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Frontrunning: November 24

  • Online sales surge, shoppers throng stores  (Reuters)
  • A Split From Trump Indicates That Flynn Is Moving to Cooperate With Mueller (NYT)
  • At least 85 people killed in attack on mosque in Egypt's north Sinai (Reuters)
  • Germany’s SPD Softens Stance on Merkel Talks Amid Deadlock (WSJ)
  • Irish government set to fall weeks before Brexit summit (Reuters)
  • From Ducks to Trucks, Ireland’s Exporters Pivot for Brexit (WSJ)
  • A $1 Trillion Wealth Fund Notes ‘Red Flag’ in Real Estate Market (BBG)
  • The Party Is Over for Australia's $5.6 Trillion Housing Frenzy (BBG)
  • What Trump Really Told Kislyak After Comey Was Canned (Vanity Fair)
  • South African appeals court more than doubles Pistorius sentence (Reuters)
  • Mnangagwa the 'Crocodile' sworn in as Zimbabwe president (Reuters)
  • Uber told SoftBank about data breach before telling public (Reuters)
  • In Russia-Ukraine Battle, an Assassin Speaks (WSJ)
  • Russia working with Saudi Arabia to unify Syrian opposition: Lavrov (Reuters)
  • Lebanon's Jumblatt criticizes Saudi over Hariri (Reuters)
  • With Saudi Ties Fraying, Lebanese Premier’s Construction Empire Crumbles (WSJ)
  • There’s a Secret Way Into Monaco’s Most Elite Club (BBG)
  • China Reports Breaking Up Gang That Moved $3 Billion Abroad (BBG)
  • Houston-area woman charged with mailing explosives to Obama, Texas governor (Reuters)

Overnight Media Digest

WSJ

- Uber Technologies Inc CEO Dara Khosrowshahi learned of the security breach, which company said happened in October 2016 and affected some 57 million accounts, about two weeks after he officially took the helm on Sept. 5 and more than two months elapsed before he notified affected customers and drivers of the incident, people familiar with the matter said. on.wsj.com/2jWwH4X

- An enormous battery system built by Tesla Inc, storing electricity from a new wind farm and capable of supplying 30,000 homes for more than an hour, will be powered up over the coming days, the government of South Australia state said Thursday. on.wsj.com/2jUU7HU

- Millions of consumers are using their phones to shop instead of lining up at stores this year, accelerating a fundamental change in holiday shopping as more consumers spend online. on.wsj.com/2jVHBbh

- The European Commission plans to launch a public consultation in early 2018 on ways to improve how the corporate bond market functions. Since the financial crisis, banks and investors have complained about deteriorating trading conditions in corporate debt markets, making it harder to buy and sell bonds in large sizes. on.wsj.com/2jTSv1j

 

FT

Matthew Westerman, co-head of HSBC Holdings Plc’s global banking division, is stepping down by the end of the month, only 18 months after he was hired to lead a significant push in growth.

Mitsubishi Materials Corp has admitted its subsidiaries falsified data about products used in crucial parts of aircraft and cars, dragging another of Japan’s largest manufacturers into the data falsification scandal at Kobe Steel Ltd.

Mitchells & Butlers Plc blamed economic and political uncertainty in the UK for its decision to cancel its next dividend

 

NYT

- Lawyers for Michael Flynn, U.S. President Trump's former national security adviser, notified the president's legal team in recent days that they could no longer discuss the special counsel's investigation, an indication that Flynn is cooperating with prosecutors or negotiating a deal. nyti.ms/2A64kW3

- The U.S. Federal Reserve is preparing to raise its benchmark interest rate in December, despite the concerns of some Fed officials about the persistent weakness of inflation, according to an account of the Fed's most recent policy meeting. nyti.ms/2A7rQlL

- The United States Navy on Friday ended its search for three sailors who have been missing since a transport plane crashed near Japan this week, the Navy's Seventh Fleet said in a statement. nyti.ms/2A8fNVl

 

Canada

THE GLOBE AND MAIL

** Toronto makes up a third of all financial-sector employment in Canada, securing its status as a vital engine for growth, according to a Conference Board of Canada report released on Thursday. tgam.ca/2i3e9zJ

** Grocery chain Sobeys Inc is laying off more than 800 of its employees - almost 20 percent of its office staff across the country - in its efforts to cut costs and turn around its struggling operations while preparing for a more digital future. tgam.ca/2jXc0Wx

NATIONAL POST

** The Finance Ministry's recent amendments to its contentious tax proposals will significantly reduce the number of private corporations exposed to higher tax rates on passive income, but it would still fetch C$6 billion ($4.71 billion) for the federal government after a decade, according to a study released by the Parliamentary Budget Officer. bit.ly/2jTiENM

** In a preview of the Paris-based OECD's economic outlook, Canada stands out in the report, which noted that the country's debt has "continued to rise from high levels. The report's debt warning comes as Canada is forecast to enjoy economic growth that will outstrip some of its global peers. bit.ly/2jUhaTx

Britain

The Times

- Uber Technologies Inc has been accused by British digital minister Matt Hancock of providing unreliable figures about the number of Britons affected by a hacking attack on the taxi-hailing company. bit.ly/2hZNAvg

- Britain's largest water company Thames Water has appointed Ian Marchant as its new independent chairman. bit.ly/2AsvLfX

The Guardian

- The British government's forensic regulator has called for fresh scrutiny on drug and alcohol testing carried out for the family courts, after a scandal at a Manchester laboratory raised doubts about the quality of evidence used in thousands of child custody proceedings. bit.ly/2i0ui8X

- Irish airline Ryanair Holdings Plc has told its cabin crew they could face "disciplinary proceedings" and have their working hours forcibly changed unless they sell more perfume and scratchcards. bit.ly/2jTaa9e

The Telegraph

- Hundreds of thousands of UK taxpayers will be let off immediate 100 pound fines for filing their tax returns late every year under plans to be unveiled next week by the Treasury. bit.ly/2zgzJEe

- HSBC's joint global banking boss Matthew Westerman is leaving the bank less than two years after joining from Goldman Sachs. bit.ly/2jk4gKn

Sky News

- Consumer goods maker Unilever NV, has begun working with executive search firm Egon Zehnder International to help to identify a successor to Chief Executive Paul Polman. bit.ly/2jiHKBy

- Terry Burns‎, the former chairman of Channel 4, is in talks to become the next chairman of media regulator Ofcom. bit.ly/2ji64nh