Frontrunning: March 22

  • Brussels Rocked by Deadly Attacks With Blasts at Airport, Subway (BBG)
  • Death count climbs in Brussels blasts (Reuters)
  • Europe on High Alert After Blasts in Belgium (WSJ)
  • Brussels Phone Users Urged to Text Not Call as Networks Jammed (BBG)
  • U.S. Embassy Urges Citizens in Brussels to Shelter in Place (BBG)
  • Oil prices swept lower after Brussels blasts spook investors (Reuters)
  • Democratic Party workers pore over videos in bid to hobble Trump (Reuters)
  • Trump’s Republican Turnout Boost Extends to Battleground States (BBG)
  • Cooperman’s Omega Said to Get Wells Notice Over 2010 Trade (BBG)
  • U.S. Says ‘Outside Party’ Could Unlock Terrorist’s iPhone (WSJ)
  • Gold Trader at Heart of Turkey Graft Scandal Charged in U.S. (BBG)
  • New York Fed Had `Major Lapse’ in Robbery, Bangladesh Says (BBG)
  • With Board Member Who Won’t Leave, Valeant Is at Mercy of Bylaws (BBG)
  • Obama intervened over crumbling Iraqi dam as U.S. concern grew (Reuters)
  • Google’s Greene Hastens Cloud Expansion in Race With Amazon (BBG)
  • New Market for U.S. Shale Gas Opens in Europe (WSJ)
  • Drillers Can’t Replace Lost Output as $100 Oil Inheritance Spent (BBG)
  • Puerto Rico takes restructuring law to U.S. high court (Reuters)
  • Atlantic City Mayor Warns of Shutdown Amid Push for State Rescue (BBG)

 

Overnight Media Digest

WSJ

– Valeant Pharmaceuticals International Inc moved to replace its longtime chief executive, part of a series of steps to regain credibility and show investors it is committed to a fresh start after months of failed attempts. Valeant’s decision to look for a successor to CEO Michael Pearson comes just three weeks after it decided to take him back following an extended medical leave. (http://on.wsj.com/1Mj6BRx)

– A federal magistrate judge postponed a highly anticipated Tuesday hearing over the Justice Department’s request for Apple Inc to help unlock a terrorist’s iPhone, after the government said it may have found another way to view the phone’s contents. (http://on.wsj.com/1o2Y89r)

– Starwood Hotels & Resorts Worldwide Inc said it had agreed to a sweetened $13.6 billion deal from Marriott International Inc that trumps last week’s boosted bid from a group led by China’s Anbang Insurance Group Co. (http://on.wsj.com/1S04EGd)

– Fantasy-sports operators FanDuel Inc and DraftKings Inc agreed to shut down in New York, their largest market, as part of a settlement announced Monday with the state attorney general’s office. (http://on.wsj.com/1RwcK8M)

– FedEx Corp will expand its global e-commerce business in an effort to compete for the growing number of packages shipped to consumers from China and Japan, executives said Monday. (http://on.wsj.com/1ZmHfnS)

 

FT

British car maker TVR will open a new plant in south Wales as the group prepares to return to production after more than a decade’s absence from the market.

Former leader of the opposition, Ed Miliband, will on Tuesday make a significant intervention into the debate over Britain’s place in the EU by repeatedly warning Labour that his party “cannot sit it out” ahead of the referendum in June.

Spanish lender Banco Santander rolls out voice-recognition technology to help its customers using an iPhone to talk to its banking app in a similar way as Apple’s virtual assistant, Siri.

 

NYT

– Andrew Grove, the longtime chief executive and chairman of Intel Corp and one of the most acclaimed and influential personalities of the computer and Internet era, died on Monday at his home in Los Altos, California. (http://nyti.ms/1Mk2AMF)

– Leon Cooperman and his $5.2 billion hedge fund Omega Advisors received a notice from the Securities and Exchange Commission on March 14 outlining the possibility that they could face enforcement action over trading violations, the hedge fund manager told investors. (http://nyti.ms/1Mk2G6Q)

– Analysts at Keefe Bruyette & Woods released a report that urges Citigroup Inc to split up. In the report, the analysts argued that Citigroup’s stock price is being held back by regulations that require big banks to hold large amounts of capital. (http://nyti.ms/1Mk2Mv6)

– BP Plc and the Norwegian oil company Statoil ASA said they were withdrawing employees from two of Algeria’s largest natural gas fields after Islamic terrorists staged the second attack in three years on their installations. (http://nyti.ms/1Mk2ZP3)

 

Canada

THE GLOBE AND MAIL

** Bombardier Inc is defending its plan to outsource more work on its Toronto-built Q400 turboprop aircraft to manufacturing sites outside Canada, saying its goal of cutting costs on the aircraft has nothing to do with its billion-dollar aid request from Ottawa.(http://bit.ly/1SdYmoY)

** Prime Minister Justin Trudeau is promising Tuesday’s budget will deliver “historic investments” to improve the lives of Canada’s indigenous people – funding that will amount to billions of dollars.(http://bit.ly/22tnj89)

** Foreign Minister Stephane Dion is acting illegally by issuing permits to allow the export of combat vehicles to Saudi Arabia, a lawsuit filed in Federal Court on Monday alleges. Opponents of Canada’s C$15-billion ($11.48 billion) arms deal with the Saudis are taking the Trudeau government to court in an attempt to block shipments of the fighting vehicles to Riyadh. (http://bit.ly/1RcSZat)

NATIONAL POST

** Bankers Petroleum Ltd has received a friendly takeover offer that values the Calgary-based company at C$575 million ($440 million), excluding debt obligations. The directors and management of Bankers are fully supporting the offer from Charter Power and a numbered Alberta company, which are affiliates of China-based Geo-Jade Petroleum Corp . (http://bit.ly/22tokx5)

** Valeant Pharmaceuticals International Inc announced Monday morning it was placing the blame for incorrect reporting of financial information on the shoulders of its former CFO Howard Schiller and corporate controller Tanya Carro, though the one-time interim-CEO Schiller says he won’t take the fall. (http://bit.ly/25i6USJ)

 

Britain

The Times

– IHS Inc, the American owner of publications including Jane’s Defence Weekly, will move to London after agreeing to a deal to take over Markit Ltd in an all-share merger that values the combined business at more than $13 billion. (http://thetim.es/1pw9AeK)

– Henri de Castries, chairman and chief executive of Axa SA , announced his retirement yesterday from the company he has led for nearly 17 years, leading to mounting expectations that the French financier is preparing to take the chair at HSBC Holdings PLC. (http://thetim.es/1pw9J1O)

The Guardian

– Sports Direct International Plc’s founder Mike Ashley has challenged the authority of a parliamentary select committee by refusing to appear before MPs investigating pay and working conditions at the retailer, despite being formally summoned. (http://bit.ly/1pw9Muq)

– Britain’s biggest companies could face a credit downgrade – potentially forcing up their borrowing costs – should the UK vote to leave the EU in June, according to a report by a leading ratings agency. (http://bit.ly/1pwdDaR)

The Telegraph

– Five Guys, the U.S. burger chain which counts President Barack Obama among its fans, has overtaken Nandos as the UK’s most popular fast-food chain just two years since arriving in this country. (http://bit.ly/1pwakRg)

– Atlantic Healthcare, a Cambridge-based drugs company, has raised $24 million as it reaches the final stages of developing a drug that could relieve the suffering of people with severe inflammatory bowel conditions. (http://bit.ly/1pwao3e)

Sky News

– Lyndon Nelson, the executive director for UK deposit-takers supervision at the Prudential Regulation Authority (PRA), was among a small number of candidates interviewed about replacing Andrew Bailey as its chief executive. (http://bit.ly/1pwaOXp)

– British sports car maker TVR is to make its new generation of vehicles in south Wales, creating 150 jobs. (http://bit.ly/22AL0YK)

The Independent

– Carmignac Gestion’s head of European equities, Muhammed Yesilhark, departs after investing in barely ever traded scheme run by Tory donor Lars Windhorst, who is advised by the former Business Secretary. (http://ind.pn/1pwfDjp)

 


via Zero Hedge http://ift.tt/25ilpWI Tyler Durden

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