Frontrunning: September 16

  • Euro Ministers Spar on Collateral for Loans (Bloomberg)
  • Treasury Secretary Timothy Geithner ignored President Barack Obama’s order to consider dissolving Citigroup (Politico)
  • Lagarde warns IMF could withhold Greek loan (FT)
  • Spain to Impose New Wealth Tax (WSJ)
  • Looming U.S. decision on Taiwan risks China rift (Reuters)
  • GM Adjourns Union Talks With No Agreement (Bloomberg)
  • UBS $2 billion loss to trigger investment bank retreat (Reuters)
  • European Bank Blowups Hidden With Shell Games (Bloomberg)
  • House Republicans Push Stopgap Spending Bill (NYT)
  • Geithner urges unity in tackling euro zone crisis (Reuters)
  • Big Japan Quakes Still a Risk (WSJ)
  • U.S. nets thousands in offshore tax dodge crackdown (Reuters)
  • Perry ‘Ponzi’ Remark Carries Risk by Pitting Old Against Young (Bloomberg)
  • Najib pushes ahead with reform agenda (FT)

European economic update:

  • Italy Trade Balance for July 1438M. Previous -1829M. Revised -1749M.
  • Eurozone Trade Balance for July 4.3B - higher than expected.Consensus 2.0B. Previous 0.9B. Revised 0.1B.

Global highlights courtesy of Egan-Jones:

  • Asian currencies fall this week as concerns on Europe’s debt crisis led investors to favor safer bets.
  • Collateral disagreements might delay the Greek bailout.
  • Crude floats above $89 on continued optimism on Europe sovereign debt crisis.
  • Finland’s finance minister: no deal likely in Greek bailout deadlock.
  • Mark Rachesky, the former Carl Icahn protégé, becomes Lions Gate’s co-chairman.
  • Obama travels to Virginia high school to sign American Invents Act.
  • Rothschild mail-sorting facility to shutdown; 155 local jobs could be cut.
  • Air France-KLM orders 50 long-haul planes from Airbus and Boeing.
  • BlackBerry maker RIM struggles to compete with Apple and Google; shares falls more than 19%.
  • BP oil spill report may stimulate $30B pay-out.
  • Esprit Holdings heads for the biggest two-day drop since listing in 1993; slumps as much as 24%.
  • Goldman Sachs to shut its Global Alpha fund after clients pulled money from the quantitative trading pool.
  • Netflix losing more customers on price hike, stock down 19%.
  • Niederauer’s hold of Deutsche Boerse transforms NYSE's “merger of equals” into the worst takeover in America.
  • RIMM's Aug. net income down from $798M last year to $329M this year.
  • UBS shares stabilize as report says job cuts likely at unit hit by $2B rogue loss.
  • UK police extend interrogation of suspect in UBS's $2B rogue trade loss.


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