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Frontrunning: December 9
- Gloomy mood prevails despite calmer commodities (Reuters)
- A Strong Dollar Hurts China More Than the U.S. (BBG)
- China Sets Yuan at Four-Year Low in ‘Stress Test’ (WSJ)
- Dow Chemical and DuPont Are in Advanced Talks to Merge (WSJ)
- Yahoo scraps plan to spin off Alibaba stake (Reuters)
- Electrolux Downsizes Small Appliances Unit, Cuts Jobs (WSJ)
- House Votes to Require Visas for Iraq, Syria Travelers (BBG)
- It's All Gone Wrong for One of World's Biggest Mining Companies (BBG)
- U.S. conducting 'serious review' of alleged Iran missile test (Reuters)
- Citigroup Sued by Failed Hedge Fund Over 2008 Crisis Trades (BBG)
- Volkwagen Finds No Illegal Changes in Carbon-Dioxide Probe (BBG)
- How Pfizer Set the Cost of Its New Drug at $9,850 a Month (WSJ)
- IMF Eases Lending Policy in Move Helping Ukraine in Bond Feud (BBG)
- Who's the Bear Driving Up the Price of U.S. Stock Options? (BBG)
- Senator Cruz introduces bill to let states reject refugees (Reuters)
- Bill Gross's Investors Pulled $74 Million From Fund in November (BBG)
- Less Than Zero: Living With Negative Interest Rates (WSJ)
- Lynch says no indication California shooting couple were part of wider cell (Reuters)
- Get Ready for $2 Gasoline Again (BBG)
Overnight Media Digest
WSJ
- Dow Chemical Co and DuPont Co are in advanced talks to merge, in what would be a combination of two of America's oldest companies that together are worth nearly $120 billion. (http://on.wsj.com/1Oh5LPR)
- U.S. is proposing to add automatic brakes and other advanced safety features to a five-star rating programme for new vehicles, a significant regulatory overhaul that could help spur widespread adoption of driverless-car technologies. (http://on.wsj.com/1Oh5Umq)
- Long before Volkswagen AG's emissions cheating scandal erupted, the German auto giant withheld information from regulators in the U.S., according to internal documents. (http://on.wsj.com/1Oh5TyF)
- Anglo American PLC said it would cut 85,000 jobs over the next several years as part of a sweeping restructuring, a drastic response by one of the world's biggest mining companies to the prolonged slump in raw materials prices. (http://on.wsj.com/1Oh5X1p)
FT
France's EDF is set to be replaced by Klepierre SA , the real estate investment company, in the blue-chip CAC 40 stock index. The change will be effective Dec. 21.
A top lawyer from Royal Bank of Scotland, John Collins, has resigned to join Santander UK in less than a year in the role at RBS.
Sofinnova Partners, one of Europe's biggest healthcare investors, raised 300 million euros for its latest venture fund.
NYT
- Yahoo will abandon plans to spin off its $31 billion stake in Alibaba, a Chinese e-commerce company, people briefed on the matter said on Tuesday. Instead, Yahoo will consider other options, including possibly selling its core Internet operations, which would leave its Alibaba stake as its primary asset. (http://nyti.ms/1NUtEmb)
- Dow Chemical and DuPont, two of the biggest and oldest companies in the American chemical industry, are in talks to merge in what would be one of the largest transactions in a year full of huge deals, people briefed on the matter said on Tuesday. (http://nyti.ms/1NaGqt3)
- Tickets for Bruce Springsteen's 2016 tour will not go on sale until Friday, but hundreds of seats have already been listed for up to $5,000 or more on StubHub and other resale sites - listings that have drawn the attention of the New York attorney general in the latest volley over the $8 billion ticket scalping business. (http://nyti.ms/1PXGccD)
- Europe's policy makers on Wednesday will announce far-reaching plans to overhaul Europe's copyright rules, including new rules to reshape which online video and music services are available and a review of how content from publications can be distributed on major sites such as Google and Yahoo. (http://nyti.ms/1SNoVRh)
Canada
THE GLOBE AND MAIL
** The Bank of Canada has restocked its emergency kit to defend the Canadian economy against major shocks, including indicating that it would consider pushing interest rates as much as a half percentage point into negative territory in the event of a crisis. (http://bit.ly/1m8OZMe)
** After decades of advocacy, victims' families and indigenous leaders are rejoicing at the launch of the first phase of a national inquiry into Canada's missing and murdered aboriginal women - a probe the Liberal government promises will be shaped by input from those who have been most affected by the tragedies. (http://bit.ly/1PYvjHu)
** British Columbia's Premier Christy Clark has been accused of interfering in a local band election to help a candidate who supports a C$10 million ($7.4 million) wind farm proposal involving her brother, Bruce Clark. (http://bit.ly/1XUBqRt)
NATIONAL POST
** Nasdaq Inc announced Tuesday that it has agreed to purchase Chi-X Canada, a venue registered as an alternative trading system where securities that are listed on exchanges can be bought and sold, for an undisclosed sum. (http://bit.ly/1NLwkMD)
** Canadians are preparing to welcome thousands of Syrian refugees set to arrive in the coming weeks. Temporary processing centers have been set up to handle the waves of newcomers at Toronto's Pearson airport and Montreal's Pierre Elliott Trudeau airport and officials say both facilities will be ready in time for the first arrivals, some of whom could come within days. (http://bit.ly/1ltRXLj)
Britain
The Times
Markets across the world have tumbled after the price of crude reached its lowest level since the peak of the financial crisis and China released disappointing data on trade imports. (http://thetim.es/1YXgEOl)
Several banks paying almost no interest to savers have been named and shamed by the financial regulator as part of its drive to make the market more competitive. First Direct, which is owned by HSBC Holdings Plc, pays nothing at all to some of its savers, while Progressive Building Society, Ulster Bank, Skipton Building Society and Danske Bank were found to be paying 0.01 per cent. (http://thetim.es/1U0dtCI)
The Guardian
Britain's manufacturers cut back output by 0.4 percent in October, partly reversing a strong performance the previous month, and underlining warnings of a tough winter for the sector. (http://bit.ly/1XRZ2Gm)
Tesco Plc 's garden centre chain, Dobbies, has slumped 48 million stg into the red after writing down the value of its stores. The Scottish-based chain increased sales by 8 percent to 153 million stg in the 53 weeks to 1 March. But it slid to a big loss from a pre-tax profit of 6.6 million stg in the prior year, after booking 54.4 million stg in impairments on assets, including stores. (http://bit.ly/1lsxhmV)
The Telegraph
Hermes, the investment manager set up by the BT Group Plc pension fund, is losing 30 percent of its assets after the telecoms giant decided to take part of its portfolio in-house. (http://bit.ly/1ISQl2n)
One of the City's best known investors, Richard Buxton, chief executive and head of equities at Old Mutual Global Investors, has brushed off the idea that the UK will separate itself from the European Union, saying there is "no way" that British voters would accept the risks that come with Brexit. (http://bit.ly/1TzJfFP)
Sky News
City's best-known fund manager Neil Woodford is to be a cornerstone investor in the listing of Draper Esprit, which hopes to be worth 150 million stg when it goes public this month. (http://bit.ly/1QufKG1)
Anglo American Plc, one of the world's biggest mining companies is to shed 85,000 jobs - nearly two-thirds of its workforce - as part of a major shake-up to slash costs. (http://bit.ly/1lLXlZA)
The Independent
UK bankers fear cyber attacks more than faltering economy or political interference, according to a new survey by Banking Banana Skins . US and UK bankers said organised cyber attacks are the biggest threat to the safety of banks. (http://ind.pn/1XSVUdr)
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dow and dupont, why not mergers make a lotta sense with this wonderful full employment economy..the concentration of wealth rolls on thank you mr yellen and fellow jew fed chairs thank you you fucks.
Just Andrew looking for a way to get out of Midland (closer to the "power" centers) and keep the stock options rolling in at the same time.
ISIS phone scammers.
If the scammers are caught, they could face terroristic threat charges.
But I thought the NSA was all over this kinda of stuff. Guess not.
http://www.wsbtv.com/news/news/local/police-warn-scammers-pretending-be-...
U.S. is proposing to add automatic brakes and other advanced safety features to a five-star rating programme for new vehicles, a significant regulatory overhaul that could help spur widespread adoption of driverless-car technologies. (http://on.wsj.com/1Oh5Umq)
Cars are about to get $15,000 more expensive. And these sensors break constantly. What a fucking pain
You know what? Huh? You know what JP Morgan says? Huh? Well do ya?
http://business.financialpost.com/news/mining/be-ready-to-buy-gold-equit...
Deserves more coverage at ZH:
US makes IMF shoot itself in the foot aiming to wound Russia
http://www.counterpunch.org/2015/12/09/the-imf-joins-the-new-cold-war/
http://news.yahoo.com/imf-changes-rule-debt-ukraine-faces-russia-deadlin...