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Frontrunning: August 18

  • Hunt for Driver Widens as Second Attack Hits Spain, Five Suspects Are Killed (WSJ)
  • FT loses it over bitcoin’s relentless rise (FT)
  • China Codifies a Crackdown on ‘Irrational’ Outbound Investment (BBG)
  • U.S. Navy, citing poor seamanship, removes commanders of warship in deadly crash (Reuters)
  • ACLU Will No Longer Defend Hate Groups Protesting With Firearms (WSJ)
  • Erdogan tells Turks in Germany to vote against Merkel and allies (Reuters)
  • Merkel Jeered by Immigration Foes in Biggest Campaign Unrest Yet (BBG)
  • Trump’s attacks could leave him friendless if impeachment comes (Reuters)
  • Gore: Trump should resign (The Hill)
  • Fracking Jobs Prove Elusive for Coal Miners Looking to Switch (BBG)
  • Uber’s Kalanick Fires Back at Investor in Legal Battle (WSJ)
  • Women say they quit Google because of racial discrimination: ‘I was invisible’ (Guardian)
  • Energy Capital, Investors to Buy Calpine for $5.6 Billion (BBG)
  • China bank loans to slow as lenders rapidly exhaust annual quotas (SCMP)
  • Bannon Interview Raises New Questions About His Standing (WSJ)
  • Some Gas With That Sandwich? Convenience Dominates Fuel Market (BBG)
  • Take a Look Inside One of the World’s Biggest Bitcoin Mines (BBG)
  • Rising migrant flow to Spain could become ‘big emergency’: U.N. (Reuters)
  • In aftermath of Barcelona attack, unease over Ramblas security (Reuters)
  • South Africa to grant Grace Mugabe diplomatic immunity (Reuters)


Overnight Media Digest


– A van mowed down pedestrians in the heart of Spain’s second-largest city, killing at least 13 people in a terror attack claimed by Islamic State. Hours later, police said they killed five alleged terrorists as they responded to a possible attack in Cambrils, a town southwest of Barcelona.

– The government review of AT&T Inc’s $85 billion takeover of Time Warner Inc has reached an advanced stage, a significant milestone in a deal that was closely watched for signs of how the Trump administration would view large mergers.

– U.S. President Donald Trump defended the “beautiful” statues commemorating Confederate leaders and lamented efforts to remove them, weighing in on an issue central to the weekend’s deadly violence in Virginia.

– Arista Networks Inc is grabbing Cisco Systems Inc’s giant networking business, winning over its customers and rankling its top brass. The battle has divided CEO Jayshree Ullal and Cisco’s John Chambers, who were once close colleagues.

– The White House pulled the plug on a planned council that was to advise U.S. President Donald Trump on rebuilding the nation’s infrastructure, an apparent victim of the Charlottesville furor.

– Mylan NV agreed to pay $465 million to settle federal government claims that it overcharged the Medicaid program by millions of dollars for its EpiPen products.



– Cuadrilla has started drilling on the first UK shale well to bring U.S.-style shale gas production to UK. The drilling is expected to reach 3.5 km beneath its site near Blackpool, Lancashire.

– Data from UK’s Office for National Statistics released on Thursday show that retail sales, including fuel, rose 0.3 percent month-on-month basis. The growth in UK retail sales shows a higher spending on food which outweighs the falls in all other categories of expenditure.

– Thirteen people were killed and dozens wounded after a white van crashed into pedestrians in Barcelona’s bustling tourist district of Las Ramblas. Police said it as the worst attack in Spain since the Madrid train bombings in 2004.

– The Federal Deposit Insurance Corporation is suing European banks in a London court over the Libor-rigging scandal after parts of a similar New York lawsuit failed.



– Several of HBO’s Twitter accounts were hacked late Wednesday night, raising further security concerns at a moment when the premium cable channel has been dealing with the sustained leaking of proprietary information.

– Spain was hit by its worst terrorist attack in more than a decade on Thursday, when a van driver plowed into dozens of people enjoying a sunny afternoon on one of Barcelona’s most famous thoroughfares, killing at least 13 people and leaving 80 bloodied on the pavement.

– James Murdoch, the chief executive of Twenty-First Century Fox Inc and the son of a frequent ally of President Trump’s, condemned the president’s performance after the violence in Charlottesville, and pledged to donate $1 million to the Anti-Defamation League.




Canada is opening a migrant shelter in Ontario and pulling in police and civilian reinforcements from across the country to handle an accelerating influx of asylum seekers from the United States that shows no signs of abating.

The federal government has approved up to C$60 million ($47.4 million) in spending to bring electricity transmission to the remote First Nations community of Pikangikum, where lack of reliable power is contributing to a social and mental-health crisis in the community.

First Nations leaders have expressed their concerns about the treatment of Indigenous people in Canada to a United Nations committee that examines racial discrimination and one chief says Prime Minister Trudeau needs a “wake-up call.”


A group of aggrieved creditors wants to sue the executive officers and directors of Sears Canada Inc for negligence and intends to ask an Ontario judge to schedule a hearing for their motion on whether they can proceed with their claim.



The Times

– Mobile telecom gear maker Ericsson is understood to be seeking sweeping job cuts outside its native Sweden that may affect its workforce of 3,500 in the United Kingdom.

– Home improvement retailer Kingfisher Plc has blamed the weather for falling sales in the United Kingdom as it continues to be dogged by a slowdown in France. The retail group said that underlying sales at Castorama had fallen by 2.8 percent to 668 million euros ($783.30 million) while sales at Brico Depot were down 5.1 percent at 520 million euros ($609.75 million).

The Guardian

– Learndirect, the United Kingdom’s largest adult training provider, has blamed the government’s austerity programme for its failure to meet the education regulator’s minimum quality standards.

– Britain’s biggest companies have been told that a lack of diversity in their boardrooms could hinder government plans to increase trade with non-EU countries after Brexit. The warning comes as a report by the executive search company Green Park shows the number of FTSE 100 businesses with no ethnic minority representation at senior level has fallen to 58 from 62.

The Telegraph

– Asda, the British supermarket arm of Wal-Mart Stores Inc , has toasted its first increase in quarterly sales for three years on the back of a successful Easter, the return of inflation and early signs that its turnaround efforts are beginning to work.

– Britain’s factories benefited from a surge in sales to the European Union in the first half of this year as export growth outstripped import growth. UK still imports far more than it exports leaving the country with a goods deficit amounting to 53 billion euros ($62.15 billion) for the six months to June in its trade with the EU, but that is down from 57.8 billion euros ($67.78 billion) in the same period of 2016.

Sky News

– Singaporean fund GIC and KKR & Co LP team up for 6 billion pound ($7.72 billion) Unilever Plc’s spreads bid. The emergence of another consortium in the auction will raise hopes among Unilever’s investors that the Anglo-Dutch consumer goods giant can attract a bumper price for the division.


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