- Donald Trump’s Win Just Latest Tremor Shaking GOP (WSJ)
- Trump Becomes Presumptive Republican Nominee as Cruz Exits Race (BBG)
- How ‘Stop Trump’ failed to halt the Republican front-runner (Reuters)
- Islamic State seeks news blackout in Mosul as Iraqi army nears (Reuters)
- U.S. gathers allies on next steps in Islamic State fight (Reuters)
- BHP, Vale Face $44 Billion Lawsuit Over Brazil Dam Disaster (WSJ)
- Euro-Area Economy Starts Quarter in a ‘Low Gear,’ Markit Says (BBG)
- Oil steadies near $45 after slide, Canada wildfire supports (Reuters)
- Despite Shale Glut, U.S. Imports More Foreign Oil (WSJ)
- ECB Urges Rigorous Debt-Reduction Rules as Low Rates Ease Burden (BBG)
- Oil Price Upheaval Finally Hits Refiners (WSJ)
- Tanker leaves east Libyan port without loading, amid stand-off with Tripoli (Reuters)
- Apple to Revamp Streaming Music Service After Mixed Reviews, Departures (BBG)
- Target gets tough with vendors to speed up supply chain (Reuters)
- Brazil’s Crusading Corruption Investigation Is Winding Down (BBG)
- Malaysia dissolves 1MDB advisory board headed by PM Najib (Reuters)
- Portugal Says No to Pessimism When It Comes to Economic Forecasts (BBG)
- Hollande Plots Return From the Dead as French Economy Heals (BBG)
- Billions Are Being Invested in a Robot That Americans Don’t Want (BBG)
Overnight Media Digest
WSJ
– Republican front-runner Donald Trump almost certainly snared the Republican Party’s presidential nomination by winning a sweeping victory in Indiana’s primary Tuesday and forcing his chief rival, Texas Senator Ted Cruz, from the race. (http://on.wsj.com/1NjCqu4)
– Takata Corp is preparing to recall at least another 35 million rupture-prone airbag inflators that U.S. regulators have deemed a safety risk, said people familiar with the matter, further escalating a crisis at the Japanese supplier linked to numerous deaths and injuries. (http://on.wsj.com/1rjUBpl)
– MetLife Inc, one of the best-known brands in life insurance, misled tens of thousands of customers about a product that retirees seek out for safety, according to regulators, who levied a near-record $25 million fine against the company. (http://on.wsj.com/1X7JMTL)
– CBS Corp said its first-quarter earnings rose 20 percent as the broadcast of Super Bowl 50 boosted the media giant’s advertising sales. (http://on.wsj.com/21vlJhP)
FT
* Commerzbank earnings more than halved in the first quarter on Tuesday, hit by volatile capital markets and the drag on earnings from low interest rates.
* Commodities group Liberty House, confirmed on Tuesday that it had sent a letter of intent covering Tata Steel UK assets. The group will compete with Excalibur, a management-led buyout team that wants to bring employees on board as investors and which also sent a letter of intent.
* UBS reported weaker earnings and capital on Tuesday, following which its shares closed down 7.5 percent. The Swiss bank also warned that global financial market turmoil had paralysed client activity across its wealth management-dominated businesses.
* Barclays has launched a 100 percent mortgage which will allow some buyers to take out a entire mortgage value without needing to pay a deposit, a first by a high street bank since the financial crisis.
NYT
– Regulators are expected to announce as early as Wednesday that at least 35 million additional airbags made by Takata will need to be fixed, according to a person briefed on the matter. (http://nyti.ms/1rT2l2d)
– Google on Tuesday said it would expand its testing of autonomous vehicles by installing its technology in a fleet of minivans made by Fiat Chrysler. (http://nyti.ms/1Njt2qx)
– The head of development for Porsche, Wolfgang Hatz, has left the automaker seven months after he was suspended for possible involvement in Volkswagen’s emissions cheating scandal, Porsche said Tuesday. (http://nyti.ms/1QRROIG)
– Judge Ricardo Múcio Santana de Abreu Lima overturned a lower court order and lifted the nationwide suspension of WhatsApp in Brazil on Tuesday, allowing the popular messaging service owned by Facebook to get up and running again. (http://nyti.ms/26RHMmQ)
Canada
THE GLOBE AND MAIL
** Canada’s Veterans Affairs Minister Kent Hehr says members of the military with mental-health issues should not fear they will be automatically discharged when they step forward for treatment. (http://bit.ly/21w1oc4)
** Agriculture Minister Lawrence MacAulay promised on Tuesday to consult with farmers and processors in the coming weeks to deal with the problem of so-called diafiltered milk, triggering a potential trade showdown with the United States. (http://bit.ly/21w1uR1)
** The entire 80,000-strong population of Fort McMurray was ordered to leave everything behind and evacuate quickly as an out-of-control wildfire veered into the city on Tuesday with little warning, creating the largest fire evacuation in Alberta’s history. (http://bit.ly/21w1RLk)
NATIONAL POST
** Gregory Wiebe, a senior partner in the global accounting giant KPMG, who has been accused of being behind a tax avoidance scheme in the Isle of Man, says a lot of international tax rules “are broken” – and they need to be fixed. (http://bit.ly/21w2g0p)
** Bombardier Inc’s decision to curtail production of its largest business jets one year ago appears to be paying off, with the aircraft holding significantly more of their value than the competition. (http://bit.ly/21w2wfM)
** A dramatic increase in expected energy-related loan losses at Canadian Western Bank has reignited concerns that the effects of the energy downturn are just beginning to be felt by the country’s biggest lenders. In a pre-announcement before second quarter financial results are released later this month, the Edmonton-based bank said it will record C$33 million ($26 million) of provisions for credit losses on its oil and gas production portfolio. (http://bit.ly/21w2TqH)
Britain
The Times
– Manufacturing is in a period of “deep unease” and suffered its worst month in more than three years in April, as uncertainty grows over the European Union referendum result and demand at home and abroad continues to slow. (http://bit.ly/1TksFbj)
– HSBC Holdings Plc has blamed turmoil in global markets for a drop of nearly a fifth in its profits for the first three months of the year. Despite the fall in profits, HSBC said that there would be no cut to its payouts to shareholders. (http://bit.ly/1TksLQ1)
The Guardian
– The British government has ordered the insolvency watchdog to launch an immediate investigation into the circumstances surrounding BHS’s slump into administration. (http://bit.ly/1TktnW3)
– Asda has been ordered by the advertising watchdog to ensure future sales promotions do not mislead consumers about how much they could save, just days after the supermarket chain agreed to change potentially confusing pricing after public criticism by the government’s competition regulator. (http://bit.ly/1VJdsXT)
The Telegraph
– UK factory output contracted for the first time in three years in April as concerns about the global economy and troubles on the high street exerted a drag on activity. (http://bit.ly/1VJdzT8)
Sky News
– Britain’s biggest payday lender Wonga saw losses double last year as a price cap imposed by regulators, triggered a sharp fall in revenues. Wonga Group recorded a pre-tax loss of approximately 70 million pounds in 2015, compared to 37 million pounds a year earlier. (http://bit.ly/1VJdK0N)
The Independent
– A federal judge in New Orleans Monday allowed BP to drop its bid to avoid paying the second half of $2.3 billion in compensation promised to seafood interests harmed by the blown-out well. (http://ind.pn/1VJdX4b)
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