Silver as an investment

Frontrunning: September 23

  • Futures slip after three-day rally as oil dips (Reuters)
  • Charlotte protests diminish early on Friday as family views video (Reuters)
  • Undecided Voters Are Proving a Tough Sell for Clinton and Trump (BBG)
  • Facebook Overestimated Key Video Metric For Two Years (WSJ)
  • Trump received $1.6 million from Secret Service (Politico)
  • How Bond Yields Got This Low (WSJ)
  • Fiercest airstrikes yet on Aleppo after Syria declares offensive (Reuters)
  • The Man Who May Inherit the Mess at Wells Fargo (BBG)
  • Kingdom Comedown: Falling Oil Prices Shock Saudi Middle Class (WSJ)
  • HSBC walks U.S. regulatory tightrope over $10 billion of ‘trapped’ capital (Reuters)
  • Treasury minister Lord O’Neill quits government (BBC)
  • Leon Cooperman’s Man in Shale Patch Goes From Hero to Headache (BBG)
  • Bond Bulls Curb Their Enthusiasm in China’s Leverage Crackdown (BBG)
  • Probe of leaked U.S. NSA hacking tools examines operative’s ‘mistake’ (Reuters)
  • LSE’s Rolet Says 100,000 Jobs at Risk If Clearing Leaves London (BBG)
  • Provincial boss ordered crackdown on China’s ‘democracy village’ with eye on national power (Reuters)

 

Overnight Media Digest

WSJ

– Yahoo Inc is blaming “state-sponsored” hackers for what may be the largest-ever theft of personal user data. The internet company, which has agreed to sell its core business to Verizon Communications Inc, said Thursday that hackers penetrated its network in late 2014 and stole personal data on more than 500 million users. http://on.wsj.com/2cQ5pKB

– Democratic presidential candidate Hillary Clinton wants to levy a 65 percent tax on the largest estates, up from 40 percent now, and make it harder for wealthy people to pass appreciated assets on to their heirs without paying taxes. http://on.wsj.com/2cQ5AFJ

– Big ad buyers and marketers are upset with Facebook Inc after learning the tech giant vastly overestimated average viewing time for video ads on its platform for two years, according to people familiar with the situation. http://on.wsj.com/2cQ78iO

– The police officer who fatally shot an unarmed black man in Tulsa, Oklahoma, was charged with first-degree manslaughter on Thursday, less than a week after the incident, which was caught on two widely circulated police videos. http://on.wsj.com/2cQ76aU

– Danish shipping-and-oil giant AP Moeller – Maersk A/S on Thursday said it would split its operations into two separate divisions focused on transport and energy as it battles one of the worst shipping down-cycles and a historic oil-price rout. http://on.wsj.com/2cQ5VYS

– Tesla Motors Inc filed a suit Thursday after Michigan denied it a license to open a store to sell directly to customers, saying a state law violates its constitutional rights and protects hometown rivals, such as General Motors Co. http://on.wsj.com/2cQ6ulp

– “Monster Trucks” won’t hit theaters for four months, but it appears to have already driven Paramount Pictures off course. Viacom Inc’s movie studio took the unusual step Wednesday of announcing a $115 million impairment charge “related to the expected performance of an unreleased film”. Analysts quickly zeroed in on “Monster Trucks,” a Jan. 13 release about a teenager who discovers a creature that gives his pickup special powers. http://on.wsj.com/2cQ6txY

– Sony Pictures Entertainment Inc is teaming up with Dalian Wanda Group to help market its films in China, a move that could help Sony boost box-office returns and strengthen Dalian Wanda’s profile in the movie business. http://on.wsj.com/2cQ6uC3

– Rolls-Royce Holdings PLC boss Warren East is replacing his finance chief in a move that amplifies the scale of the shake up under way at the British aircraft-engine makers after a series of profit setbacks and a dividend cut. Rolls-Royce’s chief executive is bringing in Stephen Daintith, 52, to replace current Chief Financial Officer David Smith who is set to leave the company next year after a transition period. http://on.wsj.com/2cQ6LVE

 

FT

* Volkswagen should reduce the “huge sums of money” paid to executives and any bonuses should be given in shares, activist investor TCI Fund Management said.

Danish shipping and oil conglomerate AP Moller-Maersk said on Thursday it will separate its businesses into transport and energy divisions in a bid to better tackle the problems facing its struggling businesses.

Computer hackers swiped personal information from at least 500 million Yahoo accounts in what is believed to be the biggest digital break-in at an email provider.

Hong Kong billionaire Li Ka-shing is preparing to bid for a majority stake in British electricity grid operator National Grid Plc’s gas distribution unit.

The World Trade Organization on Thursday said the European Union had failed to rein in billions of dollars in subsidies to planemaker Airbus, prompting Washington to call for an immediate halt to support that it says hit U.S. jobs

Facebook Inc’s Instagram said its advertising base more than doubled to 500,000 in the last six months.

 

NYT

– Yahoo Inc announced that the account information of at least 500 million users was stolen by hackers two years ago, in the biggest known intrusion of one company’s computer network. http://nyti.ms/2d591VA

– The U.S. Federal Reserve and the Office of the Comptroller of the Currency are seeking to impose their own penalties on JPMorgan Chase in a case against the bank for its hiring practices in China that were at the center of a federal bribery investigation, according to people briefed on the investigations. http://nyti.ms/2d59045

– Canada and China will begin talks that may lead to a free-trade agreement, Canada Prime Minister Justin Trudeau said, in the latest of Trudeau’s sometimes-contentious efforts to develop stronger ties with China. http://nyti.ms/2d589Af

– A report examining the many ways climate change threatens coffee and coffee farmers has alarmed people who are now imagining what it would be like getting through the day without their caffeine fix. http://nyti.ms/2d58T8w

 

Britain

The Times

Britain’s largest banks will be tested on their ability to weather a Chinese economic meltdown amid growing concerns at the Bank of England over the rapid growth of debt in the world’s second largest economy. http://bit.ly/2cPv5H4

Three former Tesco executives have denied two charges of fraud brought by the Serious Fraud Office as part of its investigation into a 263 million euros accounting scandal at the supermarket group. http://bit.ly/2cPvn0N

The Guardian

Gross mortgage lending hit its highest August level since before the financial crash, figures show, as the housing market appeared to defy fears of a crash after the Brexit vote. http://bit.ly/2cPvERc

Southern rail workers will strike for 14 days in five separate blocks from next month in the long-running dispute over the role of conductors. http://bit.ly/2cPwrS9

The Telegraph

IM Properties, one of the UK’s largest privately owned property companies, has launched a 1.34-billion-euro land division that aims to snap sites that require tricky planning permissions and prepare them for new homes. http://bit.ly/2cPwe1F

BT is in talks towards a deal worth tens of millions of pounds for full ownership of YouView, its set-top box technology joint venture with Britain’s public service broadcasters and broadband rival TalkTalk. http://bit.ly/2cPwKfO

Sky News

Data from at least 500 million Yahoo users was “stolen” during an attack in 2014, the internet company has said. http://bit.ly/2cPw4qL

The Bank’s Financial Policy Committee (FPC) said that while the financial system has been resilient since the decision to quit the bloc, the referendum result had delivered a “challenging” outlook for financial stability. http://bit.ly/2cPwYUs

The Independent

Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, have pledged to cure all diseases by the end of the century and spend $3 billion towards this goal. http://ind.pn/2cPwWfd

HSBC is looking for a football pitch-sized office space in east London’s Shoreditch or Old Street to bolster its technology capabilities. http://ind.pn/2cPy56z