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Frontrunning: October 25

Tuesday, October 25, 2016 5:14
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(Before It's News)

  • Hilsenrath: Fed’s Task Ahead: How Best to Signal Year-End Rate Move (WSJ)
  • Fed Inclined to Raise Rates If Next President Pumps Up Budget (BBG)
  • World stocks, commodities climb as economic confidence lifts (Reuters)
  • Ahead of earnings: Apple Boosted by IPhone 7 Demand, Slowing Pace of Sales Decline (BBG)
  • Campaigns Brace for Election-Day Legal Battles (WSJ)
  • Philippines Duterte tells U.S. to forget about defense deal ‘if I stay longer’ (Reuters)
  • China’s Aggressive New Deal Makers: $199 Billion This Year and Counting (WSJ)
  • Inside Trump Tower, the Skyscraper Where Trump Is Already King (BBG)
  • On the ballot: two clashing visions of how America will powers its cars, homes (Reuters)
  • Sunni Arabs forced to leave Kirkuk after Islamic State attack, residents say (Reuters)
  • Xiaomi Goes Upmarket With New Devices to Arrest Sales Slide (BBG)
  • Credit-Card Scammers Flock to Online Shopping (WSJ)
  • Ratings Inflation Is Back, Subprime Style (BBG)
  • Islamic State claims attack on Pakistan police academy, 59 dead (Reuters)
  • Four killed on river ride at Australia’s biggest theme park (Reuters)
  • DuPont Raises Profit Forecast as Margins Widen Before Dow Merger (BBG)
  • ‘Siri, catch market cheats’: Wall Street watchdogs turn to A.I. (Reuters)

Overnight Media Digest

WSJ

– AT&T Inc’s $85.4 billion deal to buy Time Warner Inc sails toward two cresting waves of opposition: resurgent antitrust enforcement in Washington and politicians fired by a new bipartisan populist rage. on.wsj.com/2f26v6h

– Microsoft CEO Satya Nadella is pushing the company to shed its not-invented-here approach and learn where it can improve. on.wsj.com/2eG9XQL

– TD Ameritrade agreed to acquire Scottrade Financial Services for $4 billion in a deal that merges two online discount brokerages facing pressures from declining trading volumes and shifts in technology. on.wsj.com/2f8xE6L

– Federal Reserve officials, wary of raising short-term interest rates amid the uncertainty surrounding the U.S. presidential election, are likely to stand pat at their November policy meeting and remain focused on lifting them in December. on.wsj.com/2eE5qz0

– Former Pennsylvania Attorney General Kathleen Kane was sentenced Monday to 10 to 23 months in prison, in a rebuke for the state’s former top prosecutor following her recent conviction for engaging in a political payback scheme. on.wsj.com/2dETlGm

– Genworth Financial Inc’s proposed buyout by a Chinese conglomerate drew skepticism in the market that the deal would get done, even as some state regulators are privately embracing the possible acquisition. on.wsj.com/2f2L2dc

– Melinda Gates says she is concerned about the fact that more than a billion women in the developing world don’t have access to cellphones. on.wsj.com/2e5Y6K4

– Militants stormed a police academy in southwestern Pakistan late Monday, killing at least 59 and injuring more than 100, government officials said. on.wsj.com/2ezUvYh

– Belgium said it would not support a trade deal between the European Union and Canada after one of its regions continued to block the pact, dashing hopes of signing the accord later this week. on.wsj.com/2ezX6Br

– The Venezuelan government and the leading opposition alliance said they would meet to resolve the country’s deep economic and political crisis. on.wsj.com/2ezX8co

FT

– China based HNA Group is buying a 25 percent stake in Hilton for $6.5 billion. The deal to buy the stake from Blackstone values the US hotel chain at a 14 percent premium to Hilton’s closing price.

– World’s largest independent oil trader Vitol said it is selling a 50 percent stake in its VTTI oil tank business to Buckeye Partners for $1.15 billion.

– Rating agency S&P warned that it may cut AT&T’s credit rating by one notch because of its deal to buy Time Warner, that would add to its debt.

– Easyjet shares rallied on Monday after UBS turned positive on the company. UBS said that since expectation have already fallen more than 40 percent from recent peak, earnings risk is now “at least neutral”.

NYT

– Three judges at Washington’s federal appeals court on Monday questioned the government’s analysis that led to MetLife’s designation as a “too big to fail” financial company, as the Justice Department appeals a lower court’s decision to strip the insurance giant of that label. http://nyti.ms/2dExRy9

– TD Ameritrade announced on Monday that it would acquire Scottrade Financial Services, a rival discount brokerage, for $4 billion, in a bid for scale at a time when small investors are losing their taste for stock trading. http://nyti.ms/2dEyI1X

– The New York Times has made another bet on so-called service journalism, with the acquisition of the product recommendation site the Wirecutter and its sibling, the Sweethome. The all-cash transaction, worth slightly more than $30 million, closed on Monday. http://nyti.ms/2dEzxI1

– In a surprise move on Monday, the German authorities withdrew approval for the takeover of Aixtron SE, a domestic semiconductor firm, by a Chinese bidder – a deal that was set to be an emblem of a new push by Chinese companies to acquire cutting-edge technology businesses and a sign of Berlin’s tolerance for such moves. http://nyti.ms/2dEwteW

Britain

The Times

A group of Australian farming families have launched an eleventh-hour bid to keep the world’s largest parcel of privately owned land, a string of cattle stations, out of Chinese hands. http://bit.ly/2dDXJu1

Steelworkers at Port Talbot face fresh uncertainty after the chairman of Tata Sons was ousted amid tensions over the conglomerate’s poor performance. He has been replaced by Ratan Tata, the magnate who oversaw the group’s international expansion. http://bit.ly/2dE05cx

The Guardian

Microsoft Corp will increase the prices it charges British businesses by up to 22 percent to account for the slump in the value of the pound following the EU referendum result. http://bit.ly/2dE00oY

ITV Plc has announced plans to cut 120 jobs due to political and economic uncertainty, particularly concerns over the possible impact of Brexit. http://bit.ly/2dDXHCs

The Telegraph

Cobham Plc, the troubled aerospace and defence manufacturer, has cut its profit forecast for the second time this year, sending its shares plunging. http://bit.ly/2dDY9k8

Donald Trump’s presidential campaign is facing a fundraising scandal after a Telegraph investigation exposed how key supporters were prepared to accept illicit donations from foreign backers. http://bit.ly/2dE2iVg

Sky News

A series of huge fines from U.S. regulators for mis-selling mortgage securities could be delayed until after next month’s presidential election, dealing a blow to Royal Bank of Scotland’s hopes of finalising a settlement by the end of the year. http://bit.ly/2dE2jZo

The UK government will make the decision of expanding an airport in southeast England on Tuesday. It is widely expected that Heathrow will be the winner but that Gatwick will be allowed to expand at a later date. http://bit.ly/2dE3pUK

The Independent

Banks are planning to move business overseas in the first few months of 2017, Anthony Browne, chief executive officer of the British Bankers’ Association, warned on Sunday, and some property investment companies are already looking to acquire new offices for their clients. http://ind.pn/2dE2Tq0

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