- Samsung scraps Note 7 (Reuters)
- Note 7 fiasco could burn a $17 billion hole in Samsung accounts (Reuters)
- Trump’s struggles may depress Democratic voter turnout (Reuters)
- Major Investor Sues Theranos (WSJ)
- S. Africa’s Gordhan to Be Charged; Rand Plunges Most Since June (BBG)
- Oil price falls back from one-year highs, hit by OPEC deal concerns (Reuters)
- Saudi Capital Spending to Drop 71% in 2016 Amid Low Oil Prices (BBG)
- How Julian Assange Turned WikiLeaks Into Trump’s Best Friend (BBG)
- Rising OPEC Oil Output Shows Challenge of Curbing Production (WSJ)
- Hundreds stranded in North Carolina floods after Hurricane Matthew (Reuters)
- Didi, China’s Uber, Navigates Rough Regulatory Road (WSJ)
- Apple Pay, Now 2 Years Old, Looks for Ways to Be More Useful (BBG)
- British lawmaker likens Russia’s behavior in Syria to that of Nazis (Reuters)
- Bankers’ love of London complicates Brexit relocation plans (Reuters)
- Pound Slides a Fourth Day as Analysts Ax Forecasts (BBG)
- Now Your Boss Can Buy Back Your Vacation Days (BBG)
- Facebook Rolls Out Workplace Chat Tool (WSJ)
- Dubai Kicks Off Construction of World’s Tallest Building—Again (BBG)
- Swiss Regulators Target Banks in 1MDB Crackdown (BBG)
Overnight Media Digest
WSJ
– Samsung Electronics Co’s recall of one of its most advanced smartphones descended further into confusion, as the technology giant halted production and distribution of the Galaxy Note 7 while investigators probed recent reports of overheating batteries on devices that were supposed to be safe. http://on.wsj.com/2d1Genn
– One of Theranos Inc’s biggest financial backers has sued the embattled startup and its founder for allegedly lying to attract its nearly $100 million investment, according to a fund document and people familiar with the matter. http://on.wsj.com/2dHlWNQ
– Didi Chuxing, China’s ride-hailing champion, after besting Uber Technologies Inc, appears to be facing a tougher opponent in domestic regulators. http://on.wsj.com/2dHk5Zp
– Tyson Foods Inc, the largest U.S. meat company by sales, on Monday said it took a 5 percent stake in Beyond Meat, a purveyor of plant-based burger patties that seek to replicate the taste and sizzle of ground beef. http://on.wsj.com/2dHkBX7
– Verizon Communications Inc Chief Executive Lowell McAdam said the carrier doesn’t plan to walk away from its acquisition of Yahoo Inc after a 2014 security breach was revealed, but he did leave the door open to possibly renegotiate the $4.8 billion price tag. http://on.wsj.com/2dHkb33
– Facebook Inc announced the commercial launch of Workplace by Facebook, its enterprise tool for companies that allows workers to chat and collaborate with each other. The tool was called Facebook at Work while it was in testing for nearly two years. http://on.wsj.com/2d3Zcd0
– The U.S. safety watchdog endorsed the decision by Samsung Electronics Co to suspend sales of its combustible Galaxy Note 7 smartphone on Monday. http://on.wsj.com/2d3YbBv
– U.S. aviation-safety officials on Monday said flyers should not use any Samsung Electronics Co Galaxy Note 7 cellphones on flights, expanding their guidance to include replacement models. http://on.wsj.com/2d3Y3SL
FT
* Samsung Electronics Co Ltd said on Tuesday it will ask all global partners to stop sales and exchanges of the Galaxy Note7 smartphones, further deepening the smartphone company’s recall crisis.
* Paul Ryan, the top Republican in the U.S. Congress, took the extraordinary step on Monday of distancing himself from Donald Trump, stirring a backlash from some lawmakers and deepening a crisis over his party’s struggling presidential nominee.
* As part of the UK government’s Women in Finance Charter, 60 of the 72 companies which have signed up have pledged to have at least 30 percent of women in senior roles by 2021.
NYT
– Twitter Inc executives are continuing deal talks with Salesforce.com and Chief Executive Jack Dorsey is now not averse to selling the company. http://nyti.ms/2d8RHwi
– Billionaire investor Warren Buffett volunteered detailed information about his income taxes after Donald Trump called him out during the presidential debate. http://nyti.ms/2d8QKo0
– Federal prosecutors filed new corruption charges against Brazil’s former president, Luiz Inacio Lula Da Silva, raising pressure on him and his family over dealings in Angola. http://nyti.ms/2d8RLwa
– Venture capital firm Greylock Partners said it has raised a $1 billion fund, increasing its assets under management to $3.5 billion. http://nyti.ms/2d8RGIL
– Blood-testing company Theranos is being sued by investor Partner Fund Management, which accuses the company of securities fraud over engaging in “a series of lies, material misstatements and omissions”. http://nyti.ms/2d8VpWE
– Wells Fargo & Co said it would create a new division focused on payments and virtual solutions and will also expand the bank’s operating committee to 12 members from nine. http://nyti.ms/2e1UldC
Britain
The Times
* Cabinet ministers are being warned that the Treasury could lose up to 66 billion pounds ($82.07 billion) a year in tax revenues under a “hard Brexit”, according to leaked government papers. (http://bit.ly/2e1rq9r)
* The political mantra of protecting the NHS is damaging the health service because hospitals are used as an expensive way to look after the elderly, Stephen Dorrell, chairman of the NHS Confederation and a former Conservative health secretary, said. (http://bit.ly/2drLwnW)
The Guardian
* Uber’s main British business paid only 411,000 pounds in tax last year while the commission fees from thousands of drivers in the UK disappeared into a controversial tax structure in the Netherlands. (http://bit.ly/2e1sWZk)
* Greece is on track to receive 2.8 billion euros ($3.14 billion) from its eurozone creditors by the end of October, after an agreement on Monday on the latest instalment of its multibillion-euro bailout. (http://bit.ly/2elbldJ)
The Telegraph
* The slump in sterling is a blessing in disguise after years of overvaluation and helps to break the corrosive stranglehold of the financial elites over the British economy, according to a former bail-out chief for the International Monetary Fund. (http://bit.ly/2d8dV1H)
* Manufacturing giant JCB is to end its membership of the Confederation of British Industry amid reports that the digger maker was unhappy with the lobby group’s anti-Brexit stance. (http://bit.ly/2drKuse)
Sky News
* The fall of sterling combined with Brent crude oil hitting a 52-week high makes it a double whammy for petrol and diesel prices. Brian Madderson, chairman of the Petrol Retailers Association, warned “Motorists can expect increases of up to 4 or 5 pence per liter by the end of the month unless there are favourable corrections to the exchange rate and global oil prices. (http://bit.ly/2dLoXNm)
* Pure Gym Group, Britain’s biggest health and fitness chain, will abort plans for a stock market flotation on Tuesday amid signs that turbulence in some financial markets is affecting investors’ sentiment towards companies seeking to go public. (http://bit.ly/2e4NADG)
The Independent
* Deutsche Bank failed to reach a deal with U.S. authorities over a multi-billion dollar fine this past weekend, leading its shares to fall more than 3 per cent on the news on Monday morning. (http://ind.pn/2dWkZ2Y)
* The Nobel Prize for Economics has been won by a British-American and a Finn for their pioneering work on contract theory. Oliver Hart and Bengt Holmström were named by the Royal Swedish Academy of Sciences in Stockholm today. (http://ind.pn/2ejhiHW)
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