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

Frontrunning: September 2

  • Markets on edge as policymakers flex muscles (Reuters)
  • European shares recover from rough ride (Reuters)
  • For Stock Markets, the Moment When Humans Matter (WSJ)
  • Puerto Rico's PREPA, bondholders have framework for deal (Reuters)
  • Hundreds of migrants protest at Budapest station, want to go to Germany (Reuters)
  • New Whale Seen Moving Tokyo Markets (BBG)
  • Putin's Got a New Problem With China (BBG)
  • Judge gives go-ahead to Uber lawsuit (FT)
  • Morgan Stanley issues 'full house' buy alert for stocks (Telegraph)
  • Older, Heavier Americans Fuel a $4 Billion Knee Replacement Market  (BBG)
  • British Employers Who Skirt ‘Living Wage’ Will Face Tough Fines, Cameron Says (NYT)
  • Jeb Bush Takes Gloves Off, Attacks Donald Trump Directly (WSJ)
  • Fuel Ships Take 4,000-Mile Africa Detour as Oil Prices Plunge  (BBG)
  • America’s Most Unlikely Energy Project Is Rising From a Louisiana Bayou (BBG)
  • Iran nuclear deal backers near votes to protect pact in U.S. Congress (Reuters)
  • A Secretive Agency Hunts for China’s Crooked Officials Worldwide  (BBG)

 

Overnight Media Digest

WSJ

- After weeks of enduring rival Donald Trump's attacks, Jeb Bush released an Internet video aimed at trying to muscle his way back to the front of the pack. (http://on.wsj.com/1IH1IZz)

- A string of messy market openings in recent weeks has reinvigorated a debate about the relative effectiveness of humans in the stock trade. (http://on.wsj.com/1JAm5M2)

- A federal judge has granted class-action status to a lawsuit claiming Uber Technologies treats its drivers like employees. If the class-action suit succeeds, it could force Uber to pay drivers for health insurance, workers' compensation and work expenses such as tolls, fuel and car repairs. (http://on.wsj.com/1KqaDGp)

- China is imposing new controls to prevent too much money from leaving the country, with lenders beefing up internal checks on foreign-exchange conversions and regulators aiming to rein in illegal money-transfer agents. (http://on.wsj.com/1JvQSHu)

 

FT

The Bank of Portugal has failed to reach an agreement with China's Anbang Insurance Group Co in exclusive talks over the sale of state-rescued Novo Banco and will now open talks with the second-placed bidder.

A Swiss court confirmed Saint-Gobain did not have to launch a mandatory public takeover bid for all the shares of Swiss chemical firm Sika AG, the French group said on Tuesday.

British online fashion retailer ASOS Plc Chief Executive Officer Nick Robertson is to step down in the coming months, 15 years after launching the company.

 

NYT

- As the push for higher minimum pay builds momentum on both sides of the Atlantic, Prime Minister David Cameron of Britain on Tuesday threatened companies with tough fines if they fail to pay what he called a "national living wage." (http://nyti.ms/1NMoK9o)

- While Google's biggest regulatory challenge remains in Europe, authorities around the world are investigating its practices, with a report from India's competition commission its latest problem. (http://nyti.ms/1Jxaew0)

- A major French publishing house has decided not to publish a book critical of King Mohammed VI of Morocco after its two authors were arrested last week in Paris and charged with blackmail and extortion on accusations they demanded 2 million euros, or about $2.3 million, to keep the book unpublished. (http://nyti.ms/1NMoVkW)

- Portugal is having trouble selling the bank salvaged from the wreckage of one of the country's biggest private lenders, Banco Espírito Santo. The Portuguese central bank on Tuesday missed its own deadline for selling Novo Banco, the salvaged entity, after talks with the leading bidder faltered. (http://nyti.ms/1JM9OBd)

- GE Capital has three final participants in the final round of an auction of its Australian commercial lending and leasing businesses, said a person with direct knowledge of the matter. (http://nyti.ms/1JM9S3P)

- As Mexico's Enrique Peña Nieto prepares to reboot his presidency, the Mexican economy is being pummeled by forces beyond the government's control. (http://nyti.ms/1JM9VfX)

 

Hong Kong

SOUTH CHINA MORNING POST

- Chief Executive Leung Chun-ying has spoken of his disappointment at a slump in visitor numbers, and has urged Hongkongers not to stage further protests against tourists. Figures released by the Tourism Board showed 4.92 million people visited the city in July, a decline of 8.4 percent year on year. (bit.ly/1JAbsZB)

- Just as worries were rising about the impact of China's stocks crash on the recovering property market, the authorities cut rates last week and relaxed rules on foreign buyers in order to maintain momentum in the housing sector. Frank Chen, the head of China research at global property consultant CBRE, said it was a measure to support further recovery in the property market. (bit.ly/1O6AcK0)

- There are still attractive pockets of opportunity in China even though the devaluation of the yuan will pose an investment challenge in the short term, said Terry Ahern, chief executive and co-founder of US-based Townsend Group. The recent currency fluctuations showed the Chinese government's determination to transition from an export-driven economy to a consumer-driven one, said Ahern. (bit.ly/1JwPQuT)

THE STANDARD

- Chief Executive Leung Chun-ying will lead a 300-strong delegation to Beijing on Wednesday to attend a military parade and other events marking the 70th anniversary of Japan's surrender in World War II. Among those invited by the central government were former chief executive Donald Tsang and pro-establishment and moderate pan-democratic politicians and tycoons. (bit.ly/1ihe85A)

- Standard & Poor's has warned that Hong Kong banks face great risks from souring loans if home prices keep climbing at the current pace. The outlook for Hong Kong's banking industry has been downgraded from "stable" to "negative." (bit.ly/1ihedpL)

- China Railway Group Ltd expects a better second-half as local government contracts stream in, even as new contracts dipped 19.4 percent in the first half. Chairman Li Changjin said the company completed 18 percent of the full-year infrastructure investment target in the first half. (bit.ly/1IGGY4r)

HONG KONG ECONOMIC JOURNAL

- Retail rents in the prime shopping district continue to trend down with a street-level shop leased by Emperor Watch at HK$2.76 million ($356,156)a month being taken up by skin-care products chain operator Bonjour Holdings at a price 42 percent less than the previous lease at HK$1.6 million per month, according to market sources.

 

Britain

The Times

Taste for staycations creates 960 mln pound camping giant

Two of Britain's biggest holiday park operators are to merge to create a 960 million pound caravanning and camping giant with a combined estate of 73 venues in locations from the Scottish Highlands to Cornwall. (http://thetim.es/1FhP0QZ)

The Guardian

Google unveils new logo at turning point in company's history

Google Inc introduced a new sans-serif and slightly toned-down four-colour logo on Tuesday in the biggest redesign since 1999. Google said the new design would soon be seen across all its products. Google's homepage introduced the redesign with an animation that wiped away the old logo and drew the new one. (http://bit.ly/1LIAw1o)

The Telegraph

Argentina orders HSBC to replace CEO in country

Argentina's central bank has ordered HSBC Holdings Plc to name a new chief executive for the country, accusing the bank of failing to establish necessary controls to prevent tax evasion and money laundering. (http://bit.ly/1LJpfxF)

888 raises the stakes in Bwin bidding war

Online gambling company 888 Holdings Plc has upped the stakes in its 1 billion pound takeover battle with GVC Holdings Plc by raising its bid for Bwin.Party Digital Entertainment. Bwin, which offers poker, bingo and sports betting online, revealed on Tuesday that 888 had made a revised takeover proposal and that it was now evaluating the bid. It must weigh the offer against a competing proposal submitted by Sportingbet owner GVC, which is gate-crashing a deal already agreed between Bwin and 888. (http://bit.ly/1FhRFu5)

Poundland launches online shopping

Poundland Group Plc has launched an online shopping service, allowing price-conscious consumers to bag bargains at the click of a mouse. The discount retailer is trialling a website, offering customers more than 2,000 products, including some of Poundland's own brands, such as the Jane Asher kitchen range, Tommy Walsh's DIY products and the Make Up Gallery cosmetics line. The website will initially only cater to UK consumers. (http://bit.ly/1NWkFP0)

Sky News

Asos Chief Robertson To Quit Fashion Giant

The chief executive of ASOS Plc, Nick Robertson, is to step down 15 years after launching the online fashion retailer that went on to become one of the UK's most successful internet start-ups. (http://bit.ly/1EvZ9yt)

The Independent

Yahoo CEO Marissa Mayer announces she will 'work throughout' her pregnancy with twins

Marissa Mayer, the 40-year-old chief executive of Yahoo Inc , has revealed that she is expecting identical twin girls in December. Mayer said in a blog post, "I plan to approach the pregnancy and delivery as I did with my son three years ago, taking limited time away and working throughout". (http://ind.pn/1NLQ7Ax)

Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities

Hundreds of small British businesses and minor celebrities have been targeted by a sophisticated blackmail scam orchestrated by "rogue editors" at Wikipedia. (http://ind.pn/1EwD8zF)