- U.S. stock futures slip as post-election rally slows (Reuters)
- Pence Ousts Lobbyists From Transition Team (WSJ)
- Infighting hits Trump’s foreign policy transition (FT)
- Trump’s Win and Transition Turmoil Buy Time for FBI Chief Comey (BBG)
- Elizabeth Warren Sends Donald Trump Letter Criticizing Transition Team’s Wall Street Ties (WSJ)
- Saudi Arabia set to reveal depth of oil reserves (FT)
- China Discovers the Price of Global Power: Soldiers Returning in Caskets (WSJ)
- Populism Takes Over the World (BBG)
- Citadel looking into becoming a Treasury primary dealer (FT)
- Snapchat Files for $25 Billion IPO (WSJ)
- French Election Turns on Issue of Identity (WSJ)
- Former Wall Street boss forks over $500K to settle dispute (Post)
- Almost 500 migrants reach Italy, more deaths reported at sea (Reuters)
- Kerry arrives at climate negotiations overshadowed by Trump (Reuters)
- Fake Content Pressures Facebook, Google (WSJ)
- Another Financial Warning Sign Is Flashing in China (BBG)
- How Hedging and a Certain Someone Upended the Peso (BBG)
- Here are some SEC rules that may weaken under Trump (Reuters)
- Fed’s Bullard Leans Toward Backing December Rate Rise (WSJ)
- Macron Declares Bid for French Presidency as Pro-EU Liberal (BBG)
- Sanctuary-City Mayors Gird for Fight as Trump Threatens Budgets (BBG)
- The Best and Worst Countries to Be a Rich CEO (BBG)
Overnight Media Digest
WSJ
– Sen. Elizabeth Warren warned President-elect Donald Trump against choosing “Wall Street insiders” for top financial posts, likely previewing the confirmation battles to come in the Senate. http://on.wsj.com/2fvScpk
– Snap Inc has confidentially filed paperwork for an initial public offering that may value the popular messaging platform at as much as $25 billion, a major step toward what would be one of the highest-profile stock debuts in recent years. http://on.wsj.com/2gezeEA
– Theranos Inc allegedly voided 11.3 percent of all blood-test reports that the Silicon Valley laboratory firm provided to customers of Walgreens Boots Alliance Inc stores through a years-long partnership between the two companies, according to legal papers the drugstore chain filed Tuesday. http://on.wsj.com/2gfpZUz
– Facebook Inc, Twitter Inc and Alphabet Inc’s Google are under increased pressure to police what news content can be posted on their platforms, making them reluctant judges of what is misleading, hateful or true. Such moves could alienate users, hurt advertising revenue and fuel a bigger debate on how much influence they should have over news content on their sites. http://on.wsj.com/2fUt1cG
– Wal Mart Stores Inc is discouraging store workers from downloading a smartphone app designed by OUR Walmart, an organization that advocates higher pay and other benefits, as the battle between employers and labor groups increasingly shifts to social media. http://on.wsj.com/2fQYYnL
FT
Snap, owner of messaging app Snapchat, has confidentially filed for an initial public offering in what is expected to be one of the largest technology listings in recent years, according to people close to the company.
Ron Dennis was removed as chairman and chief executive of McLaren after falling out with fellow shareholders over the direction of the Formula One technology group.
Alphabet Inc’s Google announced plans for a new building in the King’s Cross area of London and almost double its headcount in the city over the next few years.
Mobile telecoms group Vodafone is counting the cost of its Indian foray after it booked an impairment charge of 6.3 billion euros against its local operations to reflect the business it has lost to aggressive new rival Reliance Jio.
NYT
– Congressional Republicans, donning “Make America Great Again” hats on Tuesday, celebrated their impending control of government. http://nyti.ms/2fXAHwK
– Security contractors recently discovered preinstalled software of China’s Shanghai Adups Technology Company in some Android phones that monitors where users go, whom they talk to and what they write in text messages. http://nyti.ms/2fXEKJf
– Rudolph Giuliani, facing a flood of questions about whether his business dealings should disqualify him from being named President-elect Donald Trump’s secretary of state, on Tuesday defended his lucrative 15 years in the private sector as a credential for the job. http://nyti.ms/2fXEVEp
– John Weinberg, a former corporate adviser at Goldman Sachs , is joining Evercore Partners as its executive chairman and chairman of its board. http://nyti.ms/2fXF6Q5
– Trump’s transition was in disarray on Tuesday, marked by firings, infighting and revelations that American allies were blindly dialing in to Trump Tower to try to reach the soon-to-be-leader of the free world. http://nyti.ms/2fXzR2H
– The N.F.L. agreed not to push its teams to set minimum ticket prices on online ticket exchanges as part of a settlement with several state attorneys general. http://nyti.ms/2fXzwNF
– Office Depot, Mall of America and the electronics store HHGregg have all announced they will be closed on Thanksgiving. Other retailers like Sears will open fewer stores, and of the locations that do open, many will have shorter hours. http://nyti.ms/2fXCTnI
Canada
THE GLOBE AND MAIL
** TransCanada Corp has shelved its offer to natural gas firms of lower tolls on long-term contracts to transport their product to Ontario, saying it didn’t attract enough interest to make the plan viable. https://tgam.ca/2ggb2CD
** Dundee Corp has decided to remain a key stakeholder in its struggling capital markets business and inject money back into the unit – a move that has taken some observers by surprise. https://tgam.ca/2gg7T5I
** Royal Bank of Canada is introducing a new pricing structure, charging different rates for mortgages with amortization periods of 25 years or less and for those with longer maturities – a first for Canada. https://tgam.ca/2ggavR6
** Gains in house prices in the Greater Toronto Area have lifted Canada’s residential market into record territory, despite a slowdown in the Vancouver region, according to two new reports. https://tgam.ca/2ggg7ef
NATIONAL POST
** Lockheed Martin Corp’s, Chief Executive Marillyn Hewson, touted the company’s long history in Canada and its value to Canadian suppliers during a visit to Ottawa on Tuesday as she embarked on a public relations tour to build support for the controversial F-35 fighter jet. http://bit.ly/2ggcXY7
** Bell Helicopter will test, certify and build its next two commercial choppers in Canada, the company’s chief executive told an aerospace conference on Tuesday. http://bit.ly/2ggdIA5
** Canadian existing home sales reached a record level in October, data published on Tuesday shows, but the market faces an increasing threat from tighter mortgage rules, which have increased interest rates. http://bit.ly/2ggbWPC
** Amarjeet Sohi, Canada’s Minister of Infrastructure and Communities, described Canada Infrastructure Bank as one of the “innovative solutions” that is needed to come up with ways to finance construction of the myriad of transportation, environmental and social infrastructure projects. http://bit.ly/2gg9Tec
Britain
The Times
* Pubs in Britain face an extra bill of 420 million pounds in business rates over the next five years. This could force operators to raise beer prices. http://bit.ly/2gf0GC2
* The chief executive of FirstGroup Tim O’Toole, who is at the centre of the Croydon tram accident has indicated that investigators will recommend that such light rail operations have automatic vehicle cut-out or braking systems. Seven people were killed in the accident. http://bit.ly/2gf0EdD
The Guardian
* Google said it would build a new 1 billion pound headquarters in London and create 3,000 jobs. The move will be seen as a vote of confidence in Britain’s prospects after it opted to exit the European Union. http://bit.ly/2eYhqbI
* The governor of the Bank of England Mark Carney retaliated to accusations by politicians in the U.S. and UK that central banks have increased inequality, saying such allegations are a “massive blame-deflection exercise”. http://bit.ly/2eYnpx7
The Telegraph
* The chief executive of Taylor Wimpey, Pete Redfern, described stamp duty as “a charge on moving house”, raising the spectre of shifting the burden of the duty from buyers to sellers in order to resuscitate the stalled housing market. http://bit.ly/2eYe8Ft
* B&M Bargains plans to add another 50 stores next year despite concerns about consumer confidence following the EU referendum. The discount retail chain had reported total revenues of more than 1 billion pound in six months for the first time in its history following an 18.9 percent jump in total sales. http://bit.ly/2eYkbKc
Sky News
* Inflation declined to 0.9 percent last month from 1 percent in September according to the Office for National Statistics which said the surprise slip was down to lower rates of cost growth in clothing and tuition fees compared with a year earlier. http://bit.ly/2eYjlwR
* EasyJet reported a 28 percent fall in annual profits despite carrying a record number of passengers – 73.1 million of them – in the period, with its planes also 91.6 percent full. http://bit.ly/2eYcQdF
The Independent
* The UK telecoms company Vodafone suffered a 5 billion euros loss after it wrote down the value of its Indian business by 6.3 billion euros amid a bitter price war in the country. http://ind.pn/2eYgofU
* Reynolds American is said to have sought a higher price from British American Tobacco after declining a $47 billion buyout offer as too low. http://ind.pn/2eYdxnb
via http://ift.tt/2fUT4lf Tyler Durden