Frontrunning: November 8
- Obama First Since FDR Re-Elected With 7.9% Joblessness (Bloomberg)
- China Party Meets to Anoint Next Leader (WSJ)
- Hu Sets China Income Target for Xi as Communists Gather (Bloomberg)
- Hu Jintao dashes hope for political reform (FT)
- Spain Sells $6 Billion Debt, Placing Longest Bond Since 2011 (Bloomberg)
- Japanese Politicians Move to Steer Away From Fiscal Cliff (Bloomberg)
- Hu says graft threatens state, party must stay in charge (Reuters)
- Weidmann in Defeat Still Influences ECB Bond-Buying Plan (Bloomberg)
- Spain Said to Consider Palace Sales to Raise Cash (Bloomberg)
- First-term headwinds look set to turn (FT)
- Focus Shifts to 'Fiscal Cliff' (WSJ)
- Obama Victory Paves Way to Continue Fed Policies (Hilsenrath)
- Swiss, Greeks Begin Talks on Tax Deal (WSJ)
Overnight Media Digest
* The day after a hard-fought election that left Barack Obama in the White House and control of Congress divided between the two parties, the nation's political leaders promised to try to avoid year-end spending cuts and tax increases that threaten to push the U.S. back into recession.
* Home prices in the United States appreciated in a growing number of cities during the third quarter, the latest evidence that the real estate recovery is gaining momentum and breadth.
* Greek lawmakers narrowly approved a multibillion-euro austerity package early Thursday in an effort to win more bailout funds, but the measures also threaten to deepen the country's brutal recession and destabilize its fragile politics.
* Morgan Stanley moved to reassure its investment bankers that this week's management shake-up won't diminish the role of the firm's deal makers.
* AT&T plans to invest $14 billion over the next three years to significantly expand its wireless and wireline IP broadband networks in an effort to support increased customer demand for high-speed Internet.
NEW BATTLE FOLLOWS HARD ON OBAMA WIN
Barack Obama returned to Washington on Wednesday after his electoral victory over Mitt Romney, braced for emergency negotiations with Congress over the budgetary impasse that threatens to send the U.S. economy back into recession.
CULT OF EQUITY KILLED OFF BY PENSION FUNDS
UK pension funds are holding more bonds than equities for the first time since the so-called cult of equity in the 1950s, say leading City fund managers.
MISSED DEBT TARGET TOPS BRITAIN'S AGENDA
Leading members of the coalition are in urgent talks about how to handle a failure to meet the government's public debt target as ministers move into the final month before the December 5 autumn statement.
EU HITS BACK AT IMF OVER AUSTERITY
Brussels' defence is part of an economic forecast that shows several eurozone countries - including France, Belgium and Spain - are on track to miss their EU-mandated deficit targets, meaning they may be forced to impose yet more austerity to get budgets back in line.
EUROPE FEARS U.S. ENERGY GAP
Europe's ability to compete against the US as a manufacturing centre is being damaged by rising energy costs as North America benefits from cheap natural shale gas, Germany's biggest companies have warned.
CANTAB HITS CAPACITY AS IT BUCKS TREND
Cantab Capital Partners, the Cambridge-based hedge fund set up by an astrophysicist and former Goldman Sachs partner, is to stop accepting new money after its assets under management doubled this year to $4.5 billion.
EADS OFFICES RAIDED IN BRIBERY PROBE
Several EADS offices in Germany were raided by German state prosecutors and police on Tuesday as part of an investigation into alleged bribes paid to smooth the sale of Eurofighter Typhoon fighter jets to Austria five years ago.
PEARSON IN CONFLICT OF INTERESTS PROBE
Pearson is being investigated in the UK over possible conflicts of interest within its role as both a publisher of textbooks and an issuer of academic qualifications, as regulators seek to ensure that schools buying its teaching resources do not get any unfair advantages.
NORDIC GROUPS TO SLASH HEADCOUNT
Three of the biggest companies in the Nordic region on Wednesday announced plans to slash thousands of jobs in a further sign that Europe's economic problems are catching up with businesses in what was perceived as a haven.
With the presidential election over, Wall Street titans who supported Mitt Romney now face the prospect of having to mend fences with the Obama administration.
* Unemployment will remain at "very high" levels, according to a gloomy set of forecasts issued by the European Commission.
* Prosecutors in Germany confirmed Wednesday that police officers raided several offices of EADS as part of an investigation into alleged corruption in the sale of Eurofighter jets to Austria.
* Greece's Parliament approved a sweeping set of austerity measures early Thursday that were aimed at keeping the country in the euro zone.
THE GLOBE AND MAIL
* British Columbia's multi-billion dollar marijuana industry could take a "significant" blow now that two U.S. states -- including its closest neighbour to the south -- have voted to legalize marijuana.
* Former Vancouver mayor Sam Sullivan is expected to this week announce a bid to return to politics by seeking the British Columbia Liberal nomination in Vancouver-False Creek.
Reports in the business section:
* Before Research In Motion Ltd's BlackBerry 10 phones have even launched, the devices have received the crucial security certification needed for use by federal agencies in the United States.
* Bombardier Inc has announced a six month delay for the maiden flight of its C Series jet, a setback for the company's C$3.4 billion ($3.4 billion) effort to vault into the large commercial airliner market.
* A magnitude 6.3 earthquake struck off the British Columbia coast Wednesday night, rattling some homes in a remote community but causing no injuries or major damage.
* A former employee of Ornge is suing Ontario's air ambulance service, saying she was fired for helping to expose alleged wrongdoing. Lisa Kirbie, hired in March 2010 as the director of government and regulatory affairs, also alleges in her lawsuit that former CEO Chris Mazza was volatile, sexist and treated Ornge as his personal "fiefdom".
* The U.S. election is history and Barack Obama remains President. What also returns with a vengeance is controversy over the proposed Keystone XL oil sands pipeline from Alberta to the United States and uncertainty about whether Canada will have a market for its oil.
* Kinross Gold Corp has lopped $200 million from its capital spending budget this year as its early cost reduction initiatives have begun to bear fruit. The struggling gold miner also reported better-than-expected third quarter earnings and maintained its 2012 production guidance of 2.5 million to 2.6 million gold equivalent ounces.
CHINA SECURITIES JOURNAL
--Property companies Poly Real Estate (Group) Co Ltd and Gemdale Corp said new contract volumes in October rose 42 percent and 37 percent respectively.
--Vehicle sales in China hit 1.25 million in October, rising 11.7 percent year-on-year, according to figures from Chinese auto market information group CPCA.
SHANGHAI SECURITIES NEWS
--China's State Council approved plans by the Zhengzhou Commodity Exchange to launch glass futures. Coking coal, rapeseed, egg and potato futures are also being actively discussed.
--Police in China's eastern Zhejiang province seized 10,000 bottles of contraband Chateau Lafite Rothschild wine. The collection of red wine is thought to be fake, though if real is reportedly worth close to $16 million.
CHINA DAILY (www.chinadaily.com.cn)
--In a push for greater representation of women in Chinese politics, 521 of the 2,270 delegates at the 18th Party Congress, which opens today, will be women. The Organization Department of the CPC Central Committee said women would represent 23 percent of delegates, up from 20 percent five years ago.
--China's central government has already dispersed 8.2 billion yuan ($1.31 billion) originally budgeted for 2013 to support basic medicine subsidies.
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