News

Frontrunning: January 23

  • Globalisation is losing its luster, India’s Modi tells Davos summit (Reuters)
  • Centrists Outflanked Party Leadership to End Government Shutdown (WSJ)
  • UK regulator rules against Murdoch takeover of Sky (FT); UK Deals a Blow to Fox’s $16 Billion Takeover of Sky (WSJ)
  • Manufacturers Fight Over New Tariffs’ Effect on U.S. Jobs (WSJ)
  • Samsung says U.S. tariffs on washers a great loss for American consumers (Reuters)
  • Here’s What Trump’s Tariffs Are Doing to Markets (BBG)
  • U.S. solar panel import tariff to hit European, Asian manufacturers (Reuters)
  • As Trump Heads to Davos, the Question Is Which Trump Will It Be? (WSJ)
  • Bitcoin May Split 50 Times in 2018 (BBG)
  • The UK has already “agreed in principle” to a Norway-style Brexit transition period (Independent)
  • Tesla Gives Musk New Long-Term Pay Deal (WSJ)
  • Pence Says U.S. Must Play ‘Preeminent’ Role as Peace Broker (BBG)
  • States Grapple With Federal Tax Cut That May Raise State Taxes (WSJ)
  • Goldman Sachs Plans to Reopen Geneva Office (BBG)
  • JPMorgan to raise pay, hire staff in $20 bln investment push (Reuters)
  • Ford Urged to Recall 1.3 Million SUVs Over Exhaust Fume Fears (BBG)
  • As U.S. goes quiet on close naval patrols, China speaks out (Reuters)
  • The World’s Biggest Gold Market Might Start Using Blockchain (BBG)

 

Overnight Media Digest

WSJ

– The U.S. Congress approved a measure Monday to fund the government for about three weeks and halt a three-day shutdown, after Senate Democrats accepted GOP leaders’ assurance that they would bring an immigration bill to the floor in the coming weeks. on.wsj.com/2BlEEDY

– Bacardi Ltd is acquiring tequila maker Patron Spirits International AG in a deal that values the premium brand at $5.1 billion, one of the biggest liquor buys in years as rivals scramble to own more top-shelf spirits. on.wsj.com/2n1xO2c

– President Donald Trump on Monday slapped steep tariffs on imports of solar panels and washing machines, kicking off his second year in office by showing he is ready to start implementing his long-promised “America First” trade policy. on.wsj.com/2n1XIml

– News Corp Executive Chairman Rupert Murdoch said if Facebook Inc is serious about promoting “trusted content” and filtering fake news out of its news feed, it should pay publishers fees similar to those cable distributors pay to television channels. on.wsj.com/2mZpH6k

– Procter & Gamble Co Chief Executive David Taylor on Monday outlined steps the company is taking to keep teens from eating Tide laundry pods for sport, a behavior he called a “dangerous trend” fueled by social media. on.wsj.com/2n19FZk

– The chairman of the U.S. Securities and Exchange Commission on Monday fired a warning shot at companies that try to use gimmicks to capitalize on investors’ appetite for bitcoin and other cryptocurrency investments. on.wsj.com/2n43tQx

 

FT

– The U.S. government on Monday announced criminal and civil charges against three former staffers of an audit watchdog, accusing them of providing confidential information to help accounting firm KPMG pass regulatory inspections.

– A Labour government could eliminate outsourcing of contracts for private companies on violation of any of the seven new guidelines in relation to such matters after the recent collapse of construction outsourcing company Carillion Plc .

– Euro zone finance ministers welcomed Greek progress in delivering reforms but said on Monday they would only disburse the next tranche of loans once all agreed actions are complete.

– The International Monetary Fund on Monday revised up its forecast for world economic growth in 2018 and 2019 saying that sweeping U.S. tax cuts were expected to boost investment in the world’s largest economy and help its main trading partners.

 

NYT

– U.S. President Donald Trump slapped steep tariffs on imports of washing machines and solar energy cells and panels on Monday, the first major step by the administration to erect the kind of trade barriers Trump has frequently said are necessary to protect manufacturers in the United States. nyti.ms/2BjN6nn

– Five former employees of KPMG and a former government accountant have been charged by federal prosecutors in New York with taking part in a plot to help the big accounting firm get a leg up in a regulatory review of its auditing work. nyti.ms/2G671cR

– Ando, David Chang’s “restaurant without walls,” a meal-delivery enterprise that started two years ago, has closed and is being absorbed by Uber Eats, the restaurant delivery app operated by Uber Technologies Inc. nyti.ms/2n21tIs

– French drug maker Sanofi SA said it had agreed to acquire Bioverativ Inc, a biopharmaceutical company focused on treatments for hemophilia and other rare blood disorders, for $11.6 billion in cash. nyti.ms/2DDbUf0

 

Canada

THE GLOBE AND MAIL
** The Ontario Court of Appeal stressed the importance of fairness for those accused of sexual assault, in a case in which the complainant could not identify her assailant and the DNA evidence was inconclusive – even about whether any assault had happened. tgam.ca/2n2YWha

** Former Canadian Prime Minister Brian Mulroney will testify before the influential U.S. Senate foreign relations committee next Tuesday about the benefits of the troubled North American free-trade agreement. tgam.ca/2BlLiKo

** Prosecutors will likely begin presenting evidence against David Baazov, the Montreal internet gambling entrepreneur charged with insider trading, before the end of this winter after a Quebec Court judge rejected a motion to dismiss the case. tgam.ca/2n3vmbl

NATIONAL POST
** The International Monetary Fund is raising its forecast for Canadian economic growth in 2018 and 2019, as recent tax reforms in the United States are expected to increase demand and give the entire North American economy a boost. bit.ly/2n3fsxP

** Rogers Media Inc abandoned its stake in a joint venture with Vice Canada, ending its three-year relationship with the edgy media company to redirect money to content that “better aligns” with its brand. bit.ly/2n60Ptx

** Bell Canada and the National Football League want Canada’s highest court to overturn the federal broadcast regulator’s decision to let Canadians watch big-budget American ads during the Super Bowl. bit.ly/2BnChAt

 

Britain

The Times

– Bankers are scrambling to attract an $18 billion telecoms flotation to London amid hopes that the deal could generate a bonanza in advisory fees. bit.ly/2n3E3BM

– The engineering group GKN Plc sought to bolster its defences against a hostile assault by Melrose Industries yesterday by highlighting the growing value of its automotive business on the back of record orders for its electric car technology. bit.ly/2DCJlhM

The Guardian

– Business leaders are privately pushing for a new campaign to reverse Brexit as concerns mount about the viability of government plans to prevent a collapse in exports to Europe. bit.ly/2rwxfSr

– The head of the UK’s National Cyber Security Centre has warned that a major cyber-attack on the UK is a matter of “when, not if”, raising the prospect of devastating disruption to British elections and critical infrastructure. bit.ly/2DYC4qg

The Telegraph

– A major new trade body representing the UK’s 130 billion pounds ($181.77 billion) hospitality sector is being proposed in a bid to get the sector’s voice better heard by Government. bit.ly/2n0Fm50

– In the London headquarters of high street bank Lloyds a barrier is being built to physically separate two groups of workers. bit.ly/2n24SqH

Sky News

– Tesco Plc has announced plans to “simplify” its operational structures – placing 1,700 roles at risk as it looks to make further savings in the business. bit.ly/2DYyqNh

– Jaguar Land Rover has announced its intention to trim Range Rover Evoque and Discovery Sport production, citing challenges facing the auto industry, including Brexit. bit.ly/2DvXIFz

The Independent

– The UK has already “agreed in principle” to a Norway-style Brexit transition period in which it accepts all EU rules with no power to shape them, a senior figure in Brussels has told The Independent. ind.pn/2BkgxWc

– Labour has unveiled tougher rules to strip outsourced contracts from “rogue suppliers” following the Carillion Plc scandal, if Jeremy Corbyn wins power. ind.pn/2G8JXKH

 

 

 

 

Source: zerohedge.com