- Weak China data, stronger dollar send global stocks skidding (Reuters)
- Oil price gains limited by higher OPEC output, U.S. crude stocks (Reuters)
- A Trans-Atlantic Revolt Against Central Bankers (WSJ)
- Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts (BBG)
- Stumpf’s departure likely to have big consequences for US banks (FT)
- SEC Said to Demand That Cooperman Agree to Hedge Fund Suspension (BBG)
- FBI, DOJ roiled by Comey, Lynch decision to let Clinton slide by on emails, says insider (Fox)
- Frenzy surrounds ‘Apprentice’ tapes (NYT)
- U.S. Launches Strikes on Yemen After Warship Targeted (BBG)
- U.S. lawmaker urges Saudi arms sales halt, cites possible Yemen ‘war crimes’ (Reuters)
- Kremlin tells Britain: You have to keep our diplomats safe (Reuters)
- Emir instructs 17 ambassadors to return to Qatar (Doha News)
- Haim Saban wants to put Clinton in the White House and take Univision public (BBG)
- UK faces Brexit divorce bill of up to €20bn (FT)
- U.S. military strikes Yemen after missile attacks on U.S. Navy ship (Reuters)
- China corporate raider’s wealth soars ninefold to $17bn (FT)
- Trump Attacks Washington Insiders Over Clinton Emails (WSJ)
- France’s Sapin Says No Doubt Now About Banks Leaving London (BBG)
Overnight Media Digest
WSJ
– Samsung Electronics Co cut its preliminary third-quarter earnings guidance figures on Wednesday, a day after announcing that it would permanently discontinue its troubled Galaxy Note 7 smartphone. http://on.wsj.com/2d8JcWT
– Tesco PLC, Britain’s largest grocer, pulled products made by Unilever PLC from its online shopping site because of a dispute over pricing in the wake of the pound’s sharp descent, according to a person familiar with the matter. http://on.wsj.com/2d8JkWn
– Toyota Motor Corp disclosed talks with Suzuki Motor Corp about an alliance to share the burden of developing self-driving cars and low-cost vehicles, a step the two auto makers said was needed to survive “unprecedented” change. http://on.wsj.com/2d8IIAa
– The South Korean bankruptcy court handling Hanjin Shipping Co’s insolvency proceedings said Thursday it plans to dispose of the firm’s sales and marketing network for its Asia-U.S. route, in an effort to raise funds and help rehabilitate the indebted company. http://on.wsj.com/2d8JDkl
– Ericsson AB, one of the world’s largest makers of telecom equipment, capped a series of management-shakeup and job-cut announcements with a profit warning that sent its share price tumbling and laid bare how the rise of Asian rivals has wounded Western suppliers. http://on.wsj.com/2d8IAAP
– Wells Fargo & Co Chairman and Chief Executive John Stumpf, under fire for the bank’s sales-tactics scandal and his own handling of its fallout, is stepping down from both roles, effective immediately, the bank said. http://on.wsj.com/2d8JHjI
– Amazon.com Inc said it plans to start a new music streaming service that – like at least half a dozen competitors – offers on-demand, unlimited access to tens of millions of songs for a monthly fee. http://on.wsj.com/2d8ISYo
– The Organization of the Petroleum Exporting Countries increased its production last month, the group said in a report on Wednesday. But the data for how much production rose conflicts with information provided by individual member countries, underscoring the challenges ahead as OPEC tries to complete a deal to cut production. http://on.wsj.com/2d8KFNb
FT
* Britain could face a 20 billion pound charge for leaving the European Union, according to an analysis by the Financial Times. The 20 billion estimate covers Britain’s share of continuing multi year liabilities.
* Wells Fargo & Co’s veteran chairman and chief executive officer, John Stumpf abruptly departed on Wednesday bowing to pressure over its sales tactics that has damaged the bank’s reputation and put Wall Street under renewed scrutiny.
* U.S. photo-sharing app Snapchat has chosen Morgan Stanley and Goldman Sachs Group Inc as lead underwriters for an initial public offering that could come as early as March, as reported by Bloomberg.
NYT
– Snapchat’s parent, recently renamed Snap Inc has hired investment banks Morgan Stanley and Goldman Sachs Group Inc for a potential initial public offering. http://nyti.ms/2e7fG5g
– Wells Fargo & Co’s Chief Executive John Stumpf announced his departure from the company following the scandal surrounding its sales tactics. http://nyti.ms/2e7isrd
– Amazon.com Inc announced its streaming service- Amazon Music Unlimited – that will compete directly with Spotify and Apple Music. http://nyti.ms/2e7gR4E
– Lloyds Banking Group Plc said it would eliminate 1,340 jobs as part of its long-standing restructuring plan. http://nyti.ms/2e7i8Zp
– Toyota Motor Corp and Suzuki Motor Corp said on Wednesday that they were discussing a business partnership. http://nyti.ms/2e7i3VM
Britain
The Times
* Only 1 percent of international students break the terms of their visa by refusing to leave after their course ends, a government study has found. The research threatens to undermine Prime Minister Theresa May’s case for a crackdown on foreign student recruitment and calls into question past estimates that put the figure far higher. (http://bit.ly/2ddqCYU)
* British classics such as Colman’s mustard, Hellmann’s mayonnaise, PG Tips teabags and Marmite were withdrawn from Tesco Plc’s website yesterday as the supermarket had a pricing dispute with the brands’ owner, Unilever, which may be a sign of fallout from sterling’s recent plunge in value. (http://bit.ly/2d8qoXY)
The Guardian
* A brief rally in the pound was quickly reversed on Wednesday after the government refused to make tariff-free access to the European Union’s single market a red line in Brexit negotiations with Brussels. Investors sold the pound after Brexit minister David Davis told MPs it was “not black or white” whether the UK would stay in the single market. (http://bit.ly/2ddt4yO)
* Two coal power plants will be paid a combined 77 million pounds ($95.75 million) to be on standby this winter as part of National Grid’s plan to minimise the risk of electricity blackouts. The size of the UK’s capacity margin – the buffer zone between available power supply and predicted peak demand – will be revealed on Friday when National Grid publishes its winter outlook. (http://bit.ly/2e8QA0w)
The Telegraph
* British businesses should stop hiding and instead travel the world promoting “Brand Britain” as “cheerleaders of open markets”, according to former Sainsbury’s boss Justin King. (http://bit.ly/2d86Y5y)
Sky News
Britain will seek “maximum possible access” to the European market once it leaves the EU, Theresa May has said. But the Prime Minister stressed the June 23 vote also meant “we should control the movement of people from the EU into the UK”. (http://bit.ly/2etnzki)
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