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Frontrunning: December 8

  • U.K., EU Reach an Agreement on Brexit Divorce Terms (WSJ)
  • What's in the Brexit divorce deal? (Reuters)
  • China exports growth hits 8-month high, imports defy pollution curbs (Reuters)
  • The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market (BBG)
  • Senator’s Shaky Obamacare Deal Poses Tax Challenge (BBG)
  • Oil edges up on Chinese demand, but weekly losses loom (Reuters)
  • Stunning Bitcoin Swings Promise Stop-and-Start Futures Sessions (BBG)
  • JPMorgan's Dimon taking customer pricing hints from Amazon (Reuters)
  • In Bel Air, Wildfires Destroy Multimillion-Dollar Homes (WSJ)
  • Mueller Makes Sure His Investigation Will Live On Even If He’s Fired  (BBG)

Overnight Media Digest

FT

- Buzzfeed, as a part of reorganisation, has proposed cutting nearly a third of its UK staff. The cuts would occur in both editorial and commercial departments.

- Former LafargeHolcim chief Eric Olsen is being investigated in France over allegations the company helped finance terrorism in Syria.

- The ruling party in Poland replaced prime minister Beata Szydlo just hours after the party’s deputies voted down an opposition attempt to unseat her government.

- One of US Senate’s most prominent and popular Democrats Al Franken resigned following accusations of sexual misconduct.

 

NYT

- Ford Motor Co is shifting production of a future battery electric vehicle to Mexico to free up capacity at its Michigan's Flat Rock plant for self-driving cars, as it expects the market for self-driving cars to grow rapidly after it rolls out its first model in 2021. nyti.ms/2BgnsnK

- U.S. hedge fund Elliot Management, which has built a stake in Alexion Pharmaceuticals, is urging the company to take more action to boost its stock price, including exploring a sale. nyti.ms/2j3XVqo

- General Electric Co said it would cut 12,000 jobs in its power division, reducing the size of the unit's work force by 18 percent. nyti.ms/2BUDSiJ

- Harold Ford Jr., a former congressman-turned-managing director, was fired by the financial services firm Morgan Stanley recently for inappropriate conduct related to an undisclosed event, the company said in a statement on Thursday. nyti.ms/2j8GUvb

 

Canada

THE GLOBE AND MAIL

** Rogers Communications Inc said on Thursday Edward Rogers will become chairman of the board on Jan. 1, while his sister, Melinda Rogers, will replace him as deputy chair. The pair will leave formal day-to-day management of the company to chief executive officer Joe Natale and his executive team. tgam.ca/2j9D8lb

** Kinder Morgan Canada Ltd does not have to abide by some bylaws in Burnaby, British Columbia, as the company starts construction on its contentious Trans Mountain oil pipeline, the National Energy Board said on Thursday. tgam.ca/2j7xqAk

** The Canadian Securities Administrators (CSA), Investment Industry Regulatory Organization of Canada (IIROC) and Mutual Fund Dealers Association of Canada (MFDA) raised concerns about the complaint-handling systems at some registered investment firms. tgam.ca/2j8YPC4NATIONAL POST

** Lumber producers in British Columbia are already working on an appeal after the U.S. International Trade Commission ruled on Thursday that Canadian softwood imports have hurt American companies. bit.ly/2j6qqE1

 

Britain

The Times

Sponsored

- The Electoral Commission said it was probing whether the left-wing network of Jeremy Corbyn supporters spent more than the legal limit for a non-party campaigner in the run-up to the snap election in June. bit.ly/2iELVrJ

- Hedge funds whose multimillionaire founders backed the campaign to leave the European Union will not think twice about abandoning Britain and picking off businesses damaged by Brexit, Elizabeth Desmond, the chief investment officer at Mondrian Investment Partners' UK operation said. bit.ly/2ACJksd

The Guardian

- More than 800 senior Asda shop floor workers are facing a pay cut or redundancy in the new year after the supermarket chain embarked on another cost-cutting exercise. bit.ly/2nBLB29

- Sports Direct International Plc and its employment agencies Best Connection and Transline have been named by the government for paying workers less than the legal minimum wage, underpaying them by nearly one million pounds ($1.35 million). bit.ly/2AE4lRq

The Telegraph

- General Electric Co is slashing almost a fifth of the global workforce in its power business, a move that will result in a swathe of job losses in the UK. bit.ly/2iD2mol

- Digital news and entertainment outlet BuzzFeed is now planning to cut just under a third of its UK staff after falling short of revenue targets. bit.ly/2jrk1QI

Sky News

- Uber Technologies Inc's licence to operate in Sheffield has been suspended after the company failed to answer questions about its management, the city council has said. bit.ly/2BLZ9KO

- The UK is "very close" to securing a Brexit deal on the Irish border and an agreement is expected within hours, an Irish official said. bit.ly/2Am6OTy