- Global Stocks Rise, Buoyed by Commodities (WSJ)
- For Yellen, a September Fed surprise could close confidence gap (Reuters)
- Robot detonates New Jersey device in latest bomb discovery (Reuters)
- Syria Truce Hangs in Balance Amid Attacks, Lack of Aid (WSJ)
- Merkel’s Party Suffers Worst Berlin Loss of Postwar Era (BBG)
- China’s Home Prices Rise Most in Six Years as Sales Gain (BBG)
- More than a week after ZH, the FT asks: “Will the Bank of Japan cause a global bond tantrum“
- Yuan Interbank Rate Surges in Hong Kong in Sign of Intervention (BBG)
- Oil climbs as Venezuela sees output deal (Reuters)
- Libya Clashes Halt First Oil Cargo From Ras Lanuf Since 2014 (BBG)
- Fed Hits Crossroads on Inflation Policy (WSJ)
- Pimco, BlackRock See December Fed Hike Amid Mini Taper Tantrum (BBG)
- Five Days of Gridlock: Your Guide to UN General Assembly Week (BBG)
- Tesla Wins Massive Contract to Help Power the California Grid (BBG)
- European banks represent the world’s biggest contrarian trade (Reuters)
- Banks Are Now too Scared to Even Make Money (WSJ)
- How EBay’s CEO Plans to Take On Amazon (BBG)
Overnight Media Digest
WSJ
– Three violent attacks over the weekend in the U.S. that left almost 40 people injured remained shrouded in questions, but together they fueled growing fears among authorities about terror assaults by small groups, lone wolves or simply deranged individuals. http://on.wsj.com/2cBaB4U
– Veteran winners dominated top categories at the 68th Emmy Awards, underscoring the institution’s challenge in keeping up with a television landscape that has changed rapidly in recent years. http://on.wsj.com/2cBabvp
– Koch Industries Inc, a conglomerate owned and run by conservative billionaire brothers Charles and David Koch, is making a push into the household-cleaner business, taking aim at industry stalwarts such as Procter & Gamble Co and Clorox Co. http://on.wsj.com/2cBau9m
– The cease-fire in Syria was in jeopardy on Sunday as clashes escalated the day after the U.S.-led coalition targeting Islamic State mistakenly killed dozens of Syrian government forces in an airstrike. http://on.wsj.com/2cB9D8O
– The leader of the union representing auto workers in Canada said thousands of factory employees will strike at two General Motors Co plants if the sides miss a Monday night deadline for a new contract, threatening to disrupt the supply of engines that go into the company’s sport-utility vehicles. http://on.wsj.com/2cBb6f4
– The Federal Aviation Administration appears poised to take on a new role some agency officials have coveted for years: serving as traffic cops in space. http://on.wsj.com/2cBaCG8
– Aubrey McClendon’s fine wine collection sold for $8.4 million over the weekend, as bidders from the late oilman’s home state helped the auction exceed expectations. http://on.wsj.com/2cBbcDK
– Rolls-Royce Holdings PLC is expanding job cuts in its prolonged battle to boost profitability at the struggling British engine maker. Rolls-Royce said Sunday that it would shed 200 more management roles through a buyout program. http://on.wsj.com/2cBaw0X
– OPEC members damped expectations over the weekend for an agreement to limit crude-oil output this month, as new pledges of increased production from several countries threatened to render any pact meaningless. http://on.wsj.com/2cBavKC
– In a case that shook Albuquerque, two former police officers are scheduled to stand trial this week for the 2014 shooting death of a mentally ill homeless man. http://on.wsj.com/2cBbPxc
– Salesforce.com Inc said it would embed artificial intelligence technology into its software for salespeople, making it the latest in a gaggle of companies racing to enhance workplace tools with human-like abilities. The company will demonstrate the new software at its annual user conference next month in San Francisco. http://on.wsj.com/2cBaZQZ
– As it grapples with a massive global smartphone recall that is estimated to cost more than $1 billion, Samsung Electronics Co is moving swiftly to sell stakes in other technology companies to raise cash. The world’s biggest smartphone maker said Sunday it has sold shares in computer-drive maker Seagate Technology PLC, chip maker Rambus Inc, Dutch semiconductor-equipment maker ASML Holding NV and Japanese electronics maker Sharp Corp . http://on.wsj.com/2cBbDxF
FT
McDonald’s potentially has to pay $500 million in back taxes to Luxembourg, according to a Financial Times analysis of an investigation by Brussels into state-supported tax avoidance. The company is under investigation by Brussels over a tax ruling that allowed it to pay no corporation tax – either in the U.S. or Luxembourg – on royalty income from restaurant franchises across Europe.
The chief executive of Airbus Group, Tom Enders, is preparing to launch a new reorganising and cost cutting initiative to offset costly delays to aircraft programmes and minimise losses on the A380 superjumbo.
Rolls-Royce is cutting more than 200 management jobs as part of its ongoing restructuring. Employees were told last week of the latest departures from middle management ranks across the group.
Keith Mestrich, chief executive of trade union-backed Amalgamated Bank, says he is reviewing pay for rank and file workers in the wake of the sham accounts scandal at Wells Fargo , and called on the rest of the industry to do the same
NYT
– Should Republican presidential nominee Donald Trump get elected, Congress most likely would moderate his proposals to cut taxes, increase spending and even to build a border wall. But international trade policy is one area where a President Trump could unilaterally deliver on the changes that he has promised, making imported goods like electronics a lot more expensive. http://nyti.ms/2cjgdiM
– Hillary Clinton, Donald Trump, and many economists support investing billions in the nation’s crumbling infrastructure, but paying for it will not be simple. The candidates’ agreement, combined with growing accord among economists that increased spending on infrastructure could invigorate the American economy and raise overall living standards, has led to a cautious optimism that some sort of big public works push is coming, regardless of who is elected. http://nyti.ms/2cjgm63
– The plight of Citrus Pest Control District No. 2, which serves just six people in California, shows how some public pension plans are far less funded than their official numbers suggest. Calpers, which managed the fund, keeps two sets of books: the officially stated numbers, and another set that reflects the “market value” of the pensions that people have earned. The second number is not publicly disclosed. http://nyti.ms/2cjgti0
– Restaurants in Palo Alto, California, are increasingly struggling as rents soar and workers are hired away by the corporate cafeterias of behemoths such as Google, Apple and Facebook. http://nyti.ms/2cjd7vj
Britain
The Times
A Chinese consortium has gate-crashed the auction of gas pipelines that supply nearly 11 million homes and businesses – posing the first big test of Theresa May’s clampdown on foreign ownership of key national infrastructure. http://bit.ly/2cAPWuD
The Serious Fraud Office is considering launching an investigation into the collapse of an oil company that was advised for three years by the Tory MP Nadhim Zahawi. http://bit.ly/2cAPbl4
The Guardian
The head of Germany’s central bank has warned that London’s position as a financial centre would be dealt a severe blow if the UK left the single market because banks would be denied the right to operate across the 27 remaining members of the EU. http://bit.ly/2cAPSuz
First-time buyers hoping to snap up a bargain after the Brexit vote could be in for a shock with figures showing new sellers in England and Wales asking 3.3% more for typical starter homes than a month ago. http://bit.ly/2cAPTyD
The Telegraph
China has failed to curb excesses in its credit system and faces mounting risks of a full-blown banking crisis, according to early warning indicators released by the world’s top financial watchdog. http://bit.ly/2cAQFM8
Rolls-Royce is cutting more than 200 management jobs, the latest in a series of losses as its chief executive attempts to turn around the British engineering giant. http://bit.ly/2cAQbG6
Sky News
Sky News understands that The Hut Group, which counts the former Tesco chief executive Sir Terry Leahy among its shareholders, will announce the purchase of Ideal Shape in the coming days. http://bit.ly/2cAQpgf
The Secretary General of the Commonwealth has said that many countries “are still getting over the shock” of Britain deciding to leave the EU, but will explore opportunities to intensify trade partnerships with the UK. http://bit.ly/2cAQErG
The Independent
Business confidence has been dragged to a four-year low amid rising concerns over economic uncertainty and a slowdown in demand following the EU referendum result. http://ind.pn/2cAQxwf
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