Financial Markets and Economy
China Capital Flow Crackdown Results in $148 Billion Bust (Bloomberg)
China’s campaign to crack down on illegal capital outflows saw its currency regulator bust underground banking operations that involved more than 1 trillion yuan ($148 billion).
European banks risk lagging Wall Street in blockchain race (Reuters)
The blockchain technology behind bitcoin was designed to do away with banks. In an ironic reverse, investment banks are now racing to make it work for them – but cash-strapped European players risk falling behind their Wall Street rivals.
China Construction Slows, in Potential Sign of Turn in Property (Bloomberg)
China’s construction growth slowed in the third quarter, signaling that developers might have turned more cautious toward a property market seen at risk of becoming a bubble.
Strapped For Cash, Saudi Arabia Raises $17.5 Billion In Bond Sales (Forbes)
With its back against a fiscal wall, Saudi Arabia offered $17.5 billion in bonds on the international market on Wednesday. It’s the largest bond sale on record from an emerging market, topping Argentina’s bond sale in April of $16.5 billion. The amount exceeds previous estimates which had placed the bond offering anywhere between $10 billion and $16 billion.
ECB holds rates, seen charting course to more easing in December (Reuters)
The European Central Bank kept interest rates and policy guidance unchanged on Thursday but may lay the groundwork for more easing to come in December as it tries to sustain a long-awaited rebound in consumer prices.
Where the Next Crisis Will Come From (Bloomberg)
Next year ends in a 7. If you’re superstitious or a little loose with statistics, that makes us due for another financial crisis. The biggest one-day stock drop in Wall Street history happened in 1987. The Asian crisis was in 1997. And the worst global meltdown since the Great Depression got rolling in 2007 with the failure of mortgage lenders Northern Rock in the U.K. and New Century Financial in the U.S.
U.K. Retail Sales Stagnate as Prices, Weather Hit Clothing (Bloomberg)
U.K. retail sales stagnated for a second month in September as soaring prices and warm weather hit demand for clothing.
The figures, from the Office for National Statistics Thursday, also showed that sales excluding auto fuel were unchanged from August. Small increases on both measures had been expected by economists.
Here's Warren Buffett's 'not to do list' (Vintage Value Investing)
Warren Buffett is the 3rd richest man in the world and he’s considered to be the greatest investor to have ever lived.
But what’s funny is that Buffett has achieved all of his successNOT by doing MORE than his peers… but by doing LESS!
Seriously.
Global Markets Stumble Into a High-Debt, Low-Investment 2017 (Bloomberg)
There’s a scene in the 2004 movie Sideways where a sloppy, depressed Paul Giamatti gulps from the spit bucket at a wine-tasting bar. That’s probably worse than what International Monetary Fund chief economist Maurice Obstfeld had in mind when he said in October, while presenting the fund’s 2017 outlook, that “taken as a whole, the world economy is moving sideways.”
Sensex ends higher; ICICI Bank among top gainers (Reuters)
Indian shares ended higher on Thursday, tracking Asian peers, with financial stocks such as ICICI Bank Ltd contributing most to the gains on the indexes.
The Nifty ended 0.47 percent higher at 8,699.40, while the Sensex closed up 0.52 percent at 28,129.84.
Undocumented immigrants pay billions in taxes, report says (Market Watch)
WASHINGTON (MarketWatch) — The subject of undocumented immigrants is back in the spotlight Tuesday, with Hillary Clinton reportedly preparing to back a “full and equal path to citizenship” for those immigrants during a campaign stop in Nevada.
MORGAN STANLEY: It is 'under appreciated' how devastating the world's ageing population could be for the global economy (Business Insider)
The global productivity slowdown is going to intensify in the coming years as the working age population across the world declines, and the number of people past retirement age continues to grow, according to research from economists at Morgan Stanley.
The cult of the expert – and how it collapsed (The Guardian)
On Tuesday 16 September 2008, early in the afternoon, a self-effacing professor with a neatly clipped beard sat with the president in the Roosevelt Room of the White House. Flanked by a square-shouldered banker who had recently run Goldman Sachs, the professor was there to tell the elected leader of the world’s most powerful country how to rescue its economy.
ECB Preview: What Wall Street Thinks Mario Draghi Will Say Tomorrow (Zero Hedge)
In many ways, the task facing the ECB's Mario Draghi is the most daunting of all central bankers. On one hand, the ECB head has to keep financial conditions as loose as possible to stimulate the lethargic credit pathways in Europe, on the other European banks and insurance companies have been the most severely impacted by the ECB's Negative interest rate policy.
As China’s Economy Slows, a Look at What Could Happen (NY Times)
HONG KONG — China’s economy is slowing. How bad can it get?
China reported on Wednesday that its economy grew 6.7 percent in the third quarter compared with a year ago. That matched economists’ expectations exactly, and was identical to the pace China set in the first and second quarters of this year. In economics, stability like that is remarkable — and usually not to be believed.
Bank Of England Admits QE 'Economic' Benefits Are Temporary, More Effective As Plunge-Protection For Markets (Zero Hedge)
Outspoken Bank of England economist Andy Haldane has dropped some uncomfortable truth bombs in his latest working paper about the (in)effectivess of QE.
Companies
Philippines’ new national anti-smoking laws could deal a blow to tobacco giant Philip Morris (The Motley Fool)
There are few cigarette markets that Philip Morris International owns a greater share of than the Philippines, where it owned nearly three-quarters of the total in 2015. Of the island's 93 million people, some 17 million adults, or 28% of the population, smoke.
Nestle Forecasts Slowest Sales Growth in Decade as Pricing Ebbs (Bloomberg)
Nestle SA forecast the slowest full-year sales growth in more than a decade as food companies worldwide struggle against consumer resistance to price increases.
Revenue will gain about 3.5 percent on an organic basis in 2016, the Vevey, Switzerland-based maker of Nespresso coffee said Thursday, abandoning a goal for an increase of about 4.2 percent.
Technology
Elon Musk: Tesla not liable for driverless car crashes unless it's design related (Business Insider)
Tesla CEO Elon Musk announced its new cars will come with hardware that allows them to be fully autonomous Wednesday night — but the company won't consider itself legally liable if its driverless cars get in a crash.
Top money manager: 'We avoid Tesla because of Elon Musk' (The Telegraph)
When funds restrict their investments to those companies that are “ethical” or “sustainable”, many investors assume that poor returns will have to be accepted as a trade-off.
Elon Musk says fully self-driving Tesla cars already being built (The Guardian)
All new Tesla models are being built with hardware to enable them to be fully self-driving, Elon Musk has announced.
The company has said its Model S and Model X electric cars are already being produced with the new system, which includes eight cameras, 12 updated sensors and radar with faster processing.
Twitter trolls are now abusing the company’s bottom line (Salon)
It looks like Twitter’s notorious troll problem is hurting its bottom line.
Although Twitter has been trying — thus far unsuccessfully — to get acquired by fellow tech and media industry giants like Disney, Google, and Salesforce, reports indicate that Twitter’s reputation as a haven for sexism, racism, and harassment has made these companies hesitate to purchase the social media site.
Apple Wants to Get Inside Your House Before You Buy It (Bloomberg)
In a darkened master bedroom, David Kaiserman stood in shirtsleeves next to a turned-down king bed. “Good morning, Siri,” he said to the iPad in his hand, and the lights went on while the blackout shades retracted.
“Your home is ready to rise and shine,” the virtual assistant replied.
The Scientists Who Make Apps Addictive (1843 Magazine, The Economist)
In 1930, a psychologist at Harvard University called B.F. Skinner made a box and placed a hungry rat inside it. The box had a lever on one side. As the rat moved about it would accidentally knock the lever and, when it did so, a food pellet would drop into the box.
Politics
'Disqualifying': Donald Trump cast a shadow over his performance by refusing to say he'll honor the election (Business Insider)
Donald Trump was almost universally condemned by Republicans and Democrats alike for his refusal during Wednesday's final presidential debate to say whether he'd accept the results of the election in November.
Private prison companies are fighting the federal government to survive (Business Insider)
After nearly two months of turmoil, America's private prison industry is fighting to stem the tide of bad news that keeps flowing its way.
The trouble started in mid-August, after the Department of Justice announced it would begin phasing out its contracts for private prison operators.
Philippines president Duterte says 'time to say goodbye' to America (The Guardian)
President Rodrigo Duterte met with his Chinese counterpart Xi Jinping Thursday, state media said, as the Philippines’ leader seeks closer ties with the Asian giant while blasting his US allies.
AP FACT CHECK: Trump, Clinton and their debate claims (Associated Press)
WASHINGTON (AP) — Donald Trump painted an inaccurately dark portrait of manufacturing in America while Hillary Clinton stretched credulity in boasting that her spending plans won't add to the country's debt. As well, both struggled in the presidential final debate to explain comments from their past.
WikiHillary for President (NY Times)
Thank God for WikiLeaks.
I confess, I was starting to wonder about what the real Hillary Clinton — the one you never get to see behind closed doors — really stood for. But now that, thanks to WikiLeaks, I’ve had a chance to peruse her speeches to Goldman Sachs and other banks, I am more convinced than ever she can be the president America needs today.
Hillary Clinton, Mocking and Taunting, Turns the Tormentor (NY Times)
She mansplained him. “Let me translate that if I can,” Hillary Clinton said dryly after Donald J. Trump talked up his tax plan.
She interrupted him. When Mr. Trump boasted of the gilded Las Vegas hotel that bears his name, Mrs. Clinton leaned into her microphone. “Made with Chinese steel,” she quipped with a smile.
Hillary Clinton’s 3 debate performances left the Trump campaign in ruins (Vox)
The third and final presidential debate has ended, and it can now be said: Hillary Clinton crushed Donald Trump in the most effective series of debate performances in modern political history.
Theresa May will seek to calm Brexit fears at her first EU summit (AFP)
London (AFP) – British Prime Minister Theresa May will seek to allay fears of the disruptive impact of Brexit after a wave of criticism when she addresses European Union leaders on Thursday at her first EU summit.
Seven races that could flip the Senate: Trump’s impending defeat may lead to a down-ballot massacre (Salon)
There are three weeks to go in this election season, and we have officially entered the black hole of despair from which there seems to be no escape. Yes, Democratic presidential nominee Hillary Clinton holds a widening lead in the polls over her Republican rival, Donald Trump.
Health and Biotech
Detecting Cancer Early With Nanosensors and a Urine Test (Singularity Hub)
According to Dr. Sangeeta Bhatia, about two-thirds of cancer deaths worldwide are probably preventable by techniques we already have in hand. Her laboratory is working to apply those techniques, and at Singularity University’s Exponential Medicine conference she shared details of an exciting project: using nanosensors to diagnose cancer with a urine test.
Life on the Home Planet
Europe's Mars lander may have crashed into the robot graveyard that is the red planet (Business Insider)
"Somewhere within this frame, there is a new robot on Mars," science journalist Corey Powell quipped on Twitter.
The question, however, is whether the spacecraft is intact and struggling to make contact with Earth — or just another crater on the desolate red planet.
How much longer can MPs resist this flat-Earth love-in? (The Guardian)
"flat Earth love-in". That's how one MP described the debate he witnessed in parliament last week. The politics with which citizens of the United States, Canada and Australia are now wearily familiar, in which elected representatives denounce both scientific evidence and the researchers who produce it, have arrived in Britain.
The philosophy of Roman emperor Marcus Aurelius is supposed to help you be more resilient and at peace — here's how to master it in 7 days (Business Insider)
For more than 2,000 years, wise men and women have relied on an ancient philosophy known as Stoicism to guide them through their days.
It's been a tool for the ordinary and the elite alike — from slaves to emperors — as they sought wisdom, strength, and the "good life."
Little girl motions for ship to honk, gets more than she bargained for (Holy Kaw)
When you were a kid, did you ever ask a passing semi-trunk to honk? This little girl tried that exact same thing with a ship, but she wasn’t prepared for the result.
What Happened To The Object That Created Our Moon? (Forbes)
Have they ever! We have a pretty good general idea, but the details of how that collision happened are still a very active field of study. In order to go into more details on how that particular impact may have happened, we need to have a good understanding of how impacts work in general, before we scale up to the one that created our Moon.
