Financial Markets and Economy
The story of the week is Trump, Russia and the FBI. The rest is a distraction (The Guardian)
Narrative switching. That is what the Trump administration is desperately trying to do around Russia right now. The White House reportedly interfered with the FBI in the middle of an active investigation involving counter-intelligence. This was not only foolhardy but also suspicious, as it directly undermined their apparent objective: distracting us.
On 14 February, the New York Times reported that advisers and associates of Donald Trump may have been in direct and continuous contact with officers of the Russian intelligence agency, the FSB, during a tumultuous election campaign in which the American democracy itself was hacked. A major party – now in opposition – was the victim of an unprecedented cyber-attack.
French Bonds Rally After Macron Boosts Presidential Campaign (Bloomberg)
French government bonds led gains in Europe after independent candidate Emmanuel Macron agreed to an alliance with his centrist rival Francois Bayrou, boosting his bid to become president.
Investors’ flight from hedge funds slows in January (The New York Post)
Investors yanked $5.2 billion from the $3 trillion hedge fund industry in January, according to eVestment data. But eVestment does not view the outflows as “concerning.”
Trump Wants a Pro-Business SEC. That Has Some Investors Worried (Bloomberg)
When Donald Trump interviewed Jay Clayton to be his chief securities regulator in December, the then-president elect was fixated on the steep decline in U.S. initial public offerings.
U.K. Net Migration Hits 2-Year Low in Brexit Boost for May (Bloomberg)
Net migration to the U.K. fell to its lowest in more than two years, providing a boost for Prime Minister Theresa May as she seeks to reduce the number of foreigners coming to Britain.
Wall Street Theory Is You Didn't Need Trump to Lift Earnings (Bloomberg)
The 2017 stock market: a celebration of Donald Trump’s presidential promises, or the byproduct of influences that predate his election? A cohort of Wall Street strategists is leaning toward the latter.
Landlords Are Taking Over the U.S. Housing Market (Bloomberg)
As rising home prices, slow new home construction, and demographic shifts push homeownership rates to 50-year lows, the U.S. is increasingly a country of renters—and landlords.
U.S. Energy Regulator Still Advancing Obama-Era Climate Guidance (Bloomberg)
In what appeared to be a belated adoption of an Obama-era directive, the U.S. energy agency responsible for approving multibillion-dollar natural gas pipeline projects has directed companies to start disclosing potential climate change impacts.
Companies
Boeing Fighter Jet, Feared Dead, Gets New Life From Trump Tweets (Bloomberg)
Boeing Co.’s Super Hornet is poised for a surprising comeback thanks to President Donald Trump’s Twitter broadsides and a strike-fighter shortage caused by delays to Lockheed Martin Corp.’s F-35 program.
Nissan’s Carlos Ghosn Steps Back From CEO Role (The Wall Street Journal)
Carlos Ghosn is leaving his chief executive role at Nissan Motor Co., a company he rescued from near-collapse and led for nearly two decades, to take a broader oversight role of the alliance that links Nissan with Renault SA and Mitsubishi Motors Corp.
Barclays Profit Misses Estimates as Bank Nears End of Revamp (Bloomberg)
Barclays Plc posted fourth-quarter profit that missed analysts’ estimates on a charge for accelerating the costs of deferred bonuses, while the bank signaled progress in efforts to divest its Africa unit and sell off unwanted assets.
ValueAct's Ubben 'disinvesting' because of high valuations (Reuters)
Jeffrey Ubben, the chief executive officer of activist investor ValueAct Capital, told Reuters on Wednesday that his firm had been taking money out of the capital markets as valuations have become overextended, leaving it with $3 billion in cash.
Glencore Returns to Profit on Commodities Boom (The Wall Street Journal)
Glencore PLC rode a wave of surging commodity prices in 2016 to return to a profit of $1.4 billion, marking a head-snapping turnaround for a miner that faced an investor revolt just 18 months ago.
Retail's Creditors Left Grasping as Brands Move Out of Reach (Bloomberg)
For shoppers, J. Crew and Claire’s are well-known places to pick up preppy clothes or trendy earrings. For creditors of these struggling companies, the real deal is who gets to own the brands.
Technology
Tesla says Model 3 on track for volume production by September (Reuters)
Tesla Inc (TSLA.O) said on Wednesday its mass-market Model 3 sedan was on track for volume production by September, encouraging investors who see the electric vehicle as the avenue to profitability for the young company.
The Rise of the Weaponized AI Propaganda Machine (Scout.ai)
“This is a propaganda machine. It’s targeting people individually to recruit them to an idea. It’s a level of social engineering that I’ve never seen before. They’re capturing people and then keeping them on an emotional leash and never letting them go,” said professor Jonathan Albright.
Social Media Are Driving Americans Insane (Bloomberg)
If you pull out your phone to check Twitter while waiting for the light to change, or read e-mails while brushing your teeth, you might be what the American Psychological Association calls a “constant checker.” And chances are, it’s hurting your mental health.
Tech breakthroughs take a backseat in upcoming Apple iPhone launch (Reuters)
When Apple Inc (AAPL.O) launches its much-anticipated 10th anniversary iPhone this fall, it will offer an unwitting lesson in how much the smartphone industry it pioneered has matured.
Augmented reality may save you from road rage (Engadget)
When you're driving, it's all too easy to rage at fellow motorists who are either in a hurry or taking their sweet time. After all, you don't know the context.
Politics
Perez Elected Democratic Chair as Party Seeks New Direction (Bloomberg)
Former Labor Secretary Tom Perez was elected chairman of the Democratic National Committee on Saturday, as the party struggles to set a new direction after Hillary Clinton’s November loss to Donald Trump.
Trump Vows to Put CEOs to Work Restoring U.S. Manufacturing (Bloomberg)
President Donald Trump summoned some of America’s most prominent corporate executives to the White House Thursday and told them he intends to put them to work restoring manufacturing jobs and U.S. dominance in trade.
Border-Adjustment Tax Divides Energy Sector (The Wall Street Journal)
The linchpin of a corporate tax overhaul proposed by House Republicans would mark a massive change for the U.S. oil-and-gas industry and has companies frantically studying whether to support it, fight it or stay on the sidelines.
Treasury Secretary Steven Mnuchin Sees Tax Overhaul by August (The Wall Street Journal)
Treasury Secretary Steven Mnuchin laid out ambitious goals to secure a U.S. tax-code overhaul by August and to deliver economic growth at rates not seen in more than a decade.
Trump revokes Obama guidelines on transgender bathrooms (Reuters)
President Donald Trump's administration on Wednesday revoked landmark guidance to public schools letting transgender students use the bathrooms of their choice, reversing a signature initiative of former Democratic President Barack Obama.
Why Mexico Is Trump’s First Line of Defense on Immigration (Bloomberg)
Putting an end to undocumented immigration has been a top priority for President Donald Trump in his first month in office. He’s taken a hard line against Mexico, insisting the country pay for his proposed wall along America’s southern border—a demand that the nation has repeatedly rejected.
Inside Ivanka Trump’s Campaign for a $500 Billion Child-Care Plan (Bloomberg)
Ivanka Trump has urged lawmakers writing a tax overhaul to include a deduction for child care expenses, but with a price tag of as much as $500 billion over a decade she may have trouble finding support in Congress.
Trump announces he won't attend this year's White House Correspondents' Association dinner (Business Insider)
President Donald Trump on Saturday announced via Twitter that he won't be attending the annual White House Correspondents' Association dinner.
Florida man pleads guilty in attempted hacking of Clinton Foundation (Reuters)
A Florida man pleaded guilty in a case stemming from an attempted hacking of the Clinton Foundation on Thursday, months after he was sentenced to 42 years in prison in the wake of child pornography discovered on his computers during the probe.
Life on the Home Planet
French police clash with protesting youths, arrest 26 (Reuters)
French police fired tear gas on Thursday at youths who hurled projectiles and vandalized property on the fringes of a student demonstration against the alleged rape of a young black man by police using a baton.
Malaysia requests Interpol alert on four North Koreans over airport murder (Reuters)
Malaysia has requested Interpol to put an alert out to apprehend four North Korean suspects in the murder of the estranged half brother of North Korean leader Kim Jong Un, Malaysia's police chief said on Thursday.
How the Hit Team Came Together to Kill Kim Jong Nam (The Wall Street Journal)
The hit squad assembled here quickly from three countries and practiced at least twice at posh shopping malls before executing their brazen assault at the airport.
Iraqi forces storm Mosul airport, military base (Reuters)
U.S.-backed Iraqi security forces captured Mosul airport from Islamic State on Thursday, advancing on multiple fronts towards the jihadists' last major stronghold in the western half of the city.
An oil that can be found in popular foods like Nutella is harming wildlife (Business Insider)
Global production of palm oil has doubled over the last decade, according to the World Wildlife Foundation, and worldwide demand for it is expected to double by 2050 to 240 million tonnes.
