Frontrunning: November 1

  • NYC truck attack: Investigators scour driver’s background (AP)
  • Release of House tax bill delayed until Thursday (Reuters)
  • U.S. pursues direct diplomacy with North Korea despite Trump rejection (Reuters)
  • GOP Braces for ‘All Hell’ to Break Loose Over Tax Bill (BBG)
  • Former Trump adviser’s guilty plea could rattle White House (AP)
  • Disclosure of Papadopoulos’s Email Hunt Sheds Light on Quest for Clinton ‘Dirt’ (WSJ)
  • Brexit May Cost 75,000 U.K. Finance Jobs, Top Regulator Says (BBG)
  • Uber-SoftBank Deal in Jeopardy Over Kalanick’s Role (WSJ)
  • U.K. House Prices Stuck in Low Gear Amid Pressure on Incomes (BBG)
  • China’s Dandong Port Group Defaults on $150 Million in Bonds (WSJ)
  • Obamacare’s Rising Premiums Will Hurt the Middle Class the Most (BBG)
  • Dodgers Force Game 7, Stifling Astros, 3-1 (WSJ)
  • Gold Bugs Embrace Bitcoin, Upending Retail Sellers (WSJ)
  • Razer CEO to Become a Billionaire With Li Ka-shing Backing (BBG)

Overnight Media Digest


– Eight people were killed and at least a dozen injured on Tuesday when a truck mowed down pedestrians and cyclists on a lower Manhattan bike path in what officials said was a “cowardly act of terror,” the deadliest attack in New York City since Sept. 11, 2001.

– Three U.S. aircraft carriers are scheduled to travel near the Korean Peninsula soon, and the military may decide to keep them in the area for maneuvers that would coincide with President Donald Trump’s coming visit to Asia, U.S. defense officials said.

– Rockwell Automation Inc has rejected a takeover bid by Emerson Electric Co worth roughly $27.5 billion, spurning a deal that would have combined two big U.S. makers of machines and software used in manufacturing.

– Samsung Electronics Co shook up its senior ranks on Tuesday in a move that would replace all of its co-chief executives and strip its board chairman of any executive role for the first time as it looks to address concerns about a leadership vacuum at the top.

– Federal trade officials are recommending that the Trump administration impose an import tariff of up to 35 percent on solar panels to protect U.S. solar manufacturers from low-price imports that have undercut the companies’ ability to compete.



Britain’s exit deal with the European Union “will probably favour the union on things like money”, Brexit secretary David Davis told members of the House of Lords on Tuesday, hinting that the UK will have to increase its opening 20-billion-euro ($23.27-billion) offer on the divorce bill to move talks on to the next phases.

Fixed-odds betting terminals, which currently allow gamblers to place bets of up to 100 pounds ($132.77) every 20 seconds on games such as roulette, should have maximum stakes of between 2 pounds and 50 pounds, according to a government review into the gambling industry.

Christopher Bailey, who fashioned Burberry Group Plc into a global label, is to leave the company in 2018, calling an early halt to what he had hoped would be a “wonderful” partnership with new chief executive Marco Gobbetti.



– Executives from Facebook Inc, Google and Twitter Inc appeared on Capitol Hill for the first time on Tuesday to publicly acknowledge their role in Russia’s influence on the presidential campaign, but offered little more than promises to do better. Their reluctance frustrated lawmakers who sought stronger evidence that American elections will be protected from foreign powers.

– The Environmental Protection Agency and the Department of Justice announced Tuesday that Exxon Mobil Corp will pay $2.5 million in fines for flaring gases at eight plants along the Gulf Coast. Agency officials said the announcement was evidence of the Trump administration’s commitment to enforcing the nation’s environmental laws.

– National Public Radio has placed a top editor on leave after allegations emerged on Tuesday that he had sexually harassed multiple women while at The New York Times.

– Google Docs threw some users for a loop on Tuesday when the service suddenly locked them out of their documents for violating Google’s terms of service. The alerts were caused by a glitch, but they served as a stark reminder that not much is truly private in the cloud.

– Scott Pruitt, the head of the Environmental Protection Agency, stripped a half-dozen scientists and academics of advisory positions Tuesday and issued new rules barring anyone who receives EPA grant money from serving on panels that counsel the agency on scientific decisions.

– House Republicans delayed the rollout of their tax bill late on Tuesday, in a sign of early trouble for what party leaders had hoped would be a quick victory.




Canadian retailer Metro Inc confirmed that bureau investigators were at its Montreal and Toronto offices “in an investigation that is also targeting other Canadian retailers as well as suppliers,” spokeswoman Marie-Claude Bacon said, noting the bureau is looking into pricing.

Backers of British Columbia liquefied natural gas projects say they will fight Ottawa’s anti-dumping duty imposed on imported modules, warning that Canada is at risk of being shut out of the global LNG industry.

An Ontario court judge will be asked to dismiss all criminal charges against two senior staffers in former Ontario premier Dalton McGuinty’s office accused of destroying government records related to the controversial cancellation of two gas-fired power plants.


Natural gas producers in Alberta are frustrated with TransCanada Corp for changing the way it operates its gas pipeline network with little notice, which has led to massive commodity price swings.



The Times

– The head of the Financial Conduct Authority was criticised by MPs yesterday for slowness, complacency and methodological failings in its investigation into the scandal of small companies being deliberately mistreated by Royal Bank of Scotland.

– Vincent Tchenguiz has ended his long-running 2.2 billion pound ($2.92 billion) court battle against Kaupthing after reaching a confidential settlement with the failed Icelandic bank.

The Guardian

– The UK’s property market will take this week’s expected rise in interest rates in its stride, according to ratings agency Moody’s, but it warned that the outlook for the buy-to-let market has worsened significantly.

– The advertising group WPP Plc has lowered its growth forecasts for the third time this year amid shrinking client budgets, but said its UK business was benefiting from Brexit uncertainty.

The Telegraph

– British fashion house Burberry Group Plc revealed that long-serving creative designer Christopher Bailey, 46, will step down next March from the board but will continue to provide “full support” to Burberry’s team, which includes new boss Marco Gobetti, until the end of 2018.

– BP Plc investors sent shares in the oil major to its highest price this year after the supermajor more than doubled its profits in the last three months, driven by a five-year high in earnings for its fuels, petrochemicals and refining businesses.

Sky News

– Learndirect, the former state-owned training provider, has won a last-ditch reprieve from its lenders as it seeks to rebuild its finances in the wake of a controversial report by the education watchdog.

– Banks will start taking “irreversible” decisions such as moving staff abroad if no Brexit transition deal is agreed by the end of this year, the head of the City watchdog has warned.

The Independent

– The maximum stake on fixed-odds betting terminals will be reduced from 100 pounds to between 50 pounds and 2 pounds, the Government announced on Tuesday – a move designed to protect vulnerable gamblers.

– Cabin crew members of the Unite union working for British Airways’ mixed fleet unit at Heathrow have accepted a pay deal by a majority of five to one.


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