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Frontrunning: September 16
- Contrarian CEOs tell the Fed: Go ahead, raise my rates (Reuters)
- Goldman Warns Markets Unprepared for Fed as Treasuries Seesaw (BBG)
- Investors Look Beyond Fed Meeting, See Low Rates (WSJ)
- Volatility seen lingering no matter what the Fed does (Reuters)
- What Rising Interest Rates Would Mean for You (BBG)
- China Stocks Jump in Last Hour of Trading on State Support Signs (BBG)
- No Escape for China Hedge Funds Overwhelmed by Stocks Crash (BBG)
- Hedge Fund Bridgewater Defends Its ‘Risk-Parity’ Strategy (WSJ)
- Iran Nuke Feud Shifts to Tehran as Hardliners Push to Sink Deal (BBG)
- Glencore Sells Shares to Raise $2.5 Billion and Reduce Debt (BBG)
- Migrants Take New Route Into EU After Hungary Fences Off Serbian Border (WSJ)
- Syria's Assad blames West for refugee crisis (Reuters)
- World's top 100 banks have met most new capital, liquidity rules early (Reuters)
- European Bankers Can't Catch a Break as Firings Keep Coming (BBG)
- UAW, Fiat Chrysler Reach Tentative Labor Deal (WSJ)
- As the World Gets Fatter, This Pharma Giant Gets Richer (BBG)
- Rich Kids Eat a Ton of Fast Food Too (BBG)
- Inside South America's Oil-Fueled Currency Battle (BBG)
- Big Retailers, Delivery Firms Face Struggle to Find Holiday Workers (WSJ)
- AB InBev Approaches SABMiller in Record Industry Combination (BBG)
- Inside These Hedge Funds, a Smaller Hedge Fund Just for the Boss (BBG)
Overnight Media Digest
WSJ
- General Electric Co made good on months of threats by announcing Tuesday plans to begin moving U.S. jobs abroad, marking an escalation in the battle between U.S. corporations and congressional Republicans over the now-dormant U.S. Export-Import Bank. (http://on.wsj.com/1NC89FE)
- Hewlett-Packard Co outlined plans to cut another 25,000 to 30,000 workers as it prepares to split into two separate businesses, but the company signaled it was finally nearing the end of a brutal period of layoffs. (http://on.wsj.com/1Lx4a76)
- The United Auto Workers union reached a tentative labor deal with Fiat Chrysler Automobiles NV that will eventually remove a controversial two-tier wage system that pays newer hires less than more-experienced co-workers doing the same jobs, according to people familiar with the agreement. (http://on.wsj.com/1iuz8WK)
- With unemployment at a seven-year low, e-commerce booming and holiday hiring beginning to pick up, retailers and logistics contractors are struggling to find seasonal workers. Soon, UPS , FedEx and smaller regional delivery firms will face the same problem. (http://on.wsj.com/1Km2uMY)
- Nina Tassler, the chairman of entertainment at CBS and an architect of the network's prime-time success for almost two decades is stepping down at the end of the year. Shows launched on her watch include "The Big Bang Theory," "The Good Wife" and "How I Met Your Mother."
FT
The world's 100 biggest banks all meet the tougher capital requirements agreed during the financial crisis and are closer to complying with new liquidity rules that come into force in 2019, Basel Committee on Banking Supervision said on Tuesday.
Glencore Plc has launched a $2.5 billion share sale as the miner-cum-trader moves to implement measures to cut its large debt load and safeguard its investment grade credit rating.
British insurer Prudential Plc said on Tuesday it had appointed Adair Turner, the former head of the country's financial services regulator, as a non-executive director.
NYT
- As more men take time off work when a baby is born, many are also filing lawsuits and complaints about how much time they can take and the professional setbacks they endure when they return to work. (http://nyti.ms/1ig5O5E)
- Fiat Chrysler Automobiles and the United Automobile Workers union reached a tentative agreement on Tuesday on a new contract that could establish a pattern for labor deals at the other two American carmakers, General Motors and Ford. (http://nyti.ms/1OuX7RC)
- Facebook's famous "like" button, with its silhouette of an upturned thumb, will soon be accompanied by an alternative: a way to "dislike" a post. Mark Zuckerberg, the company's co-founder and chief executive, said that Facebook was "very close to shipping a test" of a dislike button. (http://nyti.ms/1Lx5IOn)
- Hewlett-Packard is eliminating about 10 percent of its jobs, or perhaps 30,000 of its 300,000 employees as it refocuses from costly, low-margin business services to higher-value consulting and cross selling. (http://nyti.ms/1F1VWai)
China
CHINA SECURITIES JOURNAL
- New investors increased by 296,300 in the Shanghai and Shenzhen stock markets last week, according to data from the China Securities Depository and Clearing Corp.
- Liaoning Cheng Da said it was planning to purchase China Minsheng Investment's new energy assets.
CHINA DAILY
- There is no need to over-interpret decisions by Hong Kong tycoon Li Ka-shing to sell assets in China, because business decisions are not based on political or moral considerations, and the decision to shrink economic presence on the mainland and shift focus to elsewhere should not come as a surprise, an editorial said.
GLOBAL TIMES
- North Korea's announced resumption of operations at the Yongbyon nuclear site and plans for a satellite launch using a long-range missile in October will have a great impact on the region and make it hard to avoid new tensions on the Korean Peninsula, an editorial said.
PEOPLE'S DAILY
- Every party cadre must take conscious action to make their own list of personal problems into a rectification checklist, to never stop transforming and improving themselves, and in doing so the party can win the peoples' trust and praise, an editorial said.
Britain
The Times
The row over whether the Treasury interfered in sensitive forecasts by the government's top economic watchdog deepened on Monday when senior MPs demanded that private emails be made public. After revelations in The Times that officials sought to meddle with the independence of the Office for Budget Responsibility, the Treasury select committee expressed concern. (http://thetim.es/1UTLy6e)
Trinity Mirror is in talks to take over one of UK's biggest publishers of local newspapers for 200 mln pounds ($306.86 million). The owner of the Daily Mirror and Sunday Mirror already owns 20 percent of Local World, a news group focused on the Midlands and the southeast, and wants to buy the remainder of the shares. (http://thetim.es/1NBUOx1)
The Guardian
Sharp falls in petrol and diesel pulled UK inflation back down to zero last month as tumbling crude oil prices trickled down to households. Official figures showed inflation on the consumer prices index edged back down to 0.0 percent in August from 0.1 percent in July, continuing the trend since the start of this year of virtually no year-on-year rise in living costs. Inflation has been below the Bank of England's 2 percent target for the past 20 months. (http://bit.ly/1MqlEb6)
A former City bond trader is seeking 3.5 mln pounds from the U.S. investment bank Jefferies, alleging she was driven out of her job and was exposed to sexist behaviour on the trading floor. (http://bit.ly/1gpwEag)
The Telegraph
The Government has turned down a request for a 100 mln pounds emergency loan from Redcar steel plant, leaving it on the brink of insolvency. Sahaviriya Steel Industries, the Thai company behind the historic works, is understood to have approached the Government for a bridging loan last week and offered to make 500 job cuts in return for immediate financial support. (http://bit.ly/1KexfGv)
Tim Tozer, managing director of Vauxhall, which employs 35,000 people in the UK, says a British exit from the EU would not trouble the car maker. (http://bit.ly/1Kexqlf)
Sky News
The value of banknotes in circulation has trebled to more than 60 billion pounds in the last two decades, the Bank of England has revealed. (http://bit.ly/1OU6xnL)
The long-running official inquiry into the near-collapse of HBOS, the UK's biggest mortgage lender, is inching towards a conclusion as regulators prepare to seek consent for the report's publication. (http://bit.ly/1Nvi3qL)
The Independent
Swiss commodities companies have been accused of depriving the people of Burkina Faso of millions of pounds a year in tax for the gold being dug out of the impoverished country's mines. The Berne Declaration NGO claims to have traced the true origins of gold being processed in Switzerland. (http://ind.pn/1URFT5X)
Banks may start charging UK customers to hold current accounts within the next five years. That's the view of Steve Davies, head of retail and commercial banking at PricewaterhouseCoopers, who said that free bank accounts will soon be a thing of the past as banks move customers into package deals, where customers pay for the things that are added onto the account, to charging monthly. (http://ind.pn/1itUJP5)
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It's all FUBAR
Anyone heard anything about this yet???? Sure seems to have gone under the radar.
http://www.cbc.ca/news/canada/montreal/silver-heist-montreal-shipping-co...
16 tons of silver stolen in Montreal.
The value of banknotes in circulation has trebled to more than 60 billion pounds in the last two decades, the Bank of England has revealed. (http://bit.ly/1OU6xnL)
The word Value and a fiat currency (Pounds) should never appear in the same sentance
Fakebook going to have down thumbs....so cutting edge....
Might be.
They took away the down vote on Disques, for reasons unknown.
(mulitple accounts voting en block)
(there are no mulitple accounts on faceplant are there?)
This is one of the few sites that still have it, if they have a comments section at all.
FT
The world's 100 biggest banks all meet the tougher capital requirements agreed during the financial crisis and are closer to complying with new liquidity rules that come into force in 2019, Basel Committee on Banking Supervision said on Tuesday.
Yea sure................ as I am riding a camel as I type
Mystery money has frozen our debt level forbover half a year. That same mystery moneybcan prop up the markets
Mystery money has frozen our debt level forbover half a year. That same mystery moneybcan prop up the markets
Fed rate hike! Fed rate hike! Fed rate hike! all pumped up for a non event.
glencore is a busy mofo lately: To see how oil traders are profiting from the longest-lasting glut in three decades, look at the tiny Caribbean island of St. Lucia. Glencore Plc hired tanks at the island’s only oil terminal to stow crude...
http://www.bloomberg.com/news/articles/2015-09-15/oil-traders-hire-tanks...
gotta love bloomturd, ...how oil traders are profiting, LMAO!
let's see, shipping fees, storage fees, interest on debt. OH YEAH, THEY'RE RAKING IT IN BIG TIME. THE ONLY REASON THEY'RE STORING AT ST. LUCIA IS BECAUSE "THE MARKET" AND "THE ECONOMY" ARE SO STRONG BITCHEZ. BLOOMTURD. HAHAHAHAHA! YOU CAN KEEP SOME IN MY SWIMMING POOL TOO (FOR A MODEST MONTHLY FEE OF COURSE).
You make a grown man cry
Spread out the oil, the gasoline
I walk smooth, ride in a mean, mean machine...
The Hess CEO unbelievably ordered those assets sold some time back.
A fully integrated energy company is now only an E & P company.
There is some weirdness in the world.
http://www.bloomberg.com/news/articles/2015-09-16/b-e-aerospace-to-cut-4...