Zero Hedge
0
All posts from Zero Hedge
Zero Hedge in Zero Hedge,

Frontrunning: July 13

  • Feuding U.S. Senate Republicans to get revised healthcare bill (Reuters)
  • Draghi May Address Future of ECB Stimulus at Jackson Hole (WSJ)
  • BOJ seeks to tamp down speculation on tapering (Nikkei)
  • Iran’s Stature Grows as Rivals Quarrel (WSJ)
  • China June Trade Data Buoyed by Robust Demand at Home and Abroad (BBG)
  • Germany summons Daimler to address diesel allegations (Reuters)
  • French Court Tosses Google’s $1.3 Billion Tax Bill (WSJ)
  • First tech, now financing: U.S. shale firms get creative to pump more oil (Reuters)
  • Latest Wave of 401(k) Suits Yields Big Wins, and Big Losses, for Plaintiffs (WSJ)
  • EU gives Hungary a month to revise education law or face court (Reuters)
  • China’s Booming Housing Market Proves Impossible to Tame (WSJ)
  • Off the Map: The Rough Road Ahead for Self-Driving Cars in China (WSJ)
  • Behind China's Boldest Dealmaker, Billions in Pledged Shares (BBG)
  • Despite U.S. Ban, Kalashnikov Finds Markets in Asia, Africa (WSJ)
  • Trump's FBI pick vows independence, says Russia probe no 'witch hunt' (Reuters)
  • Why You Should Look to China for the Future of Retail (WSJ)
  • Goldman Sachs relaxes dress code for techs in fight for talent (Reuters)
  • Bonfire of the Retail Stocks Brings Traders Running (BBG)
  • House Conservatives Hold Budget Hostage Over Tax Plan Details (BBG)

 

Overnight Media Digest

WSJ

- Christopher Wray, President Trump's nominee to lead the FBI, pledged to be an independent leader who wouldn't let politics interfere with the bureau's investigations. on.wsj.com/2tODkXV

- U.S. President Trump sought to refute allegations that the Russian government tried to help his presidential campaign and damage that of Hillary Clinton, arguing his policies run counter to the Kremlin's interests. on.wsj.com/2tP6UfS

- U.S. Federal Reserve chair Janet Yellen told a House panel she expects forces holding down prices to fade in coming months, allowing the Fed to stick to plans for gradual rate increases. on.wsj.com/2tOSL2k

- Berkshire Hathaway Energy is racing to get Texas regulators to sign off on its takeover of Oncor in an effort to outpace hedge fund Elliott Management. on.wsj.com/2tOIeo7

- Alphabet's Google won a reprieve from one of its biggest legal battles in Europe when a Paris court threw out a $1.27 billion bill that France's tax authority has sought from the search giant. on.wsj.com/2tOB6YI

- The German government called on Siemens to explain how gas turbines it had sold for use at a Russian power plant got diverted to Crimea, possibly violating EU sanctions in the wake of Moscow's annexation of the Ukrainian peninsula. on.wsj.com/2tOtky6

- Apple will begin storing all cloud data for its customers in China with a government-owned company, a move that means relinquishing some control over its data. on.wsj.com/2tP77ja

 

FT

* Google won a rare legal victory in Europe after Paris judge said that the company did not dodge French tax laws and would not have to pay 1.12 billion euros ($1.28 billion) in back taxes.

* Pimco has sued Wells Fargo & Co for allegedly withholding money owed to bond investors, in a dispute that could have implications for billions of dollars still locked up in U.S. mortgage securities created before the financial crisis.

* Royal Bank of Scotland Group Plc has struck a 4.2 billion pound ($5.42 billion) settlement deal with a U.S. authority to resolve the U.S. mortgage probe over mis-selling toxic mortgage-backed securities.

* Apple Inc opens its first iCloud data centre in China, allowing users to store private messages, photos and device backups from iPhones and iPads locally in the mainland for the first time. The centre is part of a $1 billion investment in Guizhou province.

 

NYT

- Uber drivers have won a tentative victory in their legal battle to be classified as employees rather than independent contractors. nyti.ms/2tOWwVE

- Google won its latest legal battle in Europe, after a French court said the company did not have to pay $1.3 billion in back taxes. nyti.ms/2t5qZll

- Apple Inc said that it would open its first data center in China, in response to a strict new law in China that requires companies to store users' data in the country. nyti.ms/2uTeWEN

- A Food and Drug Administration panel unanimously recommended that the Food and Drug Administration approve the first-ever treatment that genetically alters a patient's own cells to fight cancer. nyti.ms/2sS5tfK

- Representative Steve Scalise, who was critically injured during a mass shooting that took place at a congressional baseball practice, was moved from the intensive care unit of a Washington hospital. nyti.ms/2tgtyw3

 

Canada

The Globe and Mail

** Canada's Big Six banks raised their prime lending rates to 2.95 percent from 2.7 percent, after the Bank of Canada raised its key overnight lending rate by 25 basis points. (tgam.ca/2ugedzH)

** Executives of insolvent Sears Canada Inc plan to make a bid for some or all of the troubled retailer, according to court documents. (tgam.ca/2t6J4PO)

** Rogers Communications Inc recently tweaked some of its high-end wireless plans, a move that could herald a shift toward more U.S.-style pricing that separates the cost of customers' smartphones from their monthly service charges. (tgam.ca/2vfFkIc)
National Post

** The Bank of Canada raised its benchmark interest rate for the first time in seven years on Wednesday, and it did so with such an upbeat description of the economy that private sector analysts expect the bank to raise rates yet again later this year. (bit.ly/2ulydBH)

** The Canada Pension Plan Investment Board will buy Royal Dutch Shell Plc's interest in a natural gas project in Ireland in the pension fund’s latest deal for oil and gas assets. (bit.ly/2um4rNq)

** Home Capital Group Inc has chosen a mortgage industry veteran with a technology background as its new full-time president and chief executive, tasking Yousry Bissada with getting the beleaguered Toronto-based company "running on all cylinders" again. (bit.ly/2tLSIGm)

 

Britain

The Times

** Premier Oil Plc and its partners have announced a "world class" discovery of up to two billion barrels of oil off the coast of Mexico. (bit.ly/2tfG9j6)

** Burberry Group Plc said that its comparable sales were up 4 percent in the three months to June 30 after sales in mainland China and across the Asia Pacific improved. (bit.ly/2sRqlnn)

The Guardian

** The Bank of England should resist increasing interest rates while the direction of the economy remains unclear, according to one of the central bank's senior policymakers, an announcement that reduces the chances of a rate hike this year. (bit.ly/2uSSnjG)

** Irish business leaders have called for a 1 billion euro ($1.14 billion) state aid programme to guard against Brexit disruption, in the event that the UK quits the customs union. (bit.ly/2t5ccXu)

The Telegraph

** Oil and gas explorer Ophir Energy Plc will slash 15 percent of its global workforce to cut costs in the face of tough trading conditions for the oil sector. (bit.ly/2u8yjMM)

** The UK's competition watchdog has warned that Tesco Plc's 3.7 billion pound ($4.77 billion) takeover of cash and carry group Booker Group Plc could damage competition in 350 neighbourhoods, prompting a full-scale investigation into the deal. (bit.ly/2ufA2iG)

Sky News

** The billionaire tycoon Mike Ashley has added a 25 percent stake in the video games retailer Game Digital Plc to a high street shopping list that also includes Debenhams Plc and French Connection Group Plc. (bit.ly/2sREwZh)

** Ofgem is planning tougher price controls for gas and electricity distribution companies amid claims they have been making billions in excess profits - paid for by consumers. (bit.ly/2tggzKy)

The Independent

** Royal Bank of Scotland Group Plc has agreed to pay a $5.5 billion fine to U.S. authorities over its sales of sub-prime mortgage bonds in the lead-up to the financial crisis. (ind.pn/2vc8hoC)

** Wage growth disappointed again in May, according to the latest official data, spelling another fall in real-terms pay for British workers ahead of Brexit. According to the Office for National Statistics, average nominal pay was up just 1.8 percent year-on-year in the month. (ind.pn/2tdjqUG)