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Frontrunning: September 25

  • Global Markets Rebound on Yellen Speech (WSJ)
  • Obama and Putin to meet; Syria and Ukraine vie for attention (Reuters)
  • Obama to host China's President Xi amid simmering tensions (Reuters)
  • Don't Fall for It, Xi! Chinese Take to Web to Scorn U.S.—and China, Too (BBG)
  • Yellen Confirms Fed Still on Track to Raise Rates This Year (BBG)... but is still China dependent?
  • Abe's New Economic Plan Confounds Analysts (BBG)
  • It's All `Perverted' Now as U.S. Swap Spreads Tumble Below Zero (BBG)
  • China Capital Outflows Hit Record in August on Yuan Weakness (BBG)
  • Brazil Braces for More Pain (WSJ)
  • Saudi suggests pilgrims at fault over haj deaths, Iran indignant (Reuters)
  • Volkswagen turns to Porsche boss to steer it out of crisis (Reuters)
  • BlackBerry Plans Android Device as Loss Exceeds Expectations (BBG)
  • Japan no longer even trying to make sense: Japan PM Abe Aims for 20% Nominal GDP Growth to ¥600 Trillion (WSJ)
  • Bill to avoid government shutdown moves in Congress (Reuters)
  • The New Bond Market: Algorithms Trump Humans (WSJ)
  • The Jocks of Computer Code Do It for the Job Offers (BBG)
  • Global Oil Market Gets New Chinese Traders Hungry to Taste Crude (BBG)


Overnight Media Digest


- The United States and China on Friday will announce significant steps in their efforts to combat climate change, including a pledge by China to launch a program by 2017 to cap some emissions and put a price on carbon. (

- U.S. Federal Reserve Chairwoman Janet Yellen argued the case for raising short-term interest rates later this year, effectively lobbing a warning to skittish financial markets that last week's decision to keep rates near zero was not a shift toward an interminable delay of liftoff. (

- A stampede during the annual haj pilgrimage to Islam's holiest city, Mecca, left more than 700 people dead and more than 800 injured. (

- United States and allied defense officials are reviewing new options that include keeping thousands of American troops in Afghanistan beyond the end of 2016. (

- Japanese Prime Minister Shinzo Abe said that he would seek to expand the nation's economy by around a fifth, pivoting away from a monthslong fight over security legislation. (

- Volkswagen AG is poised to name Matthias Müller, the 62-year-old head of its Porsche brand, as chief executive of the entire company, a person familiar with the matter said, amid the widening emissions scandal. (

- Caterpillar Inc projected further revenue declines and announced plans to cut more than 10,000 jobs amid weakness in the energy and construction markets. (



Matthias Mueller, the head of Porsche sports car brand, has emerged as the favourite to be appointed as Volkswagen's chief executive, people close to the company indicated, as the fallout from the U.S. vehicle emissions test rigging scandal broadened.

Starbucks Corp, said it will raise its average UK wage to just under 8 pounds ($12.18) an hour from November and offer interest-free loans to help its staff pay deposits on their housing.

Spanish energy company Abengoa said it launched a deep overhaul of its troubled business, including a 650 million euro ($726.5 million) capital increase and the retirement of its veteran chairman.



- Regulators in several European countries have opened investigations, attorneys general in the United States have joined federal inquiries, and there has been broader criticism of Volkswagen, and diesels, in markets from South Korea to Brazil. (

- A stunning decline in the value of the real is now the latest blow to Brazilian businesses struggling with recession. (

- President Xi Jinping of China will make a landmark commitment on Friday to start a national program in 2017 that will limit and put a price on greenhouse gas emissions, Obama administration officials said on Thursday. (

- Brazil's two largest cities may be on the verge of banning Uber's service, adding to the ride-hailing service's growing list of regulatory problems. (

- Nydia M. Velázquez, Democrat of New York, is expected to introduce an amendment to the 1940 act that would give mutual fund investors in Puerto Rico the same regulatory protection that their counterparts have on the United States mainland. (





Hong Kong


-, China's second-largest e-commerce services provider by sales, is gearing up to expand operations across Asia and pursue potential international investments after opening its new office in Hong Kong, said its chief human resources officer and general counsel Rain Long. (

- Former chief justice Andrew Li Kwok-nang spoke out in defence of judicial independence in Hong Kong and called on Beijing to refrain from overriding judgements of the top court. (

- More than 1,000 people have signed up to take part in a Facebook event, "Let's bring our musical instruments to take MTR", on October 3 after a university student was threatened with a HK$2,000 ($258.07) fine for carrying a cello - extra-large musical instrument - onto the train. (


- Hong Kong billionaire and casino magnate Lui Che-woo on Thursday set up what could be the largest prize in the world - HK$2 billion ($258.07 million)- to recognize individuals or organizations that have made contributions to advancing civilization. (

- Some parts of the artificial island to be used for the Hong Kong-Zhuhai-Macau Bridge project might have moved but it is safe overall, said Hong Kong's Director of Highways Lau Ka-keung, responding to reports that some parts of the 150-hectare island built for the bridge's boundary crossing facilities had been moving by as much as seven metres. (

- An unprecedented 2,000 objections on voter registrations were lodged this year, up from the previous record high of 86, Electoral Affairs Commission chairman Barnabas Fung Wah said. (


- New World Development Chairman Kar-Shun Cheng said Hong Kong home prices might fall as much as 10 percent in the coming one year on increasing land supply and a U.S. rate hike. The company is targeting HK$10 billion Hong Kong property sales in the coming financial year, 42 percent less than last year.


- The Hong Kong government is expected to roll out six land parcels, involving 3,840 buildable units, when it announces its land sale plan for the new quarter next week, the most in seven quarters.



The Times

The Bank of England should raise interest rates now to ensure that future increases will be gentle enough to avoid a later shock that might damage the recovery says Ian McCafferty, an external member of the monetary policy committee. (

Peer-to-peer lender Funding Circle is planning to float an investment trust to raise 150 million pounds ($228.39 million)for credit-hungry small businesses. (

The Guardian

Britain's financial services sector could retain its pre-eminent global position even if voters opt to leave the European Union, according to economics consultancy Capital Economics.(

UK department store chain John Lewis could have to restructure staff benefits in order to pay for the "national living wage", said Andy Street, managing director of the department store chain. (

The Telegraph

France has opened the door to full-blown treaty changes in a bid to keep Britain in the EU, warning that it would be a grave mistake to disregard the legitimate demands of London. (

Markets are right to push back their expectations of a UK interest rate rise as global growth slows, according to the deputy governor of the Bank of England, Ben Broadbent. (

Sky News

A careless Downing Street official has revealed that the government is reviving plans to privatise Channel 4, despite recent denials. Photographer Steve Back captured a secret Whitehall document tucked under the official's arm, headed "Assessment of Channel 4 Corporation Reform Options". (

The Independent

UK's Chancellor of the Exchequer, George Osborne, is trying to tempt China into plugging billions into British transport, energy and infrastructure projects to transform the north in the coming decades. (

German Chancellor Angela Merkel's government has faced charges of being "in bed" with the German car industry and of deliberately ignoring EU demands to outlaw the kind of car computer software which manipulated the levels of Volkswagen AG diesel exhaust emissions. (