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Frontrunning: November 14

  • Top central bankers vow to talk investors out of easy money (Reuters)
  • Sessions Considers Probe to Evaluate Clinton-Russia Ties (WSJ)
  • Trump Jr. Exchanged Messages With WikiLeaks (WSJ)
  • German growth surprise lifts Europe as China subdues Asia (Reuters)
  • Kremlin tells companies to deliver good news (Reuters)
  • Venezuela’s Bondholder Meeting Is a Bust as S&P Declares Default (BBG)
  • GOP megadonor Adelson publicly breaks with Bannon (Politico)
  • Trump Kept One Eye on Re-Election With His Push for Deals in Asia (BBG)
  • Japan's PM says North Korea still developing missiles despite launch pause (Reuters)
  • Wall Street Fines Fall In Trump’s First Year, Research Shows (WSJ)
  • Barred From the Bar: The Rough Road From Prisoner to Lawyer (BBG)
  • Millionaire Bankers Feel Sorry for Struggling Millennials (BBG)
  • Plaza Hotel’s Secret Backer Is a Qatari Royal With Big Ambitions (BBG)
  • Home Depot profit beats as hurricanes spur demand (Reuters)
  • EgyptAir signs $1.1 billion preliminary deal for 12 Bombardier CSeries jets (Reuters)
  • Bloomberg expects eight figures for new Twitter network (BBG)
  • Citigroup, UBS Are Among the Banks Most Exposed to Saudi Rich (BBG)
  • U.S. approves digital pill that tracks when patients take it (Reuters)
  • Weinstein Co. Lender Sues to Recover $45 Million Loan (WSJ)

Overnight media Digest


- General Electric Co's new leader outlined a restructuring plan that will slash the annual dividend by $4 billion and streamline the industrial giant's operations, but warned investors it will take years to fix some of the company's businesses and for profits to begin to improve.

- Treasury Secretary Steven Mnuchin said the Trump administration wouldn't support tax legislation with a corporate tax rate of more than 20 percent as part of any future compromise between the House and the Senate.

- Dozens of banks received the biggest signal yet that they may soon be freed from some of the most onerous rules put in place after the financial crisis, as lawmakers from both parties agreed to a plan that would enact sweeping changes to current law.

- President Donald Trump on Monday announced he was nominating Alex Azar as secretary of health and human services, picking a former George W. Bush administration official who has criticized the Affordable Care Act to lead the agency that is tasked with carrying out the health law.

- Venezuela was ruled in default on a missed interest payment by S&P Global Ratings, pushing the cash-strapped South American country and its creditors one step closer to a reckoning of its $150 billion debt load.

- Qualcomm Inc rejected Broadcom Ltd's unsolicited $105 billion offer, setting up a potentially hostile showdown between two giants of the chip industry over what would be the biggest technology takeover ever.



- Missouri’s attorney general said Monday his office would investigate whether Alphabet Inc’s Google violated the state’s consumer protection and antitrust laws.

- Mick Davis, the former head of Xstrata, has emerged as a frontrunner to become the next chairman of Anglo Australian miner Rio Tinto Plc. Davis has held talks with Rio, according to people familiar with the matter.

- General Electric Co is cutting its dividend and will divest two of its longest-held divisions, including the remainder of the lighting business created by Thomas Edison, as a part an effort by its new chief executive John Flannery to revive the storied conglomerate.



- The Justice Department said prosecutors were looking into whether a special counsel should be appointed to investigate political rivals U.S. President Donald Trump has singled out for scrutiny, including Hillary Clinton.

- John Flannery, the new chief of General Electric Co , is backing away from the ambitious designs of his two predecessors. The new G.E., he declared repeatedly in his first detailed presentation on its future, will be a smaller company with fewer businesses.

- U.S. President Donald Trump nominated Alex Azar II, a former president of the American division of Eli Lilly and Co and a health official in the George Bush administration, on Monday to be secretary of health and human services.

- Two U.S. Navy SEAL commandos under investigation in the strangling of an Army Green Beret soldier in June in Mali have also been under scrutiny in the theft of money from a fund used to pay confidential informants, according to three service members briefed on the matter.

- For the first time, the U.S. Food and Drug Administration has approved a digital pill — a medication embedded with a sensor that can tell doctors whether, and when, patients take their medicine. The approval, announced late on Monday, marks a significant advance in the growing field of digital devices designed to monitor medicine-taking and to address the expensive, longstanding problem that millions of patients do not take drugs as prescribed.




** Mutual-fund seller AGF Management Ltd has settled a federal tax case over income shifted from Canada to an overseas subsidiary during a time when Finance Minister Bill Morneau was a company director.

** Whitecap Resources Inc has struck a deal to acquire a controlling interest in a major Saskatchewan oil property from Cenovus Energy Inc for C$940 million ($738.5 million).


** Rogers Communications Inc wants more time to implement new rules that outline how wireless providers must alert customers that exceed data or roaming caps, arguing it's impossible to make the changes by the Dec. 1 deadline.

** Canada will give no ground on the Trump administration's protectionist demands when the renegotiation of the North American Free-Trade Agreement resumes this week in Mexico City, but will try to quickly reach deals on easier issues in hopes of showing goodwill, sources familiar with Ottawa's strategy said.


The Times

* Alphabet's Google faces a new regulatory battle on an unexpected front after Missouri attorney-general launched an investigation into its business practices, saying that he would not allow the state's consumers and companies to be "exploited by industry giants".

* Halving the number of European Union immigrants to the UK would cost every Briton only 60 pounds in lost GDP by 2030, according to analysis by PricewaterhouseCoopers.

The Guardian

* Ineos, the petrochemicals company founded by billionaire Brexit backer Jim Ratcliffe, has announced plans to buy Swiss football club, FC Lausanne-Sport.

* Channel 4 has joined an alliance of Europe's biggest broadcasters to run commercials across their video-on-demand services, in a move to combat Google and Facebook's dominance of online advertising.

The Telegraph

* British taxpayers could be on the hook for as much as 50 billion pounds under Labour's pledge to end private finance initiative contracts and bring the schemes back under state control.

* Centrica's British Gas is set to roll out its Hive smart home devices into the European market before the end of winter through a major deal with one of Italy's largest household suppliers.

Sky News

* Business groups from across the European Union have warned British Prime Minister Theresa May on the threat to investment and jobs without "urgent progress" in Brexit talks within the next two weeks.

* Conservative Party chief executive Mick Davis, is plotting a return to Rio Tinto as its next chairman, according to Sky News.

The Independent

* The squeeze on UK wages is set to continue for another five years, a think tank has warned. Average pay will be more than 20 pounds a week lower in 2022 than it was at the start of the financial crisis in 2007 as the UK economy continues its faltering recovery, the Resolution Foundation said on Monday.