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Frontrunning: October 7

  • How Iranian general plotted out Syrian assault in Moscow (Reuters)
  • China FX reserves post record quarterly fall as cenbank steps up yuan support (Reuters)
  • MSF calls for independent inquiry into U.S. attack on Afghan hospital (Reuters)
  • Yen Advances as Bank of Japan Refrains From Adding to Stimulus (Reuters)
  • Abu Dhabi Said to Explore Asset Sales After Slump in Oil Price (BBG)
  • U.S. Oil Approaching $50 Boosts Stocks as Emerging Markets Surge (BBG)
  • Prince Alwaleed ups Twitter stake to 5% (FT)
  • Obama makes pitch to win support for Pacific trade pact (Reuters)
  • AB InBev Makes $100 Billion SABMiller Offer Public After Snubs (BBG)
  • Volkswagen to Launch Massive Vehicle Recall in January (WSJ)
  • JPMorgan buys more mortgages from other lenders as market shrinks (Reuters)
  • The Coal Market Is Even Worse Than People Thought, Glencore Says (BBG)
  • Volkswagen Stock Chart Is Looking Like BP's After Oil Spill (BBG)
  • Russia Oil Giant Selling Assets (NYT)
  • Four Ways Currency Rigging Transformed the $5.3 Trillion Market (BBG)
  • Retiree Health-Care Costs Rise to a Cool Quarter Million (BBG)
  • In North America's Costliest City, Rich Chinese Take the Blame (BBG)
  • Once the Biggest Buyer, China Starts Dumping U.S. Government Debt (WSJ)

 

 

Overnight Media Digest

WSJ

- Boardroom drama is intensifying at Viacom Inc amid questions about the health of Executive Chairman Sumner Redstone, as Wall Street ponders what the struggling media giant might look like without him. (http://on.wsj.com/1QXSaPX)

- DraftKings and FanDuel scrambled to contain fallout as questions arose over whether the billion-dollar fantasy-sports startups do enough to police employees who have access to inside data. (http://on.wsj.com/1Rt7sNq)

- Goldman Sachs Group Inc and JPMorgan Chase & Co are running up against wary investors in an attempt to shed leveraged loans backing the buyout of online clothing retailer FullBeauty Brands. (http://on.wsj.com/1Rt7AN3)

- The Consumer Financial Protection Bureau is moving toward new rules giving borrowers more rights to sue banks and credit-card companies, the agency's latest attempt to shift the balance of power to consumers from financial institutions. (http://on.wsj.com/1Lh4ZFd)

- Shiite lawmakers and militia leaders in Iraq are urging Russia to launch air strikes on Islamic State militants in their country. (http://on.wsj.com/1hpDWLx)

- Private-equity giant TPG has closed its first high-risk real-estate fund, raising more than $2 billion in commitments at a time when big investors' appetite for real-estate risk is increasing. (http://on.wsj.com/1LgYbHu)

 

FT

Airbus said in a statement that talks to form a joint venture between the company and Canada's Bombardier's C-series jet programme are "no longer being pursued".

Apple has approved Been Choice, an app that lets iPhone users block advertisements in mobile apps for the first time. Other ad blocking apps have been successful in blocking ads only on webpages.

Royal Dutch Shell's Chief Executive Ben van Beurden said he sees "the first mixed signs" of recovery in oil prices if the oil producing cartel OPEC "get it right and find a new balance" to rebalance supply and demand.

The world economy will grow at its slowest pace since the global financial crisis of 2008, affecting China and other emerging economies, the International Monetary Fund has warned.

 

NYT

- Volkswagen AG's new chief executive warned on Tuesday that the financial impact from the company's emissions cheating scandal would be worse than previously acknowledged, forcing the company to curtail investment at a time when all carmakers are trying to keep ahead of a rush of new technology. (http://nyti.ms/1GvySvH)

- The New York attorney general began an inquiry Tuesday into the prospect that employees of daily fantasy football sites have won lucrative payouts based on inside information not available to the public, asking two leading companies, DraftKings and FanDuel, for a range of internal data and details on how they prevent fraud. (http://nyti.ms/1Lh2frj)

- Pure Storage, a provider of computer data storage, on Tuesday evening priced its stock market debut at $17 a share, at the midpoint of its expected range. That values the six-year-old company at about $3.1 billion. (http://nyti.ms/1Q6zQnD)

- Six former brokers - some with colorful nicknames, like Lord Libor and Big Nose - were "willing and enthusiastic" in helping a former trader at UBS Group AG and Citigroup Inc manipulate an important global benchmark interest rate known as Libor, British prosecutors said on Tuesday as a criminal trial of the brokers got underway. (http://nyti.ms/1jco5Sl)

- The chip maker Skyworks Solutions Inc has agreed to buy PMC-Sierra Inc, another maker of semiconductors, for $2 billion in cash, the companies said Tuesday. (http://nyti.ms/1PhBYuH)

 

Canada

THE GLOBE AND MAIL

** Several foreign investors bought property in Canada in recent years while keeping the extent of their wealth out of view of the tax authorities and the courts, a Globe and Mail investigation has found. (http://bit.ly/1jNFK2P)

** Canada's Bombardier Inc and European plane maker Airbus Group held talks about "certain business opportunities," but both companies said the discussions have ended. (http://bit.ly/1jNFSj0)

** A flood of new vehicles being shipped to the United States and other foreign markets has reached such a crest that Nissan Canada Inc is warning its dealers that their franchises can be terminated if the cars the company delivers to them are exported out of Canada. (http://bit.ly/1jNHaKQ)

NATIONAL POST

** Sixty-year-old Michael Gibbon left the house in Kitchener he lived in all of his life for his regular morning stroll and "walked into death," his distraught sister said - struck down by an arrow on a residential street in a bizarre incident that leaves police scouring for a fugitive bowman and a community fearful over what sparked the killing. (http://bit.ly/1jNHtFn)

** Canada's biggest cheese and yogurt makers look poised to profit from the Trans-Pacific Partnership, though even the companies say details are so scarce they simply don't know exactly what greater foreign market access will mean to their bottom lines. (http://bit.ly/1jNHFEA)

** A platform released on Monday by Liberal leader Justin Trudeau promises a series of measures to reverse Conservative initiatives that "steadily weakened our gun laws," while proposing a broad range of initiatives "to get handguns and assault weapons off our streets." (http://bit.ly/1jNIJbF)

** Mining tycoon Lukas Lundin has joined an effort to convince Fission Uranium Corp's skeptical retail shareholders that they should approve a friendly merger with Denison Mines Corp. The shareholder vote is scheduled for Oct. 14, and executives at both companies acknowledged on Tuesday they do not know which way Fission's investors will go. The vast majority of the stock is held by retail shareholders, some of whom are loudly resisting the deal with Denison, one of Lundin's companies. (http://bit.ly/1OlfQ3o)

** Suncor Energy Inc's blockbuster hostile takeover bid for Canadian Oil Sands Ltd is another sign the hard-hit energy sector has hit a "bumpy bottom," one of this Calgary's top commodity price forecasters said on Tuesday. (http://bit.ly/1jNIkWA)

 

Britain

The Times

- The Organisation for Economic Cooperation and Development announced guidelines to equip the global tax system for the digital world and to crack down on companies such as Google , Starbucks and Amazon.com Inc that have been accused of abusing tax loopholes. Companies face a big increase in their tax bills under a "once-in-a-generation" change to tax avoidance rules. (http://thetim.es/1OhU66J)

- Six former brokers, including one nicknamed "Lord Libor", are accused of helping to rig the borrowing rate that allowed a trader to "cheat" as part of a "dishonest scheme", a court has heard at the beginning of their trial. The men were accused of "the dishonest and wide-scale manipulation of bank rates for profit", with the defendants agreeing to "interfere and abuse a critical financial process". (http://thetim.es/1Q69vpY)

The Guardian

- Tesco PLC has said George Osborne's new "national living wage" will cost it 500 million pounds ($761 million) by 2020, putting further pressure on profitability at Britain's biggest supermarket. The higher pay costs come as Tesco struggles to adapt to a rapidly changing market and the fallout from a 263 million pound accounting scandal. (http://bit.ly/1KYLH5P)

The Telegraph

- Peter Mandelson has conceded that it would now be pointless for Britain to join the euro, after years of campaigning for the country to adopt the single currency. (http://bit.ly/1LwOSoN)

- Skyscanner, the online flight comparison service, is en route to land a 1 billion pound valuation, as one of its early investors seeks to sell part of its stake. Scottish Equity Partners (SEP) has appointed Goldman Sachs Group PLC to sell 10 percent of the company at a price that would confirm Skyscanner as a technology "unicorn" - a start-up that achieves a $1 billion valuation before they reach the stock market. (http://bit.ly/1OWUo4B)

Sky News

- Tesco PLC has been holding secret talks with the Serious Fraud Office (SFO) about a deal to settle a criminal probe into the accounting scandal that last year triggered the biggest crisis in the retailer's history. (http://bit.ly/1MdrMxV)

The Independent

- Ryanair Holdings PLC has accused screen-scraper websites such as eDreams of paying for Google advertising to rank above the official Ryanair website on Google searches. The latest case pits the plane carrier against Google, as it fights third parties that it says rip off its customers with inflated prices online. (http://ind.pn/1Guus8B)