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Frontrunning: July 27

  • Democrat Clinton makes history with U.S. presidential nomination (Reuters)
  • Democrats Achieve an Uneasy Détente at Convention (WSJ)
  • Obama Economy Left Behind the Backers That Clinton Needs to Win (BBG)
  • European stocks rise, Asia lifted by Japan stimulus (Reuters)
  • PM Abe’s plan for $265 billion stimulus puts pressure on BOJ to ease (Reuters)
  • Abe’s Unusual Stimulus Unveiling May Be Directed at the BOJ (BBG)
  • Oil falls close to three-month low as oversupply weighs (Reuters)
  • Deutsche Bank Profit Plunges Amid Turnaround Effort (WSJ)
  • Obama says it is possible Russia would try to sway U.S. election (Reuters)
  • Elon Musk Sees His Tesla Master Plan Costing Tens of Billions (BBG)
  • U.S. Seeks to Steer South China Sea Dispute Into Calmer Waters (WSJ)
  • Steven A. Cohen’s Newest Bet: Do-It-Yourself Computer Traders (WSJ)
  • Coca-Cola quarterly revenue drops 5.1 percent (Reuters)
  • France’s Hollande meets religious leaders amid row over attacks security (Reuters)
  • Pimco, Prudential Say Next Big Buy in Junk Is the U.S. Consumer (BBG)
  • French ex-commissioner to lead EU Brexit talks (Reuters)
  • Tesla’s Musk sees ‘modest’ capital raise for next strategic turn (Reuters)
  • Pimco’s New CEO Will Battle to Escape the Shadow of Bill Gross (BBG)
  • Japanese police raid house of knife attack suspect (Reuters)

 

Overnight Media Digest

WSJ

– Two followers of Islamic State killed a priest while he was celebrating Roman Catholic Mass Tuesday, the first time a church has been attacked amid a wave of terrorist violence rocking Western Europe. http://on.wsj.com/2atIyCE

– Anheuser-Busch InBev raised its offer for SABMiller Plc in their proposed $100 billion-plus beer megamerger, trying to assuage concerns over the valuation of the deal after the British pound’s steep descent. http://on.wsj.com/2atqoRe

– Analog Devices Inc agreed to buy Linear Technology Corp in a cash-and-stock deal valued at $14.8 billion, uniting two venerable names in a lucrative subset of the semiconductor industry. http://on.wsj.com/2abXobf

– A key supplier of semi-autonomous car technology ended a supply agreement with Tesla Motors Inc following a high-profile traffic fatality in May involving one of the Silicon Valley company’s electric vehicles. Mobileye NV said it would no longer provide its computer chips and algorithms to Tesla after a contract ends due to disagreements about how the technology was deployed. Mobileye provides core technology for Tesla’s Autopilot system, which allows cars to drive themselves in limited conditions. http://on.wsj.com/2ab8uNI

– Qualcomm Inc will pay $19.5 million to settle claims that women at the chip maker receive lower pay and fewer chances for promotion than men, according to papers filed Tuesday in a San Diego federal court. http://on.wsj.com/2ashOBg

– LG Display Co Ltd, one of the world’s biggest makers of display panels used in smartphones and televisions, said it would invest 1.99 trillion won ($1.75 billion) to produce flexible organic light-emitting diode, or OLED, displays for use in mobile phones. http://on.wsj.com/2aamrBR

 

NYT

– Fiat Chrysler has been acclaiming a long run of rising new-car sales. At last count, it had higher vehicle sales 75 months in a row. Under investigation by the SEC on suspicion of inflating the data for some months, it said that it was changing the way it counts cars sold by its dealers. http://nyti.ms/2aapnhQ

– Every one of Apple’s major hardware businesses posted declines in the three months that ended in June. Apple’s weak results were partly a result of the company’s position at the end of its product cycle. In September, it is expected to announce upgrades to its iPhone hardware and software, which happens every two years. http://nyti.ms/2aapM3E

– For months, Twitter has been grappling with worsening advertising growth and anemic audience growth. Twitter reported its worst quarterly revenue growth ever and only a slight increase in users for the second quarter. http://nyti.ms/2aapZ6W

– American intelligence agencies have told the White House they now have “high confidence” that the Russian government was behind the theft of emails and documents from the Democratic National Committee. http://nyti.ms/2aaq4rw

 

Canada

THE GLOBE AND MAIL

** Ontario’s Financial Accountability Officer Stephen LeClair says the province’s Liberal government is hiding information from him – keeping secret financial data on the controversial privatization of Hydro One, major infrastructure projects and spending in the healthcare system. (http://bit.ly/2a91jI2)

** Alberta is set to take the lead from British Columbia in having Canada’s most onerous carbon pricing, as the federal government presses all provinces to increase levies aimed at reining in greenhouse gas emissions, according to a report released by Canada’s Ecofiscal Commission on Wednesday. (http://bit.ly/2a94kYV)

** Canada’s Minister of Innovation, Science and Economic Development Navdeep Bains is overseeing the development of a federal innovation strategy, starting with consultations this summer around six core themes. (http://bit.ly/2a95bc3)

NATIONAL POST

** Citing concerns over residential affordability, British Columbia slapped an additional 15 percent property tax transfer fee on all foreign investors, and entities representing them, for purchases in Metro Vancouver effective Aug. 2. (http://bit.ly/2a97pIz)

** BlackBerry Ltd has released a new mid-range, touchscreen Android smartphone with a focus on security in its latest attempt to return its waning hardware business to profitability. (http://bit.ly/2a97eNk)

 

Britain

The Times

Anheuser Busch InBev has upped its offer for its rival SABMiller Plc but the revised bid was immediately panned by one leading shareholder to leave the third biggest deal in corporate history teetering on the brink. http://bit.ly/2atCiuW

A leading London hotel could become the centre of a bidding war after a consortium of Saudi and UK family wealth funds made a $1.3 billion offer to buy Grosvenor House. http://bit.ly/2atDePQ

The Guardian

BT will not have to sell off its Openreach broadband division despite concerns that it has been starved of investment and provides a poor quality of service to millions of homes. http://bit.ly/2atDLBs

Britain has suffered a bigger fall in real wages since the financial crisis than any other advanced country apart from Greece, research shows. A report by the TUC, published on Wednesday, shows that real earnings have declined more than 10% since the credit crunch began in 2007. http://bit.ly/2a821Fx

The Telegraph

RBS and NatWest’s decision to consider cutting interest rates below zero could prompt all of the other big banks in the UK to follow suit, analysts believe, leaving most small businesses facing the prospect of paying for the privilege of holding money with their bank. http://bit.ly/2avtjGu

Amazon will step up its drone tests in UK airspace after winning approval from the Government to lift strict flying restrictions in a major boost to its plans for unmanned delivery aircraft. http://bit.ly/2afFYiN

Sky News

Ofcom has called for Openreach, which develops and maintains the network used by phone and broadband providers, to become a “distinct company”. http://bit.ly/2att0PB

One of the City’s most prominent stockbrokers, Cenkos Securities, is facing a fine of hundreds of thousands of pounds over its relationship with a scandal-hit insurance technology group. http://bit.ly/2aeSATE

 

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