- Trump, Clinton press closer to general election showdown (AP)
- Acela primaries: Winners, losers (Hill)
- Trump Says He’s `Presumptive Nominee’ as Clinton Wins Four (BBG)
- In the battle for Hollywood endorsements – and cash – Clinton rules (Reuters)
- U.S. Oil Rises Above $45 a Barrel for First Time Since November (BBG)
- Spin: Near-Zero Growth Happens Often in Slow-Motion U.S. Economy (BBG)
- Comcast in Discussions to Buy DreamWorks Animation (WSJ)
- Iran’s Supreme Leader says U.S. lifted sanctions only on paper (Reuters)
- Oil’s Magic Number Becomes $50 a Barrel for Promise of Recovery (BBG)
- Donald Trump Set to Give Foreign-Policy Speech (WSJ)
- Suspect in Paris attacks extradited to France from Belgium (Reuters)
- Oil Companies’ Bet on Kurdistan Turns Sour (WSJ)
- Greek stocks slump as Tusk rejects emergency summit (FT)
- China Debt Headache Swells as Bank Breaches Bad-Loan Buffer (BBG)
- Germany Plans $1.4 Billion in Incentives for Electric Cars (BBG)
- Barclays Posts Drop in Profit on Falling Returns at Investment Bank (WSJ)
- Xi says China must create jobs to replace ones lost due to reforms (Reuters)
- 1MDB Bondholders Face Threat of More Tussles Ahead of May Coupon (BBG)
- Victoria Nuland says optimistic about Ukraine reforms (Reuters)
- Chipotle Sales Tumble 23% as Food-Safety Fallout Persists (BBG)
- Delaware’s $1 Billion Opacity Industry Gives U.S. Onshore Haven (BBG)
- US Steel files trade complaint against big Chinese producers (AP)
- Spain’s new elections: three possible outcomes (FT)
Overnight Media Digest
WSJ
– Tuesday brought Donald Trump and Hillary Clinton closer to winning their parties’ nominations, but like a hotly contested sporting event, the presidential contest is getting nasty as the end draws nearer. (http://on.wsj.com/1UgfIo8)
– Comcast Corp is in talks to buy DreamWorks Animation SKG Inc for more than $3 billion, according to people familiar with the matter, in a deal that could make the cable giant a rival to Walt Disney Co in the lucrative family-entertainment business. (http://on.wsj.com/1UfWU8u)
– Oil companies that piled into Iraqi Kurdistan after Saddam Hussein’s ouster are running into trouble, unravelling the region’s promise as source of easy-to-drill oil and threatening Iraq’s production surge. (http://on.wsj.com/1VV4VRs)
– Book retailer Leonard Riggio said in an interview Tuesday that he will step down as executive chairman of Barnes & Noble Inc, following the company’s annual meeting scheduled for September. (http://on.wsj.com/241Gbfa)
FT
Former Barclays executive Eric Bommensath told a London court on Tuesday that he was not aware of alleged attempts by traders at the British bank to manipulate the Libor global financial benchmark rate.
The New York Times Co said on Tuesday it would close its editing and pre-press print production operations in Paris, resulting in the elimination or relocation of up to 70 jobs as it moves to cut costs at its international newspaper.
French retailer Fnac said on Tuesday it had the backing of a majority of Darty shareholders in a battle with South Africa Steinhoff for control of the London-listed electronic goods retailer.
NYT
– Apple, the Silicon Valley giant that has spent much of the last five years as the world’s most valuable company, said on Tuesday that revenue for its second fiscal quarter, which ended in March, declined 13 percent to $50.6 billion as sales of its flagship product, the iPhone, fell, with little else to take its place. (http://nyti.ms/1SJ63nu)
– Standard & Poor’s stripped Exxon Mobil of its top credit rating on Tuesday for the first time since the Great Depression, signaling that even the mightiest oil company cannot escape the worst oil and gas slump since the 1980’s. (http://nyti.ms/234W9PU)
– A justice on Brazil’s high court has freed Andre Esteves, the former chief executive of the Brazilian investment bank BTG Pactual, his lawyer said in an interview on Tuesday. (http://nyti.ms/1qS4vhD)
– Longtime columnist for The Las Vegas Review-Journal, John L Smith, has resigned, becoming the latest journalist to leave the newspaper since it was bought by Sheldon Adelson, the billionaire casino magnate and Republican donor, late last year. (http://nyti.ms/1SOagcU)
Canada
THE GLOBE AND MAIL
** Canada’s biggest oil sands producers – Suncor Energy Inc , Cenovus Energy Inc, Canadian Natural Resources Ltd and Royal Dutch Shell Plc – are in discussions with some leading environmental groups in an effort to parlay the companies’ support for Alberta’s climate policy into reduced opposition to the industry and its proposed pipelines. (http://bit.ly/1pEvBI2)
** Alberta’s Finance Minister Joe Ceci vowed to win back the province’s top investment-grade rating after suffering two credit downgrades this month. (http://bit.ly/1pEwXCI)
NATIONAL POST
** Justin Trudeau maintains the Great Bear Rainforest is no place for an oil pipeline – as Enbridge Inc examines possible alternatives to Kitimat in British Columbia, as endpoints for Northern Gateway – but sources say the prime minister isn’t necessarily rejecting Prince Rupert as a possible marine oil port. (http://bit.ly/1pExZyH)
** Husky Energy Inc will wait for a return to stability in the oil business before restoring investment and dividends, CEO Asim Ghosh said Tuesday. (http://bit.ly/1pEz49s)
Britain
The Times
Eddie Parladorio, a lawyer on the board of Retail Acquisitions, which bought BHS for 1 pound in March 2015, objected to the UK retailers’s decision to loan 1.5 million pounds ($2.19 million) to a company linked to the father of Retail Acquisition’s current owner, Dominic Chappell. (http://bit.ly/1WRVX6X)
BP Plc plans to cut costs by $7 billion next year after reaffirming its commitment to maintain shareholder payouts, despite a plunge in oil prices to their lowest level in 12 years. (http://bit.ly/1WRWe9T)
The Guardian
Tata Steel Ltd has not ruled out keeping its UK business, including the Port Talbot steelworks, despite having begun the process of selling it and announcing it wants to pull out of the country, according to a source close to the Indian company. (http://bit.ly/1WRWkOS)
Volvo AB is set to run self-driving versions of its family 4x4s on roads around London next year as the motor industry’s trial of autonomous vehicles accelerates. (http://bit.ly/1WRWo18)
The Telegraph
Tado, a German start-up that supplies smart-heating technology to millions of SSE Plc’s UK customers, has raised $23 million to help fund its expansion into new markets and roll out a remote monitoring system for household boilers in Britain. (http://bit.ly/1WRWztn)
The UK’s Financial Conduct Authority has begun sifting through the British links to the law firm at the heart of the Panama Papers leak, although its acting chief executive said it is “far too early” to predict how many UK firms might have broken the law. (http://bit.ly/1WRWGVM)
Sky News
Asda will be publicly criticised by competition watchdogs on Wednesday when they publish the latest phase of their response to a ‘super-complaint’ about predatory pricing tactics by major grocers. (http://bit.ly/1WRVrpC)
Chancellor of the Exchequer George Osborne is set to repeat his argument that the EU referendum is already weighing down the UK economy. The key measure of economic growth – the GDP figure for the first three months of this year – will be released on Wednesday. (http://bit.ly/1WRVtO5)
The Independent
Scottish Power has agreed to pay 18 million pounds for failing to treat its customers fairly. The fine follows an investigation by industry regulator Ofgem into the firm’s customer service. (http://ind.pn/1WRWFkH)
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