Frontrunning: April 26

  • Futures flat as Trump tax plan awaited (Reuters)
  • Trump’s 15% Tax Plan May Just Be His Opening Gambit (BBG)
  • Budget Director, After Health-Law Missteps, Preps for Spending Battle (WSJ)
  • 100 Days: Trump’s victories dimmed by misfires (Reuters)
  • White House Intervened to Toughen Letter on Iran Nuclear Deal (WSJ)
  • Trump Changing Tactics on Tax After Health-Care Failure (BBG)
  • Is Justin Trudeau the Anti-Trump? (BBG)
  • Oil prices slip on bulging U.S. crude stockpiles, ample supplies (Reuters)
  • Congress moves closer to avert shutdown (Reuters)
  • Hungarian opposition struggles to build on anti-Orban sentiment (Reuters)
  • FCC Chief Poised to Roil Capital With Net Neutrality Rollback (BBG)
  • Currency Moves Suggest U.K. Data Seen Before Release (WSJ)
  • America’s Rich Get Richer and the Poor Get Replaced by Robots (BBG)
  • China’s biggest property markets still hot, prices may rebound if curbs lifted (People’s Daily)
  • French intelligence says Assad forces carried out sarin attack (Reuters)
  • America’s $1.2 Billion Mexico Milk Trade Is Now at Risk (BBG)
  • Express Scripts Faces a Future Without Its Biggest Customer (WSJ)
  • Europe’s Car Makers See Light at the End of the Tunnel (WSJ)
  • South Korea court says Uber violated transport law, latest setback for U.S. firm (Reuters)
  • Tesla Restores Auto-Brakes Amid Consumer Reports Downgrade (BBG)
  • Turkey says detains 1,000 ‘secret imams’ in police purge (Reuters)
  • China seeks to cement globalization credentials at Silk Road summit (Reuters)
  • Climate Evangelists Are Taking Over Your Local Weather Forecast (BBG)
  • Syrian refugees must buy travel papers – from Assad (Reuters)
  • EU Ankara negotiator calls for suspension of Turkey accession talks (Reuters)

 

Overnight Media Digest

WSJ

– An African-American on-air host for Fox News has joined a group of current and former employees suing the cable channel and some of its senior executives for alleged racial discrimination. http://on.wsj.com/2q5rycu

– Yahoo Inc Chief Executive Marissa Mayer is set to reap some $187 million from her shareholdings as a result of the internet company’s sale of its core business to Verizon Communications Inc according to securities filings. http://on.wsj.com/2q5gQm2

– Express Scripts Holding Co, the largest administrator of prescription-drug benefits in the U.S., is facing an identity crisis as it grapples with replacing $17.1 billion in annual revenue following the loss of its biggest customer, health-insurer Anthem Inc. http://on.wsj.com/2q5i8hd

– Uber Technologies Inc on Tuesday detailed ambitious plans to take to the skies with flying cars, as the ride-hailing company is reeling from a series of controversies including a lawsuit that could impede its crucial self-driving vehicle initiative. http://on.wsj.com/2q5idl1

 

FT

Uber Technologies Inc said it would demonstrate flying vehicles by 2020 in Dubai and the Dallas-Fort Worth area, with full-scale operations by 2023. The ride-hailing service is partnering with aircraft companies including Embraer SA to make the flying taxis.

Alitalia is preparing for special administration proceedings after workers rejected its latest rescue plan, making it impossible for the loss-making Italian airline to secure funds to keep its aircraft flying.

Palantir Technologies entered into a consent decree with the U.S. Labor Department to resolve charges it discriminated against Asian applicants in hiring for engineering jobs. Palantir agreed to pay $1.6 million and offer positions to eight extra Asian job applicants.

 

NYT

– Eleven current and former Fox News employees filed a class-action lawsuit in New York against the network, accusing it of “abhorrent, intolerable, unlawful and hostile racial discrimination”. http://nyti.ms/2q5o49U

– Despite the turmoil that has engulfed Wells Fargo & Co in the past year, shareholders voted to re-elect all of the bank’s 15 directors during a raucous annual meeting on Tuesday. But some of the board members edged in just barely, signaling that many shareholders want further changes to the bank’s leadership. http://nyti.ms/2q5vIBc

– Newly released police documents claim that David Dao, the passenger who was shown being dragged off a United Airlines flight on April 9 in widely shared videos, behaved violently toward the officers removing him, but his lawyer dismissed this account as “utter nonsense”. http://nyti.ms/2q5ob55

– Chobani LLC, the yogurt company, has filed a lawsuit against Alex Jones, the high-profile conspiracy theorist and the host of a popular right-wing radio show, for posting what it called false news reports about the company and its owner. http://nyti.ms/2q5gxrv

– A group including Derek Jeter and Jeb Bush, the former Florida governor and presidential candidate, has reached a tentative agreement to buy the Miami Marlins, according to two people briefed on the situation who requested anonymity because the deal is not official. http://nyti.ms/2q53iqY

 

Canada

THE GLOBE AND MAIL

** Halfway through the British Columbia election campaign, leaders of the three major parties are heading into a TV studio on Wednesday for the second debate, that could be a turning point ahead of voting on May 9. https://tgam.ca/2pyPRzs

** Great-West Lifeco Inc is making sweeping changes to its Canadian business, cutting staff as it moves to reduce costs in an increasingly competitive industry. https://tgam.ca/2pyzVNI

** Barrick Gold Corp shares slid 11 percent on Tuesday as investors reacted to the gold miner’s first-quarter results, which missed production and earnings estimates and revealed higher operating costs. https://tgam.ca/2pyPWmX

NATIONAL POST

** The Canada Pension Plan Investment Board is taking a stake in Nord Anglia Education Inc, a company that runs international private schools, with an eye to consolidating the fragmented global market for schools that serve the children of expatriates. http://bit.ly/2pyDOCp

** Grocer Metro Inc surprised the market again on Tuesday, eking out a higher-than-expected second-quarter profit despite a period of corrosive food price deflation and intense rivalry between Canada’s supermarket chains. http://bit.ly/2pyCf7o

 

Britain

The Times

Royal Bank of Scotland Group Plc has hit a brick wall in its attempt to resolve the U.S. investigation into its mis-sale of toxic mortgage securities because of changes at the Department of Justice since the election of President Donald Trump. http://bit.ly/2pguujt

Akzo Nobel NV attempted to trump activist investor Elliott Advisors as it denied its request for a shareholder vote on the removal of its chairman. http://bit.ly/2pg0RPy

The Guardian

McDonald Corp’s is to offer 115,000 UK workers on controversial zero-hours contracts the option of moving to fixed contracts with a minimum number of guaranteed hours every week. http://bit.ly/2pg1nwY

The boss of Costa Coffee owner Whitbread Plc has welcomed the proposals being discussed to avoid labour shortages in cafes and restaurants following Brexit, such as the idea of “barista visas”. http://bit.ly/2pgflyx

The Telegraph

Four UK construction hubs are being sought by Heathrow to allow components of its 16 billion pounds ($20.53 billion)expansion project to be built away from the airport. http://bit.ly/2pgjLWj

Research by risk consultancy Control Risks has found that a quarter of large companies spend less than $25 a year per staff member on compliance, and a similar proportion have five or fewer people in their compliance teams. http://bit.ly/2pgnTp6

Sky News

Confectionery giant Nestle SA is planning to cut 298 jobs in a shake-up of UK sites as it moves some production to Poland. The Swiss firm said the roles affected were mainly at plants in York and Fawdon, in Newcastle-upon-Tyne, with sites at Halifax and Girvan in Ayrshire also involved. http://bit.ly/2pgsBn7

Philip Green has complained of being used as a “political football” after MP Frank Field warned he might still be stripped of his knighthood despite his 363 million pounds BHS pension scheme settlement. http://bit.ly/2pgkpTJ

The Independent

The respected chair of the House of Commons Treasury Select Committee, Andrew Tyrie, will stand down from Parliament at the general election. http://ind.pn/2pgi4bi

Britain can make up for all of the exports that it will lose as a result of Brexit by building on underdeveloped links with countries such as India, Canada and Israel, according to think tank Open Europe. http://ind.pn/2pg2L2E

 


Source: ZeroHedge