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Frontrunning: April 3

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  • Tech Selloff Hits Europe and Asia (WSJ)
  • Dollar shrugs off U.S.-China trade tensions; euro gives up gains (Reuters)
  • China to Respond to New U.S. Duties With ’Same Scale, Intensity’ (BBG)
  • Facebook Data Scandal Has Left Zuckerberg Isolated in Tech (BBG)
  • Teslas Don’t Have Black Boxes, Making U.S. Crash Probes Harder (BBG)
  • Tesla’s $10 Billion Debt Load Is No Joke (BBG)
  • New York Fed to launch U.S. Libor contender, slow takeup seen (Reuters)
  • Trump attorney seeks to force porn star's lawsuit into arbitration (Reuters)
  • Everyone Says to Buy the Dip, Even the White House (BBG)
  • China tells North Korea it appreciates its efforts on denuclearization (Reuters)
  • iPhone Users Are Pestered to Enroll in Apple Pay (WSJ)
  • Silicon Valley, Wall Street taking notes on Spotify debut (Reuters)
  •  Spotify CEO warns of 'ups and downs' (Reuters)
  • The Hot Debate: Can You Deduct Prepaid Property Taxes? (WSJ)
  • London murder rate overtakes New York as stabbings surge (France24)
  • French finance minister says committed to reforms as strikes bite (Reuters)
  • GM Throws Wrench in U.S. Auto Sales by Deserting Monthly Reports (BBG)
  • Oklahoma teachers vow to stage second day of walkouts (Reuters)

Overnight Media Digest

WSJ

- The Indonesian government said ride-hailing firms Grab and PT Go-Jek Indonesia must be registered as transportation companies to ensure safety and provide job protection for their drivers. on.wsj.com/2q1zObs

- U.S.-based Harbour Energy launched a fresh takeover bid worth nearly $10.4 billion for Santos Ltd on.wsj.com/2q0Y9Oo

- Tesla Inc's shares sank more than 7 percent, suggesting investors were not happy over Chief Executive Elon Musk's bankruptcy jokes as it grapples with the aftermath of a fatal crash and prepares this week to release production results. on.wsj.com/2q3c1rp

- General Electric Co reached a deal to sell part of its health-care information-technology business to private-equity firm Veritas Capital for $1.05 billion in cash. on.wsj.com/2q212i9

- General Motors Co said it is abandoning its decades-old practice of reporting monthly sales, saying a 30-day period doesn't provide an adequate snapshot of the company's complex business or the broader industry. on.wsj.com/2q2feYr

 

FT

De La Rue executives are set to challenge the British high court against the government’s decision to allow Gemalto NV to make new blue national passports from 2019.

Momentum, a group which supports Labour leader Jeremy Corbyn, has issued a statement mentioning that accusations of anti-Semitism within the Labour party are not a conspiracy or a smear.

Russia’s central bank is set to create “a bad bank” to ringfence toxic assets worth $19 billion from three nationalised top-10 lenders, including Otkritie.

Harbour Energy has made a fresh bid for Australian oil and gas producer Santos Ltd, offering $13.5 billion to acquire the company.

 

Canada

THE GLOBE AND MAIL
** Callidus Capital Corp's net loss worsened in the fourth quarter of 2017 as it took a big hit on a loan to a troubled energy firm, the lending firm said late Monday. tgam.ca/2GzBpvS

** The Liberal government's Impact Assessment Act is getting harsh reviews from resource-industry executives, including a warning that the legislation would make it virtually impossible to build oil and gas pipelines in Canada. tgam.ca/2uJDKD5

** CanniMed Therapeutics, which is being acquired by Aurora Cannabis, said Chief Executive Officer Brent Zettl has resigned. Aurora Cannabis Senior Vice President Andre Jerome, previously tasked with heading the acquisition of CanniMed, will serve as interim CEO. tgam.ca/2uJDHan

NATIONAL POST
** Florida based NextEra Energy Partners LP said Monday the sale of its wind and solar generation assets in Ontario to the Canada Pension Plan Investment Board for $582.3 million was specifically motivated by United States tax reform. bit.ly/2uHVY87

 

Britain

The Times

- Two of the UK's pharmaceutical companies have made millions of pounds in "secret" payments to healthcare professionals and organisations. At least 22.3 million euros ($27.42 million) was made in anonymous payments across Europe, including 17.9 million euros ($22.01 million) by AstraZeneca Plc , and 4.4 million euros ($5.41 million) by Shire Plc . bit.ly/2EeDPhQ

- American stock markets tumbled on Monday as a trade dispute between the United States and China escalated, with the White House promising to "fight back" against $3 billion of import tariffs imposed by Beijing. bit.ly/2Ef8V8P

The Guardian

- An autonomous robot will be deployed to an offshore oil and gas platform in the North Sea later this year, in a first for the sector. Project's backers said the move was designed to take humans out of dangerous and dull jobs, and reinvent oil and gas as an industry of the future. bit.ly/2Ioa0h2

- The 1.3 billion pounds ($1.83 billion) Swansea tidal lagoon faces a major blow as Tidal Lagoon Power, the company behind the scheme, braces for significant job cuts if UK and Welsh government talks on the project fail to yield a breakthrough. bit.ly/2Ioap32

The Telegraph


- Social media will overtake television to become the United Kingdom's biggest advertising format in two years, according to figures from eMarketer. bit.ly/2IoaLqo

- French President Emmanuel Macron has suggested that Facebook Inc and Alphabet Inc's Google are "too big to be governed" and compared their dominance to that of the oil barons in the early 20th century. bit.ly/2Iq0mux

Sky News

- Jeremy Corbyn has been plunged into a new anti-Semitism row with Labour parliamentarians after attending an event with members of a left-wing group hostile to mainstream Jewish organisations. bit.ly/2IpULnX

The Independent

- The current tax year comes to an end this week and with new rules coming into effect, an increased personal allowance should see workers' take-home pay go up. Following an announcement in last year's Autumn Budget, the personal allowance for earners in the basic rate band will rise to 11,850 pounds on April 6. ind.pn/2Ef3Mh2

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