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Frontrunning: August 13

Tyler Durden's picture





 
  • Oil hits 3-month high above $114 on supply concern (Reuters)
  • G20 plans response to rising food prices (FT)
  • First centrally planned FX, now real estate - SNB Seen Targeting Bank Capital to Curb Property Boom (Bloomberg)
  • EU hedge funds face pay threat (FT)
  • Euro-Area Crisis Has ‘No Obvious End in Sight,’ BOE’s King Says (Bloomberg)
  • King urged to widen recovery measures (FT)
  • All threats "dwarfed" by Iran nuclear work: Israel PM (Reuters)
  • Obama campaign attacks Romney’s pick (FT)
  • Romney, Ryan hit the road in an energized campaign (Reuters)
  • Yellen Must Show How 12 Fed Opinions Become One Policy (Bloomberg)
  • RIM to lay off 3,000 employees starting this week (BGR)
  • Correlation Breakdown as Proxies for Risk Boost Aussie, Kiwi (Bloomberg)
  • Indonesian Bonds Go From Region’s Worst to Best: Southeast Asia (Bloomberg)
  • Leung "cautious" on property (The HK Standard)

Overnight Media Digest:

WSJ

* Apple Inc called a set of final witnesses in its patent case against Samsung Electronics Co Ltd, seeking to show that consumers confused the Korean company's products with Apple's.

* Honda Motor Co Ltd is ramping up its production capacity in North America in an effort to turn its operations there into a significant exporter of cars and sport-utility vehicles, Tetsuo Iwamura, an executive vice president of the auto maker said.

* Morgan Stanley, which owns 51 percent of the brokerage firm Morgan Stanley Smith Barney, plans to formally drop the last part of the brokerage joint venture's name in about a month, according to a person involved with the planned change.

* News Corp plans the formal start of its Spanish-language U.S. broadcast network MundoFox on Monday, with a lineup that includes Colombian-made dramas and comedies as well as some American shows dubbed in Spanish.

* The world's fourth-largest gold miner Newcrest Mining Ltd plans to cut costs and improve operational performance in the year ahead after weak production volumes capped earnings last financial year, the company said.

* Activist investor Nelson Peltz will join the board of industrial conglomerate Ingersoll-Rand Plc as he pushes to improve profitability at the company since becoming a major shareholder earlier this year, people familiar with the matter said.

* BlueScope Steel Ltd said it will form a $1.36 billion joint venture with Japan's Nippon Steel Corp targeting Southeast Asia and North America's building sectors.

* As the U.S. government has tightened its web of economic sanctions on Syria, scaring off many international companies, NCR Corp, a technology company best known for making automated teller machines, allegedly has continued doing business in the violence-racked country.

* Tyco International Ltd and former Chief Executive Dennis Kozlowski have settled a nearly decade-long dispute over whether he should return more than $500 million in compensation and benefits following his 2005 criminal conviction for looting the company.

* "The Bourne Legacy," a thriller from Comcast Corp Universal Pictures, and "The Campaign," a comedy from Time Warner Inc's Warner Bros Pictures, emerged as the Nos. 1 and 2 films in North America, with respective grosses of $40.3 million and $27.4 million, according to early studio estimates.

 

FT

G20 PLANS RESPONSE TO RISING FOOD PRICES -

Overview

POSEN IN PARTING SHOT AT KING ON POLICY

BoE's Adam Posen says QE is preventing the British economy from further deterioration, but calls for an additional or better instrument.

EGYPT'S MORSI SACKS TOP MILITARY LEADERS

Egypt's new Islamist president Mohamed Morsi has sacked the country's top two military leaders and annulled a constitutional declaration.

OBAMA CAMPAIGN ATTACKS RYAN PICK

The Obama campaign has labelled Paul Ryan a "rightwing ideologue," elevating Mitt Romney's choice of running-mate into a central figure.

EU HEDGE FUNDS FACE PAY THREAT

Fund managers in Europe could be caught offguard by strict pay curbs when the first EU attempt to regulate the industry next year.

PROPERTY IN SPAIN AND ITALY ON THE BRINK

The Spanish and Italian commercial property markets have all but collapsed with the number of transactions in both countries falling more than 90 percent.

JP MORGAN DUO UNLIKELY TO ROCK THE BOAT

The new investment banking leadership at JPMorgan aims to boost annual pre-tax profit by $1 billion within five years.

NUMBER OF STATE SELL-OFFS CUT IN HALF

The pace of privatisation around the world has slowed sharply, with an unprecedented number of asset sales delayed or cancelled.

STANDARD CHARTERED PUSHES FOR SETTLEMENT

Standard Chartered is pushing for a settlement to resolve allegations it violated U.S. sanctions.

AMERICAN AIRLINES CONSIDERS STRATEGIC OPTIONS

American Airlines will decide within weeks whether to pursue a merger, including the "attractive option" of merging with smaller rival U.S. Airways.

G20 PLANS RESPONSE TO RISING FOOD PRICES

G20 countries are to step in to try and co-ordinate a response to surging food prices.

 

NYT

* Three months after Facebook Inc's offering, shares have lost more than 40 percent of their value, closing at just under $21.81 on Friday, from $38 on May 18. The next test for the stock could come soon. Over 1.6 billion shares will be eligible to come on the market in several waves, starting on Thursday, when a number of shareholders are allowed to sell.

* Motorola Mobility, the ailing cellphone maker that Google Inc bought in May, told employees that it would lay off 20 percent of its work force and close a third of its 94 offices worldwide.

* On Monday, MundoFox, the newest Spanish-language network in the United States - a partnership between Fox International Channels, owned by the News Corp, and RCN Television SA in Colombia - will make its official debut in 50 cities in the United States.

* The Olympics have cast a spell over NBC for the last two weeks. NBC has already used the Games to introduce two new comedies, "Go On" and "Animal Practice" in commercial-free previews. The Games averaged more than 30 million viewers a night, and well more than 200 million individual viewers in all.

* The Securities and Exchange Commission is expected to vote on Aug. 29 on a proposal that would limit taxpayers' exposure to the $2.6 trillion world of money market mutual funds. The plan would reduce the odds of having to rescue teetering funds when the next financial crisis comes - and it will.

 

Canada

THE GLOBE AND MAIL

* One in four Canadians earning less than $30,000 annually have delayed or stopped taking prescription drugs because they did not have money to pay for the treatment, a new poll shows.

By contrast, fewer than one in 30 citizens earning more than $60,000 a year has had trouble paying for necessary medication, according to the survey commissioned by the Canadian Medical Association.

* EHealth Inc president and CEO Greg Reed will be paid a bonus of C$81,250 this year, agency spokesman Robert Mitchell confirmed Sunday.

Staff at the agency have turned to the courts to get back the bonuses they were promised but denied.

Report in the business section:

* The federal government is using Alberta's greenhouse-gas emissions target - criticized as too accommodating to industry - as the launching point for a national oil and gas carbon policy, even as the province itself looks to toughen those standards.

Alberta today requires large energy companies to achieve a 12-per-cent reduction in emissions, on a per-barrel "intensity" basis that allows overall emissions to still climb dramatically.

* The table is set for difficult, intense labor talks when the Canadian Auto Workers union sits down across from the three big North American auto makers this week for the opening rounds of new contract negotiations.

NATIONAL POST

* Chinese citizens who gave money to Prince Edward Island's troubled immigration nominee program say they're angry they haven't been refunded, two years after Ottawa rejected their visa applications.

FINANCIAL POST

* The International Association of Machinists and Aerospace Workers plans to mount a legal challenge to oppose Lufthansa Technik being awarded a contract to maintain the engines on Air Canada's narrow body fleet stemming from the bankruptcy of the airline's former maintenance unit, Aveos Fleet Performance Inc., in March.

The machinists' union has thrown its support behind a competing bid from Germany's MTU Aero Engines Holding AG which, unlike Lufthansa, has promised to keep the work in Canada.

 

European Economic Update:

  • Germany Wholesale Price Index 0.3% m/m 2.0% y/y. Previous -1.1% m/m 1.1% y/y.
  • France Current Account (EUR) -4.9B – lower than expected. Consensus -4.1B. Previous -4.0B.
  • Norway Retail Sales -1.1% m/m 7.4% y/y – lower than expected. Consensus -0.5% m/m 4.1% y/y. Previous 1.6% m/m 4.2% y/y.
  • Italy General Government Debt 1972.9B. Previous 1966.3B.

 

 

 


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Mon, 08/13/2012 - 07:33 | Link to Comment spanish inquisition
spanish inquisition's picture

Yellen Must Show How 12 Fed Opinions Become One Policy

When the owner(s) of the FED decide what they need, someone wearing Presidential cufflinks calls them and tells them what to do.

Mon, 08/13/2012 - 07:53 | Link to Comment fnord88
fnord88's picture

"All threats "dwarfed" by Iran nuclear work: Israel PM "

I was thinking war after the election. But maybe an Iranian "attack", weeks before hand? 

Mon, 08/13/2012 - 07:52 | Link to Comment Catullus
Catullus's picture

Israel is beginning to look like North Korea with these military drills against an "enemy" that has never attacked them. 

The insane have had their grip on Israel for so long.  They don't care how many of their own people get killed.  They want a war.  They know they won't be personally harmed. 

But to denounce them in any way in the US is called "anti-semitism".  You should never mention that their war provocations are going to get several Jews in Israel killed.

Mon, 08/13/2012 - 08:10 | Link to Comment Inthemix96
Inthemix96's picture

Cat,

So true, but come on, they do not call themselves "gods chosen people" for nothing.

The big man upstairs is sure to keep an eye on them.  Oh, that is not anti-semetic folks, that IS what they call themselves, lets see if they really are.  I am sick to death of Isreal and all the sabre ratting that this tiny little nation gets up to with the full backing and military help of the good old USofA.

Pull the US out of helping the Isreali cause and see how fucking clever they are then.  Iran, Iraq, Syria, Eygpt?  Come on big men, you can talk the talk, now walk the fucking walk without your big brother holding your hand.

Mon, 08/13/2012 - 07:53 | Link to Comment Freeman-S-Stratos
Freeman-S-Stratos's picture

All threats "dwarfed" by Iran nuclear work: Israel PM (Reuters)

 

LOL! 200+ Vs. 0 (Zero!) Nuclear weapons. I know who my money is on to win a nuclear war between those two.... Does ANYONE actually buy the "Iran is a threat" meme?

 

Mon, 08/13/2012 - 08:43 | Link to Comment disabledvet
disabledvet's picture

Can't think of a more bullish scenario for oil...if the Americans would only stop producing so much we'd be in the stratosphere by now. Big angry Governments everywhere, debt orgies, crazy Wahabi's of the East AND the West...nobody cares about the price of anything...just "buy, buy, buy."

Mon, 08/13/2012 - 08:48 | Link to Comment jjsilver
jjsilver's picture

Be aware:

"G20 plans response to rising food prices"

problem, reaction, solution?

Mon, 08/13/2012 - 09:21 | Link to Comment fuu
fuu's picture
  • "A Bare Jock" campaign attacks "A Tit Lump" pick (FT)
  • "A Tit Lump" hit the road in an energized campaign (Reuters)
  • 2012: the Dick or the Cancer, either way we're fucked.

    Mon, 08/13/2012 - 10:10 | Link to Comment ffart
    ffart's picture

    Are ya'll ready to die for ZOG in the upcoming world war?

    Mon, 08/13/2012 - 10:11 | Link to Comment Spastica Rex
    Spastica Rex's picture

    Who is the king of the Bank Of England these days?

    Do NOT follow this link or you will be banned from the site!