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Frontrunning: September 18

  • The bearish dovish Fed: Shares Fall After Federal Reserve Keeps Rates on Hold (WSJ)
  • Developed, emerging markets diverge as Fed keeps rates steady (Reuters)
  • Yellen May Emulate Taper Template and Raise Rates in December (BBG)
  • Russia Raises Prospect of Sending Troops Into Combat in Syria (BBG)
  • Rigged markets 1: U.S. Said to Investigate Chicago Trader as Spoof Probes Broaden (BBG)
  • Rigged markets 2: Primary Dealers Rigged Treasury Auctions, Investor Lawsuit Says (BBG)
  • Rigged markets 3: The Man Who Took KKR’s Stock for a Ride (WSJ)
  • Croatia closes border crossings, but migrants keep coming (Reuters)
  • China Stocks Cap Biggest Weekly Loss This Month as Volumes Slump (BBG)
  • China 'extremely concerned' by proposed U.S. challenge to claims (Reuters)
  • China’s Strategy in U.S. Car Market: Make Parts First (WSJ)
  • China Is Hoarding the World's Oil (BBG)
  • Apple customers report devices crashing on iOS 9 update (Reuters)
  • The Data-Driven Rebirth of a Salesman (WSJ)
  • Greece Fights Next Crisis and This Time It's Not About the Euro (BBG)
  • Trump says he would turn down U.S. presidential salary if elected (Reuters)
  • Alibaba's Wipeout Leaves Investors Questioning What Comes Next (BBG)
  • Pentagon designing cyber 'scorecard' to stay ahead of hackers (Reuters)

 

Overnight Media Digest

WSJ

- The U.S. Federal Reserve left short-term interest rates unchanged after weeks of market-churning debate, putting off a historic move to end an era of ultra-cheap credit amid worries about weak growth overseas. (http://on.wsj.com/1F4TEHJ)

- McDonald's Corp is conducting a search for an outsider to replace its chief strategy officer, who was let go in a recent management shuffle, according to people familiar with the matter. (http://on.wsj.com/1JeiwHC)

- Roughly two years after taking the helm of SABMiller PLC , Alan Clark is grappling with the biggest challenge - or opportunity - the beer giant he runs has faced in decades. (http://on.wsj.com/1F5JMgJ)

- The Dolans have toyed with selling Cablevision numerous times, but finally found the right match-and price-with Europe's Altice. Now, the cable-TV family is expected to turn its attention to its other holdings: Madison Square Garden and AMC Networks. (http://on.wsj.com/1FQS32Z)

 

FT

Airlines have to pay passengers compensation when flights are cancelled or delayed due to unforeseen technical problems, the European Union's top court ruled on Thursday, handing a victory to consumers.

British metals group Glencore Plc made a "serious breach" of shareholder protection principles in the way it carried out a recent $2.5 billion equity placing, two trade bodies said on Thursday.

HSBC Holdings Plc Chairman Douglas Flint said in a speech in London on Thursday that regulators all around the world are reflecting on the extent that internet companies are providing banking services and whether they should be regulated.

 

NYT

- The number of deaths linked to defective cars made by General Motors has steadily risen to 124. In a $900 million settlement, no individual employees were charged, and the Justice Department agreed to defer prosecution of the company for three years over a deadly defect. If it adheres to the agreement, which includes independent monitoring of its safety practices, the company can have its record wiped clean. (http://nyti.ms/1JehED7)

- The fractious family that has loomed large over New York City is bidding goodbye to the company that caused so much angst, and made them rich. The Dolans agreed to sell Cablevision Systems Corp, the cable television empire that Charles Dolan started 42 years ago, to Altice NV, a European media company, for $17 billion, including debt. (http://nyti.ms/1FQXqPy)

- The U.S. Federal Reserve appeared surprisingly hesitant to raise interest rates, experts said, following months of anticipation on Wall Street, in Washington and in corporate boardrooms around the country that a move was imminent. (http://nyti.ms/1OBj3dQ)

- American Airlines flights were delayed for several hours on Thursday because of an unidentified computer problem, just weeks before the company completes its move to a single reservation system after its merger with US Airways. (http://nyti.ms/1F5Isuf)

 

Britain

The Times

Revenues at Manchester United plunged in the past year as it paid the price for failing to qualify for the Champions League under David Moyes, the previous manager. (http://thetim.es/1QlrEzH)

Shopworkers at Lidl UK are to be paid a new living wage in a move that the fast-growing discount chain claims is a first in the British supermarket industry. (http://thetim.es/1QlrOHp)

The Guardian

Britain's aviation regulator Civil Aviation Authority has begun enforcement action against Ryanair to make the budget airline pay compensation to thousands of delayed passengers in the wake of a European court judgment. (http://bit.ly/1QlrVmb)

About 1,700 top managers at brewer SABMiller could be in line for payouts averaging 650,000 pounds ($1.01 million) each if the takeover of the business behind Grolsch and Peroni by Anheuser-Busch InBev goes ahead. (http://bit.ly/1Qls0q5)

The Telegraph

Dyson is hoping to hoover up shoppers with a new Apple-style retail store in London's Oxford Street. The hi-tech British design company, famous for its vacuum cleaners and "airblade" hand dryers, is reportedly taking up space at 439-451 Oxford Street, opposite Selfridges. (http://bit.ly/1QlsH2D)

The BBC will launch a new online streaming service in the U.S. as part of an effort to raise more money from commercial sources abroad. (http://bit.ly/1QlsLzp)

Sky News

Sky News revealed that a consortium called EME Investments 5 Ltd will announce on Friday that it has bought a majority stake in Clive Christian from its eponymous founder. (http://bit.ly/1QlsWL5)

Thousands of air passengers who were refused compensation by airlines because a plane had an "extraordinary" technical fault could benefit from a court ruling. (http://bit.ly/1QlsZGI)

The Independent

New visitors were scared off Alton Towers after its Smiler rollercoaster crashed in June, dealing a heavy blow to theme park profits, the boss of owner Merlin Entertainments warned today. (http://ind.pn/1Qlt1OU)

Sales of make-up, painkillers and shower gels at Poundland , Home Bargains and B&M Bargains are growing faster than at traditional high street stores. (http://ind.pn/1Qlt8Kq)