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Frontrunning: July 5

  • U.S. Warns North Korea It’s Ready for War Over Missiles (WSJ)
  • U.S., South Korea stage show of force against North Korea (Reuters)
  • UN to Meet on North Korea as U.S. Confirms Rocket Was ICBM (BBG)
  • Trump talks tough, options limited (Reuters)
  • North Korea, Putin Meeting Top Agenda For Trump’s Tripa (WSJ)
  • Ahead of fractious G20, Germany and China pledge new cooperation (Reuters)
  • Crude Tumbles After Russia Opposes Deeper Production Cuts (BBG)
  • Fed Signals Autumn Decision on Balance-Sheet Reduction (WSJ)
  • Euro zone businesses lost some momentum in June but still strong (Reuters)
  • Shopping-Mall Owners Pay Up to Stay Relevant in the Amazon Era (BBG)
  • Traders Brace for Comeback of Volatility (BBG)
  • Thieves take computers from South Africa's elite police unit (Reuters)
  • Trump-Putin Talks Raise Anxiety Ex-Spymaster Will Get Upper Hand (BBG)
  • Higher Health Costs Challenge Republican Senators (WSJ)
  • U.S. prosecutors ask judge to silence Shkreli during trial (Reuters)
  • Islamic State fights fiercely in shrinking Iraqi and Syrian strongholds (Reuters)
  • China’s $162 Billion of Dealmaker Debt Raises Alarm (BBG)
  • Why the Robot Takeover of the Economy Is Proceeding Slowly (BBG)
  • Norway's Housing Market Downturn Gathers Pace Amid Bubble Fears (BBG)
  • New York City police officer killed in `unprovoked attack,' police say (Reuters)
  • Qatar’s Antagonists Huddle on Next Steps as Deadline Expires (BBG)

 

Overnight Media Digest

WSJ

 forced to scrub launch of a large commercial communications satellite, when an automated system aborted the launch within seconds of liftoff. on.wsj.com/2tOJ6vH

- Samsung Electronics Co is developing a voice-activated speaker powered by its digital assistant Bixby. The English-language version of Bixby has been delayed and many of the features and other specifications are yet to be decided. on.wsj.com/2sonxO8

- JPMorgan Chase & Co made a preliminary approach to acquire UK payments business Worldpay Group Inc potentially marking one of the biggest deals for a U.S. bank since the financial crisis. on.wsj.com/2tGi4Ge

- A court in Shanghai froze nearly $181 million in assets partially owned by Jia Yueting, the founder of LeEco Holdings, over a missed interest payment, and an additional $2.3 billion worth of shares in the firm's listed unit. on.wsj.com/2sEoyG3

 

FT

- Talks on restoring power-sharing in Northern Ireland have been extended until after the summer after UK and Irish governments called time on an inconclusive political talks process on Tuesday.

- Worldpay on Tuesday said it received separate takeover approaches from JPMorgan Chase and Vantiv . JPMorgan made a cash takeover offer that carries a substantial premium to Worldpay’s pre-bid share price, while Vantiv has called for a predominantly share-based merger at a lower premium.

- Chief Executive of Tesco Bank Benny Higgins said he would retire in February next year after almost a decade of being on the job.

- Former chief executive of UK defence contractor BAE Systems Ian King is moving into corporate finance as a senior adviser to boutique advisory firm Gleacher Shacklock.

 

NYT

- The administration of U.S. President Donald Trump on Tuesday confirmed North Korea's claim that it had launched an intercontinental ballistic missile, and it told Pyongyang that the United States would use "the full range of capabilities at our disposal against the growing threat." nyti.ms/2tLk4xv

- Uber suffered a blow to its expansion plans in Europe on Tuesday after a senior adviser to the region's highest court said that the ride-hailing service should have to abide by tough rules governing taxi services. nyti.ms/2tfla2V

- Worldpay Group Plc, Britain's largest payment processor, said on Tuesday that it had received preliminary approaches about a potential takeover from U.S. credit card technology firm Vantiv Inc and JPMorgan Chase Bank . nyti.ms/2uIc1hx

- The European Union and Japan have signaled that they plan to announce a broad agreement on trade on Thursday, a pointed challenge to U.S. President Trump, who is scheduled to attend a meeting of world leaders in Germany the next day. nyti.ms/2sopOJi

- Locked in a confrontation with its neighbors, Qatar said on Tuesday that it would dramatically increase its production of natural gas. nyti.ms/2uo65uG

 

Canada

THE GLOBE AND MAIL

** New rules to combat airline pilot fatigue are being attacked from both sides, with industry advocates predicting an expensive pilot shortage and pilots unions saying the regulations don't go far enough to protect safety. tgam.ca/2tg5lJj

** Nearly 5 percent of homes sold in the Golden Horseshoe region were purchased by foreign buyers, according to a month's worth of new data from the Ontario government that reveals the role international investors have played in the area's overheated real estate market. tgam.ca/2tfDvgo

** Vehicle sales surpassed the 200,000-level in June – the second-straight month above that mark – providing another signal to the Bank of Canada that the Canadian economy is ripe for a rise in interest rates. tgam.ca/2tg2VdH

NATIONAL POST

** Canada's transportation ministry on Tuesday announced details around a C$2.1 billion ($1.62 billion) infrastructure program aimed at bolstering Canada's aging trade corridors, in a bid to free up long-standing trade snarls along prominent export and import routes. bit.ly/2tg4vwr

** Ottawa is cracking down on which financial services companies can use the words "bank" "banker" and "banking" to describe their business, a move that has drawn criticism from the country's credit unions. bit.ly/2tfGhSQ

 

Britain

The Times

Nearly 2 billion pounds was added to the stock market value of Worldpay Group Plc today after the payments processing group revealed that it had received two takeover approaches. Worldpay said it had received "preliminary approaches" from Vantiv Inc, a U.S. rival, and from JPMorgan Chase & Co. (bit.ly/2tJFFp5)

The chief executive of Tesco Bank, owned by Britain's biggest retailer Tesco Plc, is to leave after almost a decade in charge of the lender. Benny Higgins will also give up his position as group strategy director of the supermarkets group and as a member of its executive committee. (bit.ly/2tOmbAG)

The Guardian

HBOS took a 240 million pounds hit in 2007 after discovering a "serious control breakdown" in its Reading operation, according to information published by the City regulator for the first time. (bit.ly/2snKu3T)

Mike Ashley, the controversial billionaire founder of Sports Direct International Plc, allegedly secretly paid his former chief executive 1 million pounds-a-year out of his personal funds in order to keep down the pay of other staff. (bit.ly/2tFS2Tv)

The Telegraph

The management of stricken gold mining company Acacia Mining Plc has been excluded from talks with the Tanzanian government about resolving a tax dispute after its majority shareholder Barrick Gold Corp intervened. (bit.ly/2tevlER)

British biotech company Angle Plc has unveiled the trial results of a potential breakthrough blood test for diagnosing ovarian cancer. Angle said its new test proved 95 percent accurate at detecting cancerous cells in the bloodstream in a study of 400 patients in Europe and the United States. (bit.ly/2unngfB)

Sky News

A telecoms infrastructure group positioning itsel‎f as a rival to BT Group Plc's Openreach division will announce on Wednesday that it is doubling its market value through an ambitious share sale. CityFibre will say that it is raising up to 200 million pounds through a placing of equity with new and existing investors. (bit.ly/2tJrT5Q)

TPG and Advent International, the private equity groups, have tabled takeover offers for Rapha, the upmarket cycling brand. (bit.ly/2snHxAk)

The Independent

Consumer goods giant Nestle SA has pledged to slash sugar in its cereals by a further 10 percent across the United Kingdom by the end of next year as part of a major drive to make some of its most popular breakfast foods healthier. (ind.pn/2tMCu10)