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Frontrunning: August 12

  • China central bank under pressure to weaken yuan further (Reuters)
  • Currency Rout Goes Global as Jen Sees Risk of 50% Loss on China (BBG)
  • Europe Stocks Fall Most in Two Weeks as China Sparks Growth Fear (BBG)
  • German Yields Drop to Record as China Boosts Bonds Around World (BBG)
  • FT to Japan, Economist to Italy: Agnelli Family Raises Stake in Economist as Pearson Exits (BBG)
  • Goldman Sachs to Give Out ‘Secret Sauce’ on Trading (WSJ)
  • Greece's Preliminary Bailout Deal Faces German Turbulence (BBG)
  • Greece Wins Delay in Privatization Fund (WSJ)
  • Trump's female fans shrug off 'blood' comment about TV host (Reuters)
  • Reckitt Benckiser Gets U.K. Approval to Buy K-Y Lubricants (WSJ)
  • Alibaba Plans $4 Billion Stock Buyback After Revenue Misses Estimates (BBG)
  • Inside SoftBank’s Struggle to Turn Around Sprint (WSJ)
  • U.S. military helicopter crashes off Japan's Okinawa, six hurt (Reuters)
  • Hackers’ $100 Million Insider Shop Sold Data on Demand (BBG)
  • South Korean, 80, sets himself on fire in anti-Japan protest (Reuters)
  • Who’s Behind the 96 Million ‘Shade Balls’ That Just Rolled Into L.A.’s Reservoirs? (BBG)


Overnight Media Digest


* China's surprise move to weaken its currency drew quick condemnation from U.S. lawmakers and threatens to hurt the Obama administration's push to seal a sweeping trade agreement with Pacific nations. (

* Beijing signaled with its currency devaluation that the domestic economic slowdown it has failed to reverse is no longer a problem confined within China's borders. It is now the world's problem, too. (

* Hillary Clinton is turning over to federal authorities the private computer server she used to handle her emails when she served as secretary of state. (

* Two years after SoftBank Group Corp bought Sprint Corp for $22 billion, Chief Executive Masayoshi Son is struggling to overhaul the troubled U.S. carrier. (

* Dr Pepper Snapple Group is paying $20 million for an 11.7 percent stake in BodyArmor, the sports drink startup headed by Vitaminwater co-founder Mike Repole and backed by investors that include NBA star Kobe Bryant. (



Citigroup has hired former Deutsche Bank executives Simon Kempton and Daniel Caplan for top roles at its unit that provides services to hedge funds in Europe, the Middle-East and Africa.

Terex Corp, maker of industrial cranes, has become the third U.S.-based company in a week to have a cross-border deal that will pave the way for it to redomicile to Europe and evade the corporate tax rate in the U.S. The company reached an all-stock deal with Finnish rival Konecranes after which the companies will have a combined market value of $5.7 billion.

Ukraine has cautioned that it has the right to defend against fresh assaults by Russia-backed separatists. Pro-Russian rebels initiated an intensive tank and Grad rocket assault in an apparent attempt to seize the town of Starohnativka which is held by Ukraine, Kiev said.

Pandora A/S, a Denmark-based jeweller, raised its sales guidance for the second time this year, as it posted a rise in revenues to 3.6 billion Danish crowns, up 41 percent compared with a year earlier.



* The Greek government on Tuesday appeared to be on the verge of clinching a deal for a new international bailout worth as much as $95 billion in exchange for accepting harsh austerity terms and making sweeping changes to the way the country does business. Even if it becomes final, the bailout deal would grant Greece billions of euros in fresh aid to avoid an imminent default but would not help revive the Greek economy. (

* A consortium of investors led by the private equity firm the Carlyle Group has agreed to acquire the data storage company Veritas Technologies from Symantec Corp for $8 billion in cash. (

* Eight days after it defaulted on bond payments for the first time, the government of Puerto Rico said on Tuesday that it planned to issue $750 million more in bonds for an array of construction and maintenance projects. (

* General Electric Co continued its campaign to shrink its huge finance arm, announcing on Tuesday that it will sell its health care lending business to Capital One Financial Corp for about $9 billion. (




** The Ontario government has appointed three financial industry experts including former Bank of Canada governor David Dodge to find candidates for a board of directors for the province's new pension plan. (

** Scotia Capital Inc has agreed to pay a fine of C$500,000 in a settlement with Canada's brokerage industry regulator after acknowledging more than 1,700 clients were allowed to invest in various funds even though they did not meet criteria for accredited investors permitted to participate in the offerings. (

** Fairfax Financial Holdings Ltd is again giving shareholders more time to vote on changes to founder Prem Watsa's voting control. The insurance and investment company said it would push back its special meeting to decide whether Chairman and Chief Executive Watsa should be allowed to retain his 41.8 percent voting control of the company, even if more equity is issued in the coming years. (


** U.S. authorities swooped in on Tuesday to accuse four men of pilfering and then profiting from unreleased financial news hacked from companies including Toronto-based Marketwired. The accused are alleged to have made profits or "illegal proceeds" of more than $30 million. (




- The National Development and Reform Commission said it plans to invest 26.5 billion yuan ($4.19 billion) in water pollution processing projects in 18 cities or provinces. The key projects include sewage treatment, sludge treatment and trash disposal.


- Three listed units of the Aviation Industry Corporation of China have sought trading halt, citing a pending announcement, prompting some market analysts to speculate a possible reorganisation.


- More than 200 companies are waiting for approval to list on the board for emerging industry companies and about half of these have met listing requirements, unnamed sources told the newspaper.


- Chinese airlines ranked among the world's least punctual airlines last month, said a report from Chinese organisation Civil Aviation Data Analysis that tracked 103 major global carriers.


- China's State Council has urged all employers, including government agencies, to give staff paid time off on Friday afternoons during the summer months to boost tourism.



The Times

The chief executive of Serco Group has admitted that the outsourcing specialist still faces a "bumpy" road to recovery as he announced halfway figures that feature more writedowns in the value of its assets. As part of a review, Rupert Soames is seeking to sell less profitable businesses. (

New Look has recorded a near 74 million pounds ($115.28 million) pre-tax loss in the first quarter, only months after the South African billionaire Christo Wiese took control of the fashion chain. The high street chain blamed the costs of a 780 million pounds takeover by Brait. (

The Guardian

The Co-operative Bank has been spared a 120 million pounds fine by City regulators even though they found the bank had misled investors and pursued growth at the expense of its financial stability in the run-up to its near-collapse two years ago. Even as the bank escaped a fine to preserve its financial health, the regulators said they were still continuing to investigate individuals associated with the bank. (

British Governor Mark Carney has told the government that the Bank of England is to examine whether policies intended to strengthen financial stability in the economy have held back economic growth. (

The Telegraph

Just Retirement Group and Partnership Assurance , the two biggest London-listed annuity specialists, have agreed to merge in an all-share deal. Just Retirement's investors will own 60 percent of the company, while Partnership's shareholders will take 40 percent of the 1.7 billion pounds group. (

Remortgaging soared in June as homeowners and landlords raced to lock in low interest rates before the Bank of England increases the cost of borrowing. With a rate rise looking increasingly likely in the next six months, the value of remortgages jumped 34 percent to 5.1 billion pounds in June, according to the Council of Mortgage lenders. (

Sky News

Moneycorp, the UK-based foreign currency provider, will on Wednesday announce that it is acquiring a stake in one of Brazil's fastest-growing foreign exchange businesses. Moneycorp will announce that it is buying a minority shareholding in Novo Mundo Corretora de Cambio, subject to local regulatory approval. (

Ladbrokes Plc has reported a 51.4 million pounds loss for the first half of 2015, following on from dozens of shop closures in the UK and Ireland. The bookmaker warned current profits were being hit by a "need to reset the business and invest". (