Frontrunning: November 7
- Obama Wins Re-election With Romney Defeated in Key States (Bloomberg, Reuters)
- Romney's last, greatest 'turnaround' falls short (Reuters)
- Control of Congress set to remain split (FT)
- Republicans to Hold Most Governor Offices Since 2000 (Bloomberg)
- Economic Unease Looms After Win (WSJ)
- Storm-lashed New York, New Jersey scramble as weather threatens (Reuters)
- Democrats Assured of Keeping U.S. Senate Majority (Bloomberg)
- Greece to vote on austerity, protests intensify (Reuters)
- France offers businesses €20bn tax break (FT) ... Wait, what?
- Putin Fires Defense Chief in Rare Move (WSJ)
- China premier Wen calls for deeper cooperation on disasters (China Daily)
- China wrestles over democratic reform (FT)
- Top-Performing Won Threatens to Hurt Korea Export Rebound (Bloomberg)
Overnight Media Digest
* Voters awarded President Barack Obama a second term Tuesday, as he swept most battleground states despite voters' lingering concerns about the economy and the direction that the country is headed.
* Democrats maintained control of the U.S. Senate after winning three GOP held seats, and defending four others that Republicans had hoped to win, based on projections of individual races from the Associated Press and television networks.
* JPMorgan Chase & Co is close to a settlement with the U.S. Securities and Exchange Commission that would end one probe into how the company's Bear Stearns Cos. unit packaged and sold home loans to investors, according to people familiar with the case.
* McGraw-Hill Companies Inc has entered into exclusive discussions to sell its education unit to Apollo Global Management LLC and the two sides could reach an agreement within a few weeks, people familiar with the matter said.
* More than 30 Goldman Sachs executives, including Chief Executive Officer Lloyd Blankfein, recently cashed in stock options awarded in the afterglow of the company's initial public offering in 1999.
AMERICA'S REAL TEST COMES AFTER POLLS
The victor in the 2012 election faces an immediate test of leadership - to overcome the divisions between Democrats and Republicans and rekindle a spirit of optimism in a nation beaten down by the global financial crisis.
MYNERS TAKES AIM AT M&S PERFORMANCE
The performance of Marks and Spencer under current chief executive Marc Bolland has come under attack in a rare intervention by Lord Myners, the retailer's former chairman.
BHP BEGINS HUNT FOR NEW CHIEF
BHP Billiton has quietly started looking for a successor to Marius Kloppers, chief executive, in what could herald a further shake-up in the leadership of the global mining industry following a five-year period of stability.
BLACK CHRISTMAS AS LONDON RUNS OUT OF CABS
Taxi drivers and hire companies are warning of a worsening shortage of London black cabs that will coincide with the run-up to Christmas, traditionally the busiest time of year for the trade.
AN END TO THE GOOD NEWS IN BRITAIN
Recent surveys of Britain's manufacturing, construction and service sectors have pointed to worsening business conditions, industrial production has taken a tumble and the retailers' trade association has said September was a "false dawn" for the country's high streets.
FRANCE OFFERS BUSINESSES 20 BLN EURO TAX BREAK
François Hollande's Socialist government finally responded to months of pressure for urgent action to address France's sliding industrial competitiveness by announcing a 20 billion euro ($25 billion) tax break for companies.
PELTZ GIVES FRENCH FOOD FOR THOUGHT ON DANONE
Activist investor Nelson Peltz has for the first time taken his fight to France after acquiring a stake in Danone, one of the country's best-known companies.
JPMORGAN IN TALKS WITH THE SEC OVER MISCONDUCT CLAIMS
JPMorgan Chase is in advanced settlement talks with the Securities and Exchange Commission over allegations of misconduct in the handling of mortgage-backed securities, according to people familiar with the matter.
MORE CULLS EXPECTED AS INVESTMENT BANKS CUT COSTS
European investment banks will cut staff costs by at least a fifth and shed tens of thousands of jobs in the next few years, consultants and recruitment experts estimate, as much tighter regulation and a weak economy prompts them to rethink their business models.
* Barack Obama was re-elected as president on Tuesday, the television networks projected, defeating Mitt Romney after a long, hard-fought campaign that centered on who would heal the battered economy and on what role government should play in the 21st century.
* The Chinese government has backtracked on building some new plants and appeared to be slowly shifting its focus toward a greater reliance on consumption.
* Destabilized by scandals yet held together by a lack of alternatives, the Greek government prepared to push a raft of politically toxic new austerity measures through Parliament on Wednesday, a move aimed at securing international financing and ensuring that the debt-racked nation will remain in the euro zone.
* Responding to calls to make French industry more competitive by reducing labor costs, the Socialist government of President Francois Hollande said Tuesday that it would cut payroll taxes for businesses.
* Pearson Plc is finally entertaining takeover offers for The Financial Times, according to Bloomberg News, in what could lead to a sale that had been anticipated for years. But Pearson, the British publishing company, moved quickly to try to knock down the report by deeming it untrue.
* McGraw-Hill Companies Inc, has begun holding talks with Apollo Global Management LLC over a potential sale of its education unit, though any deal might yield less than expected, a person briefed on the matter said on Tuesday.
* Activist investor Nelson Peltz plans to begin a campaign against Danone SA, having acquired a 1 percent stake in the French food maker, according to a person briefed on the matter.
THE GLOBE AND MAIL
* Canadian uranium and nuclear hardware may soon be shipping to India for the first time in nearly four decades after a deal reached during Stephen Harper's visit to New Delhi.
* Ontario's high school teachers won't be starting job action Wednesday as union leaders have pushed back a deadline for strike action at the last minute.
Reports in the business section:
* Four senior executives abruptly left Penn West Petroleum Ltd in a management shakeup Tuesday as the Calgary energy firm joins the growing ranks of Canadian resource companies taking action to kickstart underperforming operations and flagging stock prices.
* Suzuki Canada Inc, the Canadian subsidiary of Japan-based Suzuki Motor Corp said it will continue to sell vehicles here even though American Suzuki Motor Corp is pulling out of the U.S. market and has been granted Chapter 11 bankruptcy protection.
* The Canadian-backed international bridge project between Detroit and Windsor is closer to reality after Michigan voters defeated a motion requiring a statewide vote to approve money on for the project.
* Arthur Topham, the publisher of a British Columbia website that has drawn repeated complaints over its portrayals of Jews, has been charged with promoting hatred following a six-month police investigation, officials said Tuesday.
* Indonesia's state-owned Pertamina has expressed an interest in buying Coastal Energy Co, according to documents received by the Financial Post.
* HSBC Bank Canada, the Vancouver-based subsidiary of U.K.-based HSBC Holdings Plc on Tuesday announced that Paulo Maia, currently the head of the Austrailian operation, has been appointed CEO of HSBC Canada, effective Jan 7, 2013.
CHINA SECURITIES JOURNAL
-- Chinese insurers don't expect domestic stocks to fall sharply before the first quarter of 2013 as the country's economy has shown signs of a gradual pick-up.
SHANGHAI SECURITIES NEWS
-- CNPV, a Shandong-based solar photovoltaic products manufacturer, sold 50.38 percent of its shares to the Dongying Municipal government for $10 million, underscoring the nationalisation trend in China's troubled solar industry.
-- The pilot scheme of allowing brokerages to borrow money to expand their margin trading business has been expanded to 30 securities firms.
CHINA DAILY (www.chinadaily.com.cn)
-- Chinese consumer confidence stabilised in the third quarter, due to lower inflation across all categories and double-digit disposable income growth in both urban and rural regions, research from Nielsen showed.
-- China's central government has already dispersed 27.3 billion yuan ($4.37 billion) originally budgeted for 2013, in order to support China's public hygiene sector.
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