Frontrunning: July 18

  • U.S. Republicans left scrambling after health bill sinks again (Reuters); Republicans Give Up on Health-Care Reform, Now Seek Straight Repeal (BBG)
  • Trump Blames Democrats and a ‘Few Republicans’ for Health-Bill Wreck (BBG)
  • House Republicans Set Out Plan to Rewrite Tax Code (WSJ)
  • House GOP Budget Ignores Trump’s Cuts to Domestic Agencies (BBG)
  • House Republicans unveil 2018 budget with tax reform instructions (Reuters)
  • UK inflation unexpectedly falls and eases rate-hike fears (AP)
  • Australian dollar at two-year high after RBA minutes (Australian)
  • What If Big Oil’s Bet on Gas Is Wrong? (BBG)
  • Wanda Deals in Jeopardy as China Scrutiny Mounts (BBG)
  • Property Developers Push for Open Drinking on City Streets (WSJ)
  • Goldman’s Traders Turn In Worst First Half of Blankfein’s Reign (BBG); Goldman’s bond trading revenue slumps 40 percent (Reuters)
  • BofA’s Interest Income Drops Even After Fed Delivers Rate Hikes (BBG)
  • Russia, after U.S. meeting on diplomatic row, says ready to retaliate (Reuters)
  • Car engine bans in Germany would put 600,000 jobs at risk: Ifo (Reuters)
  • Porsche ponders diesel exit, pushes electric cars: CEO (Reuters)
  • Monetary Policy in Japan Has a New Problem: Amazon (WSJ)
  • EU’s Moscovici upbeat about Portugal, sees 2017 growth above 2.5 percent (Reuters)

 

Overnight Media Digest

WSJ

– Senate GOP leaders abandoned their effort to dismantle and simultaneously replace much of the Affordable Care Act, after the defections of two more Republican senators left the party short of the votes needed to pass President Donald Trump’s top legislative priority in his first year in office. on.wsj.com/2u3zGcT

– The Trump administration released its road map for remaking the North American Free Trade Agreement that aims to preserve “Buy America” provisions and reduce the U.S. trade deficit, but steps back from some of President Donald Trump’ most fiery campaign rhetoric on trade. on.wsj.com/2u3gjR9

– KKR put two executives in line to take over one day for Henry Kravis and George Roberts, the private-equity pioneers atop one of the biggest brands in finance. The New York asset manager elevated Joe Bae and Scott Nuttall to the roles of co-president and co-chief operating officer and added them to its board. on.wsj.com/2u3goEr

– Tesla, which has faced criticism from its investors about a lack of independent directors, named Twenty- First Century Fox CEO James Murdoch and Ebony Media CEO Linda Johnson Rice to its board. on.wsj.com/2u3cc7R

– Signet Jewelers Ltd said Monday that Chief Executive Mark Light has decided to retire for health reasons and will be succeeded by Virginia Drosos, who has served as an independent board member since 2012. on.wsj.com/2u3bIi0

– Uber Technologies Inc said it is suspending its operations in the Chinese gambling hub of Macau, the latest retreat for the ride-sharing giant as it continues to face regulatory pressure from many overseas markets. on.wsj.com/2u3mdlx

 

FT

The fallout from investigations into foreign exchange price fixing deepened on Monday when US authorities hit BNP Paribas SA with a new fine and former traders at three other banks appeared in court over an alleged conspiracy.

ITV PLC’s appointment of Carolyn McCall as its chief executive could cost the UK broadcaster up to 2.5 million pounds after it agreed to fully compensate the easyJet Plc boss for the loss of long-term share options and bonus payments.

The European Commission has accused Teva Pharmaceutical Industries Ltd of anti-competitive behaviour over an agreement it made with US-based rival Cephalon.

Carillion Plc has hired professional services firm EY to assist with a review of its finances, as the UK construction and support services group turns to more outside advisers in a bid to repair its balance sheet.

 

NYT

– Conservative commentator Ann Coulter unleashed a barrage of criticism about Delta Air Lines on Twitter after she was moved to a different seat on a flight on Saturday, prompting the company to publicly return fire and call her comments “unnecessary and unacceptable.” nyti.ms/2tAi2vH

– World’s largest asset management firm Blackrock said second-quarter earnings had risen 9 percent as investors continued to pour money into the company’s expanding fleet of exchange traded funds. nyti.ms/2tA49h5

– KKR named Joseph Bae and Scott Nuttall as its co-presidents and co-chief operating officers, unveiling one of the clearest lines of succession in the private equity industry. nyti.ms/2tAoPoX

– Nearly the entire board of Hampton Creek, a high-profile food start-up responsible for the Just Mayo condiment, resigned last month, leaving only the company’s founder and chief executive, Josh Tetrick, as its only member. nyti.ms/2tAclh6

 

Britain

The Times

Carillion Plc gave its nervous shareholders some reassurance on Monday as it won two big contracts on the HS2 high-speed rail line and boosted the number of City advisers helping it to cut costs and improve cashflow. bit.ly/2uwRQWF

The owner of British Gas, Centrica Plc, is spinning off its oil and gas production business into a new joint venture with Bayerngas Norge, of Germany, with a view to a potential initial public offering within two to five years. bit.ly/2uwIpXx

The Guardian

Karren Brady, the West Ham United chief executive and regular on The Apprentice, is to take over as chair of Taveta, Sir Philip Green’s retail empire, as Anthony Grabiner steps down. bit.ly/2uwNzTt

Lloyd’s of London has warned that a serious cyber-attack could cost the global economy more than $120 billion (92 pounds) – as much as catastrophic natural disasters such as Hurricanes Katrina and Sandy. bit.ly/2uwKm6i

The Telegraph

The former boss of Barclays and three other ex-directors of the bank have been told that they will stand trial in January 2019 over the bank’s emergency fundraising with Qatar almost a decade ago. bit.ly/2uwSjIp

A British tech start-up, Virtualstock, which helps leading UK retailers to better manage their digital marketplaces, said it expects to enter the US market in the coming months and double in size by the middle of next year, as the shift to online shopping continues to ramp up. bit.ly/2uwZmRl

Sky News

Citigroup Inc will become the latest Wall Street giant to unveil plans to cope with the UK’s departure from the European Union this week when it names Frankfurt as the location for a major new trading operation. bit.ly/2uwKxhY

Primark is recalling thousands of men’s flip flops after discovering they contain dangerous levels of a cancer-causing chemical. bit.ly/2uwLcjg

The Independent

ITV Plc has appointed Carolyn McCall, the boss of easyJet Plc, as its new chief executive, taking over from Adam Crozier, who announced in May that he was stepping down. ind.pn/2uwS0NS

 


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