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Frontrunning: October 24

Monday, October 24, 2016 5:09
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(Before It's News)

  • The CEO Behind AT&T’s Huge Time Warner Deal (BBG)
  • AT&T-Time Warner deal sparks calls for scrutiny in Washington (Reuters)
  • Wall Street’s $40 Billion AT&T Pledge Offers Fees and Risks (BBG)
  • Bernie Sanders: Obama Administration “Should Kill” The AT&T-Time Warner Deal (Deadline)
  • Oil prices under pressure as Iraq resists joining output cut (Reuters)
  • Europe’s Stocks Rise With Bonds on Earnings, Ratings, Politics (BBG)
  • Battle for Mosul can shape or break Iraq further (Reuters)
  • Suriname Said to Win Better Terms in $550 Million Overseas Sale (BBG)
  • Calais migrants: France begins to clear ‘Jungle’ camp (BBC)
  • Venezuela congress presses for Maduro trial in rowdy session (Reuters)
  • Bankers Prepare for Brexodus From London (BBG)
  • In battleground Florida, tough stance on felons may sap votes for Democrats (Reuters)
  • Clinton, Kaine concerned over AT&T, Time Warner merger (Hill)
  • Major banks mark first-ever international trade using blockchain tech (Reuters)
  • Fake Divorce Is Path to Riches in China’s Hot Real Estate Market (BBG)
  • Rockwell broadens its reach with $6.4 billion purchase of B/E Aerospace (Reuters)
  • Name Now Awash in Controversy, Trump Readies New Brand (BBG)
  • Bundesbank Says High-Frequency Trading Can Enhance Volatility (BBG)
  • Putin’s Long Shadow in U.S. Campaign Fuels New Red Scare (BBG)
  • America, land of opportunity? Not for young people, study says (McClatchy)
  • China’s Dealmakers Are on a $207 Billion Spree (BBG)

Overnight Media Digest

WSJ

– AT&T Inc’s blockbuster $85.4 billion deal to buy Time Warner Inc promises to reshape the media landscape-if the companies can navigate a series of obstacles, including possible opposition from U.S. antitrust authorities and objections by lawmakers and media and telecom rivals. http://on.wsj.com/2dNs87N

– Thirteen people were killed and 31 injured early Sunday morning when a bus returning to Los Angeles from a casino trip slammed into the back of a semitrailer truck on a highway near Palm Springs, California. http://on.wsj.com/2ewlxzM

– South Korea’s Hanjin Shipping Co Ltd said Monday it plans to close its European operations, in the latest sign that the troubled company is heading toward liquidation. Hanjin, South Korea’s largest shipping company, has applied for court approval to close all 10 of its business operations in Europe, including its regional headquarters in Germany, according to a company spokeswoman. http://on.wsj.com/2elKEoy

– Rockwell Collins Inc agreed to pay $6.4 billion to buy B/E Aerospace Inc in a deal that would unite two of the biggest suppliers to airlines and plane makers. The proposed deal, confirmed by the companies on Sunday, continues the consolidation of the aerospace industry over the past two years as suppliers adjust to pressures from Airbus Group SE and Boeing Co to cut costs. http://on.wsj.com/2euFIhu

FT

– Rockwell Collins has agreed a $6.4 billion bid for B/E Aerospace. Rockwell will pay $62 per share, representing a 2 per cent premium to B/E’s closing share price of $50.61 on Friday.

– Paul Tucker, former deputy governor of the Bank of England, has been interviewed by the Serious Fraud Office as part of a criminal investigation of the bank’s actions during the financial crisis.

– From a ban on daytime television to reduced betting machine stakes, gambling companies could face new curbs, as the government prepares to launch a review of the UK bookmaking industry.

– The Melbourne Mercer Global Pension Index’s annual analysis of worldwide pension systems ranked the UK at number 11, which showed that UK has slipped down the global pensions rankings two places lower than a year ago. It warned that the British system now contains “major risks and shortcomings”.

Britain

The Times

– Big banks are expected to take another 2 billion pound hit on payment protection insurance this week because of the longer time allowed for new claims. Lenders will make the provisions with quarterly results that will be scrutinised for the impact of Brexit on the economy, while the weakening pound and heightened market activity will also have an affect on results. http://bit.ly/2e1Pl3J

– Deutsche Bank is set to declare a bumper loss for the third quarter with tougher capital requirements for banks deemed to be of global importance to the world’s financial system threatening to add to its woes. It is expected to announce a net loss of 610 million euros ($663.56 million)for the quarter, according to analysts, an average forecast loss for the year of 1.4 billion euros. http://bit.ly/2e1OQXc

The Guardian

– A consortium made up of private-equity firms and the Church of England has received at least 180 million pounds ($219.94 million)from Royal Bank of Scotland for backing the bailed-out bank’s aborted attempt to float off 300 branches on the stock market. The bank has already admitted that the attempt to carve out the 300 branches under the Williams & Glyn brand has cost 1.5 billion pounds. http://bit.ly/2e1PQea

– Office for National Statistics is expected to say growth more than halved from 0.7 percent in the second quarter to 0.3 percent between July and September. This would be the slowest rate of growth since the third quarter of 2015, but would rule out the prospect of a technical recession. http://bit.ly/2e1OlfM

The Telegraph

– Microsoft is to increase its prices by as much as 22 percent in the UK because of sterling’s recent decline, a rise that is likely to affect thousands of businesses and could cost the Governments tens of millions of pounds. http://bit.ly/2e1RtID

Sky News

– French insurance giant Axa is in advanced discussions to sell Bluefin, one of the UK’s biggest insurance broking networks, to Marsh, the US-headquartered giant. http://bit.ly/2e1Pnsw

– Britain’s biggest banks are preparing to move out of the UK amid growing fears over the ramifications of leaving the European Union. The head of the British Bankers’ Association, Anthony Browne, said “many smaller banks” are planning to move their operations overseas before Christmas. http://bit.ly/2e1NJH3

The Independent

– British American Tobacco has offered to buy the shares of Reynolds American that it doesn’t already own for $47 billion in a bid to create the world’s biggest tobacco company. http://ind.pn/2e1OFeP

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