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Frontrunning: October 5

  • MOAR: Euro-Area Growth Seen Slowing in Sign More Stimulus May Be Ahead (BBG)
  • MOAR: Japan's wage growth slows in August, keeping pressure on BOJ for more stimulus (Reuters)
  • MOAR: Stocks, Copper, Emerging Markets Jump as Fed Delay on Rates Seen (BBG)
  • And yet... Central Banks Lose Bond-Market Credibility as Woes Mount (BBG)
  • World Bank cuts Asia growth forecast on China and US rates (BBC)
  • Air France Plans Almost 3,000 Job Cuts After Failed Pilot Talks (BBG)
  • Policy Makers Skeptical on Preventing Financial Crisis (NYT)
  • A Tax to Curb Excessive Trading Could Be a Boon to Returns (NYT)
  • Nelson Peltz’s Trian Takes Stake in GE, Pressuring Immelt (WSJ)
  • Volkswagen Chief Warns on Existential Threat of Cheating Scandal (BBG)
  • At Glencore, a Mining Emperor Tries to Save His Realm (WSJ)
  • Glencore 'will listen to' takeover offers as it battles to cut debt mountain (Telegraph)
  • Glencore Oil Deals Could Bite Banks (WSJ)
  • Moscow scuppers US coalition plans for no-fly zone in Syria (FT)
  • Turkey says Russian warplane violated its airspace (Reuters)
  • Conflicting Agendas, Caution Beset Pentagon’s Plans in Syria (WSJ)
  • American Apparel Files for Bankruptcy (WSJ)
  • America's Beaten-Down Factory Worker Is Getting Squeezed Again (BBG)
  • Putin's Bombs Add to Reasons Why Syria's War Is Here to Stay (BBG)
  • U.S. enforcement of Iran arms embargo slipped during nuclear talks: sources (Reuters)
  • Clinton Proposes New Gun Measures, Staking Claim Vs. Sanders (BBG)
  • Nigeria's Former Oil Minister Alison-Madueke Arrested in U.K. (BBG)
  • Legal troubles, market realities threaten Uber's global push (Reuters)

 

Overnight Media Digest

WSJ

- General Electric Co has drawn a big investment from activist shareholder Nelson Peltz, adding urgency to the industrial conglomerate's effort to revive its long-depressed stock price. (http://on.wsj.com/1MTG3To)

- American Apparel Inc is completing plans to file for bankruptcy protection as soon as Monday morning, people familiar with the situation said, the latest setback for a company that was thrown into chaos after a battle to oust founder Dov Charney. (http://on.wsj.com/1M5oKQO)

- Two top Volkswagen engineers who found they could not deliver as promised a clean diesel engine for the U.S. market are at the center of a company probe into the installation of engine software designed to fool regulators, according to people familiar with the matter. (http://on.wsj.com/1ORHC7z)

- The United States and 11 countries around the Pacific were in the home stretch on talks to complete a sweeping trade agreement that would lower barriers to goods and services and set commercial rules of the road for two-fifths of the world's economy. (http://on.wsj.com/1VybZEk)

- A Glencore Plc oil pact with Chad last year and troubles with other similar deals are shedding light on how the company's energy business has taken some banks into risky areas that are causing jitters as commodity prices fall. (http://on.wsj.com/1OgFNkm)

- With the threat of a strike at Ford Motor Co averted, United Auto Workers President Dennis Williams will attempt to restart negotiations with Fiat Chrysler this week as he looks to salvage a new national contract. (http://on.wsj.com/1Nfhfbp)

- Walt Disney Co is considering demand-based pricing at its domestic theme parks, making tickets cost extra or come with more restrictions during peak times like weekends and cost less on slower days. (http://on.wsj.com/1KZIX60)

- Connecticut has roughly half of what it needs to pay future retirement benefits for its workers, meaning the state is wrestling with financial distress rivaling that of Kentucky or Illinois. (http://on.wsj.com/1PZxDug)

 

NYT

- Volkswagen AG began installing software devised to cheat on emissions tests in 2008 after realizing that a new diesel engine, developed at great expense, could not meet pollution standards in the United States and other countries, people with knowledge of the automaker's internal inquiry said on Sunday. (http://nyti.ms/1M5tYff)

- The 2008 financial crisis convinced most people in the world of central banking that it would be a good idea to try to prevent that kind of thing from happening again. But policy makers have made little progress in figuring out how they might actually do so, a troubling reality highlighted at a conference that ended over the weekend at the Federal Reserve Bank of Boston. (http://nyti.ms/1Oea3ed)

- An investor group led by Ryan Kavanaugh reached a deal to acquire all of Relativity Media's assets except its television business, Relativity said. (http://nyti.ms/1j8NVqn)

- Albertsons Companies Inc, one of the biggest supermarket chains in the United States, set the price range for its initial public offering on Friday, saying it plans to raise as much as $1.9 billion. (http://nyti.ms/1iXI0Up)

 

Canada

THE GLOBE AND MAIL

** Kinross Gold Corp, facing an investigation in the United States over alleged corruption at its West African mines, has portrayed itself as the victim of "noise" by contractors who failed to win bids at its massive gold mine in the Sahara Desert in Mauritania. (http://bit.ly/1FP9lDf)

** Rogers Communications Inc is preparing to roll out "gigabit" download speeds to its broadband Internet customers. The Toronto-based cable and wireless company is set to announce its plans at a midday press event on Monday and will begin offering download speeds of up to 1 gigabit per second in parts of Toronto as well as Vaughan, Markham, Richmond Hill, Ajax, Pickering and Whitby later this year. (http://bit.ly/1FP9Ddk)

** Twelve countries including Canada are closing in on a sweeping deal in Atlanta that could create the world's largest trade zone - including long-prized access to the lucrative Japanese market. (http://bit.ly/1FPcmTQ)

NATIONAL POST

** A worker and supervisor at Canada's world-renowned disease lab in Winnipeg had virtually no safety training before the employee was infected with one of the diseases he handled, says a damning investigation into

 

Britain

The Times

- Britain's biggest insurer Prudential PLC, is examining plans to move its headquarters from Britain to escape onerous new European Union regulations. The radical plan could see the 36 billion pounds ($54.66 billion)insurer sell its British operations, or spin them out into a separate listed company. (http://thetim.es/1j7GShK)

- Tesco PLC is set to report a slump in first-half profits this week, cranking up pressure on the chief executive and raising questions over the pace of its turnaround. Britain's biggest supermarket is expected to reveal that operating profit sank below 400 million pounds in the six months to August, less than half the 916 million pounds it reported in the same period last year. (http://thetim.es/1Grj5xX)

The Guardian

- The economic gap between London and other major cities will widen significantly in the next 10 years and London's economy is forecast to grow 27 percent by 2025, according to a report by law firm Irwin Mitchell and the Centre for Economics & Business Research. (http://bit.ly/1j8EJSS)

- HMV will continue its remarkable turnaround in the run-up to Christmas, embarking on an international expansion drive just two years after falling into administration. The music chain plans to expand its website into 10 countries and open a Dubai store next summer. (http://bit.ly/1PZ2SFO)

The Telegraph

- The European Central Bank is being sued by more than 200 investors over its role in Greece's debt restructuring, in a case where a group of Italian retail investors are claiming damages in excess of 12 million euros ($13.46 million)from the ECB for an alleged violation of its "equal" creditor status during the biggest private sector debt restructuring in history in 2012. (http://bit.ly/1GqSeSO)

- Banco Santander SA is braced for a High Court battle this month as a state-owned railway in Portugal claims it was misled into signing up to a complex derivative which led to an 89 million euros loan spiralling into a debt of almost 500 million euros, and has been called "the worst trade ever." (http://bit.ly/1LrF0g0)

Sky News

- The building society sector's key lobbying group has rejected proposals to draw it into the ambit of a new umbrella association for the banking industry in an indication of mutuals' desire to distance themselves from the reputational woes of their rivals. (http://bit.ly/1hjPGzk)

The Independent

- Every local authority in Scotland will ignore the terms of the Government's contentious Trade Union Bill, making the legislation unworkable north of the border. All 32 Scottish councils will refuse to implement the conditions of the bill when it becomes law, which include removing the process of check-offs whereby union subscriptions are deducted from the salaries of workers who are members of a trade union. (http://ind.pn/1VxYrsg)