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Frontrunning: July 17

  • Americans Feel Good About the Economy, Not So Good About Trump (BBG)
  • GOP Leaders Brace for CBO Estimate on Revised Health-Care Bill (BBG)
  • From $2 Billion to Zero: A Private-Equity Fund Goes Bust in the Oil Patch (WSJ)
  • Turkey Building Up Army Base in Qatar, Erdogan Adviser Says (BBG)
  • U.S. Companies Have a New 401(k) Fix: Spend More (WSJ)
  • Plastic-Versus-Cash Battle Heats Up After Visa, Mastercard Deals (BBG)
  • China's strong second-quarter GDP growth paves way for deeper reforms (Reuters)
  • China Just Made the Most Steel Ever as Trump Gets Set to Act (BBG)
  • Wanda Deals in Jeopardy as China Scrutiny Mounts (BBG)
  • Not so fast: U.S. restaurant workers seek ban on surprise scheduling (Reuters)
  • China's Economy Charges On as Officials Target the Risk 'Rhino' (BBG)
  • With ‘El Chapo’ Gone, Drug-Related Violence Soars (WSJ)
  • Amazon Food Ambitions Spur Little-Known Stock to Best IPO Return (BBG)
  • There's a Marijuana Frenzy That Could End Very Badly in Canada (BBG)
  • BlackRock Finds Being the Amazon.com of ETFs Is Tough on Revenue (BBG)
  • China June oil refinery throughput close to record (Reuters)
  • The Plan to Make Chip Credit Cards Less Annoying (BBG)
  • Minneapolis mayor demands answers after police kill Australian woman (Reuters)
  • Oil Giants Make a Play For Millennial Hires (BBG)
  • Trian Launches Proxy Fight Against Procter & Gamble (WSJ)
  • El-Erian: Jamie Dimon Is Right to Raise the Alarm (BBG)
  • Secret Service denies vetting Trump Jr. meeting (Reuters)
  • Cerberus’s Remington Debt Fizzles as Trump Cools Firearms Fervor (BBG)

 

Overnight Media Digest

WSJ

- A Republican push to pass a sweeping health-care law experienced another setback as Senate leaders said they would delay a vote set for this week, sparking fresh doubts about whether congressional leaders can muster support for a marquee GOP policy priority. on.wsj.com/2u02P8L

- Investor Nelson Peltz plans to launch a fight for a board seat at Procter & Gamble, in an effort to jolt the consumer-products giant whose sales and profit growth stalled, according to people familiar with the matter. on.wsj.com/2u0rUke

- A $2 billion private-equity fund that borrowed heavily to buy oil and gas wells before energy prices plunged is now worth essentially nothing, an unusual debacle that is wiping out investments by major pensions, endowments and charitable foundations. EnerVest Ltd, a Houston private-equity firm that focuses on energy investments, manages the fund. on.wsj.com/2tZZ17F

- Iran has handed American academic Xiyue Wang a 10-year prison sentence on spying charges, the news agency for Iran's judiciary said, the latest in a string of such cases against foreigners that have raised alarm in the U.S. and Europe. on.wsj.com/2u0qQwI

- An error by Dow Jones & Co in configuring a cloud-computing service left addresses and other information about subscribers to some of its products, including The Wall Street Journal, exposed to possible unauthorized access. on.wsj.com/2u0eioU

- The co-founder of encrypted messaging app Telegram said Sunday that it will put together a team of moderators who are familiar with Indonesia's language and culture to remove terrorist-linked content after Indonesia's government limited access to the service and threatened a complete ban. on.wsj.com/2u024N0

- Citigroup Inc is revamping some of the benefits on its Prestige card in an effort to sweeten the deal for coveted affluent consumers who exceed high spending thresholds. on.wsj.com/2u0tbaE

 

FT

Philip Hammond has called for a Brexit transition deal that would give business a cushion of a "couple of years" after the UK leaves the EU as he accused hardliner cabinet members of trying to undermine him.

Barry Callebaut AG Chief Executive Antoine de Saint-Affrique said sales had accelerated in recent months and would return to a "normal rhythm" of growth as global chocolate sales are poised for a revival amid industry innovation and tumbling cocoa bean prices spur growth.

easyJet plc Chief Executive Carolyn McCall is set to be appointed head of ITV plc as early as Monday, as the UK's biggest commercial broadcaster ends its search for a successor to Adam Crozier.

 

NYT

- China's economy had expanded 6.9 percent in the second quarter, unchanged from the year-on-year growth rate in the first quarter. nyti.ms/2twiNFM

- Barclays chief executive John Varley and three other former top managers are expected back in court on Monday to answer charges that they, along with the bank, misrepresented arrangements with the Persian Gulf nation of Qatar when the bank raised money to weather the financial crisis in 2008. nyti.ms/2tvMFCb

- Securities and Exchange Commission upheld dismissal of an administrative case against a former Wells Fargo trader after two commissioners split on whether the evidence proved he had engaged in insider trading. nyti.ms/2twfYEF

- John Cornyn of Texas, a top Senate Republican, vowed to bring the party's health care bill to a vote as soon as possible. Detractors said they would use a delay caused by the absence of Senator John McCain to mobilize further opposition to the measure. nyti.ms/2tvGIFB

 

Britain

The Times

Britain is paying hundreds of millions of pounds in hidden costs for a next-generation warplane that will be unable to function properly because of defence cuts, an investigation by The Times has revealed. bit.ly/2tvBIk1

The UK chief executive of Airbus SE Paul Kahn, one of the earliest and most outspoken critics of Brexit, has been pushed out of the Franco-German aerospace giant after less than three years in the role. bit.ly/2tvIHcW

The Guardian

Chancellor Philip Hammond has urged caution over any moves to lift the cap on public-sector pay, arguing that on average workers in the sector remain better compensated than their private counterparts because of their better pensions. bit.ly/2tvfeQw

The next star of Doctor Who has been announced after intense speculation and actor Jodie Whittaker is the first woman to take on the role, playing the 13th Doctor in the BBC1 drama. bit.ly/2tvJKJU

The Telegraph

Former Goldman Sachs Group Inc financier Matthew Westerman is increasingly viewed in City circles as a challenger to succeed Stuart Gulliver when the chief executive steps down from the helm of HSBC Holdings Plc next year. bit.ly/2tvcYbI

Philip Hammond is deliberately working to "frustrate" Brexit and treating pro-Leave ministers like "pirates who have taken him prisoner", a Cabinet minister has told The Telegraph. bit.ly/2tv1ogY

Sky News

The Butterkist popcorn brand is being sold by privately owned Tangerine Confectionery to KP Snacks, Britain's second-biggest owner of bagged snacks. bit.ly/2tZ00GY

At least 26 people have been injured at a theme park in Spain after two train cars collided on a rollercoaster. The accident occurred when a car completed a loop and failed to stop, crashing into the back of another car. bit.ly/2tvKZc2

The Independent

George A Romero, the legendary film director and creator of the modern movie zombie empire, has died at 77, according to his family. ind.pn/2tvi7k1

Rates of severe anxiety and depression among unemployed people have soared by more than 50 per cent in the last four years as the impact of “harsh” austerity policies take their toll, The Independent can reveal. ind.pn/2tvbnCO