Zero Hedge
All posts from Zero Hedge
Zero Hedge in Zero Hedge,

Frontrunning: July 20

  • Futures flat as investors await earnings deluge (Reuters)
  • Investors Brace for Clues on ECB’s Tapering Plans (WSJ)
  • When Will the ECB Pull Its Trillions From the Markets? (BBG)
  • Citing Recusal, Trump Says He Wouldn’t Have Hired Sessions (NYT)
  • Trump Urges GOP to Seek Agreement on Health Measure (WSJ)
  • The GOP Failed to Replace the ACA. Can Congress Fix What’s Wrong? (BBG)
  • Senator McCain diagnosed with aggressive brain cancer (Reuters)
  • Low Earners Are Making the Biggest Gains for the First Time in Years (WSJ)
  • Russia says in talks with U.S. to create cyber security working group (Reuters)
  • France Says ‘We Want Our Money Back’ as Brexit Talks Crawl On (BBG)
  • After Mosul, Islamic State digs in for guerrilla warfare (Reuters)
  • Here’s Why Yellen’s Fed Cares About America’s Opioid Epidemic (BBG)
  • Deutsche Bank Preparing for Hard Brexit, CEO Cryan Tells Employees (BBG)
  • Germany takes aim at Turkish tourism as rights row escalates (Reuters)
  • S&P 500's Biggest Pension Plans Face $382 Billion Funding Gap (BBG)
  • Any Greek market foray should be first step to full return: government spokesman (Reuters)
  • Loophole Closed: Hedge-Fund Managers Prepare Huge Tax Checks (WSJ)
  • Israel faces mounting Palestinian anger over holy site metal detectors (Reuters)

Overnight Media Digest


- U.S. President Trump issued a rallying cry for Republican senators to come together behind their struggling health bill, telling them they were close to a deal and shouldn't leave town for their summer break without one.

- Republican Senator John McCain, who has been out this week recovering from surgery, has been diagnosed with a type of brain cancer known as a glioblastoma, his office disclosed on Wednesday.

- Three top Trump campaign aides - Jared Kushner, the president's son-in-law and senior adviser, former campaign chairman Paul Manafort and Donald Trump Jr - are expected to speak with Senate committees next week as part of the congressional inquiry into Russian meddling in the 2016 election.

- The U.S. Supreme Court reinstated the Trump administration's plans to keep many refugees from entering the U.S., but blocked the White House from sweeping travel restrictions on extended families of American residents, a second compromise action by the justices in the hot-button case.

- Univision Communications Inc, the owner of the dominant Spanish-language broadcaster in the U.S., has been fielding interest from potential bidders after the media company's initial public offering was delayed, according to people familiar with the matter.

- Jana Partners, the activist hedge fund whose push to shake-up Whole Foods Market helped prompt to buy the natural grocer, has sold its stake in the company.

- Charter carrier Dynamic International Airways LLC, which offers charter flights to regional cities in China, filed for bankruptcy protection Wednesday to stabilize its business.



Canadian utility Hydro One Ltd said on Wednesday that it has agreed to buy U.S. energy company Avista Corp for $5.3 billion in an all-cash transaction.

Theresa May called on the BBC to pay men and women equally after the corporation published the names of its 96 stars paid more than 150,000 pounds a year, exposing a wide gap between male and female broadcasters.

The chief executive of Akzo Nobel NV, the Dutch paint maker, has resigned with immediate effect on health grounds just weeks after fending off a 27-billion-euro takeover attempt.

A private equity consortium has made a second attempt at buying Stada, Germany's largest maker of generic drugs, with an improved 4.1 billion euros offer.



- Facebook is working on a new tool that could help drive subscriptions to news organizations that publish articles directly on the online service. The tool would be added to Facebook's Instant Articles product, which allows publishers to post news articles that can be read within Facebook.

- Jana Partners disclosed in a regulatory filing on Wednesday that it sold off its roughly 8.2 percent stake in Whole Foods in June. Jana got rid of the bulk of its stake on Tuesday.

- Banking regulators are reviewing hundreds of millions of dollars in loans made to Donald Trump's businesses through Deutsche Bank's private wealth management unit, which caters to an ultrarich clients.

- Citigroup is taking a step toward reducing its dependence on London and will open a second trading hub in Frankfurt. The bank has had an operation in Frankfurt for decades, but it would expand its business there with this latest decision.



The Globe and Mail

** Kinder Morgan Canada Ltd plans to start construction on its C$7.4 billion Trans Mountain oil pipeline expansion on time despite unceasing opposition.

** Oaktree Capital Management has filed complaints with securities regulators in Ontario and Quebec to address some of its concerns about Rayonier Advanced Materials Inc's proposed takeover of Tembec Inc, saying there are disturbing questions about the role of Fairfax Financial Holdings Ltd in the deal.

** Finance Minister Bill Morneau released proposals this week to close loopholes that are increasingly in use by high-income Canadians to lower their tax bills through the use of private corporations.

National Post

** Ontario-based Hydro One Ltd, has struck a deal to purchase Avista Corp, a regulated electric and gas utilities holding company that has operations in U.S. northeast and Alaska, for C$6.7 billion.

** According to data from Statistics Canada, from 2008 to 2016 electricity prices in Ontario grew by 71 per cent compared to 34 per cent average growth across Canada. This means Ontario's electricity price increases were more than double the national average.


The Times

GlaxoSmithKline Plc is selling its Horlicks business in Britain and has abandoned a planned 350 million pounds ($455.88 million) investment in Cumbria as part of a wide-ranging restructuring of its business.

The water industry has been plunged into uncertainty after the head of Ofwat announced that she is leaving the regulator to join BT Group Plc. In an announcement that shocked an industry that is just starting its next cycle of negotiations on water charges, Cathryn Ross said that she would depart at the end of the year.

The Guardian

TopShop is getting its first male boss in 18 years with the appointment of Burberry Group Plc's executive Paul Price.

U.S. investment bank Morgan Stanley has chosen Frankfurt as the site of its post-Brexit EU hub in a move that could put 200 jobs in the City of London under threat.

The Telegraph

German regulators will be assessing the suitability of Deutsche Boerse AG's management team in light of insider trading allegations made against the German exchange's chief executive.

Activist investor Elliott Management has slammed BHP Billiton's plans to develop a giant potash mine in Canada, warning it could be as "disastrous" as its foray into U.S. shale.

Sky News

Mercedes-Benz is recalling hundreds of thousands of cars in the UK for a software update to reduce their nitrogen oxide (NOx) emissions.

Tony Hayward, the former BP Plc chief executive, is to sever his ties to a Russian-backed venture which has struggled to gain British and American government approval to buy oil and gas assets.

The Independent

Millions of workers will have to work an extra year before retiring after the Government announced plans to extend the retirement age to 68.