Financial Markets and Economy
EU Banks Eye $5 Billion Capital Respite on SEC Clearing Vote (Bloomberg)
A decision by the U.S. Securities and Exchange Commission may bring European Union banks a step closer to avoiding billions of dollars of capital charges on their trades in derivatives and other securities.
WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call (Reuters)
The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States.
LARRY SUMMERS: A third of men aged 25-54 will be out of work by 2050 (Business Insider Australia)
Former US Treasury Secretary Larry Summers says the unrelenting rise in the proportion of men without work since the 1970s will continue and by 2050 he estimates that around one-third of all men in the United States will be without work.
Diesels Take Back Seat, Electrics Up Front At Paris Car Show (Associated Press)
FRANKFURT, Germany (AP) — Carmakers are finding the Paris auto show, held in a city whose mayor wants to ban diesels to reduce pollution, to be a fine place to show off new zero-emission electric vehicles.
OPEC Meets in Algiers to Discuss First Output Curbs in Two Years (Bloomberg)
OPEC ministers gathered in Algiers with the group’s two leading members, Iran and Saudi Arabia, ready to discuss the first limits on oil production in two years.
European Stocks Rise as Deutsche Bank Rebounds; Crude Rallies (Bloomberg)
European stocks rose as Deutsche Bank AG’s rebound from a record low spurred an advance in lenders. Oil climbed as Saudi Arabia signaled it may compromise on an output deal.
OPEC to Discuss Cutting 350 Million Barrels of Output (Dow Jones Newswires)
Officials from the Organization of the Petroleum Countries plan to discuss Wednesday a proposal that would cut 350 million barrels of the cartel's production spread out over one year–almost 1 million barrels a day, according to people who have seen the proposal.
Fatigued Investors Want Draghi to Buy Greece Before They Do (Bloomberg)
Michel Danechi isn’t buying the Greek turnaround story just yet.
As Greek business leaders and government officials presented to investors last week in London a list of reasons why valuations of the country’s assets make them attractive, Danechi’s Duet Asset Management took note.
China’s Ambitious Plan to Make the Yuan the World’s Go-To Currency (Bloomberg)
China’s long-held desire to provide an alternative to the U.S. dollar will get a boost on October 1, when the yuan enters the International Monetary Fund’s basket of reserve currencies, placing it alongside the pound, euro, yen and dollar.
Low Interest Rates Have Created New Housing Bubble, Says UBS (Dow Jones Newswires)
Housing bubbles are inflating in major cities around the world, with Vancouver and London most at risk, according to Swiss lender UBS Group.
London's Baltic Exchange succumbs to Singapore as shipping turmoil deepens (Reuters)
LONDON, Sept 27 The crisis in global shipping and a tax exodus by big Greek vessel owners have helped finally seal the fate of London's Baltic Exchange after at least three approaches to buy it over the last six years of its near-three centuries history.
Deutsche Curve Inverts As Bundesbank Dismisses State Support Of "Zombie" Banks (Zero Hedge)
Deutsche Bank Sub CDS closed above 500bps for only the second day in its history (and the longer-term CDS curve inverted once again) as a bad day ended worse with Bundesbank member Andreas Dombret exclaimed "state support of banking sector must end," warning that it only "props up zombie banks."
China is accusing the US of using its own domestic laws to punish a Chinese company (South China Morning Post)
China said on Tuesday it was opposed to any country using its own laws to carry out “long arm jurisdiction”, after the United States sanctioned a Chinese industrial machinery wholesaler tied to North Korea’s nuclear programme.
Consumer Confidence Highest Since Recession (Financial Sense)
The latest Conference Board Consumer Confidence Index was released this morning based on data collected through September 15. The headline number of 104.1 was an increase from the final reading of 101.8 for August, an upward revision from 101.1.
5 Great Ways To Potentially Earn Fantastic Yield On Gilead's Crazy Cheap Shares (Dividend Sensei, Seeking Alpha)
Gilead Sciences (NASDAQ:GILD) has proven itself phenomenally successful at generating mountains of shareholder wealth over its 29-year history.
German government prepare Deutsche Bank rescue plan: Die Zeit (Reuters)
The German government and financial authorities are preparing a rescue plan for Deutsche Bank (DBKGn.DE) in case the lender would be unable to raise capital itself to pay for costly litigation, German weekly Die Zeit reported.
Dangerous Bubbles In Plain Sight (David Stockman's Contra Corner)
Jesse Felder published an incisive bubble finance chart over the weekend. It is yet another reminder that Janet Yellen and her merry band of money printers are oblivious to the dangerous speculation and valuation excesses that their policies have implanted throughout the financial system.
It’s Paul Singer Versus Citigroup in a Bitter Bankruptcy Feud (Bloomberg)
As Peabody Energy Inc. stumbled toward bankruptcy last year, its Wall Street adviser raised a red flag for management.
Companies
5 Things You Should Know About the Deutsche Bank Train Wreck (Fortune)
Deutsche Bank—Germany’s largest, and in many ways the embodiment of the global financial system—as you may have heard, is in a spot of bother.
Anheuser-Busch InBev Clinches $103 Billion SABMiller Deal (Bloomberg)
Anheuser-Busch InBev NV clinched its $103 billion takeover of SABMiller Plc after the British brewer’s investors approved a deal that unites the world’s two biggest beermakers about a year after it was proposed.
Who Should Buy Twitter? No One. (Slate)
Twitter has serious problems. It is rife with harassment. Its management has been in a protracted state of upheaval. For a large and still relatively young tech company with plenty of cash, its core product has evolved surprisingly little, and in mostly superficial ways.
RBS to Pay $1.1B to Resolve Some of its U.S. Mortgage Claims (Reuters)
Royal Bank of Scotland Group will pay $1.1 billion to resolve claims that it sold toxic mortgage-backed securities to credit unions that later failed, the U.S. National Credit Union Administration (NCUA) said.
Wells Fargo CEO forfeits millions as board orders review (Reuters)
Wells Fargo & Co said on Tuesday that Chief Executive Officer John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company's board investigates the bank's sales practices.
Senators call Yahoo's delay in revealing breach of 500m accounts 'unacceptable' (The Guardian)
Six Democratic US senators on Tuesday said it was “unacceptable” that Yahoo only last week announced a 2014 hack into 500m user accounts and asked embattled CEO Marissa Mayer for more information about the company’s investigation into the data breach.
More Than 50% of Shoppers Turn First to Amazon in Product Search (Bloomberg)
More than half of U.S. online consumers begin their product searches on Amazon.com Inc.’s website or mobile app, a survey found. That means that heading into the busy holiday season, the company is advancing its lead over major retailers like Wal-Mart Stores Inc. and search engines as the starting point for online shopping.
Politics
Here's Why You Shouldn't Trust Those Online Polls That Say Trump Won (Fortune)
So who won the presidential debate on Monday night? Not surprisingly, supporters of Democratic candidate Hillary Clinton believe she won, and say they have the polls to prove it. Trump supporters, meanwhile, are convinced he won, and have their own polls that say so.
9 states to vote soon on expanding legal access to marijuana (Associated Press)
SAN FRANCISCO – Americans in nine states have a chance to vote Nov. 8 on expanding legal access to marijuana.
Collectively, the ballot measures amount to the closest the U.S. has come to a national referendum on the drug.
Senators Propose Bill to Include Municipal Debt as Liquid Assets (Bloomberg)
A group of U.S. senators introduced a bipartisan bill that includes municipal bonds among assets that banks need to hold to weather a financial shock.
Conservative Arizona newspaper tears into Donald Trump, endorses Hillary Clinton for president (Business Insider)
During its 126-year history, The Arizona Republic, Arizona's largest newspaper, has always endorsed a Republican candidate for president.
Will Congressional Face-off Over Flint Lead to a Government Shutdown? (Associated Press)
Movement on a measure aimed at preventing the government from shutting down this weekend was voted down in a procedural motion in the Senate on Tuesday — a move which sets Capitol Hill on a collision course that could lead to a shutdown this weekend.
Taliban ‘very interested’ in debate, watched from secret location (The Hill)
Taliban leaders were eager to tune in to Monday evening’s presidential debate between Donald Trump and Democratic nominee Hillary Clinton, a spokesman for the fundamentalist group told NBC News.
Technology
Toshiba OCZ Unveils Low Cost, High Performance TL100 Series Solid State Drives (Forbes)
Despite advances in CPU, GPU, and memory technologies, for most users, moving from a traditional hard drive to a solid state drive remains one of the most effective PC upgrades possible.
Buick's Chinese-built Envision earns top IIHS safety honors (Road Show)
Despite some of the bad press Buick received for bringing its Chinese-made Envision to the US, the car is already proving old stereotypes wrong.
Uber to Launch Food-Delivery Service in Tokyo (The Wall Street Journal)
TOKYO—Uber Technologies Inc. plans to launch its food-delivery business in Tokyo on Thursday, preparing for a gradual rollout across Japan—a country where its main ride-hailing business is barred.
Amazon's Updated Fire TV Stick Bumps Up The Speed And Adds An Alexa-Powered Remot (Digital Trends)
If you’re looking to add smart TV functionality to a not-so-smart TV, Amazon’s Fire TV Stick has been one of the best options available for some time. On Wednesday, the company announced a new, improved version of the popular streaming stick, and it’s keeping a key feature: the $40 price tag.
GoTenna's new communicator crowd sources for a better signal (Engadget)
If you're a fan of exploring the great outdoors, especially in areas of devoid of cell service, you may have already sought out a GoTenna. These walkie-talkie-like enablers pair with your mobile device via Bluetooth so you can send messages and GPS data to others in the area using radio frequencies.
HTC 10 VS. IPHONE 7: Is Great Audio More Important Than Exceptional Cameras? (Digital Trends)
One of the most anticipated smartphone launches of the year has come and gone. Apple’s iPhone 7 is officially available for purchase online, in retail, and from carriers around the country — and it doesn’t disappoint.
Wynd gets $2.5 million in seed funding for its portable smart air purifier (Tech Crunch)
Back in June, Raymond Wu stopped by our New York office to show off what he had been working on. It was small and conical, with holes on all sides. It looked like a desktop speaker or maybe some startup Amazon Echo competitor.
Health and Biotech
Stroke study sparks calls for revamping emergency care (Stat News)
Although neurologist Amie Hsia was hundreds of miles away from the emergency room team caring for her ailing aunt last February, she knew her symptoms and imaging pointed to a severe stroke.
Iron nanoparticles have been shown to kickstart the immune system to destroy tumours (Science Alert)
Scientists have developed a new way of treating cancer with iron nanoparticles, which were able to kickstart the immune system into attacking tumours in groups of mice.
A Simple Blood Test Helps Cure Cancer by Catching It Early (Singularity Hub)
Today, it’s an unfortunate reality, but most people have either lost a loved one to cancer or know of someone who has.
Life on the Home Planet
Greenland's receding ice caps may expose a top-secret US nuclear project (The Guardian)
A top-secret US military project from the cold war and the toxic waste it conceals, thought to have been buried forever beneath the Greenland icecap, are likely to be uncovered by rising temperatures within decades, scientists have said.
Elon Musk’s proposed spaceship could send 100 people to Mars in 80 days (The Verge)
Today, SpaceX CEO Elon Musk unveiled the Mars vehicle — the spaceship his company plans to build to transport the first colonists to Mars. The spaceship is meant to launch from Earth on top of the booster and then travel the rest of the way on its own to the Red Planet.
Across US, Police Officers Abuse Confidential Databases (Associated Press)
DENVER (AP) — Police officers across the country misuse confidential law enforcement databases to get information on romantic partners, business associates, neighbors, journalists and others for reasons that have nothing to do with daily police work, an Associated Press investigation has found.
Israel's Peres won Nobel prize but his Mideast peace dream remained elusive (Reuters)
Shimon Peres, who died on Wednesday at the age of 93, never realized his vision of a new Middle East built upon a 1993 interim peace deal he helped shape with the Palestinians.
Norway appeals court rejects Snowden extradition lawsuit (Reuters)
A Norwegian appeals court has rejected a lawsuit from fugitive former U.S. spy contractor Edward Snowden against the Norwegian government, upholding the verdict of a lower court, it said on Wednesday.
Five arrested on suspicion of forming European Islamic State cell (Reuters)
Spanish, German and Belgian authorities have arrested five people suspected of forming an "active and dangerous" Islamic State cell and promoting Islamist militancy in the three countries, Spain's interior ministry said on Wednesday.
