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

Frontrunning: November 12

  • Stock futures little changed as Yellen comments awaited (Reuters)
  • Draghi stimulus hint underpins stocks, knocks euro (Reuters)
  • Black Friday's Losing Its Mojo and Retailers Might Be Relieved (BBG)
  • Macy’s Fights Downward Spiral With Bet on Off-Price Backstage Stores (WSJ)
  • Greece Comes to a Standstill as Unions Turn Against Tsipras (BBG)
  • Euro zone production falls more than expected in September (Reuters)
  • Valeant played a key role in building, operating Philidor RX (Reuters)
  • Valeant's Favorite Pharmacy Made Life Easy for Doctors, at a Price (BBG)
  • China warns WTO its cheap exports will soon be harder to resist (Reuters)
  • China Credit Growth Falls as Tepid Economy Dents Loan Demand (BBG)
  • China Freezes More Shares Tied to Fund Manager (WSJ)
  • Apple, Banks in Talks on Mobile Person-to-Person Payment Service (WSJ)
  • Suspicion Rises of a North Korean Purge (WSJ)
  • Russia's Oil Rivalry With Saudis Masks the Bigger Iranian Threat (BBG)
  • Morgan Stanley turns to stodgy bank accounts to boost profit (Reuters)
  • Global Banks Rewrite Contracts in Bid to Avert Lehman Repeat (BBG)
  • Kurdish forces launch battle to retake Iraq's Sinjar town (Reuters)
  • Indonesia Invokes International Tribunal in South China Sea Dispute (WSJ)
  • Puerto Rico Is Running Out of Options (BBG)
  • Russia says convicts former Moscow policeman of spying for CIA (Reuters)
  • CICC Keeps It `Conservative' With 300% China IPO Return Forecast (BBG)
  • Shanghai rebar sinks to record low, pressures iron ore (Reuters)



Overnight Media Digest


- Takata Corp, maker of air bags linked to at least eight deaths, is trying to diversify its business to include aircraft components. It recently started to supply seat belts to Japan's All Nippon Airways Co. (

- Industrial production in China came in weaker than expected last month, government data showed, despite six interest-rate cuts and hundreds of approved infrastructure projects over the past year aimed at spurring growth. Retail sales, meanwhile, saw their biggest increase of the year in October. (

- Alibaba Group Holding Ltd reported a $14.3 billion in sales during China's Singles' Day online shopping festival, further highlighting the resilience of the Chinese consumer despite a flagging economy. (

- Speculation about a possible new high-level purge in North Korea grew after a close aide of leader Kim Jong Un appeared to miss a gathering of the Pyongyang leadership. (

- Apple Inc is in discussions with United States banks to develop a payment service that would let users zap money to one another from their phones, rather than relying on cash or checks. (

- A freeze on mainland-listed shares, associated with a Chinese fund manager arrested on allegations of insider trading and stock-price manipulation, has widened to include two more companies, bringing the total value of frozen stocks to nearly $1 billion. (

- Sweden and Slovenia moved to tighten control of their borders to alleviate the tension caused by migrants making their way through Europe's southwest to its more affluent north. Sweden said it would introduce temporary border controls in an effort to reduce the record influx. (

- Indonesia could take China to an international tribunal if Beijing's South China Sea territorial claims, which include Indonesia's resource-rich Natuna islands, aren't resolved through dialogue, Jakarta's chief security minister said. (

- Anheuser-Busch InBev's formal agreement to buy SABMiller PLC for about $108 billion sets in motion a complicated, year-long process of winning regulatory approval around the world. The announcement brings an end to two months of negotiations between the world's two largest brewing companies, but many analysts think the toughest work is yet to come. (



iPhone maker Apple Inc is mulling entry into the person-to-person money transfer domain via its Apply Pay service. The move may put it in direct competition with PayPal and a few other tech companies that are developing similar services.

Germany's federal motor authority KBA said it is scrutinising models of 16 other brands, including Daimler and BMW over "elevated" levels of diesel pollutants uncovered in vehicle road tests following the Volkswagen emissions scandal.

Redmond, Washington-headquartered Microsoft unveiled a plan to keep some of its European customers' sensitive data out of the reach of the U.S. government.

Belgium's Anheuser-Busch InBev made a formal offer of 71 billion pounds ($108.18 billion) to acquire rival SABMiller PLC, in a deal that would create the world's largest brewer.



- Anheuser-Busch InBev SA said on Wednesday that it had completed an agreement to acquire its closest rival, SABMiller Plc, for nearly $106 billion, creating what it said would be the first "truly global brewer." (

- On Tuesday, T-Mobile US Inc, the nation's third-largest wireless carrier, said customers could stream as many videos as they want. Many customers cheered the announcement. But supporters of new net neutrality rules urged the Federal Communications Commission, which passed the rules this year after acrimonious debate, to consider taking up the issue.(

- The Internet conglomerate IAC/InterActiveCorp offered on Wednesday to buy Angie's List Inc, the repository of online reviews for home repairs and other services, for about $512 million, taking its offer public after being rebuffed. (

- Airbnb on Wednesday introduced a lengthy treatise pledging a renewed spirit of cooperation with local governments. Called the Airbnb Community Compact, the document outlines several ways that the popular company plans to work with municipalities. (




** TransCanada Corp has won a contract to build, own and operate a $500-million natural gas pipeline for Mexico's state-owned power company. (

** Sweeping changes to the financial sector driven by new technology and shifting consumer behaviour will take years to play out, Bank of Montreal's chief executive officer Bill Downe says. "I can see a decade of change," he said in an interview, suggesting banks have more time to adjust to increasing competition than some observers believe. (

** Canadian Pacific Railway Ltd's reported plan to create the largest railway in North America with an offer for Norfolk Southern Corp would face a lengthy review process that could pit the company against shippers unlikely to welcome less competition. (


** The sale of a passenger terminal has left Porter Airlines debt-free, according to CEO Robert Deluce, giving the airline a financial leg up as it pursues a divisive plan to begin flying Bombardier Inc's CSeries jets out of Toronto's downtown airport. (

** Starbucks Corp Canada is expanding a program to address 'a crisis' in youth unemployment by committing to hire 10 percent of its work force from among the country's disadvantaged young people. (




- China's total retail sales of social consumer goods reached 2.8 trillion yuan ($439.75 billion) in October with an 11 percent nominal year-on-year growth, according to data from the National Bureau of Statistics of the People's Republic of China.

- Alibaba Group Holding Ltd's Tmall shopping site saw trading turnover break 10 billion yuan ($1.57 billion) in merely 12.28 minutes on Wednesday, according to data on Alibaba's official Weibo microblog.

- The area of commercial buildings for sale by the end of October in China hit a record high of 686.3 million square meters, 2,122 square meters higher than a month earlier, the National Bureau of Statistics of the People's Republic of China said in a report.


- China's actual use of foreign capital reached 639.42 billion yuan ($100.42 billion) in the first 10 months with a year-on-year growth of 8.6 percent, according to the Ministry of Commerce of the People's Republic of China.


- China Overseas Port Holding Co Ltd, the state-owned company operating the Gwadar port in Pakistan, received a 43-year lease to set up a special economic zone spread over 152 hectares at the deepwater port.



The Times

BHP Billiton Plc and its Brazilian partner are to set up a fund for victims of the mudslide that destroyed a village in a valley below a huge iron-ore mine. An initial $100 million will be committed to the fund, it is understood. (

More than 1 billion pounds ($1.52 billion) of taxpayers' money could be saved over the next four years by cutting the government's use of private contractors by 25 percent, according to a report from Policy Exchange. (

The Guardian

Apple Inc's chief executive, Tim Cook, has said a looming European Union tax ruling on the company's dealings with Ireland would not affect its presence in the country, where it declares much of its overseas profit, and where it is hiring 1,000 extra staff. (

German car regulators are expanding their investigation into suspected diesel emissions manipulation beyond Volkswagen AG to more than 50 models from brands including BMW, Mercedes, Ford, Volvo, Nissan and Jaguar Land Rover. (

The Telegraph

HM Revenue & Customs is to close all 170 of its offices across the country in favour of 13 new regional tax centres as part of a major restructuring designed to shave hundreds of millions of pounds from its budget. (

Icap Plc has agreed to become the biggest shareholder in Tullett Prebon Plc in a deal that will offload Icap's voice broking business onto its smaller rival. (

Sky News

BhS, the department store chain previously owned by Sir Philip Green, is in the early stages of negotiating a deal to borrow millions of pounds, using the chain's inventory as collateral. (

Bank of England governor Mark Carney has said he hopes people will start respecting bankers despite acknowledging that "bad apples" remain in the system. (

The Independent

Britain has signed a deal worth up to 100 million pounds ($152.19 million) to export around 750,000 tonnes of the grain to Chinese breweries over the next five years. (