- Panama Papers: Biggest Banks Are Top Users of Offshore Services (WSJ)
- Panama Papers probes opened, China limits access to news on leaks (Reuters)
- Credit Suisse CEO Distances Bank From ‘Panama Papers’ (WSJ)
- Fed’s Evans says market more pessimistic on U.S. rate hikes (Reuters)
- IMF’s Lagarde Says Risks to Weak Global Recovery Are Increasing (BBG)
- New U.S. inversion rules threaten Pfizer-Allergan deal (Reuters)
- Time Is Running Out (Again) for Greece (BBG)
- The World Has Started Spending More on Weapons (BBG)
- Ted Cruz Is Confident of Wisconsin Win Over Donald Trump on Tuesday (WSJ)
- Trump Faces Biggest Test Yet in Tuesday’s Wisconsin Primary (BBG)
- Another Brazil State-Run Giant Readies Its Own Graft Writedowns (BBG)
- Afghan Spy Agency Arms Villagers to Hold Off Islamic State (WSJ)
- Disney expands search for new CEO, COO Staggs leaving (Reuters)
- Economic models predict GOP White House, even with Trump (Hill)
- Oil glut up close: How Cushing copes with full crude tanks (Reuters)
- Goldman Profit Estimates Cut Again as Analysts Project 45% Drop (BBG)
- Former U.S. tax judge charged with cheating on her tax returns (Reuters)
- Russia to start deliveries of S-300 missiles to Iran in coming days (Reuters)
Bulletin Headline Summary
WSJ
– The Treasury Department imposed new tough curbs on corporate inversions Monday, shocking Wall Street and throwing into doubt the $150-billion merger between Pfizer Inc and Allergan PLC, which was on track to be the biggest deal of its kind. (http://on.wsj.com/1W7WOzY)
– Succession planning at the world’s largest media company fell into disarray on Monday as Tom Staggs, Walt Disney Co’s chief operating officer and the heir apparent to Chief Executive Robert Iger, unexpectedly said he would step down. (http://on.wsj.com/202jgKT)
– A battle for control of the nation’s third largest home builder went public as PulteGroup Inc founder William Pulte and Chairman and Chief Executive Richard Dugas traded barbs and outlined competing visions for the company. (http://on.wsj.com/1Ty6p2x)
– TransCanada Corp said Monday that it had shut down parts of its Keystone oil pipeline for the rest of the week as the company continues to investigate a possible leak in South Dakota. (http://on.wsj.com/2289TJ7)
– United Continental Holdings Inc has reached tentative agreements with its nearly 30,000 ground workers. No details were released on the proposed labor pacts, which are subject to ratification by union members. (http://on.wsj.com/1ox3aLE)
FT
Airbus Group warned its UK employees that Brexit threatens the company’s investment plans in the country. (http://on.ft.com/1Sx1Xfw)
Tesla Motors blamed its “hubris” for its production shortfalls, as the carmaker revealed glitches with the ramp up of its Model X. (http://on.ft.com/1Sx22Qo)
Pimco stepped up a legal war of words with Bill Gross, saying they could have fired him for abusing his colleagues in the months before his resignation. (http://on.ft.com/1Sx2HBn)
Walt Disney’s chief operating officer, Tom Staggs, left the company. Staggs was seen as the favourite to succeed Chief Executive Bob Iger at Disney. (http://on.ft.com/1Sx2TQY)
NYT
– The U.S. Treasury Department took new steps on Monday to further curtail a popular type of merger in which an American company buys a foreign counterpart, then moves abroad to lower its tax bill. (http://nyti.ms/23clbP4)
– A group of hedge funds asked a federal court in San Juan to freeze the assets of Puerto Rico’s powerful Government Development Bank, claiming it was insolvent and appeared to be spending what cash it had left to prop up other parts of the island’s troubled government. (http://nyti.ms/1RB6sJm)
– Thomas Staggs, the favored contender to lead Walt Disney Co after Robert Iger’s retirement, unexpectedly announced his departure on Monday, throwing succession at the world’s largest entertainment company into disarray. (http://nyti.ms/1S4Bc1x)
– Governor Jerry Brown of California signed a bill on Monday that would raise the minimum wage to $15 an hour by 2022, placing the state at the center of a closely watched economics experiment. (http://nyti.ms/1RKoXYy)
Canada
THE GLOBE AND MAIL
** Canadian Labour Congress president Hassan Yussuff says Tom Mulcair does not deserve another term as NDP Leader and predicts he will win less than 60 per cent in Sunday’s leadership review vote. (http://bit.ly/1N6gHQK)
** In a decision that the B.C. New Democratic Party shared only with federal regulators and its environmental supporters, the opposition has officially rejected the proposed Pacific NorthWest LNG plant near Prince Rupert, saying plans for an $11.4-billion terminal on Lelu Island would generate significant greenhouse gas emissions and threaten the important Skeena River salmon runs. (http://bit.ly/228OAao)
** The Saskatchewan Party, under the leadership of Brad Wall, won 51 seats in Monday’s election. The NDP secured the remaining 10. The leader of the New Democratic Party lost his seat by 232 votes as the province’s right-of-centre party waltzed to its third consecutive victory. (http://bit.ly/1RVQOY5)
NATIONAL POST
** Air Canada will firm up its CSeries order within “weeks”, but some level of government funding will still be necessary to help Bombardier Inc succeed, the airline’s chief executive said Monday. (http://bit.ly/1W8XKEh)
** Canada’s largest commercial bank finds itself in the middle of a global uproar over leaked documents exposing activities in offshore tax havens. But the Royal Bank of Canada , which was among financial institutions named in the so-called “Panama Papers,” has denied any wrongdoing, saying it has “established controls, policies and procedures in place” to detect and prevent tax evasion. (http://bit.ly/1VsWcV7)
Britain
The Times
Marathon Oil has submitted plans to shut down its giant Brae Field 168 miles northeast of Aberdeen after suffering a series of gas leaks on ageing production platforms.(http://bit.ly/1RYmWO1)
The chief executive of William Hill James Henderson has hailed a “game-changing deal” after it invested in NYX Gaming as part of the latter’s 270 million pound acquisition of OpenBet. (http://bit.ly/1qqzvVV)
The Guardian
Airbus, which employs 15,000 people in the UK to design and manufacture aircraft wings, has told its staff that a vote to leave the EU could choke off future investment in the UK. (http://bit.ly/23b2M5c)
The new chief executive of Marks & Spencer, Steve Rowe, has signalled he is prepared to make changes to the way the retailer is run by retaining personal control of the troubled clothing division.(http://bit.ly/1Ma4qjn)
The Telegraph
The Government must step in to maintain production at Tata’s loss-making UK plants or risk customers abandoning them, signing a death warrant for the British steel industry, unions have warned as the crisis engulfing the sector intensifies. (http://bit.ly/1UR1FX7)
Jitters over the health of the Chinese economy could trigger a bloodbath on financial markets if a hard landing materialises, the International Monetary Fund has warned. (http://bit.ly/1Vro8Zv)
Sky News
InterContinental Exchange has reached agreement with Morgan Stanley, Wells Fargo and Japan’s Mitsubishi UFJ to provide part of the debt that will be required to finance an offer for the LSE Group. (http://bit.ly/1V4Gnos)
The chief executive of BT Group Gavin Patterson has accused ministers of failing to acknowledge its efforts to overhaul Britain’s broadband infrastructure as regulators mull tougher oversight of the former state monopoly.(http://bit.ly/23bFJr1)
The Independent
Chapel Down, a British leading wine producer based in Kent, has raised 1.7 million pound from new shares and a crowdfunding campaign to build a new beer and cider brewery. (http://ind.pn/1MOBLAk)
Alaska Air has reached a deal to buy Virgin America for $2.6 billion and the merger airline will become the fifth largest in the United States. (http://ind.pn/1PQoou7)
via Zero Hedge http://ift.tt/1TyZmXd Tyler Durden