- Trump and Clinton look to pass U.S. commander-in-chief test (Reuters)
- Undecided GOP-Leaning Voters Provide an Opening for Donald Trump (WSJ)
- Stage set for iPhone 7, but many await 8 (Reuters)
- Dollar Slides Versus Yen as Prospect of September Fed Hike Dims (BBG)
- World stocks hit one-year highs as Fed hike prospects fade (Reuters)
- Merkel strikes back, defends migrant policy after election rout (Reuters)
- Gasoline Glut Threatens a Crude-Oil Rally Fueled by Car Travel (WSJ)
- After insult, U.S. and Clinton call for Duterte to show respect (Reuters)
- Work to begin on ‘big wall’ at Calais to block migrants (Telegraph)
- Will Trump or Clinton win? The 11 states deciding the race (The Hill)
- Oil rises, but doubt over output deal tempers rally (Reuters)
- Turkey says ready to help any U.S. initiative to capture Raqqa (Reuters)
- Hanjin’s Ghost Ships Seek Havens With Food and Water Starting to Dwindle (BBG)
- Judge Allows Hanjin Ships to Dock Safely in U.S. Ports (WSJ)
- U.S. Considers HSBC Charge That Could Upend 2012 Settlement (BBG)
- Larry Summers on “Lessons from Jackson Hole” (FT)
- Volkswagen in Talks to Make Electric Cars in China (WSJ)
- Top Saudi cleric says Iran leaders not Muslims as haj row mounts (Reuters)
- Man held after police find car with gas cylinders in Paris (Reuters)
- Facebook’s ‘Trending’ Feature Exhibits Flaws Under New Algorithm (WSJ)
- Fading College Dream Saps U.S. Economy of Productivity Miracle (BBG)
- Fed’s Williams says U.S. economy in good shape, wants rate hike (Reuters)
Ovenight Media Headlines
WSJ
– The Obama administration followed up a planeload of $400 million in cash sent to Iran in January with two more such shipments in the next 19 days, totaling another $1.3 billion, according to congressional officials briefed by the U.S. State, Treasury and Justice departments. http://on.wsj.com/2bVWhUm
– Wall Street firms are creating “structured” certificates of deposit, which have left many investors with lower yields and facing losses if they have to cash out early. http://on.wsj.com/2c4lma1
– A substantial bloc of Republican-leaning voters has declined so far to back either major-party candidate for president, suggesting Donald Trump has an opportunity to make the race more competitive by persuading them to return to the GOP. http://on.wsj.com/2cqQGjY
– Surging demand from drivers in the richest countries helped power a big rally in crude this year. But many analysts say that surge is ending. http://on.wsj.com/2bSJjp1
– Chinese and Indian newcomers to the U.S. are now outpacing Mexican arrivals in most regions of the country, a marked reversal from a decade ago, when immigrants from America’s southern neighbor dwarfed arrivals from the large Asian countries. http://on.wsj.com/2bWCL78
– ITT Technical Institute ceased operations at more than 130 campuses nationwide and eliminated most of its 8,000-plus employees after losing access to the lifeblood of federal student aid. http://on.wsj.com/2bUSfsq
– Activist investor William Ackman bought a big stake in Chipotle Mexican Grill Inc, the burrito chain whose stock has tumbled in the face of a series of food-safety questions. http://on.wsj.com/2cbp30Q
– Facebook last month put an algorithm in charge of its “trending” feature, but in recent days the lists have appeared more flawed than when humans were in charge. http://on.wsj.com/2cdyzC4
– Container ships operated by South Korea’s Hanjin Shipping Co, now stranded at sea, soon should be able to dock in U.S. ports, but it remains unclear if the company can afford to pay the army of workers needed to unload the ships. http://on.wsj.com/2c9m4VI
FT
Bayer urged by Monsanto shareholders to raise bid further http://on.ft.com/2bVMa1y
Fox pays $20 mln to settle Gretchen Carlson sexual harassment lawsuit http://on.ft.com/2bVO963
Enbridge to buy Spectra in $28 bln pipeline deal http://on.ft.com/2bVOYMs
Overview
Monsanto Co shareholders urged Bayer AG to increase its latest bid for the company, even as some investors in Bayer expressed concern it was proposing to pay too much for the company.
Twenty-first century fox Inc will pay Gretchen Carlson $20 million to resolve a sexual harassment against former head of Fox News, Roger Ailes.
Enbridge Inc agreed to buy Spectra Energy Corp to create the largest oil and gas pipeline group in North America, with an enterprise value of $127 billion.
NYT
– Volkswagen AG said on Tuesday that its truck and bus business had agreed to acquire a 16.6 percent stake in the Navistar International Corp, an American commercial truck maker, giving it a greater access to the North American commercial vehicle market. http://nyti.ms/2bSAawT
– A study of Australian women, released this week by the Cass Business School in London, the University of Warwick and the University of Wisconsin found that when comparing men and women who work similar hours, men got a raise 20 percent of the time they asked, compared with 16 percent for women. http://nyti.ms/2bSAn2N
– Fox News’s parent company spent $20 million on Tuesday to settle a lawsuit brought by a former anchor, Gretchen Carlson, whose allegations of sexual harassment toppled the network’s powerful chairman, Roger Ailes, and engulfed the company in crisis. http://nyti.ms/2bSBcJb
– William Ackman’s Pershing Square Capital Management acquired the option to purchase 2.9 million shares in Chipotle Mexican Grill Inc, which represents a 9.9 percent stake, according to a regulatory filing on Tuesday. With the investment, worth about $1.2 billion at Tuesday’s closing prices, Ackman becomes the company’s second-largest shareholder after Fidelity Investments. http://nyti.ms/2bRXZQo
– Carl Icahn’s investment firm has agreed to take the Federal-Mogul Holdings Corp private, continuing his quest to buy suppliers to the auto industry. Icahn Enterprises Lp will buy the remaining 18 percent of Federal-Mogul it does not already own for $9.25 a share in cash, according to a statement released Tuesday by Federal-Mogul. http://nyti.ms/2bRYk5C
– Just days before the start of a new school term, ITT Educational Services Inc, one of the U.S.’s largest for-profit educational companies, closed nearly all its campuses on Tuesday. The company cited the Education Department’s recent decision to bar the chain of colleges from using federal financial aid to enroll new students as the reason for the sudden shutdown. http://nyti.ms/2bRZgqH
– Sullivan & Cromwell, a big law firm known for advising major financial institutions, is taking steps to bolster its work in an area of particular concern to large banks: online security. The law firm announced on Tuesday that it had hired as special counsel Nicole Friedlander, a former Manhattan federal prosecutor who had most recently overseen online crime prosecutions. http://nyti.ms/2bRZvSM
Canada
THE GLOBE AND MAIL
** The head of housing agency Canada Mortgage and Housing Corp is warning there simply will not be enough money available for Ottawa to meet expectations for a national strategy to tackle the wide-ranging problems in the housing market. http://bit.ly/2bXymkx
** An alleged rape victim asked by a judge why she did not close her knees for protection says the question made her hate herself. The complainant, who was a 19-year-old homeless addict at the time of the alleged rape in 2011, is at the heart of a hearing in which Federal Court Justice Robin Camp stands to lose his job over his conduct of a sexual-assault trial.http://bit.ly/2bVZovn
** Conservative leadership candidate Kellie Leitch says her proposal to screen immigrants for “anti-Canadian values” is about promoting tolerance and equality, even as a senior aide in former prime minister Stephen Harper’s office calls the idea dangerous and “Orwellian”. http://bit.ly/2cnYkgf
** Some school boards in the Greater Toronto Area allow students to be exempted from classes based on religious beliefs, including music and art – but only as a last resort and after failing to reach a compromise with parents. The issue of allowing children to withdraw from classes flared up at Canada’s largest school board after a group of Muslim parents were offered an accommodation, not a full exemption, from music class at their Scarborough elementary school. http://bit.ly/2cryxCI
NATIONAL POST
** The proposed C$37 billion ($28.83 billion) acquisition of Spectra Energy Corp by Calgary-based Enbridge Inc announced on Tuesday will substantially boost the company’s natural gas asset base, giving it a foothold in several critical North American gas markets. The deal is part of a recent jockeying by major pipeline operators to grow their positions inside some of North America’s most promising gas fields. http://bit.ly/2cjAmV2
** Canadian-born barrister Robert Tibbo helped Edward Snowden, the former U.S. Central Intelligence Agency (CIA) contractor who leaked an unprecedented cache of classified documents to the media, escape Hong Kong and the clutches of U.S. law enforcement. He speaks fondly of his famous client, and still jealously guards certain aspects of their relationship, most notably how he was retained to represent the most-sought-after dissident in the world. http://bit.ly/2c5LQIl
Britain
The Times
Falling bond yields and interest rate cuts will give the British Chancellor Philip Hammond a windfall of up to £18 billion ($24.15 billion) to spend over the course of this parliament. (http://bit.ly/2cEFqoZ)
Sports Direct is to become one of the first quoted companies in Britain to elect a workers’ representative to its board as it seeks to draw a line under the scandal over its treatment of staff. (http://bit.ly/2cEH3Tp)
The Guardian
German pharmaceuticals group Bayer has stepped up its pursuit and offered $65 bln for Monsanto. Bayer had already proposed the largest all-cash takeover in history with an offer of $125 a share and said it was now willing to raise its bid to $127.50. (http://bit.ly/2cEID82)
A cross-party group of parliamentarians is claiming a victory for corporate tax transparency after the British government accepted a legal amendment that could force multinationals to publicly declare where they do business and the tax they pay. (http://bit.ly/2cEHNZ3)
The Telegraph
Online bingo operator Intertain is pressing ahead with plans for a £430 million ($577.02 million) stock market listing after the Brexit vote scuppered plans for a sale of the business. (http://bit.ly/2bWBNrI)
The boss of Barclays, Jes Staley, has appointed Tim Throsby, a top banker, from JP Morgan to run the lender’s investment bank. (http://bit.ly/2cij1Mb)
Sky News
Sergio Ermotti, the Chief executive of Swiss bank UBS , has warned it could shift up to 1,500 jobs out of London after the UK voted to leave the EU. (http://bit.ly/2cEGKrK)
Serious Fraud Office is close to announcing whether it plan to charge former Tesco executives in relation to the profits overstatement that sparked the biggest crisis in the history of Britain’s largest retailer. (http://bit.ly/2cEIbXm)
The Independent
Complaints about payday lenders more than tripled in the first half of the year, new official figures have revealed. The short-term, high-interest loans attracted 4,186 grievances, up from 1,213 in the previous six months. (http://ind.pn/2cEIC3N)
Housebuilder Berkeley Group said the property market remained under pressure in August following the Brexit vote as it announced sales had crashed by 20 percent. (http://ind.pn/2cEHKMB)
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