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Frontrunning: September 14
- China stocks slide as data raises fresh economy worries (Reuters)
- Was Tom Hayes Running the Biggest Financial Conspiracy in History? (BBG)
- The Fed’s Policy Mechanics Retool for a Rise in Interest Rates (NYT)
- Germany re-imposes border controls to slow migrant arrivals (Reuters)
- Thousands flee California wildfire as homes go up in flames (Reuters)
- Bavarian minister says German border controls could last for weeks (Reuters)
- China sells record FX in August, shows pressure after devaluation (Reuters)
- China Unveils Overhaul of Bloated State Sector (WSJ)
- U.K. Labour Names Bank of England Opponent to Treasury Role (BBG)
- OPEC Trims 2016 Estimates for Rival Supplies as U.S. Oil Suffers (BBG)
- Chill Descends at Chinese Startups (WSJ)
- Biden Secretly Meets With Top Obama Bundler During New York Swing (BBG)
- Franklin Templeton suffers record outflows (FT)
- For Traders, No More Privacy on the Phone (WSJ)
- Taliban's Mullah Omar died of natural causes in Afghanistan, son says (Reuters)
- Google Brings in Chief for Self-Driving Cars (WSJ)
- Toshiba loss on weak TV, PC sales boosts case for revamp (Reuters)
Overnight Media Digest
WSJ
- Google Inc has hired auto-industry veteran John Krafcik as chief executive of its self-driving car project, sending a message that it is keen to work with Detroit to commercialize the technology. (http://on.wsj.com/1J6FqRc)
- Facebook Inc is working on a stand-alone video app that would support 360-degree or "spherical" videos, people familiar with the matter said. The format, typically compiled from multiple cameras, allows users to change their viewing perspective by tilting their phones. (http://on.wsj.com/1ionnB5)
- Jurors soon will begin deliberating the fate of three former Dewey & LeBoeuf LLP executives, accused of fraudulently propping up the once-storied law firm's finances in the years ahead of its stunning 2012 collapse. (http://on.wsj.com/1UQfGPS)
- Shire PLC is weighing options for sweetening its multibillion-dollar, all-stock offer for U.S. biotechnology firm Baxalta Inc by putting cash into shareholders' hands sooner, said people familiar with the matter. (http://on.wsj.com/1KMeFsI)
FT
Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden told the Financial Times that Shell and BG Group's share prices had been "knocked about" by recent turbulence in stock markets, and their valuations were driven by "risk aversion and volatility at the moment, rather than careful considered pricing."
Tele Columbus AG, Germany's third-largest cable network operator, said on Sunday it has agreed to buy rival Pepcom GmbH from Star Capital Partners, to create a combined company reaching 3.7 million homes, in a deal valued at 608 million euros ($689.72 million), including debt.
Germany re-imposed border controls on Sunday after Europe's most powerful nation acknowledged it could scarcely cope with thousands of asylum seekers arriving every day.
NYT
- Intelligence start-up ISight Partners has assembled a team of expert analysts fluent in 24 languages to infiltrate the underground and prevent criminals from attacking its clients. (http://nyti.ms/1F8fKJ1)
- A new version of Apple Inc's Apple TV device has a lot more capabilities than earlier versions. But getting television shows on the device is a challenge. In the United States, Apple might have to negotiate with a network like CBS Corp for content, but it would also have to negotiate with local affiliates for rights to some shows. People with knowledge of Apple's television negotiations say that local affiliates pushed back against some content deals. (http://nyti.ms/1KhgIP4)
- The Chinese search giant Baidu Inc and CloudFlare, a start-up based in San Francisco, have joined in an unusual business arrangement to speed Internet traffic into and out of China. (http://nyti.ms/1M5LwWE)
- Marketed as a way to get out of debt, loans from online lenders are instead worsening some people's financial troubles and leaving them deeper under water. (http://nyti.ms/1QbVfLX)
China
CHINA SECURITIES JOURNAL
- China's new yuan loans could increase over the next several months as the country's central bank continues with measures to lower financing costs, said Li Daokui, an economics professor at the prestigious Tsinghua University.
SHANGHAI SECURITIES NEWS
- The companies on China's growth market saw combined revenues of 209.5 billion yuan ($32.87 billion) for the first half of the year, up 29 percent from 2014, according to an analysis carried out by the stock exchange.
CHINA DAILY
- An inspection by China's graft watchdog found 24 so-called "naked officials" - those who have families living permanently overseas - at state-run China State Construction Engineering Corp. Beijing has been cracking down on the practice.
PEOPLE'S DAILY
- China must stick to a path of pushing deep-seated reform of the its state-owned enterprises, the newspaper which acts as a mouthpiece of the ruling Communist Party said in a commentary. China released details on its SOE reform plan on Sunday.
Britain
The Times
The Treasury has tried to meddle with the Office for Budget Responsibility's independent forecasts in an apparent breach of the rules that threatens to undermine the fiscal watchdog's credibility, private documents seen by The Times show. (http://thetim.es/1QyLBDR)
Bankers caught up in scandals that have engulfed Britain's biggest lenders have handed back almost 900 million pounds ($1.39 billion) of unpaid bonuses over the past four years, in a sign that the City's tough new remuneration regime is working. (http://thetim.es/1Ny4LLU)
The Guardian
The entire board of Tesco Plc has bought less than 350,000 pounds ($540,435) of shares in the supermarket chain, and chief executive Dave Lewis has yet to buy any, despite being in charge for a year. (http://bit.ly/1Ny63X7)
The Telegraph
The Single Source Regulations Office set up last year, is launching a fundamental review of rules on how much profit companies can make, in the first shake-up of defence procurement in almost 50 years. (http://bit.ly/1Ny6hxz)
Santander UK is almost trebling the charges on its main current account, The Telegraph can disclose, as the regulator prepares to intervene on current account rip-offs. More than three million Santander customers will be charged 60 pounds ($92.65) a year for everyday banking services from January, up from 24 pounds ($37.06) today. (http://bit.ly/1QyzGWC)
Sky News
Sky News has learnt that Better Capital PCC Ltd, the investment firm which owns Jaeger, will announce on Monday that Colin Henry has left the British fashion label. (http://bit.ly/1Ny6MaJ)
The Independent
The Department for Transport is looking for a new chairman for the rail and roads regulator, the latest sweeping change to the leadership of the beleaguered rail industry. (http://ind.pn/1Ny6Uae)
Production of the next Star Wars movie has brought an economic impact of some 150 million pounds ($231.62 million) to Britain, according to company accounts. (http://ind.pn/1Ny76q0)
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"Was Tom Hayes Running the Biggest Financial Conspiracy in History?"
No, that's one's been all sewn up by the Fed since 1913.
At this point in time, google just fucked up.
PM Tony Abbott just got rolled as PM of Australia.
The New Prime Minister of Australia is now Malcolm Turnbull
Announced a few mins ago.
And is he a puppet?
He's very rich and a former investment banker.
Your call.
Thats all I needed to know. Did he work for the squid by any chance????
Former communications minister beats incumbent leader by 54 votes to 44 and promises respectful, slogan-free leadership style
Tony Abbott and Malcolm Turnbull in parliament. Photograph: Sam Mooy/AAPLenore Taylor and Daniel Hurst
Monday 14 September 2015 07.57 EDT Last modified on Monday 14 September 2015 08.10 EDT
Malcolm Turnbull is set to become Australia’s new prime minister after beating Tony Abbott by 54 votes to 44 in a snap Liberal party ballot and promising the country a new, respectful, slogan-free leadership style.
The Liberal party whip Scott Buchholz announced the results to waiting journalists about 30 minutes after the meeting of parliamentarians began. There was one informal vote.
Julie Bishop remains deputy Liberal leader and a ministerial shakeup looms after the leadership upheaval.
Live Malcolm Turnbull ousts Tony Abbott to become Australia's 29th prime minister – politics live Liberal party votes 54-44 in favour of Malcolm Turnbull taking over from current prime minister Tony Abbott. Follow events live with Katharine Murphy Read moreLong-simmering leadership tensions exploded on Monday when Turnbull declared a challenge, arguing Abbott had shown himself unable to make the case for policy change or turn around the Coalition’s political fortunes.
Abbott pleaded with his party not to repeat the Labor party’s mistakes, and his backers immediately mobilised a counteroffensive, seeking to build momentum during the five hours between Turnbull’s declaration and the ballot.
Half of Franklin’s $806bn in assets under management are in funds that invest wholly or mainly outside the US... JEBUS H CHRIST!
they own a fair bit of Ukraine's debt. "snicker"
NYTimes acknowledges Russian buildup in Syria in a story about Russian flights over Iranian airspace.
http://www.nytimes.com/2015/09/15/world/middleeast/russian-flights-over-...
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