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Frontrunning: September 3

  • U.S. Treasury's Lew says China will be held accountable on currency (Reuters) ... but not Japan
  • Bank of Japan Not Convinced of Need for Further Easing (WSJ)
  • Stocks Advance With Commodities on Signs of European Revival (BBG)
  • ECB Said to Seek 645 Million Euros of Dutch, Irish Mortgage Debt (BBG)
  • IMF Says China Slowdown, Other Risks Threaten Global Outlook (WSJ)
  • Xi Says China No Threat, Announces Military Cuts at Parade (BBG)
  • China holds massive military parade, to cut troop levels by 300,000 (Reuters)
  • Migrants leave Budapest for Austrian frontier; pressure builds for EU action (Reuters)
  • Inside Uber’s Fight With Its Chinese Nemesis, Didi Kuaidi (WSJ)
  • Apple’s Latest Challenge: Topping Its Own Success (WSJ)
  • Troubling image of drowned boy captivates, horrifies (Reuters)
  • Market Bets Abound, but Where Are the Banks? (WSJ)
  • Foreigners Flee Japan Stocks at Fastest Pace Since at Least 2004 (BBG)
  • Another 57 Clinton email threads contain foreign governments' information (Reuters)
  • Guatemala's President Perez resigns over graft scandal (Reuters)
  • Selfie madness: too many dying to get the picture (Reuters)
  • FBI has kept tabs on Nevada's Burning Man festival, documents say (Reuters)


Overnight Media Digest


- Five Chinese navy ships are currently operating in the Bering Sea off the coast of Alaska, Pentagon officials said Wednesday, marking the first time the U.S. military has seen them in the area. The officials have been tracking the movements in recent days of three Chinese combat ships, a replenishment vessel and an amphibious landing ship after observing them moving toward the Aleutian Islands, which are split between U.S. and Russian control. (

- As Apple Inc prepares to introduce its latest iPhones next week, the company's biggest challenge is one of its making: how to top its own success. Apple's iPhone 6 and iPhone 6 Plus reignited sales growth for the smartphone but analysts predict muted growth for its latest models due out next week. (

- The United Auto Workers union is pitching Detroit auto makers on a proposed health-care purchasing cooperative as a way to lower employee costs and potentially raise funds to finance worker salary increases. (

- The group backing Wisconsin Governor Scott Walker hopes focusing on the Palmetto State and Iowa can help the candidate gain traction after he fell out of the top tier of Republican presidential candidates. (

- Many small businesses aren't racing to update their checkout systems ahead of an Oct. 1 shift that will put merchants on the hook for some fraudulent card charges. That is the date when retailers are expected to begin using new security technology that accepts credit and debit cards with microchips, and for banks to have replaced their magnetic stripe cards with cards that use chip-enabled technology. (

- The giants of Silicon Valley are bulking up in the European Union's de facto capital, hiring lobbyists and jostling for the favor of the Web's most ambitious regulators. (

- China's multibillion-dollar ride-hailing market has erupted into a brawl between Uber and Beijing startup Didi Kuaidi. Uber and Didi Kuaidi are fighting to raise funds for expansion while they compete to woo drivers to their private-car-hailing services and navigate China's tough regulatory environment. (



Rebekah Brooks, cleared last year of orchestrating a criminal campaign that damaged the British establishment, will return to her old job running the News Corp's British newspapers on Monday.

The executive committee of Volkswagen AG's supervisory board has proposed extending Martin Winterkorn's contract as chief executive until the end of 2018, the company said on Tuesday, opening the door to the appointment of a new chairman.

Natalie Massenet, founder and executive chairman of online fashion group Net-A-Porter (NAP) abruptly resigned on Wednesday ahead of its planned acquisition by Italy's Yoox .



- Eurozone growth has improved since the central bank began its stimulus program, but there are new uncertainties in European and global economies. (

- Petco <IPO-PTAS.N> has drawn takeover interest from private equity shops including Kohlberg Kravis Roberts & Company as it continues preparing for an initial public share offering, a person briefed on the matter said on Wednesday. (

- Natalie Massenet, the founder of Net-a-Porter and the woman who persuaded high fashion that it had a home online, is leaving the British luxury e-commerce group she built, just five months after announcing a merger with its Italian archrival, Yoox.

- Puerto Rico has secured a first foothold in its struggles with a towering $72 billion mountain of debt. The island's electric power authority and a group of big investors agreed late Tuesday on terms for restructuring as much as $5.7 billion of bonds. (

- The board of the California State Teachers' Retirement System, known as Calstrs, is discussing whether it would be best to shift as much as $20 billion of its portfolio out of stocks and even out of some fixed-income positions, in favor of something new, a "risk mitigation strategy." (



The Times

Net-A-Porter founder quits before merger

Natalie Massenet has stepped down from Net-A-Porter, the online luxury fashion retailer that she founded 15 years ago. Yoox SpA, which bought Net-A-Porter in March, said on Wednesday Massenet had tendered her resignation. It said that she would not join the board of the enlarged company when the sale is completed next month. (

Juke box jury rules in favour of Sunderland

Nissan Motor Co Ltd has given the green light to produce the next generation of its successful Juke model in Britain. The Nissan plant at Sunderland, Britain's biggest car factory, fought off competing claims from within the Japanese manufacturer's group, including its Barcelona operations, and from underutilised facilities around France that are owned by Renault, its alliance partner. (

Eggborough coal plant to close at cost of 240 jobs

One of Britain's biggest power stations is to close, with the loss of 240 jobs. The planned closure of Eggborough, a coal-fired plant in North Yorkshire that produces 4 percent of Britain's electricity, was announced as the owner of the nearby Drax plant said that it was suing the government over George Osborne's removal of a green tax break. (

The Guardian

Broadgate Quarter sale collapses as Chinese investor pulls out

A major City property sale has collapsed after a Chinese investor abruptly pulled out of its 455 million pounds purchase of Broadgate Quarter. The joint owners of the building in the heart of London's Square Mile, the U.S. property developer Hines and HSBC Alternative Investments, had been close to completing the sale after weeks of due diligence. (

265 Phones 4u stores still vacant a year after collapse

At least 265 former Phones 4u stores are still empty almost a year after the company collapsed, as Britain's struggling high streets fail to attract replacement tenants. The large number of unoccupied stores reflects the damage caused by the controversial administration, which led to the loss of 3,500 jobs. (

The Telegraph

South African tycoon Christo Wiese eyes UK supermarkets

The South African billionaire who has recently snapped up Virgin Active, the gym chain, and New Look, the high-street retailer, is now training his sights on Britain's struggling supermarket industry, it can be revealed. Christo Wiese said there were parallels between the grocery sector in his home country, where he has built up the ShopRite empire into the continent's largest food retailer, and the highly competitive UK market. (

Sky News

Brooks Back At News UK As Sun Gets New Editor

Rebekah Brooks is to return to her job running News Corp's British newspaper arm after being cleared of involvement in the phone hacking scandal. The company said she would resume her role as News UK chief executive from Monday, four years after she stood down from the role at News International following the closure of the News of the World. (

3i Review To Spark 275 mln stg Tommee Tippee Bids

The owner of the Tommee Tippee range of baby products, Mayborn Group, is close to being put up for sale in a move that will underline the revival of 3i, the British private equity group. Mayborn is understood to be valued by 3i at roughly 275 million pounds including debts, with a number of unsolicited approaches said to have been made by potential bidders in recent months. (