- Trump Is Planning to Impose EU Steel, Aluminum Tariffs (WSJ)
- Europe will give determined response to any U.S. tariffs: Merkel (Reuters)
- IFJ calls Russian journalist Babchenko affair ‘intolerable’ (Reuters)
- Even a Strong Economy Might Not Save Spain’s Government (BBG)
- Deutsche Bank’s U.S. Operations Deemed ‘Troubled’ by Fed (WSJ)
- Soros View on Global Crisis Is ‘Ridiculous,’ Morgan Stanley CEO Says (BBG)
- Why Wall Street Traders Aren’t Rejoicing (Yet) Over Volcker Rule (WSJ)
- F.B.I. Official Wrote Secret Memo Fearing Trump Got a Cover Story for Comey Firing (NYT)
- Harvey Weinstein and the Clinton Protection Racket (Coulter)
- GM’s autonomous vehicle unit gets $2.25 billion funding from SoftBank (Reuters)
- As U.S. Jobs Go Begging, Forget Those Monthly Gains of 200,000 (BBG)
- In Venezuela, There’s No Traffic or Road Rage—and It’s Awful (BBG)
- Ahead of November election, old voting machines stir concerns among U.S. officials (Reuters)
- Russia’s Deripaska empire bets on mid-summer plan to escape U.S. sanctions (Reuters)
- Kremlin calls staging of Russian journalist’s death in Kiev strange (Reuters)
- Trump’s Net Worth Slides to $2.8 Billion, Lowest Since Campaign (BBG)
- Telegram says Apple has prevented it from updating since April (Reuters)
Overnight Media Digest
WSJ
– Warren Buffett earlier this year offered to invest $3 billion in Uber Technologies Inc, but the two sides couldn’t agree on the terms. on.wsj.com/2IWYk9X
– Toyota Motor Corp said Wednesday that its shipments from Japan to the United States rose 22 percent in April, highlighting the problem it faces if the Trump administration makes good on threats to impose higher tariffs on imports. on.wsj.com/2kBLGyo
– Allergan PLC is exploring the sale of two relatively small businesses, its women’s-health and infectious-disease units, in a bid to jolt sagging shares and ease the minds of worried investors. on.wsj.com/2J10ZiM
– Tesla Inc was able to improve the braking distance of Model 3 cars by as much as 20 feet by wirelessly transmitting a software update to the vehicles, convincing Consumer Reports on Wednesday to recommend the Model 3 vehicle. on.wsj.com/2kGbRUV
– The Trump administration, unable to win concessions from European Union counterparts ahead of a Friday deadline, is planning to make good on its threat to impose tariffs on European steel and aluminum. on.wsj.com/2kCiffx
– A United States judge dismissed a pair of lawsuits filed by Russian cybersecurity firm Kaspersky Lab demanding the government rescind a ban on the use of its software in U.S. government computers, saying the action was justified to reduce cybersecurity risk. on.wsj.com/2kzYyVE
FT
U.S. regulators on Wednesday proposed simplifying a rule introduced after the 2007-2009 financial crisis that bans banks from trading on their own account in order to make compliance easier for many firms.
A European industry lobby told Prime Minister Theresa May on Wednesday that Britain needed trade to be as “frictionless as with a customs union” after Brexit, adding to growing EU pressure on London over divorce negotiations that have stalled.
Royal Bank of Scotland’s finance chief quit unexpectedly on Wednesday and cast doubt on the timing of a possible sale of some of the British government’s controlling stake.
NYT
– Federal bank regulators on Wednesday unveiled a sweeping proposal to soften the Volcker Rule, a cornerstone of the 2010 law that was enacted after the financial crisis to rein in risky trading. The change would give Wall Street banks more freedom to make their own complex bets. nyti.ms/2JigeTO
– Walmart announced plans on Wednesday to offer subsidized college tuition for its $1.4 million workers in the United States, joining a growing list of companies that are helping employees pay for higher education as a perk in a tight labor market. nyti.ms/2J78WPi
– Twenty-First Century Fox Inc on Wednesday set a date, July 10, for shareholders to vote on its $52.4 billion plan to sell most of its assets to the Walt Disney Co. The special meeting is scheduled to take place at 10 a.m. at the New York Hilton Midtown in Manhattan. nyti.ms/2kEdMt4
– On Thursday, Hamburg became the first city in Germany to put in place any kind of ban on diesel vehicles, after a federal court ruled in February that it was legal for local authorities to prohibit older diesel engines. nyti.ms/2kAkdx1
Canada
THE GLOBE AND MAIL
Malaysia’s state-owned Petroliam Nasional Bhd will buy a 25 per cent stake in a B.C. liquefied natural project led by Royal Dutch Shell PLC, a move designed to strengthen the C$40 billion ($31.21 billion) proposal and bolster Canadian energy exports. (tgam.ca/2J1u09Z)
Canada Goose is accelerating its push into China with the launch of two brick and mortar stores and an e-commerce site this fall, betting on a growing market for its pricey made-in-Canada parkas. (tgam.ca/2JiEJ3i)
Nemaska Lithium Inc, a Quebec-based miner and developer of lithium salts, has raised C$1.1 billion ($856.70 million) from investors as it aims to respond to surging demand for the metal used in electric vehicles and cellphone batteries. (tgam.ca/2LJOCW4)
NATIONAL POST
Canadian steel and aluminum producers are hoping for another exemption from U.S. President Donald Trump’s tariffs as the strain of operating under the ongoing threat of levies takes a toll on the industry. (bit.ly/2kCZ0Cz)
Canada has imposed new sanctions on Venezuela in the wake of recommendations that the country’s president Nicolas Maduro and his regime be referred to the International Criminal Court for crimes against humanity. (bit.ly/2JjbIoc)
Britain
The Times
– Ewen Stevenson, the outgoing chief financial officer of Royal Bank of Scotland Group Plc, has been interviewed by HSBC Holdings Plc, which is searching for a new finance director. bit.ly/2xwwzje
– Martin Sorrell has put 40 million pounds ($53.14 million) of his wealth into S4 Capital, incorporated in Jersey on May 22, and raised 11 million pounds from investors. The venture is set to be launched through a reverse takeover by Derriston Capital Plc, a cash shell listed on the stock market in 2016. bit.ly/2L4l5Fi
The Guardian
– London’s publicly owned transport operator is bidding to take control of the Argentinian capital’s metro system, in what would be the first time in recent years Transport for London has expanded overseas. bit.ly/2shqwtI
– Channel 4 has short-listed cities including Birmingham, Manchester, Glasgow, Liverpool and Leeds to compete to become the home of the broadcaster’s new second “national” headquarters. bit.ly/2xAXoD1
The Telegraph
– WPP Plc Chairman Roberto Quarta has won the backing of Institutional Shareholder Services in an upcoming vote that has become a referendum on his handling of Martin Sorrell’s controversial exit from the advertising giant. bit.ly/2LMpNbZ
– Online estate agents Emoov and Tepilo are entering into a 100 million pounds merger, teaming up to create the second largest player in the digital market behind industry leader Purplebricks. bit.ly/2JhKeiI
Sky News
– Marks and Spencer Group Plc has avoided relegation from the FTSE 100 as online grocery retailer Ocado Group Plc moves into the elite group of UK-listed firms, it has been confirmed. bit.ly/2sfY7Er
– Viagogo has been referred to National Trading Standards by the advertising watchdog for failing to make changes to “misleading” pricing information on its website. bit.ly/2xvfINE
The Independent
– UK’s economic growth forecast has been upgraded by the Organisation for Economic Cooperation and Development, but the group warned that the country is still facing “large uncertainties”. The OECD raised its growth forecast to 1.4 percent for 2018, up from an estimate of 1 per cent last year. ind.pn/2srHfK2
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