- Angry White Males Propel Donald Trump—and Bernie Sanders (WSJ)
- Trump Beats Back Attacks and Tightens Hold on Primary Race (BBG)
- Fed Likely to Stand Pat on Rates, Keep Options Open for April or June (Hilsenrath)
- Draghi Stimulus Fails in Stock Market as Swings Match 2008 (BBG)
- Sabine Oil wins pipeline ruling in a blow to pipeline operators (Reuters)
- U.S. Officials Propose Test Program Aimed at Lowering Medicare Drug Costs (WSJ)
- Death of a Shale Man: The Final Days of Aubrey McClendon (BBG)
- North Korea’s Kim says country has miniaturised nuclear warheads (Reuters)
- China May Face Japan-Like Slump Unless Yuan Weakens, KKR Says (BBG)
- Saudi Arabia seeks $6-8 billion bank loan to shore up state coffers (Reuters)
- Manipulation or Brilliant Trade? The Curious Case of Don Wilson (BBG)
- Biden says his family was near scene of Tel Aviv attack (Reuters)
- Russia running out of time for Rio, says Pound (Reuters)
- UBS, Deutsche Bank Escaped Bonus Taxes Like Houdini, Judges Say (BBG)
- Police shot Oregon protester in back but act was ‘justified’: prosecutor (Reuters)
- U.S. Airlines Review Capacity Plans as Average Fares Drop (WSJ)
- Norway Wealth Fund Isn’t Joining Global Stock Selloff, CEO Says (BBG)
- French soccer body’s office searched in Blatter investigation (Reuters)
- Experts perplexed over why Sharapova was taking banned heart drug (Reuters)
- United CEO Survives Heart Transplant to Find Board Fight Waiting (BBG)
Overnight Media Digest
WSJ
– The Obama administration is proposing a test program to see if lowering reimbursements for drugs administered by some Medicare doctors would prompt them to choose lower-cost, but equally effective medications. (http://on.wsj.com/1LQiUV0)
– U.S. airlines are starting to review their capacity plans in the wake of a continuing drop in average fares, with the decline in ticket prices outpacing the slide in fuel costs. (http://on.wsj.com/1LQkkis)
– Federal officials Tuesday released a draft plan to expand a $9.25-a-month phone subsidy for low-income people to include broadband Internet service. The plan, tentatively announced in mid-2015, is aimed at helping bridge a potentially worrisome divide between higher-income and lower-income households when it comes to Internet access. (http://on.wsj.com/1LQjB0D)
– The possibility of a New Jersey Transit strike next week has forced some New York City businesses to draw up contingency plans – from car pooling to telecommuting – for employees who rely on the railroad to get to work. (http://on.wsj.com/1LQjWjX)
– Federal Reserve officials are likely to hold short-term interest rates steady at their policy meeting next week and leave open ended, when they will next raise rates given their uncertainties about markets and global growth. (http://on.wsj.com/1LQkyGb)
– Gordon Bethune – former boss of one of the airlines that merged to form United Continental Holdings Inc – says he wants to be the chairman of the struggling carrier’s board, joining two hedge funds waging a battle for control of the board. (http://on.wsj.com/1LQnGSz)
– China is poised to overtake the U.S. as the biggest movie market in the world while regulators probe whether distributors are buying tickets in bulk to boost box-office totals. (http://on.wsj.com/1LQotTo)
– The Canadian unit of Exxon Mobil Corp said Tuesday it has agreed to sell its remaining company-owned retail gas stations in Canada to five fuel distributors. Imperial Oil Ltd said the deal for 497 Esso-branded outlets across Canada is worth C$2.8 billion ($2.08 billion). (http://on.wsj.com/1LQoFC9)
– Valeant Pharmaceuticals International Inc is in discussions to add as many as three new directors to its board as the drugmaker seeks to reassure investors, according to people familiar with the matter. (http://on.wsj.com/1LQoHKp)
FT
* German bank Berlin Hyp on Tuesday issued 500 million euros of covered bonds with no coupon and priced to yield minus 0.162 percent, becoming the first non-state borrower to issue euro- denominated debt at a negative yield.
* Lagardere’s chief financial officer, Dominique D’ Hinnin, is to depart the French media group, a move that could spark a power tussle among its remaining executives.
* France has opened a formal investigation into suspected “aggravated fraud” by Volkswagen following revelations the German carmaker rigged vehicle diesel emissions tests, the Paris prosecutor’s office said on Tuesday.
NYT
– German prosecutors said on Tuesday that they had expanded their investigation into the illegal manipulation of tailpipe emissions by Volkswagen AG, raising the number of suspects to 17, from six. (http://nyti.ms/21YcudQ)
– An appeals court on Tuesday denied a request by Tom Hayes, a former trader at Citigroup Inc and UBS Group AG , to ask Britain’s highest court to review his conviction in August for conspiring to manipulate a global benchmark interest rate known as Libor. (http://nyti.ms/21YczOG)
– After years of seeing United Continental Holdings struggle, two hedge funds have begun an insurrection against the airline’s board – and have turned to Gordon Bethune, former chief executive of Continental Airlines, to lead the charge. (http://nyti.ms/21YcOt9)
– An unregistered investment adviser with a criminal past and an interest in the wine business is facing fraud charges by the Securities and Exchange Commission, which has accused him of going to extraordinary lengths to hide his past from investors and make his firm appear legitimate. (http://nyti.ms/21Yfozh)
– Marcelo Odebrecht, the former chief executive of Brazil’s largest construction company Odebrecht SA, was convicted of corruption and money laundering on Tuesday. He was sentenced to more than 19 years in prison by the Brazilian judge who is leading the wide-ranging investigation into corruption at the state-owned oil company, Petrobras. (http://nyti.ms/21YfK92)
Canada
THE GLOBE AND MAIL
** Imperial Oil Ltd has reached a deal to sell 497 Esso-brand retail gas stations to five fuel distributors for $2.8 billion, as the company seeks to focus on its expanding oil sands and refining businesses.(http://bit.ly/1p7h5sg)
** The Liberal Canadian government has placed Transport Canada under special oversight for repeatedly missing internal financial targets – a highly unusual move targeting a federal department. (http://bit.ly/1QCO9Sz)
** Prime Minister Justin Trudeau and President Barack Obama are expected to commit their two countries to slash methane emissions from the oil and gas industry by at least 40 per cent as part of a bilateral approach to curb climate change.(http://bit.ly/1RQXPZV)
NATIONAL POST
** United Airlines has ordered another 25 aircraft from Boeing Co, virtually killing Bombardier Inc’s hopes of selling the CSeries to the big U.S. carrier. United said Tuesday that it will supplement its previously announced order for 40 narrow-body 737-700 jets with 25 more.(http://bit.ly/1QLb5wR)
** The federal consumer agency is sounding warning bells about the growing debt Canadians are taking on through auto loans. Consumers have been taking advantage of stretched amortization periods in recent years to take on more debt without increasing their monthly payments, the Financial Consumer Agency of Canada revealed Tuesday in a research report tracking market trends. (http://bit.ly/1Lcz8Yz)
Britain
The Times
Deutsche Boerse races to seal London Stock Exchange deal before US rivals bid
Deutsche Boerse AG is closing in on a deal to merge with the London Stock Exchange Group Plc within days, unless there is a counterbid from America. The “merger of equals” could be agreed as soon as the end of next week. (http://thetim.es/1Rz3C3y)
The Guardian
Volkswagen may cut jobs to pay for emissions scandal
Volkswagen AG may have to cut jobs in the United States and Europe, depending on how much it is fined for manipulating diesel emissions tests, a company official has told workers at its German headquarters. (http://bit.ly/1QJppFZ)
Bank of England in row as governor denies pro-EU bias
The Bank of England has become embroiled in the increasingly bitter EU referendum debate after its governor was forced to fend off accusations that Threadneedle Street was being too supportive of the government’s pro-EU line. (http://bit.ly/24NR6XS)
The Telegraph
Tesco seeks deal to buy O2 out of joint venture for mobile push
Tesco Plc is planning to take advantage of the fallout from Hutchison’s 10.25 billion pounds ($14.55 billion)takeover of O2 with a big push in the UK mobile market, seeking to expand sales outside the tough groceries market. (http://bit.ly/1Xbb3SK)
BT’s boss turns to fibre in effort to rule out spectre of separation from Openreach
Gavin Patterson, BT Group Plc’s chief executive, has promised to plough millions of pounds into connecting homes and businesses with fibre-optic cables, suggesting a strategic shift from copper-based technologies. It move comes as the telecoms giant attempts to secure its hold on Openreach, a BT subsidiary which runs the UK’s broadband infrastructure, after industry watchdog Ofcom proposed a radical overhaul to BT’s governance and finances, in a once-in-a-decade review of the market. (http://bit.ly/1Tr0KMi)
Sky News
KPMG Partners Quit After A&M Bid Snubbed
A trio of senior partners at KPMG have quit after the firm snubbed a surprise takeover offer from rival professional services firm Alvarez & Marsal (A&M) for part of its advisory business. (http://bit.ly/1nuOc8j)
Thomas Cook Scraps Summer Holidays To Sharm
Thomas Cook Group Plc has extended its cancellation of trips to the Egyptian resort of Sharm el Sheikh until the end of October because of security fears. The travel operator had previously stopped flights following the downing of a Russian passenger jet last year – covering holidays up to and including 25 May – following Foreign Office advice. (http://bit.ly/1Xb9W5s)
Npower Confirms 2,400 UK Job Losses
‘Big six’ energy firm npower has confirmed 2,400 jobs are to go in the UK after it racked up an operating loss of 106 million pounds in 2015 – a year in which it lost 7 percent of its domestic customers. (http://bit.ly/21iInIy)
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