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Frontrunning: April 6

Thursday, April 6, 2017 5:25
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(Before It's News)

  • Senate Set to Vote to Eliminate Supreme Court Filibuster (WSJ)
  • Trump’s Xi Summit Tests Promises on Trade, North Korea  (BBG)
  • Is North Korea putting a nuclear-tipped bargaining chip on the table? (Reuters)
  • Why Xi Jinping Must Tread Carefully When He Meets Trump  (BBG)
  • China Market Access in Spotlight as Meeting Nears  (BBG)
  • Trump Rethinks Foreign Policy After Syria, North Korea Crises (WSJ)
  • Congress Waits for Trump Tax Overhaul as Questions Pile Up  (BBG)
  • Elizabeth Holmes Owes Theranos $25 Million (WSJ)
  • A Quant ‘Alpha Factory’ Hunts for Investing Edge (WSJ)
  • Draghi Draws Line Under ECB Rate Debate and Warns on Prices (BBG)
  • Traders Bet the Fed Will Slow Rate Hikes to Shrink Balance Sheet (BBG)
  • Assad tells paper he sees no ‘option except victory’ in Syria (Reuters)
  • Syria Deaths Linked to Chemical Weapons, Autopsies Show (WSJ)
  • Cohn Backs Wall Street Split of Lending, Investment Banks (BBG)
  • Bezos is selling $1 billion of Amazon stock a year to fund rocket venture (Reuters)
  • Spotify Finally Readies an IPO…That’s Not an IPO (WSJ)
  • Kraft’s Failed Bid Jolts Unilever Chief Into Protective Revamp  (BBG)
  • Amazon to Add 30,000 Part-Time U.S. Jobs (WSJ)
  • Deutsche Bank not thinking about mergers, has other things to do: CEO (Reuters)
  • The New Sears Home Is an Affordable Apartment  (BBG)

Overnight Media Digest


– President Donald Trump said a suspected chemical attack by the Assad regime was “a terrible affront to humanity” that changed his mind about the Syrian strongman, signaling a more aggressive U.S. policy toward Syria.

– Federal Reserve officials agreed at their March policy meeting they would likely begin shrinking a $4.5 trillion portfolio of Treasury and mortgage securities later this year, though they remained undecided on how quickly to reduce the holdings and to what level, according to minutes released Wednesday.

– The Trump administration, stung by its failure to advance a health-care overhaul through Congress last month, is trying to lay a stronger foundation for a tax-code rewrite by taking a lead role in shaping the legislative push, according to interviews with several senior administration officials.

– General Electric Co. is weighing a sale of its consumer-lighting business, which for decades defined the company following its co-founding 125 years ago by Thomas Edison, the inventor of the first viable incandescent lamp.

– Theranos Inc. founder Elizabeth Holmes, whose once-$5 billion stake in her blood-testing firm has shriveled amid regulatory and legal challenges, also owes her company about $25 million.

– MGM Holdings Inc is taking full ownership of pay-television network Epix, buying out partners Viacom Inc. and Lions Gate Entertainment in a more than $1.03 billion deal.

– Australia’s consumer watchdog is suing Apple Inc. over software which disabled iPhones and iPads that had been serviced outside Apple stores after users downloaded updates.

– BlackRock Inc has nominated Cisco Systems Inc. leader Chuck Robbins as a director, making him the first technology chief executive on the board of the world’s largest money manager.


* U.S. President Donald Trump removed his chief strategist Steve Bannon from the National Security Council on Wednesday, reversing his controversial decision early this year to give a political adviser an unprecedented role in security discussions.

* U.S. President Donald Trump on Wednesday accused Syrian President Bashar al-Assad’s government of going “beyond a red line” with a poison gas attack on civilians, but he declined to spell out how or whether his administration would respond.

* PepsiCo pulled a commercial featuring model Kendall Jenner on Wednesday after the ad prompted outrage and ridicule from those who said it trivialized rights protests and public unrest in the United States.


– JAB Holding Company, the investment arm of the Reimann family of Germany, said it would add restaurant chain Panera Bread Co to its growing empire of American coffee and food favorites for $7.5 billion, including debt.

– Standing against the backdrop of his New Shepard rocket booster and a full-scale mock capsule for carrying humans into space, Jeff Bezos revealed on Wednesday that he was selling about $1 billion in Inc stock a year to finance his Blue Origin rocket company.

– PepsiCo Inc has apologized for a controversial advertisement that borrowed imagery from the Black Lives Matter movement, after a day of intense criticism from people who said it trivialized the widespread protests against the killings of black people by the police.

– Facebook Inc on Wednesday announced new artificial intelligence tools intended to address a uniquely modern and pernicious form of harassment, often but not exclusively aimed at women, that has attracted increasing attention. Victims of such nonconsensual posts, often referred to as “revenge porn,” now have some help in preventing their spread. The tools are designed to keep such content, once flagged, off its site for good.



** Ottawa and the provinces are poised to unveil a sweeping agreement to liberalize interprovincial trade.

** The Canadian Pension Plan Investment Board said on Wednesday it would launch a partnership to buy and build retail-focused developments across India.

** Hudson’s Bay Co is looking to further slash costs and spending in what it says will be a major reinvention of its business as it steels itself for more tough times in the department-store sector.


** Pamir Hakimzadah is to appear in Ontario court on Thursday to face a single count of leaving Canada to join the Islamic State of Iraq and the Levant.


The Times

– Increases of up to 20,000 pounds ($24,970) in probate fees were thrown into doubt yesterday after a parliamentary panel of experts in the United Kingdom said that they were unlawful.

– A parliamentary inquiry in the United Kingdom into the gig economy has accused companies such as Uber Technologies Inc , Deliveroo and Inc of tricking or forcing drivers and couriers into signing away their employment rights, with an MP describing the ride-hailing group’s contract as “gibberish”.

The Guardian

– Tesco Plc is cutting night shifts for shelf stackers in some of its biggest supermarkets in a fresh shakeup that puts 3,000 jobs at risk.

– The British international trade secretary, Liam Fox, has told an Australian parliamentary committee the May government wants to expedite a free trade deal with Australia, and wants to work with Canberra to champion trade liberalisation globally after the United Kingdom’s exit from the European Union.

The Telegraph

– Britain’s workers are at last producing more in each hour of work than they were at the end of 2007, after almost 10 years of poor productivity, according to the Office for National Statistics.

– Series of strikes at BMW AG’s British manufacturing plants have been announced by unions as staff battle to protect their pension schemes. Workers at the German car giant’s four UK factories plan to stage eight 24-hour stoppages unless the company goes back on its intention to close the final-salary pension scheme.

Sky News

– British Prime Minister Theresa May has warned internet giants they are failing to deal with the scourge of online extremist material.

– Deliveroo is embarking on a new food delivery venture it hopes will create 1,000 jobs. The technology firm, which currently operates an app-based delivery service from established restaurants, said it was to create 30 sites across the UK from which a partner business could provide meals for delivery only.

The Independent

– Lloyds Banking Group Plc has announced the locations of 100 branch closures that will lead to 325 job losses.


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