Overnight Media Digest
- Facebook Inc confronted an intensifying crisis as political leaders in the U.S. and Europe called for aggressive inquiries into whether the technology giant failed to stop improper access and handling of user data, scrutiny that sent the company's stock to its biggest decline in four years. on.wsj.com/2DG0hQJ
- An Uber Technologies Inc self-driving car struck and killed a pedestrian in Arizona in the first known fatality involving an autonomous vehicle, an accident that could stir regulators to action and damage the public perception of the young industry. on.wsj.com/2DG0kMp
- Weinstein Co filed for chapter 11 protection late Monday in the U.S. Bankruptcy Court in Wilmington, Delaware, following failed attempts by management and its board to avoid bankruptcy. on.wsj.com/2DGQdqj
- Saudi Arabia is scaling back its ambitions for a public offering for oil giant Aramco, moving ahead with a listing next year solely on the Saudi stock exchange while taking more time to decide if an international venue is worth it, government officials and others close to the process say. on.wsj.com/2DFC8d0
- The U.S. and South Korea said they would resume combined military exercises aimed at deterring North Korea, despite a recent detente with Pyongyang that yielded promises from the regime to suspend weapons tests and commit to denuclearization talks. on.wsj.com/2DGenRX
- Volkswagen AG will spend $340 million to manufacture a new sport-utility vehicle at a Tennessee assembly plant. The move is the latest in a string of investments planned by foreign auto makers in American factories that could help offset the pain of a potential trade war. on.wsj.com/2DF92dL
Sherborne Investors, led by activist investor Edward Bramson, has acquired a 5 percent stake in Barclays Plc , increasing pressure on the British bank to turn round its faltering performance.
Michelin agreed to buy British engineering company Fenner Plc in a deal worth 1.3 billion pounds ($1.82 billion) to expand the French tyre maker’s engineered material division.
GKN Plc’s third-biggest shareholder Columbia Threadneedle said it was rejecting a hostile 8 billion pound cash and share bid from Melrose Industries, even as the bidder sweetened its offer with the promise to inject up to 1 billion pounds into GKN’s pension fund.
- Alex Stamos, Facebook's chief information security officer, plans to leave Facebook by August reflecting heightened leadership tension at the top of the social network. nyti.ms/2prEdnw
- The Weinstein Company filed for bankruptcy protection late Monday in the United States Bankruptcy Court in Delaware. nyti.ms/2pp6gFc
- On Monday, Claire's filed for Chapter 11 bankruptcy protection in Delaware, hoping to shed $1.9 billion in debt and close some underperforming stores. nyti.ms/2HKMV8c
- On Wednesday, the European Commission is expected to take aim at Silicon Valley's tech giants with a proposal to seriously revamp how technology companies are taxed in the 28-nation European Union. nyti.ms/2G7cEdD
- Cutting trade tariffs completely when leaving the European Union would reduce prices in British shops by only 1.2 percent, the Institute for Fiscal Studies, a think tank, said. bit.ly/2ppvOBQ
- Britain's property market is braced for a takeover battle for Hammerson Plc after the shopping centre owner confirmed it had received a 4.9 billion pound ($6.87 billion)takeover approach from a French rival Klépierre SA . bit.ly/2prmjCc
- Snap Inc's Snapchat is so popular in Britain that its advertising revenue will overtake Twitter's UK revenue in 2019, and revenue from consumer magazine and cinema advertising within two years according to eMarketer, a market research company. bit.ly/2poLCoG
- The housebuilder Persimmon Plc paid its Chief Executive, Jeff Fairburn, and two other executives a combined 104 million pounds last year. bit.ly/2poWvXn
- New York-based Sherborne Investors, led by British-born Edward Bramson, has taken a 5 percent stake in Barclays Plc . bit.ly/2prkK7i
- The Gambling Commission recommended setting the maximum stake for fixed odds betting terminals at 30 pounds, a higher cap than campaigners had sought, and 10 pounds more than what many in the industry had privately predicted, sending the share prices of British bookmakers up. bit.ly/2ppxnjn
- The state-backed Royal Bank of Scotland is working on secret plans to create a standalone digital bank to compete with emerging British fintech champions including Monzo and Revolut. bit.ly/2ppfPno
- Hershey Co, the U.S. confectionery giant, is at the early stages of exploring options for the British crisps brand Tyrrells. bit.ly/2poCb8t
- The Financial Reporting Council, UK's accountancy watchdog has launched an investigation into two former finance directors of collapsed construction firm Carillion Plc. ind.pn/2plNTkr
- Running a car has become more than a third more expensive in one year for the poorest families, new figures show. The UK's one million car-owning households in the lowest 10 percent disposable income bracket spent an average of 58.20 pounds per week on motoring in 2016/17, according to the RAC Foundation. ind.pn/2ppf1iw