Financial Markets and Economy
Oil Rises as OPEC Chief Barkindo Seeks to Resolve Output Plan (Bloomberg)
Crude advanced as OPEC’s secretary-general was due to visit Baghdad on Tuesday for talks aimed at resolving a deal on output after Iraq said it should be exempt from planned cuts.
Iron Ore Hoisted on Coat-Tails of Coal’s Record Rally in China (Bloomberg)
Iron ore is surging thanks to its bulk-commodity compatriot, coal. Iron ore futures in Singapore advanced to the highest level in two weeks and contracts in China went limit-up as coal’s rally pulled steel and other raw materials in the supply chain higher.
Global Steel Industry’s Renaissance on Show as Profits Surge (Bloomberg)
The global steel industry is on the mend, at least for now. China’s Baoshan Iron & Steel Co. has kicked off the earnings season for the quarter to September by reporting a jump in profit that’ll probably presage similar figures from producers in Asia, Europe and the U.S.
Top Gold Buyer Sees Demand Slumping on ‘Black Money’ Curbs (Bloomberg)
Saurabh Gadgil, a sixth-generation jeweler, says it’s the worst year in India since he took charge of the family business in 1999. The 39-year old chairman of PN Gadgil Jewellers, which has stores in the country, Dubai and the U.S., has offered discounts and freebies to lure customers. “There’s not much you can do as the whole industry is suffering,” he said by phone from the city of Pune.
Monte Paschi CEO Seeks Backers With Pledge to Reverse Losses (Bloomberg)
Banca Monte dei Paschi di Siena SpA swung between gains and losses after Chief Executive Officer Marco Morelli pledged to begin talks with investors to help raise capital as he seeks to return the ailing lender to profit.
PAL: There's 'something bad on the horizon,' and the average investor should get out of the way (Business Insider)
The average Joe needs to get out of the markets, according to former hedge fund manager Raoul Pal.
"There’s no point in playing right now," Pal, the founder of Real Vision TV and Global Macro Investor, told Business Insider's Matt Turner on Monday.
Bad Loan Charges to Hit Singapore's Three Biggest Banks (Bloomberg)
Singapore’s three largest banks are poised to report higher impairment charges for loans to the struggling oil and gas industry and weaker interest margins when they post third-quarter earnings in coming days.
Fidelity Sees the Yen Falling as Low as 120 (Bloomberg)
The Bank of Japan’s switch of focus to controlling the government bond yield curve from hoarding debt will help prevent yen gains hurting the economy, Takashi Maruyama, the chief investment officer at FIL Investments (Japan) Ltd., said in an interview.
2 charts show how the oil crash is devastating Saudi Arabia's economy (Business Insider)
Saudi Arabia, the most powerful political and economic player in the Middle East and the de-facto leader of the oil producers cartel OPEC, is having a tough couple of years thanks to the crash in the price of oil.
European stocks gain as German business mood rises to 2.5-year high (Market Watch)
European stocks gained ground Tuesday, as analysts said buying was spurred by an encouraging reading on German business sentiment.
Mergers Raise Prices, Not Efficiency (Bloomberg)
Economies need competition to work. Almost all basic economic theories, including supply and demand itself, rely on the assumption that companies lower prices to undercut the competition whenever possible. If sellers can set whatever prices they like, that’s a monopoly.
Germany Inc. Sits on $500 Billion in Cash Amid Weak Outlook (The Wall Street Journal)
FRANKFURT—German companies are sitting on a half-trillion dollars of cash but are reluctant to invest it in their own country, potentially threatening the country’s competitive edge and European economic growth.
Kansas Ends Bad Economic News by Not Reporting It (Bloomberg)
“What’s measured, improves.”
So said management legend and author Peter F. Drucker about the value of using metrics to define specific objectives within an organization.
The Business For Sale Marketplace — Why 90% Of Listings Never Sell (Forbes)
So you’ve had it working for someone else. That’s it; never again. Now it’s your time. You are finally going to do what you have always dreamed of – you are going to buy your own business.
Companies
Remote Year Raises $12 Million Series A To Transform Workforce Mobility (Forbes)
Co-working venues are creating new spaces for individuals and teams to collaborate. Companies are investing in software that can create productive work environments for virtual teams. Flexible job openings are on the rise. Companies are increasingly discussing how a distributed workforce can lead to happier and more productive employees.
P2P loan giant Lending Club expands into car refinancing (Venture Beat)
Founded in 2006, Lending Club has been setting out to transform the traditional banking system with a credit marketplace that bypasses banks altogether. Those who require a loan apply through Lending Club, which then evaluates their suitability and devises an interest rate accordingly. Lenders, who may include private individuals or organizations, then offer the money at the agreed rate of interest.
Technology
Apple Wins an Unlikely Ally in War on Patent Trolls (Bloomberg)
Apple Inc. and Dell Inc. found an unlikely ally when they were sued over a patent for camera technology in a courthouse that has a reputation for siding against big companies in such fights: the judge.
'Siri, catch market cheats': Wall Street watchdogs turn to A.I. (Reuters)
Two exchange operators have announced plans to launch artificial intelligence tools for market surveillance in the coming months and officials at a Wall Street regulator tell Reuters they are not far behind. Executives are hoping computers with humanoid wit can help mere mortals catch misbehavior more quickly.
What happened to Xiaomi? (TechinAsia)
Xiaomi, a Chinese electronics company founded in 2010, is often regarded as the Apple of China. It became the world’s most valuable “unicorn” in 2014, with a private valuation of more than US$46 billion.
Uber's self-driving truck went on a 120-mile beer run to make history (Business Insider)
In the arms race to build self-driving vehicles, Uber-owned Otto just reached a landmark milestone by completing the first-ever commercial cargo run for a self-driving truck.
BlackBerry launches DTEK60 for $499, still no Android Nougat (Venture Beat)
BlackBerry today debuted the DTEK60, its third Android phone, positioned to sit between the mid-ranged DTEK50 and the high-end Priv. That said, we’re still expecting at least one more Android phone from the company this year. The DTEK60 is available now at ShopBlackBerry.com, priced at $499 USD ($650 CAD, €579, and £475), in 8 countries: Canada, France, Germany, Spain, Italy, the Netherlands, the U.K., and the U.S.
How the Disruptive Power of Technology Is Redefining Work (Singularity Hub)
Exponential growth in technology will disrupt entire industries and create new ones. It will revolutionize the workforce as we know it. Many experts are asking the big questions: what jobs will be destroyed? How many will be created? How will the way we work change? How will we re-define work? And how will all of that, in return, influence our everyday lives?
Driving while connected with the Navdy heads up display (Engadget)
Not everyone can afford to replace their current whip just to get the latest automotive smart features. The aftermarket world has your back if you want to upgrade your stereo, but if you're looking for an HUD (heads up display) there aren't a lot of great options.
More than 500 South Koreans sue Samsung over botched Note 7 recall (CNN Money)
More than 500 users of the fire-prone smartphone are taking Samsung (SSNLF) to court, according to the firm Harvest Law. They're seeking compensation for time and money spent trying to fix or exchange their phones and the "psychological shock" of carrying around a device that could catch fire at any moment.
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Connected devices are easily hacked. Why aren’t we holding manufacturers accountable? (Recode)
Last Friday’s daylong cascade of cyber attacks highlighted an issue that until now has largely been a discussion point on security-specific blogs and forums: The internet, and thus much of our modern way of life, is in a precarious state.
No One Is Buying Smartwatches Anymore (Gizmodo)
The market intelligence firm IDC reported on Monday that smartwatch shipments are down 51.6 percent year-over-year for the third quarter of 2016. This is bad news for all smartwatch vendors (except maybe Garmin), but it’s especially bad for Apple, which saw shipments drop 71.6 percent, according to the IDC report.
Politics
Tuesday’s Morning Email: Everything You Need To Know Two Weeks Before Election Day (The Huffington Post)
ALL THINGS 2016 Don’t worry, we just have 14 days left. Looks like Donald Trump used nearly $300,000 in donor money to buy his own books. Some Republicans are threatening to sue for defamation over ads that link them to Trump, who in case you need a reminder, is the GOP nominee.
Must see TV: why gutting NAFTA unlikely to create U.S. jobs (Reuters)
Both U.S. presidential candidates routinely criticize free-trade deals they blame for the loss of American jobs.
But tweaking the North American Free Trade Agreement (NAFTA), as Hillary Clinton has pledged to do, or ripping it up, as Donald Trump demands, may do nothing to help companies like Element Electronics Corp, which owns America’s last television factory.
Want to save the Republican Party? Drain the right-wing media swamp. (The Washington Post)
Donald Trump looks likely to get a whupping (or, to use his preferred Yiddishism, schlonging) in a few weeks. Forecasts suggest many of his down-ballot co-partisans will as well.
Florida spirals away from Trump (Politico)
From polling to early voting trends to TV ad spending to ground game, Donald Trump’s Florida fortunes are beginning to look so bleak that some Republicans are steeling themselves for what could be the equivalent of a “landslide” loss in the nation’s biggest battleground state.
Sheldon Adelson’s Las Vegas Review-Journal becomes first major newspaper to endorse Donald Trump (Salon)
The Las Vegas Review-Journal — the biggest newspaper in Nevada, recently purchased by Republican mega-donor and casino magnate Sheldon Adelson — became the first major American newspaper to endorse Donald Trump’s presidency.
Eric Trump doesn’t know rudimentary Spanish, poses for photo with “Latina contra Trump” protester (Salon)
“Contra,” in Spanish, means “against.” If Eric Trump didn’t know that, he could have asked Annie Cardelle — who wore a “Latina contra Trump” shirt to a pro-Donald Trump event on Friday — before taking a picture with her.
Health and Biotech
A New Target for Treating Mania (Scientific American)
Uric acid is almost always mentioned in the context of gout, an inflammatory type of arthritis that results from excessive uric acid in the blood. It may be surprising, then, that it has also been linked with a vastly different type of disease: bipolar disorder.
Life on the Home Planet
Iraqi army's elite force pauses advance near Mosul (Reuters)
An elite unit of the Iraqi army paused its week-long advance on Mosul as it approached the city's eastern edge on Tuesday, waiting for other U.S.-backed forces to close in on Islamic State's last major urban stronghold in Iraq.
Polish women vow to step up pressure over abortion restrictions (The Guardian)
Leaders of a growing women’s rights movement in Poland have vowed to keep up the pressure on the country’s ruling rightwing government with ongoing protests against proposed restrictions on abortion.
Why the Heathrow Airport Expansion Affects Everyone (TIME)
The expansion of London’s Heathrow Airport, the U.K.’s biggest, was given the go-ahead to proceed by the British government on Tuesday morning, with an estimated cost of £18 billion ($22 billion).
Dozens of ancient shipwrecks have been spotted beneath the Black Sea (Science Alert)
Maritime archaeologists have unexpectedly uncovered 41 shipwrecks hidden at the bottom of the Black Sea, located between southeastern Europe and Western Asia.
Pacific Islanders appear to be carrying the DNA of an unknown human species (Science Alert)
Hints of an unidentified, extinct human species have been found in the DNA of modern Melanesians – those living in a region of the South Pacific, northeast of Australia.
U.N. aborts plan to evacuate patients from Aleppo, blames all parties (Reuters)
The United Nations has abandoned plans to evacuate patients from besieged rebel-held east Aleppo which it had hoped to accomplish during a three day lull in fighting last week, blaming all parties to the conflict for obstructing efforts.
Sunni Arabs forced to leave Kirkuk after Islamic State attack, residents say (Reuters)
Hundreds of displaced Sunni Arab families have had to leave Kirkuk after an Islamic State attack on the Kurdish-controlled city which authorities suspect was helped by Sunni sleeper cells, humanitarian workers and residents said on Tuesday.
