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Frontrunning: November 7

  • U.S. Allies Fear Trump Will Pull a Nixon in China (WSJ)
  • Partisan Tensions Flare as GOP Revises Tax Bill (BBG)
  • Tax Overhaul Faces Major Hurdles (WSJ)
  • Multinationals Scurry to Defuse House Tax Bill’s ‘Atomic Bomb’ (BBG)
  • Parties Watch New Jersey, Virginia Votes for Wider Signals (WSJ)
  • Trump Softens Tone on North Korea, Urges Deal on Nuclear Weapons  (BBG)
  • Saudi Crackdown Widens as More Bank Accounts Said Frozen (BBG)
  • Texas Gunman’s Violent Past Didn’t Prevent Him From Buying Guns (WSJ)
  • New Delhi pollution hits dangerous level, putting runners at risk  (Reuters)
  • Amazon’s Price Left Alleged Trail of Harassment (WSJ)
  • Broadcom Bid Marks Upheaval in Chip Industry (WSJ)
  • Trump's Longtime Bodyguard Schiller Faces Russia Probe Scrutiny (BBG)
  • Chinese fans prepare to welcome rich, powerful, 'free-spirit' Trump (Reuters)
  • ‘Buy Bitcoin’ Overtakes ‘Buy Gold’ as Online Search Phrase (BBG)
  • Tesla Learned About Dyson’s Secret Car Plans Two Years Early (BBG)

Bulletin Headline Summary

WSJ

- Walt Disney Co recently held talks to purchase a large chunk of Twenty-First Century Fox's entertainment businesses, people close to the discussions said. on.wsj.com/2Aq7DaC

- Broadcom Ltd made an unsolicited $105 billion takeover bid for Qualcomm Inc, the chip industry's boldest bet yet that size will equal strength at a time of technological upheaval. on.wsj.com/2AoDYhZ

- Sprint Corp said it would increase spending on its network, laying out its plan as a stand-alone company after talks to merge with T-Mobile US Inc fell apart over the weekend. on.wsj.com/2ApM0a2

- U.S. President Donald Trump pushed for Japan to buy "massive" amounts of military equipment from his country, saying that it would help Japan shoot down missiles like the pair that nearby North Korea has fired overhead in recent months. on.wsj.com/2ApcGb1

- Goldman Sachs Group Inc and China Investment Corp are partnering on a multibillion-dollar fund to help the Chinese sovereign-wealth fund invest in U.S. manufacturing and other sectors, according to people familiar with the matter. on.wsj.com/2AqxBe4

- Intel Corp planned to announce on Monday a laptop-computer chip that combines an Intel processor and Advanced Micro Devices Inc's graphics unit, according to a person familiar with the matter. on.wsj.com/2ApzWWA

 

FT

* Rupert Murdoch’s Twenty-First Century Fox has held talks to sell most of its film and television assets to Walt Disney Co, which would gain new programming and expand its international reach, according to people briefed on the talks.

* Chip maker Broadcom Ltd made an unsolicited $103 billion bid for Qualcomm Inc Monday, setting the stage for a takeover battle that could reshape the industry at the heart of mobile phone hardware.

* South African lender FirstRand has agreed a 1.1 billion pound takeover of British banking newcomer Aldermore Group, seeking to grow its revenue beyond its home continent.

 

NYT

- Broadcom Ltd's chief executive, Hock Tan, announced on Monday that his company had offered to buy another major chip maker, Qualcomm Inc, for $105 billion, in what would be the biggest takeover in the history of the technology industry. The combined company's products would touch nearly every smartphone in the world. nyti.ms/2h9yTS0

- New York Fed chief William Dudley delivered a stark public warning, only hours after his early retirement was announced, against rolling back laws aimed at keeping large banks and Wall Street firms in check — the latest Fed official to voice concerns about a trend toward deregulation under the Trump administration. nyti.ms/2hbO39H

- The commerce secretary, Wilbur Ross Jr., indicated on Monday that he would probably sell his stake in a shipping company with business ties to Russian President Vladimir Putin's inner circle, amid fallout from publication of a vast leak of offshore files that documented the connection. nyti.ms/2h9yBdS

- The Republican tax bill would cut taxes on average, but it would raise them on millions of middle-class families, especially those with large medical expenses. nyti.ms/2hbGyzx

- American executives accompanying President Donald Trump on his trip to Asia could sign deals worth billions in China, while European policymakers talk bank rules. nyti.ms/2h8tMS9

 

Britain

The Times

The largest deal in the technology industry was announced today as the electronics manufacturer and microchip designer Broadcom Ltd, offered to buy Qualcomm Inc for $130 billion. bit.ly/2AqsZEG

21st Century Fox Inc was in preliminary talks to offload a significant part of its business to Walt Disney Co but talks broke down over a disagreement on price. bit.ly/2j5ypRk

The Guardian

Donald Trump's most senior business representative has warned any post-Brexit deal with Washington will hinge on the UK scrapping rules set by Brussels, including regulations governing imports of chlorinated chicken. bit.ly/2Aq1PxO

Britain has come under mounting pressure to launch a crackdown on tax avoidance and reform its network of offshore havens, amid international outrage at the activities of multinationals and billionaires revealed by the Paradise Papers. bit.ly/2AqgTvp

The Telegraph

The UK Government has given a boost to ITV Plc's campaign to extract up to 80 million pounds ($105.36 million) a year from Virgin Media for its main channel by saying the row should be resolved commercially. bit.ly/2Ao4isv

The board of Johnston Press Plc have received a formal demand for a vote to install Alex Salmond as chairman, setting the scene for a confrontation between the newspaper publisher and its shareholders. bit.ly/2Ap5mft

Sky News

Around 150,000 workers are to get a pay rise with those eligible in London now receiving above 10 pounds per hour for the first time, according to the body behind the voluntary living wage. bit.ly/2AofxBh

At a meeting on Monday, leaders of the Westminster parties agreed proposals for an independent grievance process, to be introduced in the New Year, along with improved human resources support. bit.ly/2j6pzmg

The Independent

The market for new cars in the UK slumped for a seventh consecutive month in October, as consumer confidence was hit by Brexit-induced market uncertainty and a lack of clarity on the government's diesel policy according to figures from Society of Motor Manufacturers and Traders. ind.pn/2AqieSX