Silver as an investment

Frontrunning: September 21

  • Bank of Japan’s policy reset muddies markets’ risk mood (Reuters)
  • BOJ overhauls policy focus, sets target for government bond yields (Reuters)
  • BOJ Shifts Policy Framework to Targeting Japan’s Yield Curve (BBG)
  • Fed Focus Turns to Dots as Hike Odds Fade: Decision-Day Guide (BBG)
  • Oil jumps after surprise drop in U.S. crude inventories (Reuters)
  • Hedge funders pony up for Hillary Clinton super-PAC (The Hill)
  • Bill Clinton’s Speaking Fee Overlaps With Foundation Business (WSJ)
  • AC Milan’s Chinese Buyer Said to Show False Bank Letter in Talks (BBG)
  • Top Earners Back Clinton in Bloomberg Poll After Decades With GOP (BBG)
  • Why Canadians Are Being Offered Cash to Abandon Their Homes (BBG)
  • U.S. Charges N.Y. Bombing Suspect, Cites Views in His Notebook (WSJ)
  • VW Sued for a Record $9.2 Billion in German Investor Lawsuits (BBG)
  • Protest erupts after police kill black man in North Carolina (Reuters)
  • Saudi Arabia’s Clout in Washington Isn’t What It Used to Be (BBG)
  • Wealthy Kids Save More for College, Thanks to the IRS (BBG)
  • OECD Sees Globalization Stalling as Weak Trade Hurts Economy (BBG)

 

Overnight Media Digest

WSJ

– The Federal Reserve isn’t likely to raise short-term interest rates at its policy meeting that wraps up Wednesday, but it could send signals about where borrowing costs are headed in the months and years ahead. http://on.wsj.com/2cleJQ4

– Japan’s central bank took an unexpected step Wednesday, introducing an interest-rate target for 10-year government bonds to step up its fight against deflation, following an internal review of existing measures that failed to achieve 2 percent inflation in a promised two-year time frame. http://on.wsj.com/2csWn34

– Former President Bill Clinton was paid by a fragrance industry trade group that later benefited from the family charity’s Haitian project. http://on.wsj.com/2cGe6nd

– U.S. intelligence agencies believe that Russian aircraft conducted the strike that targeted a humanitarian aid convoy in northern Syria on Monday, according to U.S. officials, challenging Russia’s assertion that it wasn’t behind the attack. http://on.wsj.com/2cXcHKB

– Wells Fargo & Co Chief Executive John Stumpf was attacked on Capitol Hill Tuesday by senators who contended that the bank’s leadership hadn’t taken enough responsibility for a scandal over its sales practices. http://on.wsj.com/2cldgt5

– The Justice Department filed charges late Tuesday against bombing suspect Ahmad Khan Rahami, saying that he ordered many of his explosive components online and raged in a journal against what he viewed as U.S. attacks on Muslims. http://on.wsj.com/2cIC6cH

– The U.S. Securities and Exchange Commission is investigating how Exxon Mobil Corp values its assets in a world of increasing climate-change regulations, a probe that could have far-reaching consequences for the oil and gas industry. http://on.wsj.com/2d5VXOy

– President Obama, in his eighth and final address to the U.N. General Assembly, tried to reconcile the global paradox that he says has taken shape during his two terms in office: a world more prosperous than at any time in recent history, yet rife with political and security crises. http://on.wsj.com/2cNDIzw

 

FT

The chief executive of Wells Fargo & Co came under attack from Congress on Tuesday for denying that the U.S. bank’s phantom accounts scandal was a co-ordinated “scam” and refusing to promise to claw back executive compensation.

Airbus Group Chief Executive Tom Enders plans to complete the integration of the aerospace group by sweeping away overlapping functions and appointing Fabrice Bregier, the head of its planemaker Airbus, as the group’s chief operating officer.

GlaxoSmithKline said on Tuesday it had chosen Emma Walmsley, head of consumer healthcare, as its new chief executive, making her the only female chief executive of a major global pharmaceuticals company. The move also raises questions about the future of Abbas Hussain, president of the group’s global pharmaceuticals division, who has been leading an overhaul of GSK’s core drugs business in recent years.

According to figures published by the UK financial regulator, 5,500 UK-registered companies rely on “passports” to do business in other European countries, which gives an idea about the scale of disruption that Brexit could cause. There is a fear among many that the UK will lose the passporting rights that allow finiancial services companies licensed in one EU state to provide those services across the bloc.

 

NYT

– The Securities and Exchange Commission has requested information from Exxon Mobil Corp on the company’s longstanding policy of not writing down the value of oil reserves, as other energy companies have done in the recent past, Exxon Mobil confirmed. http://nyti.ms/2cl9XSG

– The United Nations secretary general, Ban Ki-moon, is expected to announce on Wednesday that he has secured enough commitments from world leaders to ensure that the 2015 Paris climate accord will enter into legal force this year, binding the next U.S. president, whoever it is. http://nyti.ms/2clde4v

– For more than two hours testifying before the Senate Banking Committee on Tuesday, Chief Executive John Stumpf expressed regret that Wells Fargo had created as many as two million bogus bank and credit card accounts without its customers’ consent. But the more Stumpf tried to explain, the more skeptical the senators became. http://nyti.ms/2cl9QH2

– The judge overseeing the investigation into the colossal scandal around Brazil’s national oil company accepted corruption charges on Tuesday against the nation’s former president, Luiz Inacio Lula da Silva, setting the stage for a trial of one of Latin America’s most influential political figures. http://nyti.ms/2clb3hj

– John Boehner, the former speaker of the House who left Congress and his leadership post last year, is joining Squire Patton Boggs, a Washington-based law firm long known for its lobbying work. http://nyti.ms/2clbiJm

– State-owned Postal Savings Bank of China Co Ltd, one of the country’s biggest lenders, on Wednesday priced shares for its initial public offering next week at $0.61 each, valuing the new shares at $7.4 billion, according to a person familiar with the offering who was not authorized to speak publicly about the pricing. But only a fraction of those shares will be held by non-government investors, as Chinese state-run companies have already pledged to buy up most of them. http://nyti.ms/2clbCYp

 

Britain

The Times

The prospect of a spin-off of GlaxoSmithKline’s consumer healthcare division receded yesterday when the pharmaceuticals group appointed the head of the division to succeed Sir Andrew Witty as group chief executive. (http://bit.ly/2cHRLsP)

Royal Bank of Scotland’s sale of a smaller lender to Santander is on the brink of collapse after talks broke down over the price of the business. (http://bit.ly/2cHSkCR)

The Guardian

Amazon has been found guilty of shipping dangerous goods by air. The items included lithium-ion batteries and flammable aerosols, which were flown in and out of the UK between January 2014 and June 2015. (http://bit.ly/2cHS6vR)

The European Commission will direct a further crackdown on tax avoidance by reviving a long-stalled plan to overhaul how companies report their profits, according to Europe’s most-senior tax policy official. (http://bit.ly/2cHS72C)

The Telegraph

Bernard Matthews has confirmed that 2,000 jobs will be preserved at Europe’s biggest turkey company after a pre-pack deal was reached to offload the business to food tycoon Ranjit Boparan, known as the “Chicken King.” (http://bit.ly/2cHRW7x)

Microsoft has unveiled plans to buy back $40 billion of its own stock as part of a long-running programme by the cash-rich firm to support its share price and bolster its earnings. (http://bit.ly/2cHSquj)

Sky News

Sports Direct has bowed to pressure and ditched a plan for its own lawyers to lead a review of the company’s working practices and governance. (http://bit.ly/2cHSk5R)

Sky News understands that the owners of Ed’s Easy Diner have appointed corporate financiers at KPMG to undertake a rapid hunt for new financing. (http://bit.ly/2cHT37h)

The Independent

More than 5,000 financial services firms are “at risk” if Britain leaves the Single Market after Brexit, a senior Conservative MP has warned. (http://ind.pn/2cHSJWf)

Indonesia’s tax authorities are planning to bill Alphabet’s Google more than $400 million in back taxes and fines that the search giant allegedly owes from 2015. (http://ind.pn/2cHSqe1)