Frontrunning: May 19

  • Dollar remains weak as beating eases for global stocks (Reuters); Global Stocks Edge Higher as Commodity Prices Rise (WSJ)
  • Trump Mideast Trip Aims to Bolster Ties, Shift U.S. Spotlight (WSJ)
  • Trump Heads Abroad With White House in Crisis (BBG)
  • Russia Probe Heats Up as Trump Tries to Limit Damage (WSJ)
  • Iranians queue up to vote in fiercely-contested presidential election (Reuters)
  • Iran’s Presidential Election Exposes Family Divides (WSJ)
  • Saudis Turn to Trump for Cash (BBG)
  • Kremlin Grows Anxious Over Trump White House (BBG)
  • Oil heads for second week of gains as output cut extension expected (Reuters)
  • Trump Aims to Balance Budget With Deep Cuts, Bullish Forecasts (WSJ)
  • Full tanks and tankers: a stubborn oil glut despite OPEC cuts (Reuters)
  • Uber Threatens to Fire Self-Driving Car Executive (WSJ)
  • Chaffetz Will Resign, Raising Doubts About Trump Probe (BBG)
  • U.S. air strike in Syria hit ‘military point’, caused deaths: Syrian military source on state media (Reuters)
  • As Allegations Swirl Around SoftBank, It Calls Them ‘Sabotage’ (WSJ)
  • BofA opens debate on lowering mortgage down payments (Reuters)
  • Risky and Complex U.S. Loan Wagers Are Hot in Low-Yield Asia (BBG)
  • The Giddy Messages Citi Traders Sent While Lehman Died (BBG)
  • French researchers find last-ditch cure to unlock WannaCry files (Reuters)
  • Supermarkets and large chain retailers in NYC will soon be required to post calorie counts for prepared foods (WSJ)
  • Americans Die When They Have to Work at Being Healthy (BBG)
  • China issues draft rules cleaning up property sales and rental market (Reuters)

 

Overnight Media Digest

WSJ

– The Federal Communications Commission approved a plan to begin rolling back Obama-era net-neutrality rules, reopening a battle over internet regulation that has raged for much of the last decade and siding with cable and wireless internet providers who say the current rules go too far. on.wsj.com/2qxUFEH

– Salesforce.com posted a 26 percent jump in deferred revenue for its first quarter, easing concerns after the company provided a lukewarm forecast for billings three months ago. Results were much better than expected and Salesforce lifted its outlook for revenue for the year by $100 million from what it had anticipated last quarter. on.wsj.com/2qxNuMH

– Roger Ailes, who combined political savvy with television showmanship to build the Fox News Channel into a conservative media juggernaut, but whose fabled career ended abruptly last year amid a sexual-harassment scandal, died on Thursday. Ailes, a hemophiliac who had been in failing health, was hospitalized in recent days after complications from a fall. on.wsj.com/2qxzvGU

– An 18-year-old woman was killed and 22 people were injured when a car plowed through a crowded sidewalk in Times Square around mid-day Thursday. Richard Rojas, a 26-year-old U.S. citizen who served in the Navy, was apprehended by police and civilians after the car he was driving crashed into a stanchion. on.wsj.com/2qxJI67

 

FT

Facebook Inc has struck a deal with Major League Baseball to show 20 of the league’s games live this season in an agreement that expands the social media network further into the world of live programming.

Bombardier Inc and China’s Comac have held talks about a deal that could inject new life into the debt-laden Canadian company’s passenger jet business.

The criminal investigation into a wide range of practices at Fox News is now on shaky ground after the death of the cable channel’s founder, Roger Ailes, according to two people briefed on the inquiry.

 

NYT

– When securities regulators sued the hedge fund manager Leon Cooperman last year, accusing him of violating insider trading laws, he vowed to fight to the bitter end. And now, nearly eight months later, he and his firm, Omega Advisors, have agreed to settle, paying just under $5 million in civil penalties and forfeited profits. nyti.ms/2pQT2Dv

– Roger Ailes, who shaped the images that helped elect three Republican presidents and then became a dominant, often-intimidating force in American conservative politics at the helm of Fox News until he was forced out last year in a sexual harassment scandal, died on Thursday morning. He was 77. nyti.ms/2pRgEHL

– President Michel Temer of Brazil defied calls to resign on Thursday as an exploding scandal over claims that he authorized the payment of hush money to a jailed ally engulfed Latin America’s largest country. nyti.ms/2pRbsDU

– Fiat Chrysler Automobiles, one of the world’s biggest carmakers, said on Thursday that it was in talks with the Department of Justice to settle an investigation into diesel deception, as growing evidence points to the carmaker’s use of illegal software to evade emissions tests. nyti.ms/2pRxoPd

– The legal battle over the deadly flaws in Takata airbags moved a step closer to resolution on Thursday when four automakers agreed to compensate owners of recalled cars. nyti.ms/2pRbUSC

 

Britain

The Times

– National Grid Plc reported a 3 percent drop in pretax profits to 2.9 billion pounds ($3.75 billion) as it counted the costs of demolishing old gas holders in the United Kingdom and remediation of old gas production sites in the United States. bit.ly/2pQNIQn

– Shire Plc was boosted on Thursday by promising trial data for a drug to treat a rare and sometimes deadly hereditary disease. The pharmaceutical company, which has grown dramatically through acquisitions, was among the top performers in an otherwise downbeat blue-chip index. bit.ly/2pQTPUS

The Guardian

– Transline, the controversial employment agency, has been bought out by rival Russell Taylor Group after falling into administration. bit.ly/2pQOxZt

– Cineworld Group Plc has agreed to meet union representatives to try to resolve a long-running dispute over pay and conditions at its Picturehouse chain. Staff at the Ritzy in Brixton and five other Picturehouse cinemas have gone on strike in recent months. bit.ly/2pQY4jj

The Telegraph

– British companies will be protected from foreign buyers who do not have their best interests at heart under proposals contained in the Conservative manifesto. bit.ly/2pQPd0X

– Royal Mail Plc Chief Executive Moya Greene said the firm would continue to target overseas acquisitions to expand GLS, its international delivery arm. Revenue from GLS grew 9 percent in the year to March 26, while the UK business shrank 2 percent. bit.ly/2pQit8d

Sky News

– The luxury brand Burberry Group Plc has reported a 5 percent dip in annual pretax profits despite a boost to revenues from the weak pound in the wake of the Brexit vote. bit.ly/2pQLpgb

– Facebook Inc has been fined 94.5 million pounds ($122.33 million) by EU competition regulators in relation to its takeover of WhatsApp. bit.ly/2pQdh4d

The Independent

– Retail sales jumped by 2.3 percent in April, according to Office for National Statistics release, reflecting good weather but also suggesting the UK consumer might be more resilient than feared. ind.pn/2pQUmWI (

 


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