- Stocks Rally as Deutsche Bank Slump Ends, Oil Gains Before Talks (BBG)
- German government prepare Deutsche Bank rescue plan (Reuters)
- German financial watchdog not working on emergency plan for Deutsche Bank (Reuters)
- Saudi Arabia Signals Openness to Future Oil Compromise With Iran (BBG)
- Anheuser-Busch InBev Clinches $103 Billion SABMiller Deal (BBG)
- Will Congressional Face-off Over Flint Lead to a Government Shutdown? (NBC)
- Shimon Peres, Israel’s last founding father, dies at 93 (Reuters)
- Elon Musk Outlines Plans for Missions to Mars (WSJ)
- Crowds gather after police fatally wound unarmed black man in southern California (Reuters)
- Five arrested on suspicion of forming European Islamic State cell (Reuters)
- It’s Paul Singer Versus Citigroup in High-Stakes Bankruptcy Feud (BBG)
- UniCredit to announce capital raising after Italian referendum (FT)
- China’s Ambitious Plan to Make the Yuan the World’s Go-To Currency (BBG)
- Wells Fargo CEO forfeits millions as board orders review (Reuters)
- Deutsche Bank Rises as CEO Sells Assets, Rules Out Capital Hike (BBG)
- Taliban ‘very interested’ in debate, watched from secret location (The Hill)
- Senators Propose Bill to Include Municipal Debt as Liquid Assets (BBG)
- Norway appeals court rejects Snowden extradition lawsuit (Reuters)
- German consumer morale falls slightly heading into October (Reuters)
- Putin faces dilemma after vote win: How to prolong a system based on himself (Reuters)
- Uber to Launch Food-Delivery Service in Tokyo (WSJ)
Overnight Media Digest
WSJ
– Wells Fargo & Co Chief Executive John Stumpf will forgo his salary and forfeit $41 million in unvested equity awards during an investigation into the bank’s sales practices. http://on.wsj.com/2dqnbnC
– Billionaire Elon Musk unveiled his vision for sending humans to Mars in roughly the next decade and ultimately setting up colonies there. http://on.wsj.com/2dqoeDZ
– Uber Technologies Inc plans to launch its food delivery business, UberEats, in Tokyo on Thursday. http://on.wsj.com/2dqnBdA
– Canada gave conditional approval on Tuesday to Malaysia’s state-owned energy company Petroliam Nasional Bhd, clearing the final regulatory hurdle facing the C$36 billion project. http://on.wsj.com/2dqmzOT
FT
French presidential candidate Nicolas Sarkozy said on Tuesday he would offer Britain a chance to reverse its Brexit vote by negotiating a new treaty for the European Union with Germany, if he wins presidency in 2017.
The U.S. Department of Justice is investigating whether Standard Chartered Plc failed to stop possible bribery and other misconduct at MAXpower Group Pte Ltd, which builds and operates gas-fired power plants in southeast Asia.
Greek lawmakers on Tuesday passed reforms sought by the country’s creditors to cut pension spending and expedite privatisations in exchange for financial aid under the country’s latest international bailout
NYT
– Wells Fargo announced that it would claw back compensation valued at $41 million from its embattled chairman and chief executive, John Stumpf, as the financial consequences of the scandal over illegally created sham accounts at the bank reached the executive suite. http://nyti.ms/2d8NPNP
– Maurice Greenberg, the former chief executive of insurance giant American International Group Inc, took the witness stand for the first time in his state civil accounting fraud trial in State Supreme Court in Manhattan. http://nyti.ms/2cBBOmG
– Jim Yong Kim, 56, a public-health official and former president of Dartmouth College, was unanimously appointed by the World Bank’s executive directors to a second five-year term as president, according to a statement released by the bank on Tuesday. http://nyti.ms/2d8tom5
– Charles Schultze, 91, an economist who was President Lyndon Johnson’s budget director and President Jimmy Carter’s chief economic adviser, died on Tuesday at his home in Washington. http://nyti.ms/2cUBkUN
– Greek lawmakers approved a new set of austerity measures on Tuesday evening, including further trims in pensions and the transfer of major state assets to a new privatization fund to be overseen by the country’s creditors. http://nyti.ms/2drs7s4
Britain
The Times
AG Barr is planning cut 10 per cent of its workforce as it attempts to improve efficiency in an increasingly tough soft drinks market. (http://bit.ly/2dq1lMr)
Standard Life Investments has become the latest financial institution to announce plans to reopen its suspended property fund after declaring that the commercial property market had stabilised. (http://bit.ly/2dq138m)
The Guardian
The International Monetary Fund has warned that free trade is increasingly seen as benefiting only the well-off and that help is needed for those whose job prospects have been damaged by globalisation in order to reduce barriers to international trade. (http://bit.ly/2dpYROd)
The owner of Alton Towers has been fined a record £5 million ($6.51 million) for the rollercoaster crash that left five passengers with life-changing injuries and some others seriously hurt. (http://bit.ly/2dpYjaW)
The Telegraph
The Football Association decided that Sam Allardyce had to go as England manager following the revelations in a Daily Telegraph investigation because it is “the guardian of the game” and he had fallen below the standards expected. (http://bit.ly/2dpZEij)
Sky News
City Hall is currently working on proposals for separate work visas system for London as the capital looks to carve out a bespoke deal on immigration in Brexit Britain. (http://bit.ly/2dpYy61)
Heating and plumbing supplier Wolseley said it is planning to cut 800 jobs and close 80 branches and one distribution centre in the UK. (http://bit.ly/2dpYD9B)
The Independent
Labour MPs have publicly debated for the first time whether a so-called “universal basic income” should be introduced to replace the existing benefits system in place in the UK. (http://ind.pn/2dq0wTJ)
According to treasury officials, a so called “hard Brexit” deal, which would see the UK drifting away from cooperation with the rest of the EU, could cost the UK Exchequer at least £10 billion ($13.02 billion) a year. (http://ind.pn/2dq1mjm)
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