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Thursday, April 14, 2016

Frontrunning: April 14

Tyler Durden's picture
Submitted by Tyler Durden on 04/14/2016 07:47 -0400
  • Global shares reach four-month high, forex hit by Singapore sting (Reuters)
  • Dollar Rally Hits Commodities as Europe Halts Global Stock Gains (BBG)
  • Currencies Across Asia Fall Sharply Against U.S. Dollar (WSJ)
  • IEA expects limited impact from oil output freeze at Doha (Reuters)
  • IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop (BBG)
  • BofA Profit Declines 13% on Trading Slump, Energy Reserves (BBG)
  • BlackRock quarterly profit falls 20 percent (Reuters)
  • Negative Rates: How One Swiss Bank Learned to Live in a Subzero World (WSJ)
  • With plenty of punch, central bankers wait in vain for the world to drink (Reuters)
  • Russia's Putin: Panama papers are 'provocation' (Reuters)
  • Goldman Asset $15 Billion Manager Sees Wild Markets, Tame Gains (BBG)
  • Pay Shrinks for Most Oil CEOs, as Crude’s Swoon Hits Stocks (WSJ)
  • Trump takes steps to reset his campaign, tries to soften his image (Reuters)
  • Trump Could Lose Delegates in States That Have Yet to Vote (BBG)
  • Bernie Sanders Makes Bold—and Risky—Moves Before New York Primary (WSJ)
  • Exxon Says `$25 Billion Rule' Will Sink Deepwater Oil Drilling (BBG)
  • Qatar's Oil-Freeze Letter to Norway Reveals Doha Deal Logic (BBG)
  • Republican Cruz speaks highly of Rubio when asked about possible VP running mate (Reuters)
 
Overnight Media Digest
FT
Facebook Inc hired Regina Dugan from Google to lead a new research and development lap focused on large technological leaps. (http://bit.ly/1T52Xub)
Coal producer Peabody Energy Corp filed for bankruptcy protection after bearing the brunt of low prices and falling demand. (http://bit.ly/1T5388A)
Jeremy Corbyn backed Britain remaining in the European Union as the Labour party seeks to mobilise support behind the Remain campaign. (http://bit.ly/1T53AE0)

NYT
- The Federal Reserve and the Federal Deposit Insurance Corporation said on Wednesday that five of the nation's eight largest banks - including JPMorgan Chase and Bank of America Corp did not have "credible" plans for how they would wind themselves down in a crisis without sowing panic. (http://nyti.ms/1Xvi9lu)
- Federal regulators have threatened a series of stiff sanctions against Theranos, the embattled blood-testing company, including closing down its flagship laboratory and potentially barring its chief executive from owning or operating its labs for two years. (http://nyti.ms/1Q8tqSW)
- Hundreds of pages of internal Takata Corp documents and emails examined by The New York Times reveal new details about how economic pressures helped guide the company's handling of its airbag defect, which has been linked to at least 11 deaths and more than 100 injuries. (http://nyti.ms/1XwJiEF)
- Only two months after the European Union's top policy makers agreed to a hard-won data-sharing pact with United States officials, the bloc's national privacy regulators said on Wednesday that the deal did not go far enough to safeguard the personal information of Internet users in Europe. (http://nyti.ms/1N9DXTd)
- Skeptical lawmakers at the House Natural Resources Committee heard testimony Wednesday on a plan to rescue Puerto Rico, as witnesses warned that only quick action by Congress could keep a bad situation from becoming a lost decade. (http://nyti.ms/23GyYgZ)
- The work stoppage by nearly 36,000 Verizon workers highlights crucial questions about the place of middle-class jobs in an economy shifting toward tech. (http://nyti.ms/1VmT3r4)
 
Canada
** Canada's telecom regulator is taking a tough look at the industry's claims that satellite technology will soon cure the woes of poor access to high-speed Internet for Canadians living outside urban areas. (http://bit.ly/1VY7Szd)
** Alberta, Newfoundland and Labrador are expected to unveil unpopular budgets on Thursday as the resource-dependent provinces grapple with ballooning deficits and weak oil prices. (http://bit.ly/1YuYBxH)
NATIONAL POST
** After delivering a mostly positive outlook on the Canadian economy, and keeping its lending rate on hold, the Bank of Canada found itself unexpectedly on the defensive on Wednesday over its policy independence from the federal government. (http://bit.ly/22wnrhT)
** Progress Energy Ltd, a unit of Malaysia's state-owned Petronas Bhd, is drastically slashing its capital expenditure as it awaits a final approval from the Canadian environmental agency on a proposed liquefied natural gas export project on the West Coast. (http://bit.ly/1Xx8sTE)
** Canada's pharmacists and medical marijuana producers are engaged in a brewing dispute over how pot should be distributed to patients. If they can't reach an agreement, it could leave Ottawa with a tough decision as it crafts new regulations for the sector. (http://bit.ly/23Ho7U9
 
Britain
The Times
* Unsecured consumer borrowing is growing at its fastest rate for 11 years as supermarkets and car dealers offer more credit to customers and water down their credit-scoring criteria. The annual growth rate in the stock of consumer credit rose to 9.3 per cent in February, its highest since before the financial crisis, according to the latest Bank of England quarterly credit conditions review, published yesterday. (http://bit.ly/1V2og2X)
* A year of global growth could be lost by 2021 unless world leaders take steps to fend off stagnation and strengthen the banks, the International Monetary Fund has warned. (http://bit.ly/1N9n0Zc)
The Guardian
* The accountancy firm PricewaterhouseCoopers has handed over 29 million pounds to the Spanish government to save four of its former employees from serving lengthy jail terms for fraud. (http://bit.ly/1Q6Kfxu)
* The Institute of Directors has made a rare intervention on executive pay, urging BP PLC shareholders to think twice before backing a decision to award 14 million pounds to chief executive Bob Dudley in a year when the company ran up its worst-ever losses.
The Telegraph
* Tata Steel Ltd could suffer another 100 million pounds of losses on its unprofitable UK steel operations before the company finally sells them off or shuts them down. (http://bit.ly/1qqadXT)
* Peabody Energy became the latest miner to buckle under the weight of the commodities price collapse after filing for bankruptcy in the US on Wednesday. (http://bit.ly/1V2oxD5)
Sky News
* Tesco PLC boss Dave Lewis has said he led the business out of crisis after it swung to an annual pre-tax profit of 162 million pounds following a record loss of 6.33 billion pounds a year ago. Tesco said it was continuing to cut prices to stay competitive in a "challenging, deflationary and uncertain market" - and warned this would slow the pace of profit improvement, particularly in the first half of the current financial year. (http://bit.ly/1NoXFVX)
* The UK is failing to improve the well-being of children from poor backgrounds, according to a damning study by UNICEF. The U.N. children's group claims Britain has greater inequality between kids from wealthy and poor backgrounds than almost any other developed nation. (http://bit.ly/20CXhe3)
The Independent
* The campaign group Vote Leave has been designated the official campaign in favour of leaving the European Union, the Electoral Commission has said. The title, which brings with it public funding and media platforms, had been contested between a number of groups. (http://ind.pn/1qR8FXG)
* Junior doctors have begun what they say will be a permanent protest outside the Department of Health, to call for Britain's Jeremy Hunt to reopen talks and avert unprecedented strike action due to take place at end of the month. (http://ind.pn/1RTzGU1)

 
 


 

 

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