Frontrunning: January 22

  • Senator says FBI lost crucial texts tied to Clinton probe (Reuters)
  • Agencies Implement Shutdown Plans (WSJ)
  • Government Shutdown Starts to Bite, Raising Political Stakes (BBG)
  • Stocks Muted After U.S. Government Shutdown (WSJ)
  • What the Shutdown Says About Politics in 2018 (WSJ)
  • This Rare Bear Who Called the Crash Warns Housing Is Too Hot Again (BBG)
  • Biggest U.S. East Coast Oil Refinery Files for Bankruptcy (BBG)
  • Sanofi digs deep to buy U.S. haemophilia group Bioverativ for $11.6 billion (Reuters)
  • Celgene to Buy Juno Therapeutics for $9 Billion (WSJ)
  • One of the World’s Hottest Stocks Is Now Tumbling (BBG)
  • AIG Strikes $5.56 Billion Deal to Acquire a Bermuda Insurer (WSJ)
  • Nafta Is Nearing a ‘Danger Zone’ (BBG)
  • More than 10 percent of $3.7 billion raised in ICOs has been stolen (Reuters)
  • Fresh Doubts Raised on China’s Bad-Loan Data (BBG)
  • U.K.’s Prudential Was Mystery Victim of HSBC’s Front-Running (BBG)
  • China, Unhampered by Rules, Races Ahead in Gene-Editing Trials (WSJ)
  • Halliburton beats on fourth quarter profit, makes tax provision (Reuters)


Overnight Media Digest


– U.S. lawmakers failed Sunday to end the federal government shutdown, which will stretch into a third day Monday as negotiations over immigration continued to roil Capitol Hill.

– Sanofi SA is nearing a deal to buy hemophilia drugmaker Bioverativ Inc for more than $11.5 billion as the French drugmaker looks set to clinch a big deal while it braces for generic competition for its top-selling product.

– Xerox Corp’s first- and third-biggest investors, billionaires Carl Icahn and Darwin Deason, have formed an alliance and plan to encourage the printer and copier giant to explore a potential sale, according to people familiar with the matter.

– Pope Francis wrapped up a week-long visit to Latin America on Sunday in this Andean nation warning that a series of explosive corruption scandals that have tarnished current and former presidents is rotting political systems and hurting democracy across the region.

– Canadian and Mexican trade officials in Montreal on Sunday began laying out proposals aimed at convincing their U.S. counterparts not to put an end to the North American Free Trade Agreement.



– Facebook Inc said on Monday it would open three “community skills hubs” in Spain, Poland and Italy as well as investing 10 million euros ($12.2 million) in France through its artificial intelligence research facility.

– U.S. hedge fund Tiger Global Management has invested more than $1 billion in Britain’s Barclays Plc, according to a person familiar with the matter.

– Toshiba Corp is considering an IPO of its prized memory chip business if an agreed sale of the unit to Bain Capital fails to gain antitrust approval by the end of March, according to people familiar with the matter.



– The technology inside Inc’s new convenience store, opening on Monday in downtown Seattle, enables a shopping experience with no checkout lines, as customers’ Amazon account automatically gets charged for what they take out the door.

– The changes Facebook Inc recently made to its news feed has some advertisers thinking there will be opportunities for growth in video.

– U.S. senators failed on Sunday to reach an agreement to end the government shutdown, ensuring that hundreds of thousands of federal employees would be furloughed Monday morning even as the outlines of a potential compromise came into focus.


British Business

The Times

– Britain would struggle to withstand Russian forces on the battlefield and ministers must invest in defence or further erode the country’s ability to combat threats, the head of the army, Nick Carter, will say on Monday.

– Trust in social media has fallen to a record low as Britons lose faith in companies such as Facebook Inc and Twitter Inc, according to research.

The Guardian

– Labour has warned that the crown representatives who are supposed to police public sector suppliers such as the failed construction company Carillion Plc face potential conflicts of interest, as its own research showed that several hold external directorships and one is a Tory donor.

The Telegraph

– Serco Group Plc Chief Executive Rupert Soames said the government had played a part in the collapse of Carillion by forcing companies to take huge risks when carrying out public services.

Sky News

– Sky News has learnt that Chris Dawson, who founded the Range nearly 30 years ago, has opened talks with investment banks about working on a London flotation of his discount retail chain that could value it at close to 2 billion pounds.

– The chair of an influential House of Commons committee, Frank Field, has urged Prime Minister Theresa May to make good on her promise to crackdown on “unscrupulous” company bosses by imposing billion-pound fines.




** Bombardier Inc and union leaders representing its aerospace employees in Toronto will start talks on a new work contract earlier than normal as labour seeks to learn more about the company’s plans for its Downsview operations in Canada’s biggest city.

** Canadian Prime Minister Justin Trudeau intends to play down U.S. President Donald Trump’s threat to abrogate NAFTA in meetings with corporate executives at the World Economic Forum.

** Fairfax Financial Holdings Ltd’s latest $250 million debt and warrants investment in Seaspan Corp has more to offer than just profits, the company says. It could create new opportunities in the United States, where Fairfax’s strategy of taking stakes in undervalued companies has yet to be built out.

** The prime minister of Canada Justin Trudeau, who is attending the World Economic Forum in Davos for the second time since his mandate began, plans to send a message that Canada’s doors are open for business and that now is the ideal time to invest.