Financial Markets and Economy
Deutsche Bank, U.S. DOJ Continue to Discuss Mortgage-Securities Settlement (The Wall Street Journal)
Deutsche Bank AG’s talks with the U.S. Justice Department to settle a high-profile set of mortgage-securities cases are continuing, with no deal yet presented to senior decision makers for approval on either side.
Pound Index Drops Beyond Post-Brexit Low on May’s Speech: Chart (Bloomberg)
A gauge of the pound against seven major peers fell below post-Brexit levels on Monday after British Prime Minister Theresa May said she’ll begin the U.K.’s process of withdrawal from the European Union in the first quarter of 2017.
Global Economy Week Ahead: IMF Meetings, U.S. Jobs Report, China Forex Reserves (The Wall Street Journal)
The International Monetary Fund’s annual meetings and U.S. employment data are highlights of the week’s economic calendar. The jobs report in particular will influence policy makers, investors and voters’ assessment of the world’s biggest economy.
LIVE: US auto sales (Business Insider)
Automakers are releasing their sales data for September throughout Monday.
Economists forecast that total vehicle sales rose at a seasonally adjusted annual rate of 17.45 million, according to Bloomberg.
Treasuries Drop as Investors Await Data for Clues on U.S. Rates (Bloomberg)
Treasuries declined for a second day before a slew of data that may give more clarity on whether the U.S. economy is strong enough for the Federal Reserve to raise interest rates this year.
Why Climate Skeptics Should Support a Carbon Tax (The Wall Street Journal)
According to polls, the majority of Americans are worried about climate change and want their leaders to act on it. Suppose, though, you are in the minority. You think the scientific consensus is wrong, or too uncertain.
Five Triggers to Show If Brazil World-Beating Rally Has Legs (Bloomberg)
Brazil’s Ibovespa wrapped up a third straight quarterly gain on Friday, capping a rally that makes it the world’s best-performing stock market this year. But for the gains to continue, many investors are saying they’ll need more than optimism and promises of a rebound.
Brent crude oil steadies above $50 as investors weigh up OPEC deal (Reuters)
Global oil prices steadied on Monday as market players weighed last week's news of a planned OPEC production cut with doubts over its implementation and effectiveness at wiping out a crude supply overhang.
Would You Give Up Some Pay for More Retirement Security? (Bloomberg)
You deserve a raise. You also deserve more retirement security.
If you had to choose between the two, and you're between 18 and 34, odds are you'd trade some of your pay today for greater retirement security in the future, a new survey says.
The Art Is Not in Making Money, But in Keeping It (A Teachable Moment)
Jesse Livermore, the so called “Boy Plunger” and probably the greatest Wall Street Trader who ever lived, died $340,000 in debt.
Many look at his life to learn the secrets of his often extraordinary trading success. A better track for financial prosperity is to study and learn from mistakes he committed in his personal life.
Euro-Area Manufacturing Quickens as Germany Leads Uneven Growth (Bloomberg)
Manufacturing in the euro area accelerated in September as incoming new business grew at the fastest pace in three months.
People think they are middle-class, whether they make $22k or $200k (Bloomberg)
Interviews with shoppers at the Mall of America by Sam Grobart.
Oil Prices Rise on OPEC Optimism (The Wall Street Journal)
Oil prices rose as the global market showed renewed optimism that OPEC’s production deal would bring an end to sub-$50 a barrel oil.
Investors see danger in U.K.'s plan for Brexit (CNN Money)
Prime Minister Theresa May on Sunday gave investors a sneak peak at her game plan for Brexit negotiations, suggesting an approach that would make it difficult for Britain to avoid some loss of trade with Europe.
German Politicians Accuse US Of "Economic War" Against Deutsche Bank (Zero Hedge)
When we first heard the news that the US DOJ had slapped Deutsche Bank with a $14 billion settlement on September 15, a number that looked oddly similar to the $14 billion fine the EU slapped on Apple, we determined that this was likely nothing more than "blowback" on behalf of the US, saying "just a few weeks after the EU slapped Apple with a $14 billion bill for "back taxes," the U.S. has apparently responded with a $14 billion fine of their own to Deutsche Bank to settle an outstanding probe into the company's trading of mortgage-backed securities during the financial crisis."
India's tax dodgers still hiding hundreds of billions (CNN Money)
India's promise not to prosecute tax dodgers if they reveal their wealth has persuaded very few to come clean.
More than $9.8 billion in previously undisclosed income was netted during a four-month amnesty that expired Friday. That could translate into $4 billion in extra revenue for the government.
Companies
Tesla Moves Closer to Target With 70 Percent Delivery Increase (NY Times)
Tesla Motors said on Sunday that its third-quarter deliveries rose 70 percent to 24,500 cars, following production improvements, cheaper lease deals and reports of discounts on some vehicles.
Google to Unveil New Devices, and Labor Dept. Will Report on Jobs (NY Times)
On Monday, automakers will report new car sales for September, and the industry is expected to have a down month for the second month in a row. The auto researcher Edmunds.com is forecasting sales of 1.4 million automobiles and light trucks.
Politics
How low can they go? Congress fails to do its job — then tries to blame Obama for it (Salon)
There is chutzpah, and then there is whatever Congress did last week in the course of overriding President Obama’s veto of the JASTA bill.
JASTA, or the Justice Against Sponsors of Terrorism Act, will enable American survivors of terrorist attacks to sue the foreign governments that funded those terrorists.
Donald Trump's tax plan makes impossible promises. This cartoon explains (Vox)
During the primaries, Donald Trump had a tax proposal that was wildly irresponsible. It included massive tax cuts, without much of a plan to spend less.
Now that he's one step closer to actually having to do the job, he has honed a slightly more realistic plan.
Ailing Obama Health Care Act May Have to Change to Survive (NY Times)
WASHINGTON — The fierce struggle to enact and carry out the Affordable Care Act was supposed to put an end to 75 years of fighting for a health care system to insure all Americans. Instead, the law’s troubles could make it just a way station on the road to another, more stable health care system, the shape of which could be determined on Election Day.
Some comments on the New York Times story about Donald Trump's tax returns (Bronte Capital)
Decades ago – before I was a fund manager – I was the resident expert on tax avoidance working for the Australian Treasury. That was where I started to hone the accounting skills sometimes shown on this blog.
Hillary Clinton could transform early education in the United States (Business Insider)
A few years ago, I heard a saying that stuck with me: "If you want olives, you need to plant olive trees." It refers to the glacial pace at which the trees bear fruit. While apples and bananas take only a few years, olives can take a decade, sometimes longer.
How America’s separation of church and state is fraying (The Economist)
“THE wall between state and church”, Justice Hugo Black wrote in Everson v Board of Education, a case from 1947, “must be kept high and impregnable”. Justice Black was quoting a line Thomas Jefferson used in 1802 to reassure a group of Baptists that, as president, he would protect the religious liberty of minority sects.
Donald Trump played his tax hand poorly (Market Watch)
Donald Trump’s tax maneuvers don’t show he’s a crook. They show he’s a moron.
He could have gotten this issue out of the way months ago, on his own terms, and even made it a virtue on the campaign trail. Instead it’s blown up in an embarrassing way, barely a month before the election.
Technology
Toyota wants this baby robot to be your friend (CNN Money)
Small enough to fit in the cup holder of your Corolla, the robot is described by Toyota (TM) as "a miniature communication partner developed to provide companionship."
Named Kirobo Mini, the 4-inch high gizmo can apparently chat away and even respond to facial expressions.
Singapore wants a self-driving wheelchair by 2017 (Engadget)
Singapore is pushing for businesses to develop an autonomous wheelchair that'll convey people around without instruction. The announcement came from Mark Lim, the official in charge of the country's digital services and commercial development division.
Ford's new car camouflage will confuse cameras, give you headaches (Road Show)
Keeping a new car secret is a tough job, especially in the age of phone cameras. That's why Ford went back to the drawing board (literally) to build a new type of car camouflage that should cut down on those pesky spy shots.
Oakley wants $450 for smart sunglasses that coach into your ear (CNet)
Ever wish your coach could ride around on your face?
Oakley, in partnership with Intel, is intent on realizing that dream. Today the company's Radar Pace glasses, er, Smart Eyewear, go on sale. The price is listed at $450 on Oakley's site, currently showing one five-star user review.
Rural Indian villages are about to get lifesaving treatment through an app (CNN Money)
Intelehealth, founded by students at Johns Hopkins University, makes an app that lets health workers in rural communities act as a proxy for doctors who are unable to work in underserved areas themselves.
VCs invest record $500 million in augmented and virtual reality in Q3 (Venture Beat)
Mainstream venture capitalists pumped up startups in virtual and augmented reality in the third quarter, with a record $2.3 billion invested in the last 12 months, according to tech advisor Digi-Capital.
Health and Biotech
'Self-Eating Cell' Research Wins Nobel in Medicine (The Wall Street Journal)
Yoshinori Ohsumi was awarded this year’s Nobel Prize in Medicine for his discoveries of mechanisms for autophagy – a study into how cells detoxify and repair themselves.
Gut Fungus Suspected in Crohn’s Disease (Scientific American)
People with the inflammatory condition Crohn's disease may have a higher level of a certain fungus in their gut, a new study finds.
Scientists have known that gut bacteria may contribute to the development of Crohn's, but the new study finds that this fungus may also play a role in the condition.
Could An Antidepressant Help Kids With Down Syndrome? (Popular Science)
By age 7, Teresa Cody’s son, Neal, had yet to say his first word. He has Down syndrome, a disorder caused by an extra copy of chromosome 21, found in 6,000 babies every year in the U.S. There’s no cure, and most people with the diagnosis have an IQ about 50 points below average and a shorter life expectancy.
Life on the Home Planet
Colombia Peace Deal Is Defeated, Leaving a Nation in Shock (NY Times)
BOGOTÁ, Colombia — A Colombian peace deal that the president and the country’s largest rebel group had signed just days before was defeated in a referendum on Sunday, leaving the fate of a 52-year war suddenly uncertain.
Six billion plastic bags can’t be wrong – so what do we tax next? (The Guardian)
Once, my family’s kitchen cupboard would have contained dozens of plastic bags. But today – a year after the introduction of England’s 5p plastic bag charge – I count just six (three secondhand ones, given to us by other people, one corner-shop bag and two small bags supplied with meat and fish).
What are the world’s biggest problems? (80,000 Hours)
Which global problems are most important to work on? To answer, we’ve drawn together research from the Global Priorities Project (affiliated with Oxford University); the Open Philanthropy Project (a multi-billion dollar foundation); the Copenhagen Consensus Center (a major think tank); and other researchers.
Superfast spinning stars cause strangest weather in the universe (New Scientist)
Like a sped-up movie, planets orbiting stars that spin rapidly might go through their seasons in double time.
Earth’s seasons come from the planet’s tilt: as we orbit the sun, one hemisphere leans towards it, receiving more direct sunlight, while the other leans away.
Hurricane Matthew due to hit Haiti with 210kph winds today (New Scientist)
Vulnerable Haiti is braced for flash floods and violent winds from extremely dangerous Hurricane Matthew as the powerful storm remains on a path aiming at the hemisphere’s poorest country.
U.S. helped clinch Iraq oil deal to keep Mosul battle on track (Reuters)
Shuttle diplomacy by the United States' envoy to the anti-Islamic State coalition brokered an oil deal between Iraq and its Kurdish region vital to a climactic battle with the jihadists, diplomats, officials and oil men say.
