Frontrunning: November 6
- Obama-Romney: Breaking the Tie (BBG)
- Fiscal cliff looms over campaign climax (FT)
- Tough Calls on Deficit Await the Winner (WSJ)
- Election Likely to Leave Housing Unmoved (WSJ)
- Regulator Investigating Rochdale Trading (WSJ)
- Greeks Plan Strikes On Eve of Votes (WSJ)
- China Communists consider internal democratic reform (Reuters)
- Wen urges Asia-Europe co-op to promote world economy (China Daily)
- Italy Said to Reject Bad Bank That May Boost Ties to Sovereign (BBG)
- IMF warning adds to French economy fears (FT)
- Europe, Central Bank Spar Over Athens Aid (WSJ)
- Unlimited Lending May Help Weaken the Yen, BOJ Official Says (BBG)
- PBOC Official Says U.S. Election Won’t Impact Yuan Level (BBG) - Just the USD level to which it is pegged
- Australia Sparks Currency Gain by Holding Key Rate (BBG)
Overnight Media Digest
* After more than one million television ads, countless appearances and three contentious debates, the 2012 presidential election remained on a knife's edge with both candidates seeking to shore up support in states crucial to their chances Tuesday.
* European Union regulators have warned that a planned deal to create Europe's largest package-delivery company through the takeover of TNT Express by United Parcel Service Inc raises competition problems in almost all 27 member states, according to a person familiar with the situation.
* Morgan Stanley CEO James Gorman couldn't fix the rocky relationship between two of his top executives. Now one of them, Paul Taubman, is on his way out while the other, Colm Kelleher, has been given a larger role.
* Abbott Laboratories unit AbbVie Inc sold $14.7 billion of bonds in the U.S. debt market's largest offering in more than three years.
* Midsize broker Stifel Financial Corp agreed to buy KBW Inc in a cash-and-stock deal worth over $575 million to expand its footprint in the financial-services sector, KBW's longtime speciality.
FISCAL CLIFF LOOMS OVER CAMPAIGN CLIMAX
Some of the largest US asset managers and pension funds issued an urgent warning over America's looming budget crisis, underlining concern in the markets of a damaging political stand-off in the event of a narrow election victory for Barack Obama.
FEAR HSBC'S PENALTIES COULD TOP $2BN
HSBC is bracing for a settlement with US regulators that could top $2 billion, according to analyst estimates, as the UK bank seeks to draw a line under months of uncertainty over the penalties it faces from its involvement in alleged money laundering and other rule breaches.
LEVENE TELLS FT OF SHAME ON EVE OF JAIL
Sitting in a sleepy Hampstead café the evening before he was jailed for 13 years, 48-year-old Nicholas Levene was eager to tell how he went from high-flying City trader to the recently self-confessed fraudster behind a 32 million-pound ($51 million)Ponzi scheme.
COPYCAT LITIGATION THREAT FOR RATING AGENCIES
Monday's Australian court ruling that Standard & Poor's misled 12 local councils by awarding a triple A rating to complex derivatives products that collapsed in value less than two years after they were created is being hailed as a landmark ruling that could lead to copycat litigation brought against rating agencies in Europe and possibly even the US.
APPLE'S SHARE OF TABLET MARKET SLIPS
Apple's share of the global tablet market has fallen from two-thirds to a half in the past six months, market researchers say, raising the stakes for its new iPad mini against a slew of new challengers using Google's Android and Microsoft's Windows software.
REBELLION REINS IN DIRECTORS' PAY DEALS
FTSE 100 directors' median pay rose by 10 per cent last year - more than six times the increase in overall average earnings - despite a sharp slowdown in basic pay and bonuses, a report has found.
ANGLO IRISH IN MOVE TO CHASE QUINN ASSETS
Anglo Irish Bank has formed a partnership with a company owned by three Russian oligarchs to help it recover 500 million euros ($640 million) in assets allegedly been put beyond the reach of the state-owned lender by Sean Quinn, the jailed Irish businessman.
CITY CELEBRATES SUCCESS OF CADBURY CODE
Senior City figures will gather at the London Stock Exchange on Tuesday for a gala event celebrating the anniversary of a report that transformed the UK's corporate governance culture.
BOOM IN ONLINE SHOPPING LIFTS DPD
As many as 1,500 full-time jobs are to be created in the East Midlands by DPD, the parcel delivery group, which has pledged to spend 175 million pounds to expand its UK capacity to cope with growing demand for retail goods ordered online.
* Nike Inc is nearing a deal to sell its Cole Haan brand to private equity firm Apax Partners for about $500 million as the athletic shoe and apparel giant looks to streamline its product offerings.
* Netflix Inc announced that its board had adopted a shareholder rights plan, or poison pill, just days after the activist investor Carl C. Icahn disclosed he had acquired a 9.98 percent stake.
* Morgan Stanley said Paul Taubman, one of the co-heads of its core securities arm and a top deal maker, would retire at the end of the year, in an unexpected shake-up of the firm's senior management.
* HSBC Holdings Plc acknowledged on Monday that its exposure to an industry wide money laundering investigation had swelled as it disclosed that it could face criminal charges in the United States.
* Goldman Sachs & Co said on Monday that Mark Tucker, the chief executive and president of the AIA Group, the Asian life insurer, had joined its board, expanding the number of directors to 12.
* The American Suzuki Motor Corp filed for Chapter 11 bankruptcy protection on Monday evening and said it would cease selling automobiles in the United States as part of a plan to reorganize the business.
THE GLOBE AND MAIL
* Gérald Tremblay has stepped down as mayor of Montreal, taking a hint of responsibility for the scandals that have paralyzed his city while unloading bitterness at the one-time allies he says betrayed him.
* Canada is criticizing India's investment environment as murky on the eve of Prime Minister Stephen Harper's visit with counterpart Manmohan Singh in New Delhi.
Reports in the business section:
* Canada Post Corp, which is struggling to contain losses as mail volumes decline, is going to start charging housing developers C$200 ($200) per address for community mailboxes, a cost the industry says will be passed on to home buyers.
* An analysis of expected cash flow trends, provided to The Globe and Mail by energy-focused asset manager ARC Financial Corp of Calgary, points to a 15 percent decline in cash flows for the Canadian oil and natural gas sector next year, based on the market's price expectations next year.
* Prime Minister Stephen Harper's trip to India took an unexpected twist Monday when his security guards brought their own armored vehicles to drive him through the streets, sparking objections from the Official Opposition back in Ottawa.
* Joe Di Maulo, a man alleged to be an influential member of the underworld whose career spanned nearly five decades has been gunned down in what appears to be a new chapter in Montreal's ongoing Mafia war.
* Air Canada and WestJet Airlines Ltd reported another monthly record for filling their planes in October as demand for air travel remains robust and their capacity is kept in check.
* Some of Ontario's biggest malls are going to be open even longer on Black Friday in the hopes Canadian shoppers will decide to stay in the country. The move is part of an effort to keep shoppers at its malls, rather than heading south of the border for the rush of bargains on the day following American Thanksgiving.
-- China's consumer price index could stay below 2 percent in October due to a fall in food prices, analysts said.
CHINA SECURITIES JOURNAL
-- The accumulated net profit of 114 Chinese securities companies surveyed by the Securities Association of China hit 26.3 billion yuan ($4.21 billion) in the first three quarters of the year.
-- The central government has allocated 26 billion yuan for improving the safety of drinking water in China's rural areas.
SHANGHAI SECURITIES NEWS
-- The low share prices of China's "big four" banks do not reflect their real performance, so Central Huijin Investment will continue to increase its equity stakes in these banks, said Lou Jiwei, chairman of Huijing.
-- China could cut retail oil prices by next week after a dive in global crude prices, analysts said.
CHINA DAILY (www.chinadaily.com.cn)
-- China's first self-developed and mass-produced wholly-electric car, the Roewe E50, was launched on Monday by Shanghai-based carmaker SAIC. The car costs 234,900 yuan ($37,600) and can travel at a top speed of 130 kilometers per hour.
21st CENTURY BUSINESS HERALD
-- New loans at China's "big four" state-owned banks hit 220 billion yuan in October, up from September's 166 billion yuan.
-- Scientists from Shanghai Jiao Tong University made a breakthrough in cancer research by developing a new technology to increase the amount of anti-cancer ingredients extracted from the vinca plant.
CHINA BUSINESS NEWS
-- China complained to the World Trade Organisation on Monday against subsidies given to solar panel makers by the European Union.
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