster, said it had agreed to buy the TV business of Northern Irish network partner UTV Media Plc for 100 million pounds ($154.68 million) in cash.

British online photo printing company PhotoBox has agreed a sale to private equity firms Exponent and Electra for about 400 million pounds. Last year, PhotoBox was planning an initial public offering that could have valued the company to as much as 500 million pounds. It shelved the plan citing that the markets were "volatile".

IT services firm Softcat said it plans an initial public offering of about 500 million pounds on the London Stock Exchange next month.

 

NYT

- Justin Trudeau unseated the Conservative prime minister, Stephen Harper, in a sweeping victory for the Liberal Party in Canada.(http://nyti.ms/1OOfCAp)

- An economics professor has filed a lawsuit against Citigroup Inc accusing the bank of using an unusual federal tax break during the financial crisis to avoid paying $800 million in New York State taxes.(http://nyti.ms/1Nl9fmx)

- Four days after its new chief executive, Oscar Munoz, was hospitalized, United Continental Holdings Inc said it appointed its general council, Brett Hart, as acting chief.(http://nyti.ms/1NRKf9o)

- The British bank Barclays Plc said on Monday that it had agreed to pay $325 million to settle two lawsuits related to the sale of residential mortgage-backed securities in the United States.(http://nyti.ms/1Nl9yxD)

- Stuyvesant Town-Peter Cooper Village, the largest apartment complex in Manhattan, is expected to be sold for more than $5.3 billion to Blackstone Group LP, an agreement that will preserve nearly half the 11,232-unit complex for middle-class families, according to officials involved in the negotiations.(http://nyti.ms/1PCZGBz)

 

Canada

THE GLOBE AND MAIL

** In a stunning political comeback propelled by a national desire for change, Justin Trudeau and the Liberals won a decisive majority on Monday night, bringing an end to the Stephen Harper era and a decade of Conservative rule. (http://bit.ly/1NS0G5u)

** Valeant Pharmaceuticals International Inc, the target of two U.S. federal investigations over drug pricing and other issues, is making changes to its strategy as it prepares for a lower price-hike environment amid the controversy over industry practices. (http://bit.ly/1GfLVHm)

** Bombardier Inc's founding family now has more of its wealth tied to legacy snowmobile company BRP Inc than to the global plane and train manufacturer, a curious situation caused by Bombardier's spectacular stock collapse this year. (http://bit.ly/1MRoDbU)

NATIONAL POST

** Canadian Oil Sands Ltd's Chief Executive Ryan Kubik said on Monday that his board would fight the sale of the company at what it called "firesale prices" and he accused Suncor Energy Inc of taking advantage of insider information to present an "opportunistic and exploitive" bid.(http://bit.ly/1NSbGQk)

** Hudson's Bay Co spent years reviving its reputation as a fashion-forward destination for shoes and home goods, and now the oldest company in the country wants to highlight an equally important marketing angle to consumers and Canadians: its rugged, snow-encrusted history. (http://bit.ly/1NSbPDF)

** We're not going to have Stephen Harper to kick around anymore. The Conservative leader has asked his party's national council to reach out to the new parliamentary caucus to appoint an interim leader and implement a leadership contest. (http://bit.ly/1NSbUXL)

 

China

SHANGHAI SECURITIES NEWS

- Margin trading and short-selling balances on the Shanghai and Shenzhen stock exchanges have reached 972.7 billion yuan ($152.96 billion), with net inflows seen for seven consecutive trading days, according to data compiled by the newspaper.

21ST CENTURY BUSINESS HERALD

- National real estate development investment rose year-on-year by 2.6 percent over the January-September period to 7.05 trillion yuan ($1.11 trillion), according to the National Statistics Bureau.

SECURITIES TIMES

- The amount held by China's mutual funds fell month-on-month by 55.89 billion yuan ($8.79 billion)to 6.69 trillion yuan at the end of September, according to data released by the Asset Management Association of China on Monday.

CHINA DAILY

- China ranked as the fourth-largest deal maker in the United States at the end of September this year, having cut 46 deals worth $13.57 billion, according to U.S. law firm Baker & McKenzie. It said the country took sixth place in 2014.

 

Britain

The Times

- The crisis in the British steel industry intensified yesterday when Caparo, one of Britain's largest privately owned companies slumped into administration, putting 1,700 jobs at risk. (http://thetim.es/1jQQ3D3)

- Deutsche Bank AG paid $6 billion to an American hedge fund client by mistake in a "fat finger" trade on its foreign exchange desk this summer. (http://thetim.es/1LHfCB8)

The Guardian

- One and two cent coins are on its way out in much of Europe, with Ireland the latest country to drop the coins from circulation. The Central Bank of Ireland said one-cent coins cost more to mint than their equivalent face value. (http://bit.ly/1LZvXgu)

- Shoppers are set to benefit from their favourite fruit, vegetables and salad staying fresher for longer, under an initiative by the United Kingdom's biggest supermarket, Tesco PLC to slash food waste. (http://bit.ly/1kktwim)

The Telegraph

- The first United Kingdom nuclear power plant in a generation will be 33.5 percent owned by China, with EDF set to announce a landmark deal on Hinkley Point on Wednesday. Bosses at the French energy giant, which is building the 24.5 billion pounds ($37.89 billion)station in Somerset, sealed an agreement just hours before Chinese President Xi Jinping arrived in Britain for a four-day visit. (http://bit.ly/1jQRb9G)

- The terrible damage wrought on property investors and the construction market could be avoided in future if the commercial property sector properly understood the business cycle, rather than getting caught up in exuberance every time, a top Bank of England official, Alex Brazier said. (http://bit.ly/1QNoNQK)

Sky News

- The average United Kingdom house is now worth 296,549 pounds according to property website Rightmove. This new record price is 5.6 percent higher than October 2014 and 0.6 percent higher than the average listed price in September. (http://bit.ly/1MQmQ70)

The Independent

- The government is pushing ahead with plans to cut subsidies for renewables such as solar and wind. Hundreds of green energy companies could be forced out of business in months with the loss of tens of thousands of jobs as the government appears determined to pull the plug on renewable energy, industry leaders have warned. (http://ind.pn/1OEIDQn)