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Frontrunning: August 25

  • China’s Central Bank Cuts Interest Rates (WSJ)
  • Chinese Stocks Crash Again to Extend Biggest Plunge Since 1996 (BBG)
  • China cuts rates, reserve ratio to aid economy as stocks sink (Reuters)
  • Wall St. suffers worst day in four years, S&P confirms correction (Reuters)
  • Europe's Stocks Head for Best Day Since 2011 (BBG)
  • Market turmoil clouds Fed rate outlook (FT)
  • For All Its Heft, China’s Economy Is a Black Box (WSJ)
  • Apple leads technology stock recovery amid China fallout (FT)
  • How Trump plans to turn gawkers into hardcore supporters (Reuters)
  • FCC Crushes Dish's Dreams of Becoming a Wireless Carrier, For Now (BBG)
  • Investors Grasp for Answers Amid Wild Stock Rout (WSJ)
  • As migrants head north, Hungary decries 'humiliating' EU policy (Reuters)
  • How to Build Industrial Robots That Don’t Kill Humans (BBG)
  • Trump quotes Bush's mother in attack ad (Hill)
  • Here’s How Australian Billionaires Party for a Week on a Private Island (BBG)


Overnight Media Digest


- Concerns about China's economy intensified, accelerating the selloff across global markets as investors tried to assess whether the rout was just a short-term pullback or a signal of deeper trouble. (

- For sheer clout, China's economy outweighs every country in the world save the United States. But on transparency, it remains distinctly an emerging market, with murky politics, unreliable data and opaque decision making. This veil dims the understanding of China's economy and is an important reason its recent slowdown has produced so much turmoil. (

- The United States has been a tortoise, plodding out a slow but steady expansion, but now, market turmoil and China's troubles threaten to undermine the U.S. outlook. Few economists see a U.S. recession. In fact, some recent developments, including lower oil prices, will help U.S. consumers and businesses. (

- The plunge in global crude prices has prompted some OPEC members to call for renewed discussions within the cartel about restraining production. (

- Executives behind the rise of Spirit Airlines Inc are now transforming Frontier Airlines Inc into a Spirit copycat, part of the rapid expansion of a business model that is introducing millions of U.S. fliers to lower fares, more fees and less legroom. (

- General Electric Co plans to close a historic foundry and eliminate more than 250 jobs at its oil-field services unit in Lufkin, Texas, as the company deals with a drop in demand for drilling equipment in the wake of plunging oil prices. (



U.S.-based Monsanto Co sweetened its offer to buy Switzerland's Syngenta AG, valuing the company at around $47 billion as it tries to lure the Swiss firm to the negotiating table.

Airbus Group SE is looking to sue Japanese defence ministry after it could not strike a multi-billion dollar deal to supply helicopters to Japan's ground self-defence forces.

BP Plc decided not to travel with the UK trade delegation accompanying British Foreign Secretary Philip Hammond to reopen UK embassy in Tehran on Sunday amid concern among British companies that U.S. regulators might take legal action even after sanctions were eased.




** Canadians grew wealthier in 2014 as their debts climbed 2.9 percent on average while assets grew 5.5 percent last year, pushing average household net wealth to C$589,511 in Canada, according to the latest WealthScapes analysis by Environics Analytics. (

** Phil King, the head of programming for the CTV network and a long-time TSN executive, is departing from Bell Media as part of a reshuffling in the company's senior ranks. (

** In his first day of testimony at the Duffy trial, former PMO director of issues management Chris Woodcock said the Prime Minister's Office insisted on getting Senator Mike Duffy to pay back his housing expenses because it feared the steady flow of stories on the controversy was hurting the Conservative Party's brand in the public. (


** Identity of a Cameroon citizen Michael Mvogo, who came to Canada in 2005 using a fraudulent U.S. passport, has been confirmed after a decade, paving the way for his deportation back to his native. (

** Scam artists, extortionists and "unconfirmed reports" of possible suicides have emerged in the aftermath of the Ashley Madison hack, Toronto police said Monday. "We're talking about families. We're talking about their children ... It's going to have impacts on their lives," acting Staff Superitendent Bryce Evans told a morning news conference. (




- China may cancel the stipulated 75 percent loan-to-deposit ratio for commercial banks and instead regard it as a liquidity-monitoring indicator, the newspaper said citing Xinhua.

- China's economic growth could touch bottom in the third quarter of this year and rebound slightly in the fourth quarter, said Liu Yuanchun, a director of the research department at Renmin University.


- Share prices of twelve listed banks fell below their net assets-per-share value after China's stock index suffered its biggest one-day fall since February 2007.


- A senior executive at HTC Corp denied rumors the company would sell its factory in Shanghai, but the person confirmed that the company would lay off 15 percent of staff.


- Although the top 500 Chinese companies have seen income swell over the years, room for growth has largely contracted, especially after the global financial crisis, a new report said.



The Times

* House prices are expected to rise by nearly a third over the next four years, with almost every English region overtaking the capital, but the devaluation of the Chinese yuan is hitting demand for prime London homes. (

* British companies including Royal Dutch Shell Plc , Amec Foster Wheeler Plc and Weir Group Plc risk being outmanoeuvred by European rivals in a race for projects worth up to $185 billion in Iran's shattered oil industry. (

The Guardian

* The chief executive of RWE AG's npower has quit less than two weeks after the energy supplier was forced to warn of another unexpected drop in performance following persistent problems with its billing systems. (

* A former official who leaked stories to the Sun about a Serco-run immigration centre has pleaded guilty to misconduct in a public office. While working as a detention custody officer, Mark Blake, from Slough in Berkshire, was paid nearly 8000 pounds ($12,607.20) for tips about the Colnbrook secure immigration removal centre, which resulted in 10 stories being published by the tabloid newspaper over three years. (

The Telegraph

* Treasury Select Committee Chairman Andrew Tyrie has asked the central bank to re-examine its conduct rules following a spat over the hedge fund pay of the Monetary Policy Committee's new member, Gertjan Vlieghe. (

* Sporting bet-owner GVC Holdings Plc is pressing ahead with its attempt to gatecrash 888 Holdings Plc's takeover of Bwin.Party Digital Entertainment Plc and make a 1 billion pound bid for the online gambling company. (

Sky News

* HSBC Holdings Plc is poised to reject a revival of the Midland Bank name as it weighs a rebranding of its UK branch network prompted by a wide-ranging industry restructuring. (

* The taxpayers' stake in Lloyds Banking Group Plc has been reduced to below 13 percent following the latest share sale. (

The Independent

* BT Group Plc has scooped rival Sky Plc to win the rights to broadcast the 2017-2018 Ashes series in Australia. The deal, worth a reported 80 million pounds, is part of a five-year partnership with Cricket Australia. (