Silver as an investment

Frontrunning: September 20

  • How Police Tracked Down Bombing Suspect Suspect Ahmad Khan Rahami (WSJ)
  • Dollar Falls With Treasuries Amid Fed, BOJ Countdown; Oil Rises (BBG)
  • Fed again poised to cut longer-run interest rate forecast (Reuters)
  • Pipeline Break Lights a Fire Under Gasoline Prices Across Southeast (WSJ)
  • U.S. investigators seek motive for NY, NJ weekend attacks (Reuters)
  • Carrie Tolstedt: In the Eye of the Wells Fargo Storm (WSJ)
  • Skeptical of Russia, Clinton seen going toe-to-toe with Putin (Reuters)
  • Star Names Struggle as Smaller Funds Make Hay  (WSJ)
  • Deutsche Bank Said to Securitize Loans to Offload Risk (BBG)
  • Oklahoma police release video of officer shooting unarmed black man (Reuters)
  • U.K. Told It Has Zero Chance of Having Brexit Cake and Eating It (BBG)
  • Red Cross postpones aid convoys after Aleppo attack (Reuters)
  • Taiwan tight-lipped on four new structures being built on Taiping Island in disputed South China Sea (SCMP)
  • Former Fed Staffer Suspected of Abusing Computer Privileges (WSJ)
  • Wealth of Clues Led to Quick Arrest of Suspected Bomber (BBG)
  • Jack Ma’s Finance Business May Be Worth More Than Goldman Sachs (BBG)
  • Eagles players latest to join anthem protest (Reuters)
  • Funds Dump Gold at Fastest Pace Since May as Fed View Shifts (BBG)
  • Small flat frenzy spills into Hong Kong’s luxury homes sector (SCMP)
  • North Korea Says It Successfully Tested New Rocket Engine (WSJ)

 

Overnight Media Digest

WSJ

– The U.S. authorities, aided by technology, tips and luck, wrapped up a tension-filled weekend with the arrest of a man suspected of setting off homemade bombs in New York and New Jersey that injured 29 people. http://on.wsj.com/2cDByBF

– National-security concerns lurched back to the forefront of the 2016 presidential race as Democrat Hillary Clinton and Republican Donald Trump battled over policy and fitness to lead after the series of weekend bombings in the New York City area. http://on.wsj.com/2cDAT34

– The U.S. and China are targeting the finances of Hongxiang Industrial Development Co, headed by a Communist Party member, who the Obama administration believes has played a role in aiding North Korea’s nuclear programme. http://on.wsj.com/2cDBHoH

– Tesla Motors Inc said its proposal for about $2.3 billion merger with SolarCity Corp could be delayed by shareholder lawsuits, adding to uncertainty for the cash-strapped home solar power company, which is selling assets and cutting costs until the deal can close. http://on.wsj.com/2cDBOAw

– A South Korean bankruptcy court ordered Hanjin Shipping Co to return the ships it charters back to their owners and to sell as many of its own ships as possible, in the strongest signal yet that the debt-ridden Korean carrier will be either liquidated or turned into a much smaller company. http://on.wsj.com/2cDBSjY

– The Obama administration said companies developing driverless cars should adopt a series of government recommendations to certify their vehicles are ready for the U.S. roads, a policy aimed at front-running possible conflicting local rules and potentially reducing traffic fatalities. http://on.wsj.com/2cDCu97

– Samsung Electronics Co sought to distance fresh reports of phone combustions in China from its global recall Monday, saying that for at least one case, it believed the fire began outside the phone. http://on.wsj.com/2cDB922

– FedEx Corp said its will raise shipping rates starting next year, including an average increase of 3.9 percent at its air-shipping Express division and 4.9 percent for its ground and home-delivery services. http://on.wsj.com/2cDCpSV

– GoPro Inc unveiled two new cameras and its first drone – launches that are expected to test whether the action-camera maker can jump-start growth. http://on.wsj.com/2cDBZfs

– Kmart is closing another 64 locations, according to a person familiar with the matter, as the struggling department store chain continues to shrink its footprint. http://on.wsj.com/2cDC82y

 

FT

EY has agreed to pay a $9 million fine after investigations by the Securities and Exchange Commission found that one of its partner involved in the audit of a New York-based public company forged an improperly close friendship with the company’s chief financial officer and spent more than $100,000 on corporate entertainment for the executive.

ARM Holdings Plc, the UK company that designs the semiconductors found in most of the world’s smartphones, has introduced a chip engineered for new markets including self-driving cars and surgical robots.

Drugmaker Shire Plc sold $12.1 billion of debt on Monday to help finance its acquisition of Baxalta. The deal represents the first bond offering from the Anglo-Irish company, according to Dealogic.

European Union antitrust regulators on Monday opened a probe into tax deals granted by Luxembourg to French electric utility company Engie, as it expands its state-aid clampdown on “sweetheart” tax deals

 

NYT

– European Union regulators stand accused of unfairly targeting American companies in a series of inquiries. So with the region’s antitrust chief Margrethe Vestager visiting the United States this week, the bloc’s officials said on Monday that they were investigating whether French company Engie SA signed a sweetheart tax deal with Luxembourg. http://nyti.ms/2cljtu8

– Wells Fargo & Co Chief Executive John Stumpf will say in testimony Tuesday morning that he is “deeply sorry” for selling customers unauthorized bank accounts and credit cards and that he takes “full responsibility” for the unethical activity, according to a copy of the remarks prepared for a Senate Banking Committee hearing. http://nyti.ms/2cljUEQ

– Unlike many business leaders, LinkedIn co-founder Reid Hoffman has taken to publicly decrying Republican presidential nominee Donald Trump. Last week, Hoffman pledged to donate $5 million to a veterans’ group if Trump released his tax returns before the last presidential debate in October. And now he has gone so far as to release a card game, “Trumped Up Cards: The World’s Biggest Deck” that pokes fun at Trump. http://nyti.ms/2clkjXW

– In a study published on Monday in the journal Scientific Reports, a group of researchers suggest that high-frequency traders who were more sensitive to their own bodies routinely made more profitable trades, and had longer careers in a notoriously unforgiving profession. http://nyti.ms/2clmVVE

– For what is believed to be the first time, U.S. Wireless Emergency Alerts system was deployed early on Monday as an electronic wanted poster, identifying a 28-year-old man sought in connection with the bombings in Manhattan and New Jersey over the weekend. http://nyti.ms/2cllYg4

 

Britain

The Times

Mitie Group ended months of speculation that it was struggling yesterday as the cleaner, security guard, catering staff and homecare group warned the City that profits would be well below expectations, prompting its shares to lose almost a third of their value. http://bit.ly/2cDhEH4

A survey of 2,044 adults by the National Housing Federation showed that there is a real concern among baby-boomers about the economic divide between generations, most clearly seen in the housing market. http://bit.ly/2cDgA69

The Guardian

Central banks have boosted their gold stocks by almost 10 percent since the financial crash, reflecting its renewed attractiveness as a safe haven in an environment of uncertainty and low or negative interest rates. http://bit.ly/2cDjSGa

Indonesia plans to pursue Google’s parent company Alphabet for five years of back taxes, meaning the search firm could face a bill of more than $400 million for 2015 alone if it is found to have avoided payments, a senior government tax official has said. http://bit.ly/2cDhpeT

The Telegraph

The City of London will be able to cope with the loss of banks’ passporting rights if Britain leaves the EU’s single market, according to an influential credit rating agency, assuaging fears that the UK’s financial services sector will be crippled by Brexit. http://bit.ly/2cDifso

The accountancy firm Ernst & Young has agreed to pay $9.3 million to settle charges that two of its auditors formed “inappropriately close” relationships with staff at the companies whose books they were checking. http://bit.ly/2cDiT96

Sky News

Microsoft is closing the London headquarters of Skype as part of a review which will put 220 jobs at risk. http://bit.ly/2cDiNOJ

British-based financial institutions will lose passporting rights in the European Union unless Britain remains at least part of the European Economic Area, according to Germany’s top banker. http://bit.ly/2cDimE1

The Independent

One year after the “Dieselgate” scandal engulfed Volkswagen , shocking new figures show that many of Europe’s other large car manufacturers are even worse polluters. http://ind.pn/2cDhj78

Opening the water market in Britain could be worth billions, boost innovation and cut bills, UK water regulator has said. http://ind.pn/2cDhpMh