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Frontrunning: November 11

  • GOP debate winners and losers (Hill)
  • European Stocks Rise as Dollar Weakens; Metals Decline on China (BBG)
  • Global shares shrug off mixed China data, copper teeters near six-year low (Reuters)
  • Fed's Evans: Looking forward to time when Fed can raise rates (Reuters)
  • Alibaba’s Global Ambitions Face Counterfeit Challenge (WSJ)
  • China Rebalancing Takes Hold as Output Slows, Retail Jumps (BBG)
  • Safeway, Theranos Split After $350 Million Deal Fizzles (WSJ)
  • Biggest Valeant Holder Plumbed Philidor Ties (WSJ)
  • Lufthansa Passengers Stranded as Dispute With Cabin Crew Hardens (BBG)
  • AB InBev, SABMiller Formalize $106 Billion Deal (WSJ)
  • Microsoft unveils German data plan to tackle US internet spying (FT)
  • Coming to a Balance Sheet Near You: $2 Trillion Leases (WSJ)
  • Portugal Bonds Hurt by Politics May Face QE Eligibility Headwind (BBG)
  • Syrian army enters Aleppo air base after Islamic State siege: state TV (Reuters)
  • Modi Sees First Signs of Dissent After India State Election Loss (BBG)
  • Retailers’ Full Shelves May Force Holiday Discounts (WSJ)
  • Greece says it is close to deal with lenders over bad bank loans (Reuters)
  • OPEC Challenges Shale Afresh as Iraq Crude Floods U.S. Market (BBG)

 

Overnight Media Digest

WSJ

- The Indian government eased local-sourcing requirements for international retailers, who are looking to set up shop in the country, lifted foreign-investment limits in a handful of industries and announced a series of other measures aimed at attracting capital from overseas. (http://on.wsj.com/1iSZBwx)

- Aung San Suu Kyi won re-election to Myanmar's legislature as her National League for Democracy party swept almost all of the seats announced in the latest batch of results from the country's elections, though the military will retain considerable power in any new government.(http://on.wsj.com/1HwTEB8)

- Alibaba Group Holding Executive Chairman Jack Ma said the company plans to serve two billion customers world-wide within a decade. Business groups and brands are increasingly scrutinizing AliExpress, worried it will send counterfeits from Chinese factories straight into consumers' hands on a global scale. (http://on.wsj.com/1Mzur9v)

- Japan's first commercial jetliner, made by Mitsubishi Materials Corp, completed its maiden test flight after repeated delays - an important milestone toward planned service in the fleets of United States, Japanese and other airlines. (http://on.wsj.com/1HwSa9Q)

- Public prosecutors said negligence likely played a role in a catastrophic dam failure in southeast Brazil that devastated communities, caused widespread environmental destruction and killed at least six people in the global mining industry's biggest-ever dam collapse. (http://on.wsj.com/1L9AUTf)

- Safeway Inc spent about $350 million to build clinics in more than 800 of its supermarkets to offer blood tests by startup Theranos Inc. The tests did not begin and the clinics are now used largely for flu shots and travel-related vaccines, and the two companies have been negotiating to officially dissolve their partnership. (http://on.wsj.com/1HGBVlv)

- FanDuel Inc and DraftKings Inc have been told to shut down in New York, in the latest blow for the daily fantasy-sports industry. The New York Attorney General's office said the games constitute illegal gambling and are subject to criminal penalties. (http://on.wsj.com/1M4SZFR)

- Molson Coors Brewing Co is nearing a deal to buy the rest of the MillerCoors LLC's United States joint venture in a $12 billion deal that would pave the way for SABMiller PLC to cement its blockbuster sale to Anheuser-Busch InBev . (http://on.wsj.com/1kKp3pf)

 

FT

Anheuser-Busch InBev is set to announce on Wednesday that it has sealed a deal to buy SABMiller Plc for 68 billion pounds ($102.90 billion), and that it will sell SABMiller's U.S. joint venture to Canada's Molson Coors Brewing Co for $12 billion.

UK's Serious Fraud Office said that it would offer no evidence in the Olympus accounting scandal case, blaming the English law in the difficulties associated with extraditing suspects from Japan to the UK. The regulator also blamed a Court of Appeal ruling in February that stated that "English law does not criminalise the misleading of auditors by the company under audit".

Russia's Internet regulator Roskomnadzor has asked Twitter to store all data concerning Russian users in servers hosted in the country. In July, the regulator had exempted Twitter from the directive as it did not think that the San Francisco-headquartered company collects user data.

T-Mobile U.S. said that it will offer free data streaming services to its subscribers on two dozen of the most popular streaming services. The offer, which doesn't include YouTube as it doesn't suit the mobile network's technical requirements, will not eat into the subscriber's existing data pack.

 

NYT

- The New York State attorney general on Tuesday ordered the two biggest daily fantasy sports companies, DraftKings and FanDuel, to stop accepting bets from New York residents, saying their games constituted illegal gambling under state law. (http://nyti.ms/1kogRLK)

- The U.S. Justice Department said that it would seek to block United Airlines from further expanding its hold at Newark Liberty International Airport because the carrier already has a near monopoly there.(http://nyti.ms/1QhiK9M)

- Molson Coors Brewing Company is close to an agreement to buy the rest of MillerCoors from SABMiller Plc . (http://nyti.ms/1QtLPOC)

- Michael Pearson, the embattled chief executive of Valeant Pharmaceuticals International Inc, sought to reassure investors that the once highflying company still had a solid future despite a steep fall in its stock price and growing questions about its business model and debt levels. (http://nyti.ms/1WM2F0a)

- Neel Kashkari, who oversaw the government's bailout of the banking industry as a Treasury official in the George Bush and Obama administrations, was named the next president of the Federal Reserve Bank of Minneapolis on Tuesday. (http://nyti.ms/1WM3NAL)

 

Canada

THE GLOBE AND MAIL

** The Canadian government has already identified about 10,000 possible Syrian refugees, Immigration Minister John McCallum says - which is close to half the 25,000 the Liberals have promised to resettle here by Jan. 1. These asylum seekers have applied to come to Canada but have not yet been approved to come here, the minister said. (http://bit.ly/1ODJtx6)

** Toronto-Dominion Bank has announced its biggest management shuffle under Chief Executive Bharat Masrani as the bank focuses on shifting costs away from traditional banking and toward a more technology-focused future. The sweeping changes, affecting some of the top positions at the bank, appear to align key executives with Masrani. (http://bit.ly/1MWaprL)

** Valeant Pharmaceuticals International Inc will replace its recently shuttered pharmacy partner in the coming months, as the company looks to rebuild its dermatology drug distribution system and repair its reputation in a "very difficult" period. (http://bit.ly/1M5V8RH)

NATIONAL POST

** Tim Hockey, group head of Canadian banking and wealth management at TD Ameritrade Holding Corp, will take over the role of chief executive and president of TD Ameritrade on Jan. 2, replacing Fred Tomczyk at the Omaha-based online stock brokerage and wealth manager when he retires on Sept. 30, 2016.(http://bit.ly/1koG5tr)

** Labatt Breweries of Canada says it will buy Mike's Hard Lemonade and Okanagan Cider in an agreement with the Mark Anthony Group of Companies. The deal is valued at $350 million.

Labatt president Jan Craps says the agreement adds a more diverse lineup of drinks to the company's growing stable of beverages. (http://bit.ly/1kM4ZTi)

** As part of a rare no contest settlement with regulators, Quadrus Investment Services Ltd will pay a total of $8 million in compensation to more than 3,000 clients and former clients who were charged excess fees. The Ontario Securities Commission approved the no-contest settlement Tuesday, following an investigation prompted by Quadrus's self-reporting of the problem to regulators. (http://bit.ly/1WRkzJz)

 

Hong Kong

SOUTH CHINA MORNING POST

- A legal expert has warned Tesla drivers using the car maker's new unapproved Autopilot functions that they are in danger of committing an offence and that insurers cannot cover accident costs. Lawmaker James To Kun-sun said a driver is committing an offence if he is using a car with such unapproved software. Tesla refused to comment on the matter after repeated inquiries from the Post. (http://bit.ly/1MJNhXf)

- Hong Kong Chief Executive Leung Chun-ying risked the ire of environmentalists by raising the possibility of using country park land with low ecological value for housing. Leung echoed comments by researchers from the Our Hong Kong Foundation, a think tank, who a day earlier suggested a review of the ecological value and purpose of all country parks as part of a wider strategy on housing. (http://bit.ly/1WQBr3e)

- A Hong Kong family office investment firm has bought an 8 million pound (HK$94 million), 350-room stately home in northern England, the latest sign of interest from Asian investors for palatial European trophy assets. The new owner of the house will face a bureaucratic "nightmare" should they want to turn it into a hotel or serviced apartments, according to property analyst Peter Churchouse. (http://bit.ly/1GVZFqY)

THE STANDARD

- Ten tourist attractions, including Hong Kong Disneyland, Madame Tussauds, Ngong Ping 360, Noah's Ark, and Ocean Park, will receive a total of HK$10 million ($1.3 million) in subsidies from the government for promotions in 12 countries to lure tourists back to the city. The promotion targets will include the mainland, Taiwan, Japan and the United States, the government added. (http://bit.ly/1PnLVIl)

- Hong Kong Disneyland raised its regular ticket prices for the third consecutive year by 8 percent from Wednesday. A one-day ticket for adults will now cost HK$539 and for children HK$385. Last year's increase was 10.9 percent. A Disneyland spokeswoman said Hong Kong Disneyland reviews prices based on value of its entertainment and future development needs. (http://bit.ly/20Lj9Fi)

- An Asia-wide operation against phone scams netted 431 mainland Chinese and Taiwanese in the biggest overseas swoop involving police from across the strait, Hong Kong, Indonesia and Cambodia. Some 254 mainlanders were repatriated from Jakarta and Phnom Penh to Beijing, Shanghai, Hangzhou and Guangzhou, and they would face charges, according to the Ministry of Public Security. (http://bit.ly/1Mn24Ys)

HONG KONG ECONOMIC JOURNAL

- Chinese outbound merger and acquisition investments in the first half of 2015 rose 70 percent from a year earlier to $56.8 billion, while the number of deals jumped 25 percent to 173, according to Deloitte China M&A Services. Its national leader Patrick Yip expects the value of M&A deals to double for the whole year