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Frontrunning: August 2

  • Trump close to decision on addressing Chinese trade practices (Reuters); White House Weighs Trade Measures Against China (WSJ)
  • Republicans Pivot to Tax Cuts Amid Frustration at Lack of Detail (BBG)
  • Russian losses in Syria jump in 2017, estimates show (Reuters)
  • Market Paradox: Firms Get Punished for Posting Earnings (WSJ)
  • OPEC’s ‘Catch-22’: How to Unwind Its Deal to Cut Oil Output (WSJ)
  • Trump’s CEO Brain Trust Hasn’t Done Much (BBG)
  • How the World’s Biggest Buyout Deal Crashed and Burned (BBG)
  • Some Insurers Seek ACA Premium Increases of 30% and Higher (WSJ)
  • Investor Einhorn sees cash burn at Tesla, sticks with short bet (Reuters)
  • Peltz and P&G Expect to Spend $60 Million on Record Proxy Fight (BBG)
  • Theranos Low on Cash After Settlement With Walgreens (WSJ)
  • EU says mulling 'whole range of actions' on Venezuela (Reuters)
  • Car Makers Report Steep Sales Fall (WSJ)
  • Turkey opens trial of nearly 500 defendants over failed coup (Reuters)
  • Renting in Toronto Is a Total Nightmare (BBG)
  • Switzerland’s First-World Problem: What to Do With $750 Billion (WSJ)
  • Go West, U.S. VP Pence tells Western Balkans (Reuters)
  • Tanzania’s Tougher Mining Laws Rattle Companies (WSJ)
  • Temer on the Line as Congress Considers Putting Him on Trial (BBG)
  • Virtu to Sell Electronic Bond Trading Platform (WSJ)

 

Overnight Media Digest

WSJ

- The Trump administration is planning trade measures to force Beijing to crack down on intellectual-property theft and ease requirements that American companies share advanced technologies to gain entry to the Chinese market. on.wsj.com/2uXsjEk

- Sprint Corp said it would decide soon on whether to pursue a merger with either T-Mobile US Inc or Charter Communications Inc , with an announcement coming "in the near future," according to the wireless carrier's chief executive. on.wsj.com/2uXHmha

- Matthias Müller was appointed to drag Volkswagen AG away from the emissions scandal and into the world of modern automotive technologies. He is facing opposition from the company's skeptical managers. on.wsj.com/2uXsoI8

- Major health insurers in some states are seeking increases as high as 30 percent or more for premiums on 2018 Affordable Care Act plans, according to new federal data that provide the broadest view so far of the turmoil across exchanges as companies try to anticipate Trump administration policies. on.wsj.com/2uXokYm

- Senate Republicans made clear they want to chart their own course to focus on a tax overhaul and critical fiscal legislation, bypassing requests from U.S. President Donald Trump to keep health care their top legislative priority. on.wsj.com/2uXDPQl

 

FT

The House of Lords EU committee has criticised Britain's Brexit secretary, David Davis, for declining to give evidence over the summer break.

Jacob Rees-Mogg, the MP for North East Somerset, has said that cabinet ministers should unite behind the principle of collective responsibility after days of bickering over Brexit.

Bank of England security workers on Tuesday held a strike over low pay in the first strike by staff in 50 years.

British fintech start-up Neyber secures 21 million pounds ($27.73 million) in funding round led by an Indian financial services company Wadhawan Group.

 

NYT

- Carl Reichardt, who as chairman and chief executive of Wells Fargo & Co during the 1980s and 1990s, introduced a new approach to commercial banking that served as a model for the industry, died on July 13 at his home in Belvedere, California, in the San Francisco Bay Area. nyti.ms/2uXG85y

- Malaysia's scandal-hit sovereign wealth fund 1MDB Global Investments Ltd has missed a July deadline to make about $629 million in payments as part of a settlement with an Abu Dhabi government fund. nyti.ms/2uXmTtd

- Volkswagen AG suffered another blow to its reputation on Tuesday after it was barred from receiving European Union research financing over allegations it misused a previous loan to cheat on emissions. nyti.ms/2uXr7Rm

- The White House is preparing to open a broad investigation into China's trade practices, amid growing worries in the United States over a Chinese government-led effort to make the country a global leader in microchips, electric cars and other crucial technologies of the future. nyti.ms/2uXrOdq

 

Canada

The Globe and Mail

** Canadian auto dealers are as busy as ever, as consumers bought a record 182,000 vehicles in July – a sharp contrast to the slumping U.S. industry. Vehicle sales have been surging in Canada throughout 2017, while for five straight months, U.S. auto makers have reported sales declines compared with last year. (tgam.ca/2u3AT7r)

** Solitary confinement has been overused in Canadian prisons, but the correctional service has made notable improvements in recent years, the federal government's first witness testified Tuesday in a case challenging the use of the practice. (tgam.ca/2hmp9H9)

National Post

** Canadians may have enjoyed watching big budget U.S. commercials during the Super Bowl this year, but the broadcast regulator's decision to let viewers partake in the full American experience cost the local economy an estimated $158 million, according to new research touted by Bell Media. (bit.ly/2wleRJQ)

** Calgary-based AltaGas Ltd inked a deal with Tokyo's Astomos Energy Corp to buy half of the 1.2 million tonnes of liquefied propane gas per annum the company will produce at its C$500 million Ridley Island Propane Export Terminal near Prince Rupert, British Columbia beginning in 2019. (bit.ly/2uYb0mE)

 

Britain

The Times

Bob Mackenzie, executive chairman of the AA Plc has been sacked with immediate effect for allegedly lashing out at a colleague. bit.ly/2ui9IRk

Activity in the manufacturing sector has bounced back from a slowdown in June after businesses reported a surge in exports due to the low value of sterling, according to a closely watched survey. bit.ly/2f6nNPS

The Guardian

The real estate arm of the bank BNP Paribas SA is to acquire a UK property services group in a deal that will triple its revenue and the number of staff it has in the country covering the business. bit.ly/2vgFUtd

Tennis fans wanting to watch Andy Murray and Roger Federer on a regular basis through the season will have to pick up an Amazon.com Inc subscription, after the U.S. digital firm nabbed the UK rights to the ATP World Tour from Sky Plc . bit.ly/2f6u0LS

The Telegraph

The mobile operator Three is poised to begin a multibillion-pound overhaul of its network as demand for data skyrockets and it prepares for the introduction of 5G technology. bit.ly/2uTxbfi

Yancoal Australia Ltd is raising $2.5 billion to fund its purchase of Rio Tinto Plc's Australian coal mine, less than had previously been expected thanks to FTSE 100 Glencore Plc's intervention last week. bit.ly/2uXbWYC

Sky News

Energy firm Centrica Plc, which owns British Gas, said the average annual dual fuel bill for a typical household on a standard tariff will rise by 76 pounds to 1,120 pounds from Sept. 15. bit.ly/2f7ebVj

The boss of Ryanair Holdings Plc will emphasise the urgency of reaching a post-Brexit "open skies" deal between the United Kingdom and Europe on ‎Wednesday when he holds private talks with Chris Grayling, the Transport Secretary. bit.ly/2vqQwGa

The Independent

The United Kingdom's small and medium-sized manufacturers grew output at the fastest pace in seven years in the three months to July, according to a survey by the Confederation of British Industry. ind.pn/2f6awqP