Trump goes Gulf: deals, dynasties and a jumbo jet

One scoop to start: Macquarie-controlled Southern Water has requested Ares Management and other lenders to forgive approximately £370mn of debt to facilitate new equity for its operating company. And another thing: Activist investor Elliott Management has gained support from influential proxy adviser Institutional Shareholder Services for all four board nominees in its campaign against Phillips 66. In today’s newsletter: Topics include Trump’s Middle East dealings, the EU-US antitrust dispute, and Santander’s stance on a UK sale.