Silver as an investment

Frontrunning: October 4

  • Spanish tensions bar Europe from global stocks party (Reuters)
  • Catalonia to move to declare independence from Spain on Monday (Reuters)
  • Catalan Police Chief Investigated For Sedition (TSR)
  • Trump Suggests Puerto Rico’s Debt May Need to Be ‘Wiped Out’ (BBG)
  • Trump Heads to Las Vegas After Shooting Reignites Gun Debate (BBG)
  • Putin says Trump is listening to Russia’s views on North Korea crisis (Reuters)
  • Yahoo Estimate of Breached Accounts Triples to 3 Billion (WSJ)
  • Facebook Fought for Years to Avoid Political Ad Disclosure Rules (BBG)
  • SEC forensics unit sought resources, cyber training ahead of 2016 hack (Reuters)
  • Trump Points to Storm Budget Effect in Puerto Rico Visit (WSJ)
  • Warren Buffett, Larry Fink criticize Trump tax plan (Reuters)
  • Fed’s QE unwind threatens to unleash US bank competition (FT)
  • Almost half disapprove of Trump’s handling of Puerto Rico: poll (The Hill)
  • EU Orders Recoup of $300 Million in Amazon Back Taxes (WSJ)
  • EU takes Ireland to court for not claiming Apple tax windfall (Reuters)
  • Russian Spy Tactic: Hack Smartphones of NATO Soldiers (WSJ)
  • Thousands of Tales of Torment From the Nation’s Worst Transit System (BBG)
  • Trump Aides Deliver Him a Shortlist of Fed Candidates (BBG)

Overnight Media Digest


– A massive data breach at Yahoo in 2013 was far more extensive than previously disclosed, affecting all of its 3 billion user accounts, new parent company Verizon Communications Inc said on Tuesday.

– Uber Technologies Inc’s board unanimously approved a series of corporate changes along with a multibillion-dollar investment from SoftBank Group.

– Warren Buffett’s Berkshire Hathaway Inc made a bet on American truckers with a deal on Tuesday to acquire nearly 40 percent of the operator of Pilot and Flying J travel centers.

– Ford Motor Co will shift about $7 billion toward the development of more trucks and sport-utility vehicles while “attacking” costs, part of new Chief Executive Jim Hackett’s strategic plan for the No. 2 U.S. auto maker.

– Tim Leissner, a former Goldman Sachs Group Inc senior banker linked to alleged financial fraud involving Malaysian state fund 1Malaysia Development Bhd was barred from the U.S. securities industry for failing to cooperate with a regulator’s investigation.



Foreign Secretary Boris Johnson, with a vigorous defence of Brexit, won a standing ovation from the Tory conference in Manchester on Tuesday, but in private, ministers were scornful of Johnson’s “showboating”, and said a post-Brexit transition deal could extend considerably beyond his March 2021 “red line”.

UK and Brussels have reached a preliminary agreement on dividing up World Trade Organisation quotas, in one of the first big breakthroughs in Brexit-related talks between London and the European Commission, according to diplomats and EU officials contacted by the FT.

Royal Mail Plc workers voted for the first national strike at the postal operator since its privatisation, potentially threatening postal delays during the key pre-Christmas period.

Uber Technologies Inc’s Dara Khosrowshahi had a “constructive” meeting with Transport for London commissioner Mike Brown on Tuesday, as the U.S. ride hailing company’s new boss stepped up his fight to retain its London licence.

Speaking at a private business dinner on Monday, Chancellor Philip Hammond urged business leaders to stand up against Labour leader Jeremy Corbyn or risk being deemed collaborators who propel his leftwing party into power.



– Pressed by lawmakers, U.S. Defense Secretary Jim Mattis reiterated his view that the Iran accord is working, a contradiction to the claims of President Donald Trump.

– Republican leaders are backing away from a proposal to fully repeal an expensive tax break used by more than 40 million tax filers to deduct state and local taxes amid pushback from fellow lawmakers whose residents rely on the popular provision.

– Ride-hailing service Uber Technologies Inc’s board voted for corporate governance changes and a potential stock sale to the Japanese conglomerate SoftBank Group Corp .

– The Equifax data breach, which exposed the sensitive personal information of nearly 146 million Americans, happened because of a mistake by a single employee, the credit reporting company’s former chief executive Richard Smith told members of Congress on Tuesday.

– Wells Fargo Chief Executive Timothy Sloan on Tuesday faced attacks from Republican and Democratic senators, who voiced frustration with his response to a series of scandals that have rocked the bank.




** Progress Energy Canada Ltd, the Canadian unit of Malaysia’s Petronas Gas, has put oil and natural gas assets in Alberta’s Deep Basin exploration region up for sale after abandoning plans for a major natural gas-export plant earlier this year.

** Operating at a “substantial” loss, Sears Canada Inc is preparing for a total liquidation soon if the bid by its executive chairman to save the insolvent retailer fails.

** Carlos Leitao, the province’s Finance Minister, said he intends to collect up to C$20 million ($16 million) per year despite the federal deal that gave up on GST in favour of a commitment from Netflix Inc to spend C$500 million on Canadian programming over five years.


** Square Inc is introducing support for Interac debit cards for businesses using its point-of-sale system and has developed a contactless chip reader to facilitate those transactions in Canada.

** Two Home Capital Group Inc executives, Pino Decina, executive vice-president of residential lending, and Chris Whyte, executive vice-president and chief operating officer, have left the company, with one being replaced and another’s position eliminated.

** New York based WeWork Inc has secured a deal with Inc to rent most of the shared workspace provider’s first Vancouver office, forcing it to find a second location in the city as it continues its aggressive push into Canada.



The Times

– Two Tesco Plc employees resigned amid concerns about accounting practices at the retailer. The resignations were disclosed on the third day of the trial of Christopher Bush, John Scouler and Carl Rogberg, each of whom is facing one charge of fraud and one of false accounting.

-Britvic Plc said it planned to close its Robinsons squash factory, putting 242 jobs under threat, while Unilever Plc, which co-owns the site, said the move could spell the end of its own operations at a location where it employs 113 workers.

The Guardian

-Ryanair Holdings Plc pilots are facing tax investigations by HM Revenue & Customs related to complex employment structures imposed on them by the no-frills airline.

-Royal Mail Plc’s postal workers are on the verge of a strike in a dispute over pensions, pay and conditions. The Communication Workers Union announced that a majority of its 111,000 members in Royal Mail had voted for industrial action, the first since the company was privatised four years ago.

The Telegraph

-The European Commission will hit Inc with a bill for hundreds of millions of euros of back taxes in the latest example of the European Union’s crackdown on tax avoidance by multinational companies.

-Transport for London has said it will take Uber Technologies Inc several weeks to win back its trust after a “constructive” meeting between the company’s new chief executive, Dara Khosrowshahi, and senior officials.

Sky News

-Former Labour minister Lord Hutton is being lined up to head the energy industry’s biggest lobbying group, Energy UK, amid growing pressure on Prime Minister Theresa May to impose an industry-wide price cap on gas and electricity companies.

-A London Underground strike that had threatened to bring “substantial disruption” across the capital on Thursday has been called off.

The Independent

The chief executive of Monarch Airlines, Andrew Swaffield, reportedly pocketed a six-figure salary and set up a new company just days before the airline collapsed into administration.

-UK drivers could be paid to own an electric car under a new partnership between Ovo Energy and Nissan Motor Company Ltd . The companies hope the offer will speed up the adoption of greener vehicles.