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Frontrunning: December 5

  • Clash Over Young Immigrants Hangs Over Year-End Budget Talks (BBG)
  • Businesses Lobby for Breaks After Last-Minute Tax Changes (WSJ)
  • Senate Bill ‘Bombshell’ Could Raise Taxes on Tech (BBG)
  • Europe sucked into sell-off, sterling suffers Brexit blues (Reuters)
  • After Tax Overhaul, GOP Will Pivot to Revamping Welfare (WSJ)
  • Exiled son of slain Yemen ex-leader calls for revenge (Reuters)
  • How AI Will Invade Every Corner of Wall Street (BBG)
  • Does Anything Back This $814 Million Cryptocurrency?  (BBG)
  • Want That House? You’d Better Pay in Cash (WSJ)
  • Can This 107-Year-Old Steelmaker Be Brought Back to Life?  (BBG)
  • iPhone market share slips in October-quarter: research firm (Reuters)
  • Nissan’s Self-Driving Taxis Will Hit the Road in March (WSJ)
  • Supporters free ex-Georgian leader Saakashvili from Ukrainian police amid chaotic scenes (Reuters)
  • GM puts an e-commerce marketplace in the dashboard (Reuters)
  • Ford Attempts a U-Turn in China (WSJ)
  • House Panel Questions Podesta on Trump Dossier Links (BBG)
  • Cineworld Agrees to Buy Regal in $3.6 Billion Theater Deal (BBG)
  • CVS Chief’s Path From Corner Pharmacy to Health-Care Giant (WSJ)

Overnight media Digest

WSJ

- Technology, banking and other industries mounted a new round of lobbying Monday to save a wide range of tax breaks following the last-minute switch in the federal tax overhaul by the U.S. Senate. on.wsj.com/2BzJ1fe

- CVS Health Corp and Aetna Inc are attempting to create something with little precedent: an integrated healthcare enterprise that isn't built around doctors. on.wsj.com/2Ay2ugX

- Broadcom Ltd opened the next front in its $105 billion takeover bid for Qualcomm Inc saying Monday it plans to submit its own candidates to sit on its target's board. on.wsj.com/2nrEs4j

- Apple Inc released an app that will enable it to test the Apple Watch's ability to track irregular heart rhythms as part of a study done in collaboration with Stanford University researchers. on.wsj.com/2ijqWdB

- Discovery Communications Inc is taking majority control of OWN, the cable network it co-owns with Oprah Winfrey. on.wsj.com/2jfu5fy

- Toys R Us Inc announced Monday its British division is seeking to restructure its real-estate portfolio under an insolvency procedure. on.wsj.com/2iS3AQj

 

FT

- Britain’s biggest car dealerships Pendragon will sell its entire U.S. operation and offload several UK new car forecourts as it shifts focus to used cars.

- A controversial ban imposed by the Trump administration has been allowed by the U.S. Supreme Court.

- UK-listed companies’ executives would be required to hold on to bonuses paid as shares for at least five years under revisions to Britain’s corporate governance code aimed at restoring public trust in business.

- Facebook launched Facebook Messenger for kids designed with controls that allow parents to decide who their children can connect with online.

 

NYT

- Broadcom Ltd is nominating 11 directors at Qualcomm Inc. Qualcomm had previously rejected Broadcom's roughly $105 billion unsolicited offer. nyti.ms/2jf4tzj

- Netflix Inc will film the sixth and final season of "House of Cards" with Robin Wright in the lead role, the company said. nyti.ms/2BJCM9g

- Alphabet Inc's YouTube said it is hiring more human reviewers to remove videos that violated its guidelines while teaching computers how to spot troublesome videos. The company plans to have 10,000 people dedicated to reviewing videos in 2018. nyti.ms/2jOPzPX

- Portuguese Finance Minister Mario Centeno will be the new president of the Eurogroup, the group that manages crises for the eurozone, a sign that the region's officials may be ready to leave behind an era during which the euro often appeared to be on the brink of collapse. nyti.ms/2Aup5er

- The U.S. Consumer Financial Protection Bureau (CFPB) will allow payments to victims of financial crime to go forward as usual, the agency's acting director, Mick Mulvaney, said on Monday, reversing a freeze he put in place last week. Mulvaney also said he had no interest in firing Leandra English, who had attempted to block him from taking control of the agency. nyti.ms/2BBB4G6

 

Canada

THE GLOBE AND MAIL

** Tougher mortgage stress-testing rules could make it impossible for 40,000 to 50,000 Canadians to buy a home each year, driving down real estate sales and reducing the anticipated pace of new mortgage-lending growth, according to a report by Mortgage Professionals Canada. (tgam.ca/2korcMQ)

** Canadian cannabis producer Aphria Inc has inked a deal to supply medical marijuana to Shoppers Drug Mart, the country's biggest chain of pharmacies. (tgam.ca/2kovOSX)

** Home buyers seeking refuge in Vancouver's suburbs face a harsh reality - it has become increasingly tough to find bargains in recent years. (tgam.ca/2knxBrv)

NATIONAL POST

** Emboldened by an improved outlook for oil prices, Husky Energy Inc will boost spending next year for the first time since 2014 even as its direct competitors pare their budgets back. (bit.ly/2kl7UYK)

** Airbus SE has selected Bombardier Inc to supply a new engine part for its A320neo program, weeks after the two companies announced a partnership that will see Airbus acquire a majority stake in the CSeries program. (bit.ly/2kjqLDk)

** Municipal permitting delays related to the C$7.4 billion ($5.85 billion) Trans Mountain pipeline expansion were due to Kinder Morgan Canada Ltd's incompetence, not political interference, the city of Burnaby told the National Energy Board Monday. (bit.ly/2kmI32y)

 

Britain

The Times

- The Financial Conduct Authority decided not to publish a highly critical investigation into Royal Bank of Scotland's systematic mishandling of thousands of small and medium-sized companies because it feared being sued for "unfair treatment" by the bank. bit.ly/2A247GJ

- Business tycoon Vijay Mallya secured hundreds of millions of pounds in bank loans for an airline that he knew to be in financial trouble before laundering the cash to fund his Formula One motor racing team, a court was told on Monday. bit.ly/2iRLbTE

The Guardian

- The UK and other European Union governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion. bit.ly/2Au7cfE

- U.S. retailer Toys R Us Inc (IPO-TOYS.N) has confirmed plans to close to a third of its permanent UK stores but says all the branches will remain open through Christmas and the new year. bit.ly/2BA5kRX

The Telegraph

- Uber Technologies Inc's request to take its appeal to overturn a ruling over drivers' rights directly to UK's highest court, skipping the Court of Appeal, has been rejected. bit.ly/2kmlmeX

Sky News

- British lawmakers called for a competition probe into the merger between SSE Plc and Innogy SE's UK retail energy businesses. bit.ly/2jeAkAi

- Sky News understands that Institutional Shareholder Services will make a potentially crucial intervention in the row over London Stock Exchange Chairman Donald Brydon's future on Tuesday. bit.ly/2nsRa2W