Reuters Before the Bell: April 4, 2017

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Vale megadeal puts Morgan Stanley, Bradesco at the top of Brazil M&A SAO PAULO (Reuters) - Morgan Stanley and Banco Bradesco BBI SA topped Brazil's mergers and acquisitions rankings in the first quarter, buoyed by advisory roles in the $21 billion corporate reorganization of Vale SA , the world's No.1 iron ore producer.

South Korean automakers cut China production amid missile row: sources SEOUL (Reuters) - South Korea's Hyundai Motor Co and Kia Motors Corp have sharply cut vehicle production in China, sources said, as anti-Korean sentiment and competition from Chinese brands play havoc on sales and threaten earnings.

Asia stocks skittish as investors seek shelter before Trump-Xi meeting SINGAPORE (Reuters) - Asian shares inched lower on Tuesday as caution reigned ahead of a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping later this week.

Brazil's black market pipeline: Gangs hijack Petrobras' oil, fuel RIO DE JANEIRO (Reuters) - In September, police investigating a wave of killings in the northern Rio de Janeiro suburbs followed a tip to the isolated scrubland near the massive Duque de Caxias oil refinery.

Elon Musk mocks short sellers after Tesla stock surge (Reuters) - As Tesla Inc's strong quarterly vehicle deliveries sent its stock to a record high on Monday, Chief Executive Elon Musk took a swipe at traders betting the luxury electric car company is on a road to ruin.

Panera Bread shares jump on report of possible sale (Reuters) - Shares of Panera Bread Co rose 8 percent to a record high on Monday on a report that the bakery cafe chain was considering strategic options, including a sale, after receiving takeover interest.

IMF chief warns slowing productivity risks living standards drop WASHINGTON (Reuters) - Living standards around the world could fall unless governments invest more in research and education that can help revive weak productivity growth, International Monetary Fund Managing Director Christine Lagarde warned on Monday.

Government orders Wells Fargo to reinstate whistleblower (Reuters) - The federal government has ordered Wells Fargo to reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior at the bank.

Waymo targets second senior executive in Uber self-driving dispute SAN FRANCISCO (Reuters) - Alphabet's self-driving car unit Waymo initiated private legal proceedings against two former executives who launched a rival company acquired by Uber [UBER.UL], court records show, accusing them of trying to recruit Waymo employees to the new startup that aims to revolutionize the auto industry.

GM gives details of contacts with Einhorn, CEO Barra's pay DETROIT (Reuters) - General Motors Co on Monday outlined in a regulatory filing contacts with billionaire hedge fund manager David Einhorn who went public last week with a plan to boost GM's value and announced its slate of board nominees, all of whom currently serve on the board.

Tuesday Morning Briefing

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Tuesday, April 4, 2017 A blast in a St. Petersburg train carriage on Monday that killed 11 people and wounded 45 was probably carried out by a Russian citizen born in Kyrgyzstan, authorities from the predominantly Muslim Central-Asian state said. U.S. President Donald Trump and Chinese President Xi Jinping are “not natural friends,” said a former senior U.S. official specializing in Asia. Deep policy divisions and personalities differences are expected to mark their summit at Trump’s Mar-a-Lago resort this week. China’s opposition to the United States’ THAAD anti-missile program in South Korea lies in an intelligence gap: it doesn’t know whether the defenses, intended for North Korean missiles, are capable of tracking and countering Beijing's own nuclear program. President Trump signed a repeal of Obama-era broadband privacy rules requiring internet service providers to do more to protect customers' privacy, the White House said, a victory for internet service providers and a blow to privacy advocates. Later in the year Republicans are expected to tackle net neutrality rules. A suspected gas attack by Syrian government or Russian jets killed at least 35 people, including nine children, in the northwestern province of Idlib, a British-based war monitoring group said. Activists in northern Syria circulated pictures on social media showing a reported victim with foam around his mouth, and rescue workers hosing down almost naked children squirming on the floor. The Trump administration met moderate and conservative House Republicans in an effort to revive a plan to repeal and replace Obamacare. The White House would like to see a revised bill come up for a vote as early as week's end, before the House breaks for a spring recess, and the text of the new proposal could be ready some time on Tuesday, lawmakers said. Massachusetts' top court is set to hear arguments today on whether state officials have authority to hold people who come in contact with law enforcement based on federal immigration requests. Gaby Arellano, deputy of the Venezuelan coalition of opposition parties, clashes with national guards during a rally against Venezuela's President Nicolas Maduro's government in Caracas. REUTERS/Marco Bello Business Elon Musk mocked short sellers after a surge in Tesla stock. "Stormy weather in Shortville...", Musk tweeted after Tesla's better-than-expected quarterly vehicle deliveries announced on Sunday sent its stock surging 5.8 percent. Morgan Stanley and Banco Bradesco BBI SA topped Brazil's mergers and acquisitions rankings in the first quarter, buoyed by advisory roles in the $21 billion corporate reorganization of Vale SA, the world's top iron ore producer. Toshiba Corp asked creditor banks for a new loan and offered a stake in its memory chip unit that is being split off as collateral, sources with direct knowledge of the matter said. Airbus has developed a new, slimmer staircase for its A380 super jumbo that would generate enough space to add 20 extra seats. The changes are available as a retrofit to existing A380s or as options on new jets.

This Equal Pay Day, work to align perception with reality

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by Lisa Samara

Only 23 percent of women in media, advertising and creative positions believe that their pay is equal to their male peers, writes the president of Domus.

Today is Equal Pay Day, the date that represents the point at which a woman reached the same level of compensation that her male peer would have reached by Dec. 31 of the previous year.

This is a date that should be marked in red for the advertising industry, since a 2016 study from Foresight Factory revealed a huge gender-based gap in perspectives on the issue of equal pay. According to the study, only 23 percent of women in media, advertising and creative positions believe that their pay is equal to their male peers; while only 12 percent of men in the same categories think their pay isn't equal to their female peers.

This means that 77 percent of women in our industry believe they are being undercompensated compared to male peers—and while the actual figure is likely far lower, the perception in and of itself is detrimental to organization effectiveness, and therefore is not sustainable. As the saying goes, perception is reality—which is why these findings speak to two critical mandates around the issue of pay equality, whether in the advertising industry or in any business.

The first and primary need of course is to correct the real imbalance. But there is also a concurrent need for employers to openly, honestly and consistently communicate their commitment to pay equality to their employees, for that is the only way that the perception of pay equality and the reality of the issue, can be brought into alignment.

So if your organization has committed to equal pay, this message is for you: Great work. Keep going—and know that you're at the forefront of change. As of December 2016, more than 100 industry leaders like Amazon, PricewaterhouseCoopers and Salesforce publicly embraced gender-equal compensation and signed the White House Equal Pay Pledge.

Their actions—both committing to equal pay and making that commitment public—are shining examples for companies of all sizes. And, by communicating that commitment to their employees, they've created a competitive advantage for their companies.

You can do the same. And you can start today by jettisoning the assumption that equal pay messages are only relevant to women.  As recent study by Unruly EQ, showed, men can be equally—and in some cases even more—responsive to pay equality message as are women.

You have an organic opportunity to start delivering those messages every year—so moving forward, plan to recognize Equal Pay Day with your employees.

Tell them why equal pay is an important part of your company's philosophy, tying the issue back to your core values to reinforce your organizational culture.

Make your commitment to equal pay public. Unfortunately, publicly committing to equal pay is the exception, rather than the norm.

Taking your message to your blog and social media can make you a leader in your community and your industry.

Integrate your equal pay messaging into your recruiting process, in job descriptions and in job offers to give new recruits additional confidence in their new employer's values.

And most importantly, talk about equal pay the other 364 days, too. Equal pay is too important a social issue to relegate it to just one day.

Compensating men and women equally for the same work benefits everyone. And it can benefit your company, too.

—Lisa Samara is president and COO of Domus.