- Trump Expected to Withdraw From Climate Deal Today (WSJ)
- Saudi-Russia detente heralds new oil order (Reuters)
- Uber Posts $708 Million Loss as Finance Head Leaves (WSJ)
- Fearing Trump’s next move, liberals urge Supreme Court conservative Kennedy to stay (Reuters)
- Trump, after House panel subpoenas, backs efforts to probe Obama administration (Reuters)
- Trump ‘Self-Help’ Infrastructure Plan Irks State, Local Leaders (BBG)
- Monte Paschi on Track to Get State Funds After EU Agreement (BBG)
- Everywhere Trump Traveled Before Air Force One (BBG)
- Comey to Say Trump Asked Him to Back Off Probe of Flynn (WSJ)
- PM May’s lead falls to 3 percentage points, YouGov poll shows a week before UK election (Reuters)
- My Smart Beta ETF Premised on Cats Rang Up an 849,751% Return (BBG)
- South Korea’s Moon sends aide to U.S. to quell fears over anti-missile system (Reuters)
- House Panel Issues Subpoenas as Russia Probe Ramps Up (WSJ)
- London’s Brexit Apocalypse Is Nowhere in Sight (BBG)
- PPG Ends $28 Billion Pursuit of Rival Akzo Nobel (WSJ)
- He Quit a $2 Million Job to Help Run France (BBG)
- Why the U.S. Can’t Kick Its Addiction to Social Security Numbers (BBG)
- The Whistleblower Behind Caterpillar’s Massive Tax Headache Could Make $600 Million (BBG)
- Rouhani Vows to Shed Iran Sanctions as Trump Piles on More (BBG)
- Talking Taxes: What’s Fair for the Rich? (WSJ)
Overnight Media Digest
WSJ
– U.S. President Donald Trump said he would make an announcement Thursday on the Paris climate treaty, with three White House officials saying he is expected to withdraw from the accord, although they cautioned that the situation may yet change. on.wsj.com/2rU7quK
– Ohio filed a suit against five drug companies, alleging they fueled the opioid addiction crisis by misrepresenting the addictive risks of their painkillers. on.wsj.com/2qGpmo7
– Former FBI Director James Comey is expected to testify as early as next week before a Senate committee that President Donald Trump asked him to back off the investigation of former national security adviser Michael Flynn, according to a person familiar with the matter. on.wsj.com/2qBFwQf
– Japanese investment bank Nomura Securities bought about $100 million worth of Venezuelan government bonds last week as part of the same transaction that has landed Goldman Sachs Group Inc in the thick of a political controversy. on.wsj.com/2qCP3Xu
– The Trump administration ordered a review of oil reserves and production on Alaska’s vast public lands, an early step in potentially opening more areas of the state to drilling- including the now-protected Arctic National Wildlife Refuge. on.wsj.com/2spJY52
FT
Prime Minister Theresa May was criticised by participants of other parties for not attending a televised debate in which senior politicians defended their promised policies, days before Britain’s June 8 election.
HSBC Holdings Plc is preparing to offer online investment advice with a personalised service in the coming months for people with savings of less than 15,000 pounds ($19,309.50).
Ratings agency Moody’s downgraded Petrofac Ltd by one notch to Ba1 from Baa3, prompted by the Serious Fraud Office’s announcement earlier this month that it had launched an investigation into the UK oil services company.
Luxembourg-based private equity group CVC Capital Partners raised 16 billion euros ($17.98 billion), setting a new European fundraising record as investors scramble to put money into leveraged buyouts.
NYT
– Uber said that it lost $708 million over the first three months of the year on revenue of $3.4 billion. That is a narrowing of the previous quarter’s loss of $991 million, on revenue of $2.9 billion. Uber said it was still sitting on $7.2 billion in cash, about the same amount it held at the end of 2016. nyti.ms/2rdnS86
– Express Scripts, the nation’s largest pharmacy benefits manager, is suing Kaléo, the manufacturer of Evzio. Express Scripts claims it is owed more than $14.5 million in fees and rebates related to Evzio, and it has dropped the drug from its preferred list. nyti.ms/2rdnd6A
– In a reversal, a majority of Exxon Mobil’s shareholders, have voted in favor of more open and detailed analyses of the risks posed to its business by policies aimed at stemming climate change. Those policies include the goal of the Paris climate agreement to restrict global temperatures to no more than 2 degrees Celsius above preindustrial levels. nyti.ms/2rdwdsx
– Trump is expected to withdraw the United States from the 2015 climate change accord that committed nearly every nation to take action to curb the warming of the planet. Trump said on Twitter that he had made his decision and would announce it in the Rose Garden on Thursday afternoon. nyti.ms/2rdAFYe
Britain
The Times
A “huge demand” for new homes in the build-to-rent sector in London helped Telford Homes Plc to record sales and profits for the year. bit.ly/2qHkbnI
British families have spent an extra 27 pounds ($34.75) on groceries during the past 12 weeks after food price inflation rose again, increasing the squeeze on household incomes at a time when real wages are falling. bit.ly/2qHu5FV
The Guardian
Mobile phone calls on the London Underground could soon be possible under plans by the mayor and Transport for London. Informal talks have been held with telecoms infrastructure companies and Transport for London (TfL) is expected to invite bids in the weeks after the general election. bit.ly/2qHaiqe
The four top directors at UK turnaround specialist Melrose Industries Plc are to share a bonus pot of 160 million pounds ($205.95 million) in one of the biggest corporate paydays in the City. bit.ly/2qHxkNw
The Telegraph
Takeaway technology firm Deliveroo is offering its drivers the option to be paid for each order they deliver, rather than per hour – a move which the company hopes will reinforce the riders’ status as self-employed contractors, rather than employees. bit.ly/2qHkFKy
The Murdoch brothers have held secret talks with Ofcom in a bid to persuade the regulator to wave through Twenty-First Century Fox Inc’s planned 11.7 billion pounds ($15.06 billion) takeover of Sky Plc. bit.ly/2qHxsfY
Sky News
The convenience store supplier Nisa Retail is in talks about a 120 million pounds ($154.46 million) refinancing deal amid a sector shake-up given extra impetus by Tesco Plc’s proposed 3.7 billion pounds ($4.76 billion) takeover of the wholesaler Booker Group Plc. bit.ly/2qHzYmJ
Manchester United has been named as Europe’s most valuable club in a new report which highlights the growing financial muscle of the Premier League. bit.ly/2qHvrk9
The Independent
Retail banks in the United Kingdom are slowly bolstering their reputation, but many still have to fight hard to win consumers’ trust, especially Royal Bank of Scotland Group Plc , TSB Bank Plc and HSBC Holdings Plc. ind.pn/2qHB5T9
Noel Edmonds has ratcheted up the pressure in a 110 million pounds ($141.59 million) compensation battle with Lloyds Banking Group Plc. The TV star has set up an “honesty countdown” clock website that tracks how much time the lender has to pay him the money he says he is owed. ind.pn/2qHy7hs
via http://ift.tt/2qE0YEe Tyler Durden