Frontrunning: February 24
Submitted by Tyler Durden on 02/24/2016 07:37 -0500
Overnight Media Digest
WSJ
- Honeywell International Inc kept the pressure on rival United Technologies Corp to engage in merger talks, saying there were no major regulatory obstacles to a combination of the two industrial conglomerates (http://on.wsj.com/1oFa9mR)
- Western Digital Corp said a Chinese company backed out of a $3.78 billion deal to invest in the disk drive maker, citing a decision by U.S. authorities to investigate the transaction on national security grounds. (http://on.wsj.com/21cBzkY)
- Same-day delivery startup Deliv Inc. is getting a funding boost from an unlikely source: United Parcel Service Inc. (http://on.wsj.com/1R06nuE)
- The chief executive of leading Canadian oil producer Suncor Energy Inc said on Tuesday that his company will increase output even if crude prices weaken further, while vowing it will emerge stronger than ever from the current commodity industry downturn.(http://on.wsj.com/1OtyqAO)
FT
Deutsche Boerse and the London Stock Exchange are making a third attempt at a merger that would create a European trading powerhouse that could better compete against U.S. rivals encroaching on their turf.
British luxury carmaker Aston Martin said it chose St. Athan in Wales as its second manufacturing site for the new crossover DBX car as part of its 200 million pound ($280.32 million) investment in new products and facilities.
Mars Inc has recalled chocolate bars and other products in 55 countries, mainly in Europe, due to choking risk after a piece of plastic was found in a Snickers bar in Germany.
NYT
- The Justice Department is demanding Apple's help to unlock at least nine iPhones nationwide, in addition to the phone used by one of the San Bernardino, California attackers. (http://nyti.ms/1p2HNTm)
- Saudi Arabia's petroleum minister on Tuesday ruled out the possibility that a recently announced oil production freeze by several countries might lead to cuts to reverse the plunge in oil prices. (http://nyti.ms/1QZZDNk)
- More than a year after defective Takata airbags led to recalls and at least two fatalities, company officials in Japan presented falsified test data about a new component's design to Honda, their largest customer, according to internal documents.(http://nyti.ms/1RmcZpO)
- Viacom announced on Tuesday that it was pursuing a deal to sell a minority stake in its Paramount Pictures film and television studio after being approached by several strategic investors.(http://nyti.ms/1KJ09T9)
Canada
THE GLOBE AND MAIL
** Shoppers Drug Mart Corp, Canada's biggest drugstore chain, is exploring the possibility of getting into medical-marijuana sales in a move that would dramatically alter the landscape of the new industry, bringing one of the country's best-known retailers into the business if the strategy went ahead. (http://bit.ly/1LFfQWs)
** Canada's spy agencies have tracked 180 Canadians who are engaged with terrorist organizations abroad, while another 60 have returned home. (http://bit.ly/1STm9gM)
** The Liberal government will introduce climate legislation on Wednesday, and on Thursday it will unveil detailed regulations for its long-promised cap-and-trade regime that aims to hit an aggressive 2020 greenhouse gas emissions target.(http://bit.ly/1Qc1xKY)
NATIONAL POST
** Finance Minister Bill Morneau's federal budget in March is set to include C$1 billion ($723 million) in targeted relief for oil-producing provinces that are coping with a severe economic downturn. (http://bit.ly/1TyAkGI)
** Fares on an express train from downtown Toronto to Pearson international airport are being slashed by more than half because of lower-than-expected ridership. Since Union-Pearson Express launched in June, the one-way fare was decried by many as too expensive. (http://bit.ly/1WInaGx)
Britain
The Times
* Time Inc, the owner of world-famous magazines including Time, People, Sports Illustrated and Fortune, is understood to be exploring a bid for the core businesses of Yahoo Inc (http://thetim.es/1PXuTyQ)
* The London Stock Exchange Group PLC confirmed yesterday that it is in talks with a German rival over a 20 billion pounds ($27.99 billion) merger to create one of the largest market operators. Shares in the FTSE 100 company closed up by more than 13 per cent as investors bet on a possible bidding war for the LSE, which has had detailed negotiations with the Frankfurt-based Deutsche Börse. (http://thetim.es/1TxPYlP)
The Guardian
* Britain is setting a dangerous precedent by undermining human rights and contributing to a worldwide "culture of impunity", Amnesty International has said in its annual report on the state of human rights. Plans to scrap the Human Rights Act, the UK's absence from EU refugee resettlement schemes, proposed new spying laws and the alleged downgrading of human rights as a Foreign Office priority in favour of commercial deals are all cited by the group as evidence of a trend. (http://bit.ly/1QwSDXJ)
* George Osborne's pension overhaul could trigger the next major wave of mis-selling claims, according to a report by the public spending watchdog. The National Audit Office has highlighted concerns that freedoms introduced last April, which allowed pensioners to cash in their savings, could lead to widespread exploitation. (http://bit.ly/1S02dHR)
The Telegraph
* London's greatest strength is its access to the single market of the European Union, according to the capital's business leaders. 95 percent of bosses polled by the Confederation of British Industry (CBI) and real estate firm CBRE said that London's access to European markets was its biggest strength. The surveyed business leaders represented companies with around 471,000 employees. (http://bit.ly/1oFUqDU)
* Britain must stay in the European Union so it can protect itself from "grave security threats" caused by Isil and Russia, some the country's most senior former military commanders say. In a letter to The Telegraph, 13 former Armed Forces chiefs say that they "believe strongly that it is in our national interest to remain an EU member". (http://bit.ly/1ozSegv)
Sky News
* The maker of Mars and Snickers has recalled chocolate bars in 55 countries after pieces of plastic were found in its products. In the UK, Mars Funsize and Milky Way Funsize bars, Snickers Miniatures, some variety packs and Celebrations boxes with best before dates ranging from 8 May 2016 and 2 October 2016 are affected by the recall, and should not be eaten. (http://bit.ly/1QvPhEi)
* Johnson & Johnson has been ordered to pay $72 mln to the family of a woman whose death from ovarian cancer was linked to the company's talc-based baby powder.(http://bit.ly/1ozZdpP)
The Independent
* Britain is a deeply Eurosceptic country but voters are still likely to decide to remain in the European Union when forced to choose in June's referendum, the most representative polling on the issue so far has found. In research highlighting the dilemma for the Leave campaign, the National Centre for Social Research found that two-thirds of the electorate were unhappy with Britain's current membership terms. (http://ind.pn/1RZSUrx)
* Scotland's budget will be protected for the first six years after the devolution of major new tax and welfare powers from Westminster, under a historic deal agreed by the Scottish and UK Governments following almost a year of negotiations. The agreement, which was announced simultaneously in Edinburgh by Scotland's First Minister Nicola Sturgeon and in London by the Chancellor George Osborne, will require both governments to observe a transitional period lasting until March 2022, during which time the Scottish Parliament's budget cannot be cut. (http://ind.pn/1KIwYQ6)
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