Posted by on October 12, 2016 11:32 am
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Categories: Bank of England Boeing China donald trump Economy European Union FBI General Electric Google Housing Market NBC OPEC Reuters Turkey Vladimir Putin Wall Street Journal Wells Fargo

  • UK’s May offers lawmakers scrutiny of Brexit process, no Article 50 vote (Reuters)
  • For or Against Trump, GOP Fears Intensifying Civil War If He Loses (BBG)
  • Podesta: ‘Reasonable Belief’ WikiLeaks Tipped Off Trump Campaign (BBG)
  • Obama says Trump’s comments on women disqualifying (Reuters)
  • Samsung slashes third quarter profit estimate by a third after pulling plug on Note 7 (Reuters)
  • OPEC says it raises oil output, despite deal to cut (Reuters)
  • Yet Another Stock Market Speed Bump Divides Top Traders (BBG)
  • Turkish army says Islamic State putting up ‘stiff resistance’ in Syria (Reuters)
  • Wells Fargo Lays Out Strategy to Move Past Scandal (WSJ)
  • Power Fully Restored After Outage Across Wide Area of Tokyo (BBG)
  • Amazon to Expand Grocery Business With New Convenience Stores (WSJ)
  • Turkey purges NATO military envoys after failed coup (Reuters)
  • The ‘No-Brainer’ Fix To America’s Student Loan Mess (BBG)
  • Accused bomber to be arraigned on New Jersey charges Thursday (Reuters)
  • Requiem for a Hedge Fund Dream (BBG)
  • Boeing Sees Costs From Delayed Space Taxi (WSJ)
  • Buffalo Wild Wings Shuffles Board  (WSJ)
  • U.S. sees mounting evidence of Houthi role in strike on U.S. warship (Reuters)

Overnight Media Digest


– General Electric Co is buying LM Wind Power, a manufacturer and supplier of rotor blades to the wind industry, for $1.65 billion.

– Inc is pushing deeper into the grocery business with plans to introduce convenience stores as well as curbside pickup locations, say people familiar with the matter.

– Boeing Co said Tuesday that it has delayed the first manned flight of its new space taxi for the second time this year and could take a financial charge against the program as early as its third-quarter results.

– St. Jude Medical Inc warned Tuesday that a battery malfunction could cause hundreds of thousands of its implanted heart defibrillators to quickly lose power and stop functioning.

– Aluminum maker Alcoa Inc cut its forecast for its aerospace-focused division and reported a decline in revenue, sending its shares tumbling and underscoring challenges facing the company as it prepares to split into two firms.

– Sprint Corp is preparing to mortgage a little more than 10 percent of its wireless airwaves to raise needed cash to fund its business, according to several people familiar with the matter.

– Wells Fargo & Co’s top brass laid out the bank’s strategy to move past its sales-tactics scandal on an hour-long call Monday with around 500 senior executives, according to a recording of the call reviewed by The Wall Street Journal.

– Buffalo Wild Wings Inc said Tuesday that two board members were resigning and that three new ones were replacing them, as the company continues to face activist-shareholder pressure.

– Samsung Electronic Co on Tuesday said it would permanently halt production of the Galaxy Note 7 smartphone, just one month after issuing a recall of the device over complaints that batteries were prone to overheat and cause fires.

– Google has acquired FameBit, a technology startup that helps marketers connect with digital influencers, in an effort to bolster branded content deals in online video, including on Google’s video platform YouTube.


* A decision by Japanese electronics company Fujitsu Ltd to cut 1,800 jobs in Britain is not linked to the country’s vote to leave the European Union, it said on Tuesday.

* An analysis by the UK’s Office for Budget Responsibility, published on Tuesday found that former finance minister George Osborne’s various pension reforms during his time in office will lead to a 5-billion-pound ($6.22-billion) per year gap in UK’s public finances in the long term.

* Russian President Vladimir Putin has cancelled a visit to Paris next week after President Francois Hollande said he would see him only for talks on Syria – the latest episode in deteriorating relations between Moscow and the West


– Samsung Electronics Co Ltd said on Tuesday that it was killing the production of its Galaxy Note 7 entirely, following reports that some of the replacement devices were blowing up too.

– The Federal Bureau of Investigation is conducting an investigation into the plane crash in East Hartford, Connecticut on Tuesday. The FBI is investigating if the crash that killed a passenger was intentional.

– NBC news anchor Billy Bush is set to exit NBC after a videotape of Bush and Republican presidential nominee Donald Trump making lewd remarks about women surfaced online.

– Employees at Wells Fargo & Co tipped off the bank’s ethics hotline and human resources department for years before the scandal came to light last month.


The Times

* Younger workers could be in line for a boost to their pensions at the expense of older employees under plans being considered by the Treasury. Tax breaks to encourage people to save for their old age will be reshaped to favour the millennial generation crippled by student debts and runaway house prices. (

The pound fell by more than two cents against the dollar yesterday, a huge lurch downwards by normal daily standards, after the Bank of England hinted that it would not raise interest rates to prevent a burst of inflation. (

The Guardian

* Top bankers have warned that Brexit could force their industry to shift jobs out of the City, as a senior policymaker at the Bank of England warned the loss of such high-paid roles could knock a hole in the UK’s budget. (

* The British economy will be hit by a “permanent cost” of more than 25 billion pounds ($31.09 billion) a year if it decides to withdraw from the EU customs union, a new government adviser on Brexit has said. (

The Telegraph

* China wants to do more business with post-Brexit Britain, the country’s ambassador to the UK said, as he praised the City of London and Britain’s financial prowess. (

* Communities Secretary Sajid Javid has promised a “radical” set of reforms to boost the housing market as he admits that current government policy is barely keeping up with demand. (

Sky News

* A further weakening of sterling helped push the FTSE 100 to a record high during trading on Tuesday. The country’s premier share index climbed above 7,123 points just after midday – beating its previous highest level recorded in April last year and going as high as 7,129 before slipping back. (

* Japanese electronics company Fujitsu Ltd has informed its workers that up to 1,800 jobs could be set to go in the UK. The firm said that the workforce reduction would come as part of a “transformation programme” it is currently undertaking. (

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