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Frontrunning: August 1

  • Futures higher on strong earnings season; Apple in focus (Reuters)
  • Kelly Sends Off Scaramucci, But Real Test Will Be Taming Trump (BBG)
  • Senate Democrats offer Republicans help on tax reform - with conditions (Reuters)
  • Banks May Need $50 Billion New Capital After Brexit (BBG)
  • Goldman Sachs Finds Itself in Odd Spot: Last Place in Trading (WSJ)
  • Trump dictated misleading statement on son's meeting with Russian (Washington Post)
  • Struggling Stock Pickers Eye Quant Tools to Gain an Edge (BBG)
  • Trump’s Obsession With Leaks (BBG)
  • BP Turns a Corner, but 2010 Oil Spill Keeps Biting (WSJ)
  • The immigrant success story that led police to a Chinese banking giant (Reuters)
  • Greenspan Sees No Stock Excess, Warns of Bond Market Bubble (BBG)
  • Euro-Area Economy Steams Ahead as ECB Waits for Inflation (BBG)
  • The energy patch: where rights offerings are 'sexy' again (Reuters)
  • Rowling Apologizes for Claiming Trump Ignored Disabled Boy (BBG)
  • President Xi says China loves peace but won't compromise on sovereignty (Reuters)
  • Greenspan Sees No Stock Excess, Warns of Bond Market Bubble (BBG)
  • Rolls-Royce Recovery Revs Up, But CEO Wary of Production Hurdles (BBG)
  • Snap, Blue Apron Shake Confidence in Startup Valuations (WSJ)
  • Caterpillar CFO Brad Halverson to retire in early 2018 (Reuters)
  • Under Armour to Cut About 280 Jobs (WSJ)

 

Overnight Media Digest

WSJ

- Discovery Communications Inc has agreed to buy Scripps Networks Interactive Inc for $11.9 billion, a bet that a bigger footprint in lifestyle programming will help it weather the upheaval in cable television. on.wsj.com/2vcde4A

- Anthony Scaramucci has been removed from his position as White House communications director, just 10 days after it was announced he would take it. He was ousted at the urging of the new Chief of Staff John Kelly. on.wsj.com/2vcKM2i

- The United States has frozen the assets of Venezuelan President Nicolas Maduro, citing human rights abuses. The Treasury Department took the action after the country held elections Sunday that the United States considers illegitimate. on.wsj.com/2vd7yaf

- The Pentagon and State Department have devised plans to supply Ukraine with antitank missiles and other weaponry and are seeking White House approval, as Kiev battles Russian-backed separatists. on.wsj.com/2vcLlJs

- Boeing Co is creating a new unit to develop and build aircraft avionics systems, expanding its strategy of insourcing key technology to cut costs. on.wsj.com/2vcUDFl

- Volkswagen AG faces fresh legal pressure over its emissions-cheating scandal after European Union authorities for the first time recommended fraud charges against two company officials. on.wsj.com/2vcIJLv

 

FT

Discovery Communications Inc is acquiring Scripps Networks Interactive Inc for $14.6 billion including debt in a deal that brings the channels TLC, Animal Planet, HGTV and the Food Network under the same umbrella.

Santee Cooper and South Carolina Electric & Gas Company ordered an immediate halt to construction of their jointly owned project in Jenkinsville. The power station is one of two nuclear plants being built by Westinghouse in the united States.

Music streaming company Spotify has reached 60 million paying subscribers as the Swedish start-up prepares for a public listing later this year.

Europe's biggest bank HSBC Holdings Plc has announced a $2 billion share buyback, raising the amount of total stock it has pledged to buy during the past year to $5.5 billion.

 

NYT

- Time Warner -owned HBO confirmed that the network had been the target of a cyberattack, as an anonymous hacker boasted about leaking full episodes of upcoming shows along with written material from next week's episode of "Game of Thrones". nyti.ms/2vcbMza

- HSBC Holdings Plc said on Monday it would buy back as much as an additional $2 billion in shares as it reported better-than-expected earnings in the second quarter. The London-based bank announced $5.5 billion in share repurchases since the second half of last year as its prospects improved. nyti.ms/2vdlSQh

- Discovery Communications Inc unveiled its blueprint for a digital future, a $11.9 billion deal for Scripps Networks Interactive Inc to build a new force in cable television focused on nonscripted programs. nyti.ms/2vdadAV

- Two South Carolina utilities said they would abandon two unfinished nuclear reactors in the state, putting an end to a project that was once expected to showcase advanced nuclear technology but has since been plagued by delays and cost overruns. nyti.ms/2vcKyIu

 

Canada

The Globe and Mail

** Opposition parties and human-rights groups are calling on the Trudeau government to suspend arms exports to Saudi Arabia as federal officials probe the apparent use of Canadian-made armoured vehicles against Saudi civilians. (tgam.ca/2uQX4MJ)

** Calgary should not bid for the 2026 Winter Olympics unless a number of conditions are met to ensure the Games would not break the city financially, city staff have advised in a report delivered Monday to municipal politicians. In documents released prior to Monday's council meeting, staff argued that Calgary faces "significant challenges" with respect to its debt. (tgam.ca/2vedC2u)

** The Canadian arm of scandal-plagued U.S. venture capital firm 500 Startups is suspending operations, the latest fallout of Silicon Valley's ongoing reckoning with its systemic sexism and sexual harassment issues. (tgam.ca/2tUUUJd)

** NextBlock Global, an investment fund that buys cryptocurrencies and invests in companies built using blockchain technology, announced on Monday that it has raised C$20 million ($16.03 million) in its first round of fundraising. (tgam.ca/2viL7An)

National Post

** An activist investor has ramped up his calls for Hudson's Bay Co to sell some real estate or explore other options to raise the value of its lagging shares. Jonathan Litt, chief executive of Land and Buildings Investment Management, threatened to launch a proxy fight on Monday if the company does not heed his public call in June for the company to monetize its real estate. (bit.ly/2uUf3R4)

Britain

The Times

Anti-fracking protesters face the threat of prison if they obstruct Ineos Holdings Ltd's efforts to explore for shale gas after it secured wide-ranging injunctions to protect its operations. bit.ly/2vctT89

Children will soon have the chance to join the likes of Charlie Bucket, Augustus Gloop and Veruca Salt on a tour of Willy Wonka's Chocolate Factory after one of Britain's most promising independent publishing businesses secured a deal with Roald Dahl's estate. bit.ly/2vh0N6Q

The Guardian

The financial watchdog has announced fresh measures to protect consumers from spiralling debt as official data showed that borrowing through credit cards, overdrafts and car loans has topped 200 billion pounds ($263.84 billion) for the first time since the global financial crisis. bit.ly/2vmLwm6

Booths, the family-owned upmarket grocer, has been forced to call in accountants to conduct a financial health check of the business after a difficult 18 months. bit.ly/2vmSyqP

The Telegraph

Stonegate Pub Company Ltd (IPO-SPC.L) has made a 100 million pounds takeover bid for Revolution Bars Group Plc, just over two months after the cocktail bar's shares plummeted 46 percent in one week. bit.ly/2uP7NHx

RedX Pharma Plc, a biotech company specialising in developing cancer drugs, looks set to return to the London market after administrators agreed to sell the rights to a promising treatment for leukemia to a U.S. company for $40 million. bit.ly/2tYiysn

Sky News

Credit rating agency Moody's has warned about soaring levels of household debt as Bank of England figures show unsecured borrowing is back above 200 billion pounds. bit.ly/2vgHxGS

A former boss of Marks & Spencer and an ex-Unilever Plc chief operating officer are being lined up to play key roles in the 6 billion pounds auction of Flora and I Can't Believe It's Not Butter. bit.ly/2vcoJJ1

The Independent

Maintenance, security and hospitality staff at the Bank of England are to go on a three-day strike after talks between the central bank and the Unite union over a pay offer broke down. ind.pn/2tWTQIS