• Dollar Rises on Fed Outlook as Emerging Stocks, Commodities Fall (BBG)
  • Oil falls as China fuel exports jump, U.S. rigs rise (Reuters)
  • Dollar gains, U.S. yields rise as investors await Fed hike signal (Reuters)
  • Fischer Signals 2016 Rate Hike With Economy Nearing Fed Goals (BBG)
  • Show of European unity: Merkel, Hollande, Renzi meet to discuss gameplan (Reuters)
  • Rainy Rio wraps up challenging Games on upbeat tropical note (Reuters)
  • Japan’s Abe Plays Super Mario in Rio to Promote 2020 Tokyo Games (BBG)
  • Donald Trump the Mortgage Broker Was in Trouble From Moment One (BBG)
  • Japan Inc unenthused over Abe’s stimulus, BOJ easing  (Reuters)
  • Donald Trump Bets Big on Online Advertising (BBG)
  • Trump campaign signals possible shift on immigration stance (Reuters)
  • Sweden Warns U.K. Against Aggressive Tax Cuts Amid Brexit Talks (BBG)
  • Companies Build Bonds for European Central Bank to Buy (WSJ)
  • Italy to hold elections in 2018 whatever referendum outcome: Renzi (Reuters)
  • Focus on VIX futures shorts hides the real story (Reuters)
  • The Justice Department Used Shaky Statistics to Drop Private Prisons (BBG)
  • Kurdish militia launches assault to evict Syrian army from key city of Hasaka (Reuters)
  • U.S. banks want to cut branches, but customers keep coming (Reuters)
  • In Scramble for Yield, Pension Funds Will Try Almost Anything (WSJ)
  • Former China boom town learns hard lessons about service economy (Reuters)
  • Valeant names former Zoetis executive Paul Herendeen as CFO (Reuters)
  • Iran says Russian use of air base for Syria strikes over ‘for now’ (Reuters)


Overnight Media Digest


– Pfizer Inc is nearing a deal to buy biotech company Medivation Inc in a move that would add one of the crown jewels of the multibillion-dollar market for cancer drugs to Pfizer’s portfolio, people familiar with the matter said. http://on.wsj.com/2byG9G4

– Turkey’s president blamed Islamic State for turning a youth into a human bomb at a crowded outdoor wedding party in southeast Turkey’s largest city, killing at least 51 people in a weekend attack that underscored how the war in neighboring Syria is destabilizing the region. http://on.wsj.com/2bG3za6

– India’s next central bank chief, Urjit Patel, spent most of the past three years quietly in the shadows of charismatic Reserve Bank of India Governor Raghuram Rajan, but when he spoke he did so with conviction. “We are in the midst of the age of competitive depreciation and of beggar-thy-neighbor monetary policy,” said Patel, who usually sat next to Rajan at press conferences after policy decisions. http://on.wsj.com/2btNuW2

– Valeant Pharmaceuticals International Inc is expected to announce it has hired Paul Herendeen as its new chief financial officer, luring the executive away from animal-health giant Zoetis Inc, according to sources close to the companies. http://on.wsj.com/2butPoZ

– President Barack Obama’s troubled Pacific-region trade deal is threatening to become a foreign policy failure in Asia, where the U.S. loaded the accord with strategic significance as a counterweight to the rise of China. http://on.wsj.com/2boleoD

– The European Central Bank’s corporate-bond-buying program has stirred so much action in credit markets that some investment banks and companies are creating new debt especially for the central bank to buy. In two instances, the ECB has bought bonds directly from European companies through so-called private placements. http://on.wsj.com/2bvP3Fq

– Volkswagen AG will resume negotiations Monday to resolve a dispute with parts suppliers that has led to reduced working hours for thousands of its employees across Germany. http://on.wsj.com/2bsxSQN

– One of China’s most popular ‘selfie’ app makers, Meitu <IPO-XMMT.HK>, is preparing to raise up to $1 billion through a listing on the Hong Kong exchange, in a test of whether that market can compete with New York and mainland China for a wave of expected Chinese startup offerings. http://on.wsj.com/2bnbJG8



London Mayor Sadiq Khan backed lawmaker Owen Smith for the Labour leadership contest and called on fellow members of Britain’s opposition Labour Party to replace leader Jeremy Corbyn, in the latest sign that hopes are rising among senior figures in the party that the underdog could beat Corbyn.

Uncertainty over Britain’s departure from the European Union is likely to push house prices down by one percent next year before staging a recovery in 2018, estate agency group Countrywide has predicted.

Underlying UK dividends, excluding exceptional payouts, fell 3.3 percent year-on-year in the second quarter, according to the Henderson Global Dividend Index, as cuts from Britain’s biggest companies and the weakness of the pound takes its toll on the earnings of overseas investors.



– As start-ups across San Francisco and the Silicon Valley try to contend with high salaries and housing costs, many are expanding to lower-cost cities in the West, where they could grow quickly and make jobs more appealing. http://nyti.ms/2byXxKP

– As both U.S. presidential candidates campaign against Trans-Pacific Partnership, the White House is negotiating with Republicans in Congress to ratify the largest regional trade agreement ever. http://nyti.ms/2byXVca

– In the aftermath of the financial crisis, a growing army of confidential informants – better known as whistle-blowers – has helped federal securities regulators identify and prosecute wrongdoers. http://nyti.ms/2byZVRF

– ‘Ben-Hur’, the film, which cost about $100 million to make, arrived to a disastrous $11.4 million in domestic ticket sales and is the latest flop for Viacom’s Paramount. http://nyti.ms/2bz05Zf



The Times

Woodford Investment Management founder Neil Woodford, one of the most prominent figures in the City, has taken the unprecedented step of permanently abolishing all staff bonuses at his firm. http://bit.ly/2byvuez

The UK government has turned the spending tap on after the vote for Brexit with a stunning increase of more than 50 percent in the value of public sector contracts going out to tender. Research for the Times shows that in the first half of August 26.3 billion pounds ($34.36 billion) of contracts were put out to tender. http://bit.ly/2byvMSH

The Guardian

The Guardian has learned that financial company Amicus initiated legal proceedings against the Chappell family to repossess the family home of Dominic Chappell, unless their debts were repaid. The debt was settled when the parent company of BHS paid out 1.5 million pounds. The money came from BHS and was paid out as an interest-free loan. It has not been repaid. http://bit.ly/2bywnDM

New mothers are facing increasing discrimination when they take maternity leave including being made redundant and switched to zero-hours contracts. Citizens Advice has recorded a nearly 60 percent rise in the number of women seeking advice about maternity leave issues this year. http://bit.ly/2byxxPF

The Telegraph

Tata Steel UK’s giant Port Talbot steel plant has clawed itself back into profit as staff strain to boost efficiency despite having no idea whether their jobs are safe. Sources familiar with finances at the sprawling operation in South Wales revealed it made a 5 million pounds profit in June, reversing the 1 million pounds a day loss it was making six months ago. http://bit.ly/2bycxZa

House prices will fall next year as the uncertainty surrounding Brexit takes hold, but far less than the Treasury’s gloomy warning before the EU referendum. In its first post-Brexit forecast, estate agency Countrywide said that house prices will fall one percent across the country in 2017, before rising by two percent in 2018. http://bit.ly/2byyNCA

Sky News

State-backed Chinese group China Everbright is plotting to buy a stake in Liverpool Football Club in a deal valuing the Premier League outfit at more than 700 million pounds – even as its American owners insist they have no intention of relinquishing control. http://bit.ly/2byxeEp

The Independent

Rebel Labour MPs are already starting to plan how they will stand up to a victorious Jeremy Corbyn, as the party’s leadership contest enters what may be its most crucial week. Despite calls for the party to unite behind whoever wins the contest, some of Corbyn’s opponents said fellow MPs will not take a lead from him in key policy areas like Brexit or defence. http://ind.pn/2byycRc

The number of serving and ex-forces personnel being awarded compensation for mental disorders has hit record levels, leading to fears that we are now starting to see the true cost of the Afghanistan and Iraq wars in the form of the mental scars left on those who had to fight them, according to an analysis of Armed Forces Compensation Scheme statistics by the Independent. http://ind.pn/2byyIOW

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