Frontrunning: May 15

• Oil Jumps Over Output Deal (BBG), Saudi Arabia, Russia Favor Extending Oil Cuts Through Next March (BBG)
• Trump Doctrine Confounds G-7 as Ministers Kick Can to Sicily (BBG)
• Senate GOP’s agenda is at a moment of reckoning with unpredictable Trump (WaPo)
• White House Races to Fill FBI Job (WSJ)
• Former Trump Employees Say He Taped Phone Conversations (WSJ)
• Monday morning blues as ‘WannaCry’ hits at workweek’s start (AP)
• Britain worked through night to counter cyber attack on health service: minister (Reuters)
• North Korea steps closer to an ICBM (Reuters)
• North Korea missile launch due to ‘state of paranoia’: U.N. envoy Haley (Reuters)
• Behind China’s Silk Road vision: cheap funds, heavy debt, growing risk (Reuters)
• U.S. companies push hard for lower tax rate on offshore profits (Reuters)
• Trump Travel Ban Faces Second Round at West Coast Appeals Court (BBG)
• No Taboos at Elysee as Mrs. Macron Signals Change in France (BBG)
• Merkron? France’s Macron seeks close ties with Germany to shore up EU (Reuters)
• A $1 Trillion Pain Trade in Treasuries Divides Top Bond Dealers (BBG)
• Floating oil storage has dropped by one-third in 2017: OPEC source (Reuters)
• Battle Heats Up for Control of Refiner Citgo (WSJ)
• Libyan Oil Output Creeps Higher Ahead of OPEC Decision on Cuts (BBG)
• Chinese yogurt bid warrants dollop of skepticism (Reuters)
• Brace for Chaos if U.S Expands Airline Laptop Ban (BBG)
• Noble Group Routed Again as Worst-Case Outcomes Get Scrutiny (BBG)
• Man Who Helped Bury Lehman Turns to Saving Troubled Trader Noble (BBG)
• Xi’s ‘New Imagination’ for World Economy: Eye on Chinese Media (BBG)
• Debt Island: How $74 Billion in Bonds Bankrupted Puerto Rico (BBG)

Overnight Media Digest

WSJ

– Ride-hailing startup Lyft and Waymo, the driverless car division of Google parent Alphabet Inc said they would work together to develop autonomous-vehicle technology, dealing another potential blow to rival Uber’s ambitions. on.wsj.com/2qixKNk

– Cord-cutting reached a record pace in the first quarter as consumers continue to ditch pricey pay-TV subscriptions and seek more online alternatives. Over the past five years, nearly 8 million U.S. households have abandoned traditional pay TV or eschewed signing up entirely, according to research firm MoffettNathanson. on.wsj.com/2qiHFT9

– The cyberattack that spread around the globe over the weekend, hitting businesses, hospitals and government agencies in at least 150 countries, is likely to keep growing as people around the world return to work, law-enforcement authorities warned. on.wsj.com/2qixz4B

– Western Digital ratcheted up the pressure in its dispute with Toshiba Corp, filing a request for binding arbitration to prevent the troubled Japanese company from selling its stake in operations jointly owned by the two companies. on.wsj.com/2qiDMgU

– Nino Fanlo, Social Finance Inc’s president and chief financial officer, is leaving the firm at the end of the month to take over as finance chief at Human Longevity Inc, a four-year-old genomics company. Fanlo plans to remain a board observer and adviser to SoFi. on.wsj.com/2qiHZ4j

FT

The high valuations for bitcoin have helped the value of unregulated crypto currencies burst through $50 billion.

UK supermarket chain Tesco Plc said it will ramp up its use of solar panels, in a pledge to cut its greenhouse gas emissions in line with the toughest goals of the Paris climate accord.

The Co-operative Bank is expected to announce that it is in advanced talks with existing hedge fund investors about injecting more capital to bolster its balance sheet.

Deutsche Wohnen’s new chief financial officer said that Germany’s second largest listed landlord will not block a bid from its rival, Vonovia, if the offer price was “adequate”.

NYT

– Waymo, the self-driving car unit that operates under Google’s parent company, has signed a deal with ride-hailing start-up Lyft to bring autonomous vehicle technology into the mainstream through pilot projects and product development efforts. nyti.ms/2pB1hTR

– The components of the global cyberattack that seized hundreds of thousands of computer systems last week may be more complex than originally believed, a Trump administration official said Sunday, and experts warned that the effects of the malicious software could linger for some time. nyti.ms/2pAuD4M

– WinView, which lets users make free wagers on sports games in real time, plans to announce on Monday that it has raised $12 million in a new round of financing. nyti.ms/2pAL3tO

– On Sunday, Western Digital Corp said it had decided to take its conflict with Toshiba to the International Court of Arbitration, to stop the Japanese company from selling its chips arm without its consent. nyti.ms/2pAYMRA

Canada

THE GLOBE AND MAIL

** A South African court decision, allowing the seizure of a cargo ship with 50,000 tonnes of phosphate, could open the door to renewed challenges of Canadian imports from a disputed territory in the deserts of North Africa. (tgam.ca/2qIG62s)

** The federal government will unveil a carbon-tax plan this week that would provide breaks for major industrial emitters, while ensuring most Canadian families get rebates to offset higher energy bills. (tgam.ca/2rhX5pb)

** The board of directors at Liquor Stores NA Ltd is preparing for a showdown with activist investor PointNorth Capital Inc, in what is expected to determine control of North America’s largest publicly traded booze retailer. (tgam.ca/2qIMp5U)

NATIONAL POST

** Ontario’s transit agency Metrolinx, a major customer of Bombardier Inc’s light rail vehicles, said it has turned to a competitor of the Montreal-based company over “serious concerns” quality vehicles won’t be delivered on time. (bit.ly/2qmNn4V)

** American liquefied natural gas exporters have been courting Canadian producers of the commodity, and analysts expect more domestic gas will move south in the absence of Canadian LNG projects. Advantage Oil & Gas Ltd Chief Executive Andy Mah said there have been conversations between Canadian gas producers and U.S. LNG proponents about shipping more Canadian gas to American export facilities. (bit.ly/2qaFLUY)

Britain

The Times

GlaxoSmithKline Plc is preparing investors for an expansion of its consumer healthcare business through an 8 billion pound deal with Swiss rival Novartis AG. bit.ly/2pMDRWR

Sir James Dyson is close to sealing a 130 million pound property deal after outbidding several rivals for a prime portfolio of commercial buildings in London. bit.ly/2pMVIg9

The Guardian

The government is expected to sell off its remaining shares in Lloyds Banking Group in the coming week, marking a watershed moment for the sector after the financial crisis. bit.ly/2pMaggj

Investigators in the UK, the United States, Nigeria and Norway are scrutinising Cas-Global after it was alleged that the firm paid a bribe to a Norwegian official as part of the sale of seven decommissioned naval vessels. bit.ly/2pMwu1s

The Telegraph

The British microchip giant ARM Holdings has reported record sales in the first set of annual figures since its controversial 24 billion pound sale to Japan’s SoftBank Group Corp last year. bit.ly/2pM3xmA

Britain’s bosses will call on the next Government to add two new runways to South East airports, reigniting a politically sensitive debate over how much capacity the UK has. bit.ly/2pMbLuT

Sky News

Royal Bank of Scotland Group Plc has held last-ditch legal talks with former investors ahead of a trial expected to see Fred Goodwin giving his first account of the lender’s collapse into a decade of state ownership. bit.ly/2pLZhmQ

A privately owned recruitment group is in advanced talks to stitch together a rescue deal for the controversial staffing agency which supplies workers to Sports Direct International Plc’s warehouse in Derbyshire. bit.ly/2pM8ICV

The Independent

Tesco Plc boss Dave Lewis took a 10 percent pay cut last year after receiving a lower annual bonus, but the chief executive still received 4.1 million pounds. ind.pn/2pM0AlY