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Frontrunning: September 13

  • Apple takes shine off global stocks rally (Reuters)
  • Apple’s New iPhones Gamble on Allure of Premium Pricing (WSJ)
  • North Korea defiant over U.N. sanctions as Trump says tougher steps needed (Reuters)
  • Crews Face Herculean Task Restoring Power in Florida (WSJ)
  • Supreme Court Reinstates Travel Ban’s Refugee Restrictions (WSJ)
  • Seadrill Files for Bankruptcy in Effort to Shrink Debt Burden (BBG)
  • There’s a Speeding Mass of Space Junk Orbiting Earth, Smashing Into Things (WSJ)
  • Act or Wait? Fed Debate Heats Up After Inflation Misses Target (BBG)
  • Congress votes to call on Trump to denounce hate groups (Reuters)
  • Uber’s Legal Chief Salle Yoo Is Resigning (WSJ)
  • Greece to beat budget target, plans more bonds: finance ministry official (Reuters)
  • Inequality Persists Despite U.S. Progress on Incomes and Poverty (BBG)
  • Cities Swimming in Raw Sewage as Hurricanes Overwhelm Systems (BBG)
  • 30% of Bank Jobs May Disappear in Next Five Years: Ex-Citi CEO Pandit (BBG)
  • After the Equifax Hack, LifeLock Sign-ups Jump Tenfold (BBG)
  • Emails Show How the Food Industry Uses ‘Science’ to Push Soda (BBG)
  • IEA Sees Strongest Global Oil-Demand Growth in Two Years (BBG)
  • Saudi Arabia Pushes OPEC on New Tack to Curb Oil Supplies (WSJ)
  • J.C. Penney Missed Out on 3300% Rally as Dumped Asset Skyrockets (BBG)
  • No federal charges for Baltimore cops in Freddie Gray’s death (Reuters)
  • China Prepares Sale of $2 Billion in U.S.-Dollar Bonds (WSJ)


Overnight Media Digest


– Apple Inc introduced a trio of new iPhones, including the premium iPhone X, which will cost from $999 to $1,149.

– DowDuPont Inc is altering its plan to splinter into three companies, bringing to an end the threat of a fight with as many as four activist investors.

– Britain pledged to contribute troops and to work with the European Union to implement foreign sanctions after Brexit.

– U.S. President Donald Trump touted what he described as a plan by Malaysia Airlines Bhd to spend between $10 billion and $20 billion on Boeing Co jets and General Electric Co engines as he opened a White House meeting with Malaysia’s prime minister Najib Razak.

– Salle Yoo, the top lawyer at Uber Technologies Inc, is departing the company as it faces three federal investigations into its operations and welcomes a new chief executive.

– Samuel Shen, a Microsoft veteran of 24 years and the former general manager of its cloud and enterprise business in China, took the job as Inc’s president of cloud unit.

– The Donald Trump administration threatened to impose further sanctions on China if Beijing does not do more to shut down banks and other Chinese firms aiding North Korea.

– The UK government referred Twenty-First Century Fox Inc’s $15.5-billion proposal to consolidate ownership of Sky Plc to British antitrust regulators and said it was likely to broaden that review to include Fox’s commitment to the country’s broadcasting standards.



– Businesses in South Africa have come under pressure to cut ties with KPMG over the auditor’s work for companies owned by the Gupta family, as the fallout deepens from a scandal that has caused the collapse of Bell Pottinger’s British arm.

– Concerns over standards at Fox News Network has put Rupert Murdoch’s proposed 11.7 billion pound ($15.54 billion) takeover of European pay-TV group Sky Plc into doubt after the UK government signalled that it was likely to widen an investigation by regulators into the deal.

– DowDuPont has revised its plan to break up into three separate companies by shifting some operations in the three units, a plan welcomed by its activist investors.



– Nancy Gibbs, the first woman to lead Time magazine, is stepping down as editor in chief, ending her four-year run at the publication’s helm.

– Britain’s culture minister said on Tuesday she was inclined to ask the country’s competition regulator to carry out a detailed review of a bid by Rupert Murdoch’s Twenty-First Century Fox to take full control of the British satellite television giant Sky Plc.

– After a year-long investigation, the National Transportation Safety Board concluded that a Tesla Inc system capable of automatically steering and controlling a car had “played a major role” in a fatal crash in Florida.

– DowDuPont Inc, the chemicals giant, said it would shift the focus of its reorganization plan after shareholders opposed a proposal to break up the company.




** The Real Estate Council of Ontario (RECO) has laid charges against three realtors for allegedly accepting money from prospective home buyers in exchange for preferential access to preconstruction condo units.

** Brookfield Infrastructure Partners LP is on the cusp of its second decade, and chief executive officer Sam Pollock is shoring up capital while preparing to welcome a new slate of index investors to mark the occasion.

** Shareholders in Home Capital Group Inc have resoundingly rejected Warren Buffett’s bid to boost his stake in the mortgage lender, which must now try to rebuild its fortunes without additional support from its star investor.

** Canada and Britain have joined forces in their efforts to get Boeing Co to drop its trade complaint against Bombardier Inc, with British Prime Minister Theresa May taking her concerns over the case to U.S. President Donald Trump.


** The Financial Accountability Office of Ontario on Tuesday released a commentary covering the province’s proposal to increase the minimum wage to C$15 ($12.4) an hour, finding the added labour costs for businesses will increase workers’ incomes, but that those extra payroll costs will force firms to axe some lower-income positions.

** Single-family house prices may be overvalued by as much as 60 percent in Toronto, but cooling measures may take a bigger bite out of markets away from the country’s largest metro area, says a new report.

** Canada’s two major rail companies, Canadian National Railway Co and Canadian Pacific Railway Ltd, sounded off on Tuesday against a new legislative proposal they say will give U.S. competitors unfair access to the Canadian rail network, and potentially cause more of the country’s smaller and remoter rail lines to be abandoned.



The Times

– 21st Century Fox Inc’s 11.7 billion pounds ($15.54 billion )bid to take over Sky Plc has suffered a setback after the culture secretary, Karen Bradley, said that she was minded to refer the deal to regulators over concerns about broadcasting standards.

– High Court judges will be asked to rule on whether the inquiry team investigating the causes of the Grenfell Tower fire is sufficiently ethnically and socially diverse.

The Guardian

– The Murdochs face the biggest investigation into their record as media owners since the Leveson inquiry after the culture secretary said their proposed 11.7 billion pounds takeover of Sky should face a further six-month inquiry.

– Air Berlin has been forced to cancel about 100 flights after an “unusually high number” of pilots called in sick, in what is believed to be a wildcat strike against possible redundancies at the bankrupt airline.

The Telegraph

– Bell Pottinger Pvt has succumbed to the scandal of a divisive campaign it ran for controversial billionaire family the Guptas in South Africa and filed for administration.

– The Competition and Markets Authority has cleared the way for an oil-services mega-merger after agreeing that Amec Foster Wheeler Plc’s plan to sell off its North Sea business would be enough to assuage its concerns over the John Wood Group takeover.

Sky News

– The fourth round of Brexit talks has been delayed by a week to Sept. 25. A spokesperson said “both sides” had agreed to push back the date to give negotiators “flexibility” to make progress at the current stage.

-Matthias Wissmann, head of the German Automotive Association, said contingency plans were being formed to deal with a possible failure of Brexit negotiations in the next 18 months.

The Independent

– Hope Hicks has officially become the third person to hold the title of communications director in United State President Donald Trump’s White House.

– Theresa May has asked Donald Trump to help settle a trade dispute over Bombardier which could financially devastate one of Northern Ireland’s biggest employers and put thousands of jobs at risk, following pressure from the DUP.



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