Silver as an investment

Frontrunning: October 24

  • Corker Tells Trump to Stay Out of the Tax Debate (BBG)
  • Food fight? After spats on Twitter, Trump’s having lunch with Senate Republicans (McClatchy)
  • As ‘New Era’ Dawns, Xi’s Party Stays Out of the Sun (WSJ)
  • China enshrines ‘Xi Jinping Thought’, key Xi ally to step down (Reuters)
  • U.S. Set to Resume Admitting Refugees but With New Rules (WSJ)
  • White House’s Muddled Tax Message Clouds Its Pitch (BBG)
  • ECB Must Strike Right Balance in Scaling Back Bond Purchases (WSJ)
  • Businesses cash in by selling donated bodies (Reuters)
  • Amazon rivals turn to legal fine print to stem Whole Foods strategy (Reuters)
  • GM Posts Loss of Nearly $3 Billion (WSJ)
  • GM Blunts Impact of Production Plunge With SUV Shift, Cost Cuts  (BBG)
  • Italy ready to discuss calls for great autonomy: Gentiloni (Reuters)
  • Germany’s Schaeuble elected Bundestag speaker to tackle far-right (Reuters)
  • Apple iPhone X Shipments to Be Half of Forecast, Nikkei Reports (BBG)
  • The FANG Stocks Are on Their Longest Losing Streak Since the Election (BBG)
  • Even a Nafta Collapse Won’t Keep Companies From Moving to Mexico (BBG)
  • Auto industry tells Trump ‘We’re winning with NAFTA’ (Reuters)
  • Nike’s $50 Billion Bluster Looks Dead Just Two Years Later (BBG)
  • How I Accidentally Stiffed My Poor Venezuelan Waiter (BBG)
  • RIP Combustion Engines: Japan Shows Off Cars of the Future (BBG)

Overnight Media Digest

WSJ

– Amazon.com Inc’s open competition for its second headquarters triggered an extraordinary response, with the tech giant saying 238 cities and regions had bid for the project it expects to cost $5 billion over nearly 20 years. on.wsj.com/2yKARk0

– A murder trial started Monday for a Mexican man named Jose Ines Garcia Zarate who set off a national immigration debate after he shot and killed a woman two years ago on a popular San Francisco pier. on.wsj.com/2yHk1lP

– New York Attorney General Eric Schneiderman has opened an investigation into the Weinstein Company to determine whether its handling of allegations of sexual misconduct against company co-founder Harvey Weinstein violated state or city laws. on.wsj.com/2yJzu4O

– U.S. President Donald Trump pledged Monday to protect a popular retirement-savings program, promising to leave it untouched in the forthcoming GOP plan to overhaul taxes. on.wsj.com/2yJd6Zr

– Iowa is withdrawing its application for an ambitious program to reshape the Affordable Care Act after federal officials laid out tough conditions for its approval, a decision that signals limits to states’ efforts to alter parts of the health law. on.wsj.com/2yKBlGQ

 

FT

UK’s Financial Conduct Authority is considering further action against Royal Bank of Scotland Group Plc as it published a review into the bank’s alleged mistreatment of business customers after weeks of political pressure for disclosure.

Prime Minister Theresa May said in the House of Commons on Monday that she is waiting for the European Union’s decision on the future of the relationship it wants with the UK, following reports that May is trying to postpone a cabinet showdown over the shape of any post-Brexit trade deal until next year.

Inflation in the UK is likely to stay above target with a squeeze on living standards for years to come following sterling’s sharp depreciation since the Brexit vote, according to research by blog by Bank of England staff published ahead of next week’s monetary policy meeting.

Yorkshire Water, one of Britain’s biggest water companies, is reviewing the Jersey registration of its holding company, and will close three subsidiary companies in the Cayman Islands, after conceding that the industry faces a crisis of public trust.

 

NYT

– The U.S. Department of Justice will limit its use of secrecy orders that prevent internet providers from telling people when the government has obtained a warrant to read their email during an investigation, according to a department memo issued last week. nyti.ms/2zzcmFD

– Amazon.com Inc said on Monday it got a total of 238 proposals from cities and regions across North America that want to be the home of its proposed second headquarters. nyti.ms/2z3ysUq

– Starting on Monday, drivers in London whose cars do not meet European Union emissions standards had to pay an additional daily penalty. nyti.ms/2i1vkxh

– U.S. President Donald Trump said he would oppose a cap on contributions to the popular tax-deferred retirement plans, effectively killing one GOP plan to help pay for a $1.5 trillion tax cut. nyti.ms/2yLFE6O

– A report by the Government Accountability Office, Congress’ auditing arm, urges the Trump administration to take climate change risks seriously and begin formulating a response. nyti.ms/2lbqrH2

 

Canada

THE GLOBE AND MAIL

** Bombardier Inc and Boeing Co were closing in on a deal this summer, brokered by Canadian government officials, before the American plane maker abruptly pulled the plug and walked away, people familiar with the matter say. tgam.ca/2z4bTPC

** The Ontario Securities Commission has, for the first time ever, given the green light to an “initial token offering,” as regulators around the world grapple with the emerging online fundraising method. tgam.ca/2z3DgJh

** Federal government auditors are scrutinizing 2,800 preconstruction condo flips in the Toronto area as part of a crackdown on tax evasion in the real estate industry. tgam.ca/2z3MXYr

NATIONAL POST

** The Finance Department and the Bank of Canada are set to reveal their latest economic assessments and forecasts, one day after the other. bit.ly/2z4ntKn

** Hudson’s Bay Co CEO Gerald Storch’s announcement late Friday made him the fourth high-profile executive to leave HBC in the past six months, and happens as the veteran retailer heads into the sector’s busiest period of the year. bit.ly/2z4vQFY

 

Britain

The Times

– Hector Sants, former head of the financial regulator, will give evidence behind closed doors at the High Court in a 600 million pounds ($792.12 million) lawsuit brought by shareholders against Lloyds Banking Group Plc over its acquisition of HBOS in 2008. bit.ly/2z3ynjx

– Aluminium and hydroelectricity producer En+ Group will have a market capitalization of up to $10 billion after it floats on the London Stock Exchange next month. bit.ly/2z2LWjh

The Guardian

– Phones 4U billionaire John Caudwell has accused his former business partner and protege of being an “amazing liar” who presided over a “reign of terror” at the wealth management firm Signia Wealth. bit.ly/2z34G2b

– President of the European Commission Jean-Claude Juncker has rushed to salvage relations with UK at a dangerous point in the Brexit negotiations by denying claims that the Prime Minister Theresa May had begged for help at a recent private dinner, instead insisting she had been in “good shape” and “fighting”. bit.ly/2z3xWFV

The Telegraph

– Private hospitals group Spire Healthcare on Monday said it has rejected a takeover by rival Mediclinic that valued the firm at around 1.2 billion pounds ($1.58 billion). bit.ly/2z2hS7q

– Britain’s TV and radio company Arqiva has signalled plans for a stock market debut to raise 1.5 billion pounds and pay off some of its heavy debt pile. bit.ly/2z1dVje

Sky News

– UK’s Labour MP Jared O’Mara has resigned from Parliament’s women and equalities select committee after historical comments he posted online re-surfaced. bit.ly/2z3xgjR

– UK Financial Conduct Authority (FCA) is assessing whether it can take “further action” over Royal Bank of Scotland Group Plc’s controversial treatment of small businesses, after an independent review. bit.ly/2z2lne1

The Independent

– Mark Johnson, former HSBC Holdings Plc banker, has been found guilty by a U.S. jury of defrauding UK-headquartered Cairn Energy Plc in a $3.5 billion currency trade. ind.pn/2z3a0m6