Zero Hedge
0
All posts from Zero Hedge
Zero Hedge in Zero Hedge,

Frontrunning: September 23

  • Global Stocks Steady Despite China Slowdown (WSJ)
  • European Recovery Saves Markets From China Gloom as Stocks Rally (BBG)
  • Pope starts U.S. trip with tone of conciliation (Reuters)
  • FBI Said to Recover Personal E-Mails From Hillary Clinton Server (BBG)
  • Volkswagen chief faces grilling by board over diesel scandal (Reuters)
  • 'European Detroit' Fear Grips VW Company Town as Scandal Widens (BBG)
  • Berlin finds itself caught up in Volkswagen scandal (FT)
  • Qatar Wealth Fund May Have Lost Billions on VW, Glencore Stakes (BBG)
  • Iran took samples for IAEA at suspect military site (AFP)
  • Chinese President Xi Jinping Seeks to Reassure U.S. Business Leaders (WSJ)
  • After jokes, applause at dinner, China's Xi gets down to U.S. business (Reuters)
  • RBS Said to Eliminate 100 Investment Banking Jobs in Revamp (BBG)
  • Shadow Finance Expansion by Chinese Banks Deepens Credit Mystery (BBG)
  • ECB's Nowotny Says He's Wary of Expanding Bond-Buying Program (BBG)
  • Yankees Legend Yogi Berra Dies (BBG)
  • Now buying in China is illegal: China Said to Suspect Citic of Insider Trading During Rescue (BBG)
  • EU Move to Force Relocation of Migrants Deepens Divisions in Europe (WSJ)
  • The Fed Is a Lot Closer to Its Target Using This Inflation Measure (BBG)
  • U.S. holiday season in 2015 could be weakest since recession (Reuters)
  • Tencent M&A Chief Said to Leave After $19 Billion in Deals (BBG)

 

Overnight Media Digest

WSJ

- An initial gauge of Chinese factory activity fell in September to its lowest level in six-and-a-half years, suggesting a worsening slowdown in the world's No. 2 economy. (http://on.wsj.com/1j8ntgr)

- Cisco Systems Inc, under pressure in China, plans to announce a partnership with Chinese server maker Inspur Group during Chinese President Xi Jinping's United States visit. (http://on.wsj.com/1V9r0H4)

- Two Chinese jet fighters made what military officials called a dangerous interception with a U.S. spy plane a week ago, just days before Chinese President Xi Jinping was set to be received at the White House. (http://on.wsj.com/1V9r3CI)

- The fate of Volkswagen AG's CEO, who survived a boardroom coup earlier this year, is now in jeopardy over a damaging emissions scandal as former allies and politicians demand to know what happened. (http://on.wsj.com/1YBjnh8)

- The European Union, pushing through a plan that forces member states to take in migrants, exacerbated a continent-wide conflict over how to cope with the more than half a million people seeking refuge from the strife-torn Middle East and elsewhere. (http://on.wsj.com/1j8oh4L)

- A new United Nations field office in Seoul focused on North Korean human rights will build a more comprehensive picture of violations inside the country and increase pressure on its regime to close a network of political prison camps. (http://on.wsj.com/1QYkhPJ)

 

FT

Canada's environmental agency said on Tuesday it is investigating some 100,000 Volkswagen and Audi 2009-2015 model diesel cars sold there, and is in contact with its counterparts in the U.S. EPA and Volkswagen's Canadian unit.

Aberdeen Asset Management has been granted a business licence to operate in China, the British government said on Tuesday during an official visit to the country aimed at fostering trade and investment links.

France's Constitutional Court upheld a national law that banned one of Uber Technologies' car services that relies on non-professional drivers using their own vehicles, dealing another setback to the company in Europe.

 

NYT

- Deezer, the French music streaming service, said on Tuesday that it had filed for an initial public offering in a bid to raise funds to take on global rivals like Spotify and Apple. (http://nyti.ms/1L4P3HV)

- Goldman Sachs Inc's Chief Executive Lloyd Blankfein said in a letter to shareholders and employees that he had a "highly curable" form of cancer. Blankfein will remain in charge as he undergoes chemotherapy over the next several months. (http://nyti.ms/1JonIc2)

- The Constitutional Council in France upheld on Tuesday a law that banned Uber's low-cost ride-hailing service, a much-awaited decision that underscores how national courts are enforcing limits on the company's expansion into new markets. (http://nyti.ms/1PqO7ey)

- Bank of America shareholders backed a proposal allowing Brian Moynihan to keep his job as both chief executive and chairman, capping a monthslong campaign by the bank's executives and its lead board member to win over wavering investors.(http://nyti.ms/1QxlBbq)

- Uber said it was starting a new carpooling service, Uber Commute, beginning in Chengdu, China, from Wednesday. Chinese car owners who drive long distances will have the option of picking up passengers going in the same direction and the driver will end up saving money. (http://nyti.ms/1FejU2p)

- A scandal that has battered Volkswagen's image in the United States spread to the automaker's core market in Europe on Tuesday, when the company said that 11 million of its diesel cars were equipped with software that could be used to cheat on emissions tests. (http://nyti.ms/1KNdDuS)

 

Hong Kong

SOUTH CHINA MORNING POST

- The number of mainland tour groups arriving for next week's National Day break is expected to be at least 15 percent lower than usual, according to the Inbound Tour Operators Association. (bit.ly/1LuZpPV)

- Emission caps for Hong Kong's power plants could be tightened by as much as 28 percent after 2020 when the city starts obtaining half of its power from natural gas, according to a proposal that will be discussed at a special meeting of the Legislative Council environmental affairs panel next Tuesday. (bit.ly/1iLeaDh)

THE STANDARD

- Hong Kong developers, such as Swire Properties Ltd and Cheung Kong Property Holdings Ltd, are continuing to push forward luxury housing projects into the market, anticipating an interest rate rise. (bit.ly/1OPZgaD)

- Lai Sun Development Company Ltd has won a bid to co-develop a residential site in Sai Wan Ho with the Urban Renewal Authority. (bit.ly/1YB0Mli)

HONG KONG ECONOMIC JOURNAL

- Three listing candidates will open retail books on Thursday, including IMAX China Holdings Inc, Regina Miracle International Ltd and Zhejiang Tengy Environmental Technology, raising a total of HK$4.52 billion ($583 million), with analysts expecting tepid reactions from investors amid a chill in the local IPO market.

- Chief Executive Leung Chun-ying said the MTR Corporation Ltd should finish the Hong Kong-Guangzhou high-speed link as soon as possible without further increases in budget amid claims the company had a shortfall of HK$3 billion on the project.

HONG KONG ECONOMIC TIMES

- Tse Sui Luen Jewellery International Ltd's deputy chief executive officer Tommy Tse said the company remained pessimistic about the Hong Kong market in the next 12 to 18 months and it will expand its operation in the mainland with a target to open up 50 new stores in China Jthis year.

 

Britain

The Times

The UK government is facing a tougher job of meeting its deficit-cutting target this year after it was forced to borrow almost 3 billion pounds ($4.61 billion) more than anticipated in August. (http://thetim.es/1QXRhrp)

UK's Chancellor of the Exchequer George Osborne has unveiled plans to make China Britain's second-largest trading partner within a decade, as he continues his tour of the country. (http://thetim.es/1QXRsmk)

The Guardian

The AA has slid to a near 64 million pounds loss and said that the government's increase in insurance premium tax would increase "churn" among its customers - the number of policyholders shopping around and switching to rival insurers. (http://bit.ly/1QXSvCV)

The price of good quality English farmland has doubled over the past five years, making it the most expensive in the world and offering a better return than prime London property, the FTSE 100 or gold, according to agents Knight Frank. (http://bit.ly/1QXRMlj)

The Telegraph

The uncertainty generated by the upcoming EU referendum could force the Bank of England to keep its rates low for longer, UBS economists have warned. (http://bit.ly/1QXRUkN)

VisitEngland, the UK Government-backed tourism board, has launched a campaign to encourage businesses to tap into the 12.1 billion pound market for disabled travellers. (http://bit.ly/1QXS2k5)

Sky News

The Volkswagen AG emissions-testing scandal has taken a dramatic turn, with the company admitting that 11 million of its diesel cars may be implicated worldwide. (http://bit.ly/1QXSIGg)

The Independent

UK Chancellor of the Exchequer George Osborne's "Help to Buy" scheme was intended to slow the decline in homeownership in the UK, but new research found the plan has pushed up house prices. (http://ind.pn/1QXSTkW)

SodaStream is to offer 1,000 Syrian refugees jobs at a new plant in Rahat in the south of Israel, according to reports, though it is unlikely that any refugees will be able to accept the offer. (http://ind.pn/1QXSY8g)