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Frontrunning: July 29

  • Yen, bond yields rise as Bank of Japan action underwhelms (Reuters); Bank of Japan Takes Modest Easing Action (WSJ)
  • Hong Kong shares end lower as BOJ disappointment sweeps Asia (Reuters)
  • Accepting White House nomination, Clinton offers ‘clear-eyed’ vision (Reuters)
  • Two Conventions, Two Distinct World Views (WSJ)
  • Democrats Emphasize American Exceptionalism at Convention (BBG)
  • Clinton’s Image Among Democrats at a Historic Low (WSJ)
  • The Number of Black C-Suite Executives Has Shrunk Under Obama (BBG)
  • Global funds cut share holdings to five-year lows as Brexit bites (Reuters)
  • Here’s a Reason Baby Boomers Will Curb U.S. Growth this Decade (BBG)
  • Facebook May Owe Billions More in Taxes (WSJ)
  • Chinese Banks With Global Dreams Eye Middle East Mega Bonds (BBG)
  • The year of ‘Neither’: Why Reuters/Ipsos is tweaking its U.S. presidential poll (Reuters)
  • Monte dei Paschi close to finalizing cash call guarantors (Reuters)
  • French second quarter growth unexpectedly grinds to a halt on weak consumer spending (Reuters)
  • Speed Traders Invade Sleepy Corner of England, Locals Bristle (BBG)
  • Phillips 66 profit halves on gasoline glut (Reuters)
  • Deutsche Bank Said to Revive Trading of Credit Options in Europe (BBG)
  • U.S. military prepares for biggest Okinawa land return since 1972 (Reuters)
  • Yellen Chases Elusive U.S. Wage Gains With Georgia On Her Mind (BBG)
  • NextEra Agrees to Buy Oncor in Deal Valued at $18.4 Billion (BBG)
  • Credit Suisse to create U.S. banking business for billionaire (Reuters)


Overnight Media Digest


– The Bank of Japan announced an extra dose of monetary stimulus Friday, joining fresh efforts by Prime Minister Shinzo Abe to reboot the economy. The central bank said it would buy 6 trillion yen ($58.11 billion) worth of exchange-traded funds annually, up from 3.3 trillion yen ($31.96 billion) previously, in an attempt to stoke inflation and economic growth. It said it would leave its asset-purchase target at 80 trillion yen ($774.74 billion) a year.

– Oracle Corp agreed to pay $9.3 billion for a cloud-computing pioneer that counts Larry Ellison as a major investor, using its second-largest acquisition to try to catch up in a key area where it has lagged. Oracle said it is paying $109 a share in cash for NetSuite Inc, a 19 percent premium to the stock’s closing price Wednesday.

– Microsoft Corp plans to lay off 2,850 employees, adding to previously announced job cuts as it retools its sales operations and dismantles its mobile phone hardware business. The software giant disclosed the latest cuts in a Thursday filing to the U.S. Securities and Exchange Commission.

– A Massachusetts judge denied a motion to dismiss a lawsuit brought by Viacom Inc Chairman and Chief Executive Philippe Dauman and board member George Abrams that seeks to reinstate the pair after they were ousted from the board of National Amusements Inc, the company through which Redstone controls Viacom and CBS Corp. They also want to be reinstated to a trust that was set up to oversee Redstone’s holdings upon his death or incapacitation.

– Facebook Inc said it could be on the hook for $3 billion to $5 billion in additional taxes as a result of an Internal Revenue Service investigation into how the social network transferred assets overseas. The IRS had issued a “statutory notice of deficiency” a day earlier saying Facebook owes more taxes for 2010. The July 27 notice came the same day that Facebook said second-quarter profit nearly tripled to $2.06 billion.



* The Hinkley Point nuclear plant saw further delays on Thursday night as the UK government decided to hold another round of reviews. This delay came in spite of the nuclear plant getting the go-ahead from EDF, the project’s French developer.

* German Chancellor Angela Merkel has maintained her stance on her refugee policy even after the country saw terror attacks in the cities of Würzburg and Ansbach. She said the asylum seekers responsible for the attacks had “shamed the country that welcomed them” but that those fleeing from war-torn countries had a right to be protected.

* Lloyds Banking Group Plc said on Thursday it would accelerate its cost-cutting plan to help offset a more testing economic environment and a likely drop in demand for credit caused by Britain’s vote to quit the European Union.



– Google’s parent, Alphabet’s second-quarter revenue rose to $21.5 billion, about $750 million more than analysts were predicting and a 21 percent jump from a year earlier. Earnings per share after excluding certain items was $8.42, or 39 cents more than forecasts. Alphabet’s shares immediately rose 4 percent after hours.

– The legal battle over whether Sumner Redstone has the mental capacity to make decisions about his $40 billion media empire, which includes Viacom and CBS, is scheduled to go to trial in October in a Massachusetts court house. In a ruling on Thursday, a court rejected motion by Redstone’s lawyers to dismiss the lawsuit, but said there was no need to conduct an immediate mental and physical exam of him.

– Oracle is buying NetSuite, a cloud company in which he controls a 45 percent stake, for $9.3 billion, a whopping 44 percent premium to where the shares were trading before news reports first mentioned a possible deal.

– The French utility EDF said that its board had approved a plan to build the first nuclear power plant in Britain in a generation. The project for the state-controlled utility has long been contentious and critics have slammed it as an expensive and risky route to securing emission-free electricity.




** The pipeline and power company TransCanada Corp says it aims to have its new, discounted tolling system to help natural gas producers in Western Canada compete with abundant U.S. shale gas in place in the fall of 2017. (

** Canada’s largest oil sands producers suffered heavy losses in the second quarter, but say two years of deep cost cutting has put them in a position to consider expansion. (

** The soaring price of gold has failed to ignite expansion frenzy at Canada’s largest gold miners. Instead, the latest round of earnings reports show an industry intent on reducing debt and rebuilding confidence. Goldcorp Inc said on Thursday that it was installing a new accounting system, cutting staff at head and regional offices by a third and selling mines. (


** Canadian National Railway Co is taking advantage of low interest rates to raise $650 million in new debt. The company announced Thursday that the 3.2 percent notes, due in 2046, will be used to refinance outstanding debt and to buy back more shares. (

** The Canadian Radio-television and Telecommunications Commission has launched a review of its three-year-old wireless code, the set of rules that effectively killed three-year cellphone contracts and put an end to exorbitant roaming fees. The review will culminate with a public hearing in February. (

** Potash Corp of Saskatchewan Inc cut its earnings forecast for the fifth time in six quarters on Thursday as its realized potash prices plunged to stunning lows. (



The Times

Almost 800,000 savers have cashed out more than 6 billion pounds ($7.90 billion) from their retirement pots since the Treasury introduced new pension freedoms 15 months ago, official figures reveal.

Millions of customers of Lloyds Banking Group Plc may not see the Bank of England’s expected cut in interest rates next week passed on to them, after the bank said yesterday that it would consider its options in the wake of any move.

The Guardian

Britain’s first new nuclear power station for a generation is in fresh doubt after the government delayed making a final decision on the 18 billion pounds Hinkley Point C, despite EDF SA’s directors voting to start work on the project.

Tesco Plc is promising to take some of the pain out of the weekly grocery shop for parents by offering free fruit for children to munch on.

The Telegraph

The International Monetary Fund’s top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory. This is the lacerating verdict of the IMF’s top watchdog on the Fund’s tangled political role in the eurozone debt crisis.

BT Group Plc’s Chief Executive Gavin Patterson has said EU regulations mean it cannot be forced to break up with Openreach, the broadband network it controls, as it unveiled a boost in sales and profits.

Sky News

Ryanair Holdings Plc has announced plans to make it mandatory for adults travelling with children under 12 to buy reserved seating.

The Independent

UK Consumer confidence has fallen at its fastest pace in 26 years in the wake of Brexit according to the latest GfK survey. An early “Brexit special” reading from GfK in the wake of the June 23 poll pointed to the biggest slump in confidence since 1994 and was one of the first data signals of the likely negative economic toll of the vote.


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