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Frontrunning: April 14

  • Shale Oil Boom Could End in May After Price Collapse (BBG)
  • Oil above $58 on U.S. shale output report, Mideast (Reuters)
  • Ackman Says Student Loans Are the Biggest Risk in the Credit Market (BBG)
  • Alibaba Disputes U.S. Group’s Claim it Tolerates Fake Goods on Taobao (WSJ)
  • Petrobras takes steps to avert a technical default (FT)
  • Yen’s Drop Is Approaching Its Limit, Says Abe Adviser Hamada (BBG)
  • 'Slicing and dicing': How some U.S. firms could win big in 2016 elections (Reuters)
  • Fed official warns ‘flash crash’ could be repeatedv (FT)
  • China on Oil-Buying Spree Again (WSJ)
  • China Money Rate Declines to 11-Month Low as Reverse-Repo Cut (BBG)
  • Violence escalates in east Ukraine ahead of talks (Reuters)
  • Ten Percent of S&P 500 Companies Avoid Paying U.S. Taxes (BBG)
  • The $74 Million Stock Award That Jarden’s Board Values at Zero (BBG)
  • Tencent Market Value Drops $11 Billion After Chairman Cuts Stake (BBG)

 

Overnight Media Digest

WSJ

* Florida Senator Marco Rubio launched his campaign for the Republican presidential nomination on Monday, seeking to position himself as a next-generation GOP leader who can bridge the divide between the tea party and establishment wings of the party. (http://on.wsj.com/1CIFO5b)

* The Kremlin lifted its self-imposed ban on the delivery of a powerful S-300 air-defense installation to Iran, provoking immediate criticism from the White House and Israel. (http://on.wsj.com/1EvXruU)

* Citigroup Inc's chief executive shuffled top management across three continents Monday, appointing a clear No. 2 and naming a rising star to head the bank's consumer unit. The moves by Michael Corbat, which also include naming new heads of Asia and Latin America, mark the rise of a younger generation of executives at Citigroup, a firm that has seen more management turmoil than any large U.S. bank in the past decade. (http://on.wsj.com/1FPe4Rk)

* Procter & Gamble Co appears to be laying the groundwork for Chief Executive A.G. Lafley to step down as soon as this summer and hand the top job to an internal successor. (http://on.wsj.com/1HmdeNK)

* Alibaba Group Holding Ltd on Tuesday defended itself against accusations by a U.S. clothing trade group that it tolerates fake goods on its Taobao e-commerce platform. In letters to U.S. securities and trade officials dated last week, the American Apparel and Footwear Association described Taobao as one of the biggest platforms for counterfeit goods world-wide. (http://on.wsj.com/1H1M8uU)

* Boeing Co and Lockheed Martin Corp announced plans on Monday to defend their profitable Pentagon space rocket business with an all-new rocket equipped with reusable engines that could slash satellite-launch costs and provide a steppingstone to various commercial space ventures. (http://on.wsj.com/1O8Odpn)

* Former Massachusetts Governor Deval Patrick has joined Boston private-equity firm Bain Capital LLC to lead a new unit that will focus on investments aiming for financial returns as well as measurable social good. (http://on.wsj.com/1IHd4SS)

 

FT

IBM has struck a deal with Johnson & Johnson and Apple Inc to provide health data using Apple's HealthKit platform to doctors and insurers.

Arlette Ricci, heir to the Nina Ricci perfume, has been handed a three-year sentence for tax fraud after the leak of client details from HSBC's Swiss private banking arm.

Russia's state-owned gas exporter Gazprom OAO has warned the European Union over attempts to crack down on its pricing model, saying that such attempts may backfire and lead to an increase in average energy costs across Europe.

United Launch Alliance, the company responsible for all U.S. national security-related satellite launches, has set a deadline of 2019 to end its reliance on Russian-made RD180 rocket engines. This would slash the cost of launches by at least half.

 

NYT

* One former security contractor, Nicholas Slatten, received a life sentence on Monday and three others received 30-year sentences for the killings of unarmed civilians in Iraq. The men had been among several private American security guards who fired into Baghdad's crowded Nisour Square on Sept.16, 2007, and last October they were convicted of killing 14 unarmed Iraqis.(http://nyti.ms/1JEfJug)

* Mayor Bill de Blasio of New York and the state's chief judge will introduce a plan to gradually reduce the inmate population at Rikers by clearing the backlogs at state courts. "Too many people have been detained at Rikers, sometimes for years, while they wait for trial," Blasio, said in a statement. (http://nyti.ms/1CRIU7p)

* Dan Price, the founder of Gravity Payments surprised his 120-person staff by announcing that he planned over the next three years to raise the salary of even the lowest-paid clerk, customer service representative and salesman to a minimum of $70,000. (http://nyti.ms/1NAPiv8)

* General Electric Co is working on a six-part documentary series about science and technology that will be broadcast on the National Geographic Channel beginning in November. The channel, which is co-producing the series, plans to announce it Wednesday at its upfront presentation in New York. (http://nyti.ms/1ylP58a)

* The head of the Russian energy giant Gazprom OAO said that if the EU angled for a single price for its natural gas, it would likely be at higher end of the current spectrum. (http://nyti.ms/1GFkaXb)

* Jeffrey Immelt, chief executive of General Electric Co , was speaking at Stanford Business School a few years ago when a student asked him pointedly: How tough was it to be the next act at GE after the celebrated two-decade tenure of Jack Welch? It is a subject Immelt mostly avoids, and at first he deflected the question with a joke, advising the students to plan their careers so that their predecessors are failures. (http://nyti.ms/1GFeTPu)

 

China

CHINA SECURITIES JOURNAL

- The internationalisation of China's yuan and the liberalisation of the country's capital markets will gradually increase its capital market attractiveness to foreign investors, the newspaper said in a commentary.

CHINA BUSINESS NEWS

- Shanghai Bright Food Group and Shanghai Liangyou Group are working on restructuring plans in preparation for a merger, an unnamed source from Bright Dairy told the newspaper.

21st CENTURY BUSINESS HERALD

- China's railway investments could hit a total of 3 trillion yuan ($482.69 billion) during the 13th five-year plan, the newspaper calculated.

SHANGHAI SECURITIES NEWS

- Sinopec Shanghai Petrochemical Co Ltd expects its 2015 results to beat the previous year's, the company's Chairman, Wang Zhiqing, told reporters at a conference.

CHINA DAILY

- State-owned defence contractors such as China Aerospace Science and Industry Corp are racing to convert their military drones to enter the lucrative civilian drone market, industry insiders said.

- Jiangsu province has issued new staff management rules to curb nepotism.

- Government officials from six districts and cities in Hebei province have been called in to discuss their pollution problems with national and provincial environmental watchdogs.

 

Britain

The Times

MILIBAND'S BID FOR ECONOMIC CREDIBILITY SHOT DOWN BY IFS

Ed Miliband's attempts to repair Labour's economic credibility were challenged today when Paul Johnson, director of the Institute of Fiscal Studies, called the promises in today's manifesto so vague that voters would not know what they were voting for.(http://thetim.es/1CR0TLp)

INFLATION SET TO TURN NEGATIVE FOR FIRST TIME SINCE JFK ENTERED WHITE HOUSE

Inflation is on the cusp of turning negative for the first time in more than five decades. Official figures today may show that the consumer prices index dropped to -0.1 percent last month, from zero in February, on the back of falling food and energy prices. According to the Office for National Statistics, it would be the first time that Britain has experienced deflation in consumer prices since 1960.(http://thetim.es/1CR6bX2)

The Guardian

UK OPPOSES INTERNATIONAL BAN ON DEVELOPING 'KILLER ROBOTS'

The UK is opposing an international ban on so-called "killer robots," weapons that launch attacks without human intervention, at a United Nations conference that is this week examining future developments of what are officially termed lethal autonomous weapons systems.(http://bit.ly/1CR1ywl)

GEORGE OSBORNE BACKS OFCOM TO TAKE OVER FROM BBC TRUST AS REGULATOR

George Osborne has signalled that he favours the handover of BBC regulation from the BBC Trust to independent watchdog Ofcom. The chancellor also indicated he may seek changes during the renegotiation of the BBC's royal charter which will follow the May 7 general election, to prevent the corporation stifling other local news providers with the volume of its output.(http://bit.ly/1CR6DEN)

The Telegraph

DAVID CAMERON REVIVES RIGHT TO BUY AND SAYS TORIES ARE THE 'PARTY OF WORKING PEOPLE'

David Cameron will declare that the Conservatives are "the party of working people" as he revives the right-to-buy scheme and announces that people earning minimum wage will not pay tax under a Tory government.(http://bit.ly/1CQPzij)

FALKANDS OIL WORK FACES DELAY AS ARGENTINA THREATENS DRILLERS

Oil explorers in the Falklands have been forced to delay drilling work due to falling petroleum prices as a diplomatic spat between Argentina and the UK over drilling around the islands intensifies. London-listed driller Falkland Oil and Gas said on Monday that it and its partners had shelved plans to drill a second well in the southeast of its exploration area.(http://bit.ly/1CR2X5W)

Sky News

LABOUR BACKS FAN CONTROL OF FOOTBALL CLUBS

The Labour Party will introduce new laws allowing football supporters to appoint or remove two club directors and buy shares when the club changes hands if it wins the election. The pledge was included in the Labour manifesto launched by Ed Miliband in Manchester.(http://bit.ly/1CR3g0G)

EX-BP BOSS BROWNE QUITS RIVERSTONE BOARD

Lord Browne, the former BP chief executive, will on Tuesday resign from his directorship of Riverstone Energy as he focuses on turning a Russian-backed vehicle into a global energy giant. (http://bit.ly/1Ev6uwl)

The Independent

FOOD FROM FUKUSHIMA COULD BE HITTING BRITAIN'S SHELVES THROUGH LEGAL SAFETY LOOPHOLE

Food produced around the Fukushima nuclear disaster site could be making its way on to British shelves because of loopholes in safety rules. Experts warned that Britain's food regulations were not strong enough to prevent these contaminated products - which are fraudulently marked as coming from radiation-free regions of Japan - from entering the UK.(http://ind.pn/1CR4YyX)