Frontrunning: Halloween 2012 Edition
- In Darkened NYC, Safety On The List Of Concerns (AP)
- New York Subway System Faces Weeks to Recover From Storm (Bloomberg) ... as we said
- Power Outages May Last More Than a Week (WSJ)... same
- U.S. stock markets to reopen on Wednesday after storm (Reuters)
- Questions Cloud Market Reopening (WSJ)
- Apple revolution shows signs of reboot (FT)
- Euro Chiefs Set to Grant Greece Extension Amid Squabbles (Bloomberg)
- Italy Bank Poll Casts Shadow Over Savings (WSJ)
- Shocked UBS staff take to Twitter (FT)
- Corporate China hit by unpaid bills (FT)
- Panasonic Posts Loss of Nearly $9 Billion (WSJ)
- BoJ independence called into question (FT)
- Barclays hit by fresh U.S. investigations (Reuters)
- Adoboli’s Girlfriend Said Confess, Co-Worker Said to Run (Bloomberg)
Overnight Media Digest
* Megastorm Sandy's march of destruction claimed at least 43 lives and left more than eight million people without electricity by late Tuesday, in one of the largest storms ever to strike the East Coast.
* U.S. stock markets were preparing to open in the wake of Sandy on Wednesday, ending a shutdown that left investors unable to trade for two days and sparked recriminations over whether Wall Street should have been better prepared to handle the impact of such a storm.
* As the ruinous force of Sandy begins to diminish, the nominal pause it created in the U.S. presidential election campaign is about to fade away.
* Walt Disney Co said it is paying $4.05 billion in cash and stock for Lucasfilm Ltd, the company that produced "Star Wars" and its many sequels and prequels, and added that three new films will join the lucrative franchise, starting in 2015.
* The U.S. housing market continued to gain steam in August, with new data showing that home-price increases accelerated over the month while also spreading to more cities across the country.
* UBS confirmed Tuesday that it will cut risk-weighted assets by around 100 billion Swiss francs by the end of 2017, eliminate about 10,000 jobs across the bank and reorganize its investment bank to deliver more products and services to ultra-wealthy clients.
* Ford Motor Co overcame tough times in Europe to post a $1.6 billion third-quarter profit that showed the widening effect of the auto maker's focus on improving profit across its cars and trucks.
* Deutsche Bank reported a surge in investment-banking revenues in the third quarter as a rebound in client activity fuelled the best quarter ever for its fixed-income division.
SHOCKED UBS STAFF TAKE TO TWITTER
UBS on Tuesday confirmed plans to cut 10,000 jobs as part of a radical restructuring to slim down its investment banking division.
US HURRICANE LEAVES TRAIL OF DEVASTATION
Businesses and residents across the northeast U.S. face billions of dollars of losses and days of disruption after Hurricane Sandy swept through the region.
HESELTINE WANTS BUSINESS CASH IN LOCAL HANDS
Britain's growth strategy of tax cuts and deregulation will not provide a fast track to economic prosperity and needs to be completely reassessed, according to a government review.
FIAT REVAMP TO AVOID 'CARMAGEDDON'
Sergio Marchionne has outlined a strategy for Fiat to survive a European "Carmageddon" by focusing on export markets rather than closing plants.
BP RAISES DIVIDEND AFTER RUSSIAN DEAL
BP has increased its dividend payouts in a signal to investors of its greater optimism that it is finally bouncing back from the 2010 Deepwater Horizon disaster.
DISNEY FINDS THE FORCE
Mickey Mouse has forged an unlikely alliance with Darth Vader after Walt Disney agreed a $4 billion deal to acquire Lucasfilm, the company behind the Star Wars films.
HALDANE OCCUPIES A STRANGE PLATFORM
A top BoE official has said the Occupy movement was right to attack the global financial system, in a speech to about 500 protesters, students and financiers in London.
* After closing the stock and bond markets for two days, the NYSE, Nasdaq and other trading platforms are set to resume normal operations on Wednesday, following nonstop meetings and extensive testing of their systems.
* Businesses in Northeast United States are trying to keep operations running after Hurricane Sandy knocked out power and transportation in many areas.
* Walt Disney Co, in a move that gives it a commanding position in the world of fantasy movies, said it agreed to acquire Lucasfilm from its founder, George Lucas, for $4.05 billion in stock and cash.
* Germany's chancellor and the leaders of five international economic organizations called on government leaders on Tuesday to take "decisive action" to help spur growth in the 17 euro zone countries and elsewhere in the global economy.
* Swiss bank UBS announced plans on Tuesday to eliminate up to 10,000 jobs and cut costs in a major overhaul that will squeeze its earnings in the short term.
* Ford Motor Co said it expected its profit in North America to support the rest of the company for the foreseeable future as it struggles with losses in Europe and mixed results elsewhere.
THE GLOBE AND MAIL
* New numbers reveal the federal government quietly cut spending by C$8 billion after Canadians handed the Conservatives a majority mandate.
* Canada will hold immigration levels steady for the seventh year in a row in 2013, but will make more room within its quota for what's quickly become its fastest growing category of newcomers. The Canadian Experience Class, launched only a few years ago, represents the future of Canada's immigration system under the Harper government -- where Ottawa places a hard nosed emphasis on attracting the best and brightest skilled workers.Reports in the business section:
* Hal Kvisle, chief executive of Calgary-based Talisman Energy Inc axed the company's 2013 budget by 25 per cent and is pulling back on exploration as he shifts the company's focus to bottom line results instead of costly growth.
* Bank of Canada Governor Mark Carney nudged lawmakers to consider tax incentives that might persuade cash-rich companies to boost investment.
* Superstorm Sandy continued to lash parts of Quebec with wind Wednesday, with storm surge warnings in place in several regions across the province. The storm, which is weakening as it travels north, will impact on Canada's weather for days to come.
* With Justin Trudeau at the helm, the Liberals could instantly bounce from political ignominy to a majority government if an election were held tomorrow, according to new Forum Research poll commissioned by the National Post.
* Federal Industry Minister Christian Paradis dealt what appears to be the final blow Tuesday to BCE Inc's faltering bid for Astral Media Inc saying Ottawa doesn't "have any intention to intervene" in the proposed bid.
* More than 18 months after the revolution, political risk remains a serious concern for companies doing business in Egypt. Investors in gold miner Centamin PLC learned this fact first hand Tuesday, after an administrative court in Egypt ruled the company's concession on its flagship Sukari mine should be revoked
CHINA SECURITIES JOURNAL
-- A total of 2,493 Chinese listed companies posted a 2 percent fall in January-September net profit, with top shipping group China COSCO Holdings Co Ltd , biggest aluminum producer Aluminum Corp of China Ltd , and Angang Steel Co Ltd ranking the first three in making losses during the period.
SHANGHAI SECURITIES NEWS
-- The cumulative first nine months net profit of 19 listed brokerages fell 6.6 percent year-on-year, due to a soft initial public offering market.
CHINA BUSINESS NEWS
-- Gap Inc will increase its stores in China to a total of 46 by January 2013, aiming to gain increasing market share in the world's second-largest economy.
CHINA DAILY (www.chinadaily.com.cn)
-- Diversified U.S. manufacturer 3M Co will invest $120 million in research and development in China over the next five years and expects China's annual sales to exceed that of the United States in five to ten years.
-- Chinese businesses' views on various economic issues became more pessimistic in the third quarter, according to a survey of 100 businesses based in mainland China done by accounting firm Grant Thornton LLP.