- Dollar Sees Record Winning Run Versus Euro on Trump Policy View (BBG)
- Dollar heads for best fortnight vs. yen since 1988 (Reuters)
- Jeff Sessions Said to Be Trump’s Pick for Attorney General (BBG)
- Flynn set to be national security adviser (Reuters)
- NATO Secretary General Expects to Speak With Trump ‘Very Soon’ (BBG)
- Hensarling Could Be Wall Street’s Best Hope or Worst Nightmare (BBG)
- OPEC moves closer to oil output deal as Iran gets new offer (Reuters)
- President Obama Meets With EU Leaders for Last Time (WSJ)
- Putin, Obama likely to talk on sidelines of Lima summit: Kremlin (Reuters)
- Trump Is Making Bond Markets Nervous (BBG)
- Draghi Says Recovery Is Still Reliant on ECB Policy Support (BBG)
- Facebook Fends Off Crises With Confidence (WSJ)
- Iraqi children dump Islamic State’s books of violence (Reuters)
- Private Prisons Get a Boost From Trump (BBG)
- Fed’s Bullard Says Leaning Toward Backing December Rate Increase (WSJ)
- A $900 Billion Oil Treasure Lies Beneath West Texas Desert (BBG)
- Chipotle, William Ackman Near Settlement Over the Board (WSJ)
- Next Wild Card for Markets: Italy’s Constitutional Referendum (WSJ)
- China Tells Trump That Climate Change Is No Hoax It Invented (BBG)
Overnight Media Digest
FT
Even after its exit from the European Union, the UK would be bound by tax rules that would restrict it from granting incentives to keep investors in the country – and would also face EU budget bills for more than a decade, German Finance Minister Wolfgang Schauble told the Financial Times.
Deutsche Bank AG’s supervisory board is taking legal counsel on whether it can recoup bonuses from a number of former executives, including former chief executives Anshu Jain and Josef Ackermann.
The Confederation of British Industry faces accusations of hypocrisy after British think-tank Policy Exchange said the business lobby did not have a single non-white senior director at a national or regional level, despite asking its members to broaden the diversity of their directors.
Hungary will reduce its corporate tax rate to a flat 9 percent as part of efforts to boost its economic competitiveness and help wages rise, government officials said on Thursday
NYT
– Andrew Davenport, the chief executive of the mail-order pharmacy Philidor Rx Services, and Gary Tanner, an executive at Valeant Pharmaceuticals International have been charged with multiple counts of fraud and conspiracy. http://nyti.ms/2fBF7uv
– President-elect Donald Trump has offered the post of national security adviser to retired intelligence officer Michael Flynn. http://nyti.ms/2fBFu8n
– In his strongest public comments since the election, President Barack Obama on Thursday sharply criticized the spread of fake news online and said that Trump would not remain in office for long if he failed to take the job seriously. http://nyti.ms/2fBNTZz
– Trump met with the prime minister of Japan, Shinzo Abe, in New York on Thursday as the president-elect continued his fitful adjustment to the protocols of high-level diplomacy. http://nyti.ms/2fBTwqy
– Airbnb said on Thursday that it is expanding beyond its core short-term rental business, which faces pushback from local governments around the world, to become a fuller service travel agency. http://nyti.ms/2fBNEOf
– McDonald’s said on Thursday it would expand its digital self-serve ordering stations and table service to all of its 14,000 American restaurants. http://nyti.ms/2fBNPZV
– Jared Kushner, the son-in-law of Trump, has spoken to a lawyer about the possibility of joining the new administration, a move that could violate federal anti-nepotism law and risk legal challenges and political backlash. http://nyti.ms/2fBLtKx
– With the election now in the rearview mirror, Bloomberg has decided to terminate its daily politics show “With All Due Respect” hosted by the political journalists John Heilemann and Mark Halperin and refocus its Bloomberg Politics team, according to a staff memo on Thursday. http://nyti.ms/2fBOEBY
Canada
THE GLOBE AND MAIL
** A former employee of Valeant Pharmaceuticals International Inc, and the head of now-defunct mail-order pharmacy Philidor Rx Services LLC have been criminally charged in the United States for allegedly engaging in a multi-million dollar kickback scheme that defrauded the Canadian drug maker. https://tgam.ca/2g4F5tB
** A sudden sharp rise in interest rates that could cause Canadian home prices to plunge 30 per cent would trigger more than C$1 billion ($740.9 million) in losses to the country’s government-backed mortgage insurer, according to the results of stress tests released on Thursday by Canada Mortgage and Housing Corp. https://tgam.ca/2g4HqEO
** J.C. Flowers & Co and Varde Partners, two U.S.-based private equity companies, will pay an undisclosed amount for high-risk lender CitiFinancial Canada, which has C$2.5 billion in assets, 217 branches and 1,300 employees. https://tgam.ca/2g4FEnl
NATIONAL POST
** Suncor Energy Inc plans to spend C$1 billion less next year, as it finishes work on two major projects, and continues to drive down its costs. http://bit.ly/2g4IxnY
** Ed Fast, the former international trade minister in the Conservative government, says he is “increasingly concerned” about the ability of the Liberals to defend Canada’s “national interests” under a U.S. administration led by Donald Trump. http://bit.ly/2g4G8d5
** Kevan Cowan has been named chief regulator of a planned co-operative federal-provincial watchdog known as the Capital Markets Regulatory Authority. http://bit.ly/2g4DDaC
** As the print media industry copes with mounting revenue declines, layoffs and quarterly losses, the Trudeau government is considering what the media landscape would look like without the country’s two largest newspaper companies, Postmedia Network Canada Corp and Torstar Corp. http://bit.ly/2g4HK6S
Britain
The Times
* Former shadow chancellor Ed Balls said that the Bank of England has become so powerful since the financial crisis that limits to its independence are now needed. http://bit.ly/2f5Ff1e
* Royal Bank of Scotland Group Plc ignored warnings from senior advisers about estimated losses that would be reported in the prospectus for its record 12 billion pounds($14.89 billion) rights issue in order to portray the bank in a falsely healthy light, according to court documents filed by a large group of shareholders. http://bit.ly/2f5DYYc
The Guardian
* Tesco Plc Chief Executive Dave Lewis warned multinational consumer brand owners, such as Marmite’s parent company Unilever Plc, asking them not to push currency-related price hikes on to British shoppers. http://bit.ly/2f5IxBY
* The number of care workers on zero-hours contracts has jumped from one in 10 of the sector’s workforce to one in seven in the past year, according to an analysis of data from the Office for National Statistics. http://bit.ly/2f5AWTL
The Telegraph
* Britain’s mobile phone company Three Mobile said that hackers have successfully accessed its customer upgrade database which could put the personal data of millions of customers at risk. http://bit.ly/2f5zl0n
* Hundreds of jobs may be lost in Somerset after GKN Plc said it would close a plant that makes helicopter components at the end of next year. http://bit.ly/2g3Bf3W
Sky News
* Office stationery brand Staples Inc will disappear from UK high street after its U.S. owner sold its struggling business to restructuring specialists Hilco Capital for a “nominal sum.” http://bit.ly/2f5vNuO
* Accountancy firm Deloitte UK Chief Executive David Sproul said it may move some of its business out of UK if the Government’s stance on immigration is too strong. http://bit.ly/2f5uzQn
The Independent
* The Office for National Statistics reported that retail sales surged by 1.9 percent in October, far exceeding City analysts’ expectations and showing continued strength of household consumption despite the Brexit vote. http://ind.pn/2f5w7Kb
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