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Frontrunning: July 11

  • Trump Looks to Wall Street for Fed Bank Regulator (WSJ)
  • Rates play prods dollar to four-month high versus yen, kiwi dollar falls (Reuters)
  • Kaspersky Lab Has Been Working With Russian Intelligence (BBG)
  • Buffett’s Berkshire Moves Away From Stock Picking (WSJ)
  • OPEC's Barkindo says all producers should help balance market (Reuters)
  • China hits back at criticism over North Korea (Reuters)
  • North Korea’s Missile Might Not Survive Reentry, South Says (WSJ)
  • Trump's election panel puts hold on voter data request (Reuters)
  • Abe Seeks to Avoid Repeat of His Swift Demise a Decade Ago (BBG)
  • Oil falls as banks cut price forecasts (Reuters)
  • Europe Wary as U.S. Scrutinizes Iran Nuclear Deal (WSJ)
  • Clearing Firms Simulate Lehman-Like Default During Brexit Chaos (BBG)
  • Winds Shift for Emerging-Market Debt (BBG)
  • Remember Peak Oil? Demand May Top Out Before Supply Does (BBG)
  • The Next Job Humans Lose to Robots: Real Estate Appraiser (BBG)
  • Goldman Was Vilified in Venezuela for Something Big Oil Does Every Day (BBG)
  • Electricity Overtook Fossil Fuels in Push for Investment in 2016 (BBG)
  • Greece's market return may be imminent: bankers, investors (Reuters)
  • Kushner Cos. Sought Qatar Funds as Jared Advised Trump (BBG)
  • Pearson Sinks as Investors Pan Dividend Plans Post-Penguin Sale (BBG)
  • U.S. Army soldier arrested in Hawaii on terrorism charges (Reuters)
  • Buffett’s ‘Big Bang’ Exceeds $27 Billion After Latest Gifts (BBG)
  • Livan Hernandez made $48 million playing baseball; now it’s all gone (MW)
  • Maybe ETFs Aren’t the Reason You Can’t Find Any Stocks to Buy (BBG)

 

WSJ

- U.S. President Donald Trump plans to put his first mark on the Federal Reserve by nominating Randal Quarles, an investment-fund manager and former Treasury official, to be the central bank's top bank regulator. on.wsj.com/2sYXDow

- The Trump administration is moving toward tightening sanctions on North Korea, targeting Chinese banks and companies Washington says are funneling cash into Pyongyang's weapons program. on.wsj.com/2sYlGUy

- Donald Trump Jr retained a private attorney on Monday and said he would work with congressional investigators who have sought his testimony as part of ongoing probes into whether the president's campaign colluded with Moscow to influence the election. on.wsj.com/2sYW8qi

- Honda Motor said a man attempting to repair a Honda Accord died last year when a Takata air bag installed inside the car ruptured, bringing to a dozen the U.S. death toll stemming from the faulty safety devices. on.wsj.com/2sYWcGy

- Edward Record, who joined J C Penney in 2014, will step down as chief financial officer but will remain in an advisory role through Aug. 7. on.wsj.com/2sZhqUZ

- Newspaper publishers are calling on Congress to allow them to negotiate collectively with Google and Facebook as the duo increasingly dominate digital advertising and news distribution online. on.wsj.com/2sYZmKq

- Microsoft unveiled a new bundled software offering that will leverage its dominant operating system and productivity applications to provide a boost to products that aren't as widely used. on.wsj.com/2sYoX6i

 

FT

- $27 billion ETF manager, ProShares, is preparing a trio of funds that profit from the woes of the traditional "brick and mortar" retailers, according to SEC filings.

- Activist hedge fund Elliott Management openly challenged an $18 billion bid from Warren Buffett's Berkshire Hathaway for the Texas utility Oncor. Elliott said he was ready to launch a rival bid worth $18.5 billion.

- Bowing to pressure, Theresa May suspended a Conservative MP who used racist language, in a move that further erodes her party's already thin working majority in the House of Commons.

- Just Eat renewed warnings over shortage of curry chefs in the UK and called on the government to loosen immigration rules and improve training in the sector.

 

NYT

- Dalian Wanda Group said it would sell its theme parks as part of a $9.3 billion deal with the property developer Sunac China Holdings Ltd, that includes 76 hotels and a major chunk of 13 tourism projects. nyti.ms/2u2CdXh

- Germany's Siemens said a Russian customer had illegally shipped two power plant turbines to Crimea instead of their intended destination in southern Russia. nyti.ms/2u2V58J

- Abercrombie & Fitch said it would end talks to sell itself. The company said it would instead focus on carrying out its own strategic plan as a stand-alone company. nyti.ms/2tIp2IA

- President Trump on Monday named Randal K. Quarles, a former Treasury Department official, to serve as the Federal Reserve's top watchdog overseeing Wall Street and to play a leading role in the administration's plans to reduce financial regulation. nyti.ms/2u7qwym

- Microsoft Corp plans to announce on Tuesday that it is harnessing the unused channels between television broadcasts, known as white spaces, to help get more of rural America online. nyti.ms/2tCinkF

 

Canada

THE GLOBE AND MAIL

** Wildfires in British Columbia have forced Canadian lumber mills to shut and were edging closer to a Kinder Morgan Inc oil pipeline as hot, dry weather sparked blazes across swathes of western Canada and the U.S. tgam.ca/2u3t291

** Cogeco Communications Inc is making a bigger bet on its U.S. strategy, looking for subscriber growth in mid-sized markets with a $1.4-billion (U.S.) deal to acquire the remainder of the MetroCast brand of cable assets it does not already own. tgam.ca/2v7mFP4

** Canadian Imperial Bank of Commerce has struck a deal to buy Geneva Advisors for up to $200 million, taking another step toward building a renewed presence in the United States. tgam.ca/2sZBRRD

NATIONAL POST

** Lawyers for the widow of a U.S. soldier killed in Afghanistan will ask a Canadian court to freeze the $10.5-million settlement the federal government has paid to Omar Khadr. bit.ly/2u26lBW

** While some Canadians wait months to undergo medically necessary surgeries, public hospitals across the country are routinely providing operating-room space for cosmetic, privately paid operations, a National Post survey reveals. bit.ly/2v6RLpF

 

Britain

The Times

* Hundreds of millions of pounds were erased from the value of Carillion Plc shares today after it warned on profits, parted ways with its chief executive and suspended its dividend to save cash. (bit.ly/2u1SPi2)

* Talktalk Telecom Group Plc is hiring Kate Ferry to replace Iain Torrens, who is stepping down from his post as chief financial officer after two years. (bit.ly/2t7cTuQ)

The Guardian

* An aggressive tax avoidance scheme, linked to one of the recruitment industry's highest-profile names, is being liquidated in a move that could prevent HM Revenue and Customs from recouping millions of pounds. (bit.ly/2v5oSu2)

* A drilling rig owned by P R Marriott Drilling Ltd, Britain's largest onshore deep drilling company, has been seriously vandalised, in a move seemingly intended to slow down the country's embryonic shale industry. (bit.ly/2sIapDK)

The Telegraph

* The Bank of England has fired a shot across the bows of lenders by warning it has detected a rise in risky creative accounting, in a move that could spur worries firms are returning to practices that sparked the financial crisis. (bit.ly/2uKKuwK)

* Shares in defence giant BAE Systems Plc have risen after the High Court threw out a case trying to block arms sales by British companies to Saudi Arabia. (bit.ly/2tFNABZ)

Sky News

* The top City advisers hired to find a buyer for Co-operative Bank are in line for a 15 million pound ($19.31 million) payday despite the struggling lender turning to its existing investors to bail it out. (bit.ly/2ubhX6j)

* Business leaders held separate talks with two Cabinet ministers on Monday, offering a further indication that Theresa May's chastened administration is determined to shake off its perceived pre-election antipathy towards the private sector. (bit.ly/2tZHKhv)

The Independent

* UK consumer spending has fallen to its lowest levels in nearly four years as rising living costs and stagnant wages continue to squeeze household incomes, new figures show. June rounded off the worst quarter for spending since the third quarter of 2013, according to Visa's Consumer Spending Index. (ind.pn/2txoNlb)