Frontrunning: April 27

  • Israel strikes Iran-supplied arms depot near Damascus airport (reuters)
  • ECB Keeps Policy Settings Unchanged Awaiting Political Clarity (BBG)
  • Lawmakers push one-week stopgap funding bill (The Hill)
  • Key Moments From Trump’s First 100 Days (WSJ)
  • Trump Makes Huge U-Turn on Pulling Out of Nafta (BBG)
  • Trump’s tax cut proposal shines light on MLPs (Reuters)
  • United Says Litany of Failures Led to Flight Fiasco (WSJ)
  • Trump’s plan to slash business taxes seen as ‘guidepost’ by congressional Republicans (Reuters)
  • Trump’s Corporate Tax Rewrite Faces Major Obstacle: Its Cost (BBG)
  • Obamacare Customers Left Without Options as Insurers Bolt (BBG)
  • Venture-Capital Quandary: Too Much Money Chasing Too Few Ideas (WSJ)
  • And Then There Was Hannity (BBG)
  • Deutsche Bank’s Return to Growth Delayed as Trading Trails (BBG)
  • Ford’s Profit Falls 35% (WSJ)
  • Thai Prosecutors to Seek Arrest Warrant for Red Bull Heir (BBG)
  • Oil Shortage Feared by 2020 as Discoveries Fall to Low (WSJ)
  • EU Determined to Limit Brexit Damage as Bloc Finalizes Position (BBG)
  • Fannie and Freddie, Back in the Black (BBG)
  • Ex-Congresswoman Accused of Living Large on Charity Funds (BBG)


Overnight Media Digest


– A new report by United Continental Holdings Inc has concluded that a litany of failures in customer service, training and technology contributed to the forcible removal of a paying passenger earlier this month.

– The Trump administration said it was no longer considering pulling out of the North American Free Trade Agreement, following a day of intense lobbying from business leaders and lawmakers who rallied to quash internal White House discussion of the prospect.

– Barnes & Noble Inc named Demos Parneros as its new chief executive, making him the fifth leader in four years to be tasked with turning around the bookseller’s fortunes.

– House Republicans are moving closer to agreement on a healthcare overhaul but now face the task of persuading centrists in the party to agree to provisions that could raise costs for many people with pre-existing conditions.

– United Airlines chief executive Oscar Munoz told four members of the Senate Committee on Commerce, Science and Transportation in a letter it released late Wednesday how it historically handled overbooked flights. The committee is probing the incident and sent questions to United and Chicago’s Aviation Department.



Credit Suisse has ditched plans to raise money by listing part of its Swiss business and will instead sell new shares worth about 4 billion Swiss francs ($4.03 billion) to get its financial strength back on a par with rivals.

Deutsche Boerse said it planned to buy back shares totaling around 200 million euros ($218.14 million) in the second half of this year.

Deutsche Bank is considering whether it needs to move thousands of staff from London to Frankfurt following Britain’s decision to leave the European Union, one of its top executives said



– Demos Parneros, 55, who has acted as chief operating officer for the last five months, will take the top post, Barnes & Noble is to announce on Thursday.

– American officials are widening their investigation into whether Huawei Technologies Co broke American trade controls on Cuba, Iran, Sudan and Syria, according to an administrative subpoena sent to Huawei and reviewed by The New York Times.

– President Trump on Wednesday proposed sharp reductions in individual and business income tax rates and a radical reordering of the tax code that would significantly benefit the wealthy, but he offered no explanation of how the plan would be financed as he rushed to show progress before the 100-day mark of his presidency.

– President Trump told the leaders of Mexico and Canada on Wednesday that he would not immediately move to terminate the North American Free Trade Agreement, only hours after an administration official said he was likely to sign an order that would begin the process of pulling the United States out of the deal.

– The chairman of the Federal Communications Commission on Wednesday outlined a sweeping plan to loosen the government’s oversight of high-speed internet providers, a rebuke of a landmark policy approved two years ago to ensure that all online content is treated the same by the companies that deliver broadband service to Americans.




** Shares of beleaguered mortgage lender Home Capital Group Inc plunged on Wednesday as the company revealed it was negotiating an emergency line of credit to shore up its finances after depositors rushed to pull money from their savings accounts. (

** Kevin O’ Leary will now campaign to elect Maxime Bernier as the next leader of the Conservative Party after the celebrity businessman’s stunning decision to drop out of race and support his former rival. (

** Vice-Admiral Mark Norman divulged cabinet secrets to an executive with a Quebec-based shipyard and advised him how to use the media to pressure the Liberals into approving a naval supply-ship contract, the Royal Canadian Mounted Police allege. (


** Canada Mortgage and Housing Corp sees better housing market conditions than it did 90 days ago but the federal Crown corporation didn’t see enough improvement in the second quarter to remove its red warning label on the country as a whole. (

** Concerns over Cenovus Energy Inc’s massive deal with ConocoPhillips overshadowed the oilsands producer’s first quarter profit and improving financial results Wednesday. (



The Times

At least seven international banks based in London have taken the decision to open offices in Frankfurt to beat trading restrictions in the wake of Brexit and a further 20 banks were in advanced talks on relocating some staff.

Ministers will not strip Go-Ahead Group Plc of the lossmaking and deeply troubled Thameslink-Southern rail franchise as they fear it would cause even more chaos for millions of commuters.

The Guardian

Deutsche Bank AG has warned that up to 4,000 UK jobs could be moved to Frankfurt and other locations in the European Union as a result of Brexit.

Lloyds Banking Group Plc has appointed a retired high court judge to investigate its handling of fraud at its HBOS branch in Reading. The bank also announced that it will start making compensation payments next month to customers who lost out as a result of the incident.

The Telegraph

The Queen’s bank Coutts, high street giant Lloyds Banking Group and Secure Trust Bank Plc were the target of customers’ ire after the firms racked up a record 3 million complaints in the second-half of last year, the latest data from the City regulator shows.

A bid by the BBC to guarantee prominence for its programming in the on-demand era has been scuppered by the General Election.

Sky News

UK insurance broker Swinton has announced it plans to axe 900 jobs by the end of this year as more people choose to renew their policies online.

The asset management giant which operates in the UK under the Invesco Perpetual brand is plotting a $500 million takeover of Source, a London-based funds provider.

The Independent

European leaders should stop focusing on securing a hefty “divorce settlement” from the UK and start hammering out a post-Brexit a trade deal, Britain’s leading business group will say on Thursday.

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