- Nerves dominate before U.S. retail numbers (Reuters)
- Stocks Give Up Week’s Gains as Commodities Fall; Yen, Bonds Rise (BBG)
- Apple Invests $1 Billion in Didi, Uber’s Rival in China (WSJ)
- Dollar hits two-week high, posts best fortnight since February (Reuters)
- OPEC Sees Rival Oil Production Declining as Markets Rebalance (WSJ)
- Trump on best behavior as he woos Republicans but differences remain (Reuters)
- Hedge Fund Star: We Are ‘Under Assault’ (WSJ)
- German GDP growth picks up sharply (MW)
- Facebook’s Curators Shape ‘Trending’ News Feature (WSJ)
- Gundlach sees 'some rebellion' from Fed hawks (Reuters); Sees 50% Odds of Fed Move as Treasury Volatility Falls (BBG)
- Brazil’s Newest Club Is All Boys and They’re Running the Country (BBG)
- Oil at $45 a Barrel Proving No Savior as Bankruptcies Pile Up (BBG)
- Top Hezbollah commander killed in Syria (Reuters)
- Yellen, in Letter, Does Not Rule Out Negative Interest Rates (WSJ)
- Austrian rail boss expected to become chancellor next week (Reuters)
- Eight Turkish soldiers, 22 militants killed as violence widens in southeast (Reuters)
- Sequoia Fund, Hurt by Valeant Stake, Readies to Face Its Investors (WSJ)
- Bangladesh Bank heist similar to Sony hack; second bank hit by malware (Reuters)
- Don't Bet Against the Danish Central Bank (BBG)
- Hong Kong’s Economy Unexpectedly Contracts in First Quarter (BBG)
- California may cut spending plan amid lower than expected tax receipts (Reuters)
- Once touted as world’s soundest, Canadian banks are falling behind global peers on a key strength gauge (Fin Post)
Overnight Media Digest
WSJ
- A group of hedge funds, including Paulson & Co. and Perry Capital LLC, is helping to finance a lobbying campaign to lift government controls on what happens with Fannie Mae and Freddie Mac's profits. (http://on.wsj.com/24UpJxH)
- The Clinton Global Initiative, which arranges donations to help solve the world's problems, set up a financial commitment that benefited a for-profit company part-owned by people with ties to the Clintons, including a current and a former Democratic official and a close friend of former President Bill Clinton. (http://on.wsj.com/24UpSBt)
- The U.S. Food and Drug Administration issued a stronger warning that a common sweetener, xylitol, which is used in chewing gum, mints and other products could kill or severely poison dogs. (http://on.wsj.com/1Te2l5G)
- Congressional Republicans and presumptive GOP presidential nominee Donald Trump began the process of narrowing their differences as the fractured party works to coalesce around its unorthodox candidate. (http://on.wsj.com/1Te2m9G)
FT
* A former Deutsche Bank managing director, Martyn Dodgson, was sentenced to four and a half years in prison for UK insider trading by London's Southwark Crown Court. It is the longest prison term imposed for the crime in the UK.
* In a bid to increase corporate liability for fraud, British government has proposed a plan under which companies that fail to spot and prevent any kind of economic crime will be held criminally liable.
* Secretary of State for Business Sajid Javid's plans to revamp the British Steel pension fund to make Tata Steel's UK plants more appealing to bidders has met resistance from the Treasury and Department for Work and Pension.
* In a critical report, the public accounts committee has warned British taxpayers of "serious risks" of future mis-selling scandals as the City watchdog has not done enough to tackle the cultural problems in banks and financial services firms.
NYT
- New details about a second attack involving Swift - the messaging system used by thousands of banks and companies to move money around the world - are emerging as investigators are still trying to solve the $81-million heist from the central bank of Bangladesh in February. (http://nyti.ms/1TaoQvA)
- Apple invested $1 billion in Didi Chuxing, China's biggest ride-hailing service, moving for the first time into on-demand transportation in one of the largest-ever strategic investments by the iPhone maker. (http://nyti.ms/1XoatDE)
- Facebook, the largest social media network, published internal editorial guidelines on Thursday, the company's latest attempt to rebut accusations that it is politically biased in the news content it shows on the pages of its 1.6 billion users. (http://nyti.ms/1Nszlbm)
- Subaru, unit of Fuji Heavy Industries Inc, is recalling about 48,500 2015-17 Outback and 2016-17 Legacy models because the steering may fail, the automaker told federal regulators on Thursday. (http://nyti.ms/1sj6FYQ)
Canada
THE GLOBE AND MAIL
** The grim toll from fentanyl abuse in British Columbia is climbing, accounting for at least half the drug overdose fatalities this year. Illicit drug overdoses killed an average of 64 British Columbians in each of the first four months of 2016 - a dramatic increase from last year's record-breaking tally. (http://bit.ly/1TSvkMo)
** The sale of Conrad Black's Toronto mansion has been put on hold after the Canada Revenue Agency placed liens against the property for C$15 million ($11.66 million) in unpaid income taxes, according to documents obtained by the Globe and Mail. (http://bit.ly/1TSvlzZ)
** The World Gold Council, the marketing arm of the gold industry, announced on Thursday that demand for the precious metal hit its second-highest level on record during the first quarter. (http://bit.ly/1TSvuTU)
NATIONAL POST
** The Ontario government's decision to ditch its plan for wind farms in the Great Lakes has become all the more awkward by the lobbyist-lubricated relationship the province developed with Windstream Energy, the company that wanted to build one of the biggest wind farms. (http://bit.ly/1TSvQdc)
** Toronto's Hospital for Sick Children laid out the red carpet when it lured Agostino Pierro from the UK, offering the world-renowned surgeon nearly C$700,000 in compensation. Now, barely three years later, the hospital and its star physician are embroiled in a bitter legal dispute over alleged workplace harassment. (http://bit.ly/1TSvV0CP)
** The Trudeau government's sweeping plan for electoral reform, which struck just the right note of idealistic boldness on the campaign trail, is dead on arrival. The Liberals are now trapped in a classic pincer of their own making - damned if they do, damned if they don't. (http://bit.ly/1TSw6Js)
Britain
The Times
* Dong Energy <IPO-DONG.CO> has unveiled plans for a summer stock market flotation as it presses ahead with plans for a major expansion of its UK offshore wind energy business. (http://bit.ly/1sispUO)
* Paul Zwillenberg will replaces Martin Morgan as CEO of Daily Mail and General Trust. (http://bit.ly/1sisCHJ)
The Guardian
* One in three shareholders in Restaurant Group have failed to back its boardroom pay deals. (http://bit.ly/1sitdJg)
* European countries would counter the economic shock of a British vote to leave the EU by accelerating plans for closer integration, French Finance Minister Michel Sapin said. (http://bit.ly/1sitr3g)
The Telegraph
* A plan to overcome the 500-million-pound ($722.30-million)pensions deficit that is proving a massive hurdle to the sale of Tata Steel's UK steel business is set to fail, according to pensions expert John Ralfe. (http://bit.ly/1UX3Zv1)
* ITV gave investors cause for concern as it revealed advertising sales slumped 13 percent in April compared with last year, with brands holding off spending ahead of the EU referendum.(http://bit.ly/23JwUCY)
Sky News
* Financial Conduct Authority is probing suspicious share trades ahead of wild fluctuations in the share price of Premier Foods, the owner of Mr Kipling and Oxo.(http://bit.ly/1siwmJ2)
* Royal Bank of Scotland is planning to cut around 200 jobs, affecting RBS branches in Scotland and NatWest branches in southwest England and Wales. (http://bit.ly/1siwybj)
The Independent
* The hedge fund business of Hillary Clinton's son in law, Eaglevale Hellenic Opportunity Offshore Fund, lost 90 per cent of its value after its main investment - Greek banking stocks and government debt - failed to recover. (http://ind.pn/1siwYhR)
* Barclays has said customers will be able to use their Android phones to "tap and pay" in June after the bank launches a contactless payment service. (http://ind.pn/1siwSXu) ($1 = 0.6922 pounds)