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Frontrunning: September 15

  • China stocks resume sharp slide as economic worries mount (Reuters)
  • OECD head says sees further cut to global growth forecasts (Reuters)
  • The U.S. Dollar Is Gaining Like It's the 1980s — For Better or Worse (BBG)
  • Glencore Slumps to Record Low, Erasing Gains Since Debt Plan (BBG)
  • Woman killed, 400 homes destroyed by California wildfire (Reuters)
  • Why Morning Is the Worst Time to Trade Stocks (WSJ)
  • German Investor Confidence Damped by Weaker Emerging Markets (BBG)
  • One U.S. Banker Is Ready to Raise His Rates, With or Without the Fed (BBG)
  • Fired Currency Traders Won't Leave Quietly (BBG)
  • Hundreds of Latinos protest at Trump rally, clash with supporters (Reuters)
  • China appears to be working on third airstrip on disputed South China Sea islets (Reuters)
  • How Botched $600 Million Worth of Contracts (BBG)
  • Oil edges further above $46, weak Asian outlook weighs (Reuters)
  • $30 Million Settlement in Insider Trading Ring Linked to Hacking (NYT)
  • Michigan resident tests positive for plague (Reuters)
  • North Korea Restarts Nuclear Plant, Warns U.S. About Weapons (NBC)
  • Suspect in fatal shooting at Mississippi campus kills himself (Reuters)
  • French economists unite against central bank chief (FT)
  • BMW CEO faints on stage at Frankfurt auto show (Globe and Mail)


Overnight Media Digest


- U.S. energy companies have defied financial gravity for more than a year, borrowing and spending billions of dollars to pump oil, even as crude prices plummeted. Until now. The oil patch is expected to finally face a financial reckoning, experts say, with carnage occurring as early as this month. (

- Ford Motor Co reached a new supply deal with Alcoa Inc that would expand its use of aluminum in the car maker's F-150 pickup truck and other vehicles, a leg up for the lightweight metal in an industry that has long favored steel. (

- German car makers BMW AG, Daimler AG and Volkswagen AG face a looming threat from the automotive ambitions of Google Inc and Apple Inc . But German car-component makers see rich prospects in the burgeoning connected-car business. (

- General Motors Co said late Monday it signed an agreement with the United Auto Workers union to extend its national contract indefinitely, pushing labor talks for a new four-year deal past the current agreement that expired Monday midnight EDT. (



Higher minimum wage in the United Kingdom, to take effect in April, will increase the country's total pay bill 0.6 percent, according to the Resolution Foundation think tank.

The UK 5G innovation centre will open at the University of Surrey on Tuesday and will be Europe's largest academic research centre, marking Britain's attempt to get a head start in the development of "5G" mobile technology.

British Prime Minister David Cameron said on a visit to Lebanon and Jordan on Monday that it was vital to provide support for refugees from Syria's civil war within the region to discourage them from risking their lives in trying to reach Europe.



- Contract talks intensified on Monday between the United Automobile Workers union and Fiat Chrysler Automobiles, which was selected by the union to be the first among Detroit's three carmakers to negotiate a new national labor agreement. (

- The U.S. Federal Reserve on Thursday may increase interest rates for the first time in more than nine years. A rise would be the beginning of the end of a monetary stimulus policy that lifted stock and bond markets to new heights and brought the good times back to Wall Street after the crash of 2008. (

- Jaspen Capital Partners and its chief executive, Andriy Supranonok, have agreed to pay $30 million to settle allegations by the U.S. Securities and Exchange Commission that they illegally profited from stolen corporate information that was stolen from newswire services. (

- The merger of Continental Airlines and United Airlines in 2010 was supposed to combine Continental's reputation for solid customer service with the broader reach of United's domestic and international network. Instead, the merger has turned into an exercise in frustration for United fliers, with frequent delays, canceled flights and lost bags. (




- China may need to invest around 6 to 10 trillion yuan ($1.57 trillion-$942.45 billion) in environmental governance during the 13th five-year plan period, said Wang Jinnan, an official in the Ministry of Environmental Protection.

- Guosen Hongsheng Investment Company, the subsidiary corporation of Guosen Securities, signed a cooperation agreement with Kindess Software to set up an assets management company, the company said in an announcement.


- China's financial risks are manageable despite the steep increase in non-performing loans during the first six months of the year, said Yang Zaiping, executive vice-president of the China Banking Association on Saturday.



The Times

More than 400,000 savers are to have their incomes reduced after UK National Savings & Investments bucked the trend of rising savings rates and unexpectedly cut the interest rate on its tax-free cash individual savings accounts yesterday. (

The Guardian

UK employers will see their total wage bill rise by only 0.6 percent under the new "national living wage" - but the impact will be much bigger for a handful of industries, including retail and hospitality, according to a report by the Resolution Foundation. (

Ed Davey, the former energy secretary, is to start private work today for City lawyers connected with both Hinkley Point C nuclear plant and the Swansea Bay lagoon. Davey has been given clearance by the Cabinet Office to provide consultancy to Herbert Smith, a law firm that provides advice on the two power projects and where his brother is also employed. (

The Telegraph

One of the UK's biggest steel plants is locked in a desperate bid for survival following a series of missed debt repayments to its banks. Sahaviriya Steel Industries, owners of the historic Redcar plant on Teesside failed to pay back several loans totaling around 80 mln stg to lenders in June and were given a short-term stay of execution until the end of September to find the money. (

As many as 2,400 bank branches could close over the next five years, taking the total number of high street sites to below 7,500, according to a study from consultancy McKinsey.(

Sky News

Motor insurer Hastings Direct will on Tuesday turn the ignition key on a flotation valuing it at up to 1.5 billion pounds ($2.31 billion), triggering a fresh windfall for hundreds of employees. (

The prosecution of a group of women, who ran a 21 mln stg pyramid scheme, cost taxpayers at least 1.4 million pounds ($2.16 million), according to a Freedom of Information request. The scheme, which generated 21 million pounds ($32.39 million)before it was shut down, conned at least 10,000 people between May 2008 and April 2009. (

The Independent

The Tube strike was actually good for the economy, according to research from the University of Cambridge and the University of Oxford. The Tube strike forced people to find alternative routes to work. Many found more efficient routes in and never returned to their original route, saving time and money in the long term. (

From January, Santander will charge 3 million current account holders 60 pounds a year, up from 24 pounds. Staff will reportedly be told this week that current account fees will rise from 2 pounds a month to 5 pounds a month from January, with customers to get the news later in the week. (