· Banks to Pay $3.3 Billion in FX-Manipulation Probe (BBG)
· Symbolic being the key word: U.S., China sign symbolic emissions plan, play down rivalry (Reuters)
· Europe (so really Russian sanctions) is the new "snow in the winter" -
Carney Sees Europe Stagnation Impact as Growth Outlook Cut (BBG)
· Eurozone Industrial Output Points to Weak Third Quarter Growth (WSJ)
· Not everyone around Abe is insane: Kuroda Ally Flags Warning on Delaying Sales-Tax Increase (BBG)
· Hong Kong to scrap daily yuan conversion limit to boost stock investment (Reuters)
· Barclays Falls After FX Settlement Delay Reduces Discount (BBG)
· Some unhappy Yahoo investors asking AOL for rescue (Reuters)
· Silent Generation Wins Life Lottery as Richest U.S. Age Group (BBG)
· At least 33 dead in Yemeni clashes, U.S. drone kills seven (Reuters)
· China Shows Off New Stealth Fighter to U.S. Military (BBG)
· Mexico investigates police in shooting of pregnant American teen (Reuters)
· Maersk CEO Sees $80 Oil as Great Price With Cost-Cut Room (BBG)
· Internet Sales Tax Faces Republican Opposition (WSJ)
· Rosetta Probe Heads Toward Comet on Seven-Hour Mission (WSJ)
· Media Companies Seek Judicial Review of FCC Decision on Cable Contracts (WSJ)
*Overnight Media Digest*
WSJ
* The United States and China have unveiled long-term plans to curb emissions of carbon dioxide and other gases linked to climate change, a surprise move aimed at kick-starting a new round of international climate negotiations and blunting domestic opposition to cuts in both countries. (http://on.wsj.com/1xwa0C4)
* Applications to U.S. graduate schools from Asia, led by India, have jumped in recent years, but total enrollment has only inched up as mounting debt appears to be suppressing the number of U.S. applicants. (http://on.wsj.com/14bBwKt)
* General Motors Co President Dan Ammann is leading a push to change how the century-old Detroit auto maker sells and produces cars around the world. (http://on.wsj.com/1xwl7eh)
* Christopher Giancarlo, a commissioner at the Commodity Futures Trading Commission has said new rules governing derivatives markets are sending trading overseas, threatening Wall Street jobs and potentially destabilizing financial markets. (http://on.wsj.com/1zL0SMo)
* Activist investor William Ackman has taken a roughly $2 billion stake in Zoetis Inc and could push the animal-health company to sell itself to a large drug maker like Valeant Pharmaceuticals International Inc. (http://on.wsj.com/1wRhJuq)
* U.S., British and Swiss regulators are set to penalize big banks for alleged improprieties in the foreign-exchange markets, and individual employees are next in line for scrutiny. (http://on.wsj.com/1ukK4bM)
* Media companies including Walt Disney Co, CBS Corp , Viacom Inc and Time Warner Inc have sought the intervention of the D.C. Circuit Court of Appeals to stop the Federal Communications Commission from requiring them to disclose details of TV contracts as part of two big ongoing merger reviews. (http://on.wsj.com/10XjV7h)
* Yahoo Inc said it was paying about $640 million in cash to buy video-ad startup BrightRoll Inc, its largest deal since the October initial public offering of Alibaba Group Holding Ltd and its second-largest acquisition during Marissa Mayer's tenure as chief executive. (http://on.wsj.com/11gbAMQ)
* Wal-Mart Stores Inc is abandoning the frenzied one-day-only "Black Friday" sales model used to jump-start the annual holiday-shopping season. The world's biggest retailer instead will offer its best deals on television sets, toys and other gifts over a five-day period beginning in the last week of November into early December. (http://on.wsj.com/1GNDJed)
* Brick-and-mortar retailers who had hoped Congress would pass a bill to effectively end tax-free online shopping are likely to be disappointed, as House Speaker John Boehner indicated this week that he would block the measure. (http://on.wsj.com/1zL4w90)
* The European Union's new competition chief, Margrethe Vestager, said she would take her time to investigate the antitrust concerns posed by Google Inc's control over large amounts of data. (http://on.wsj.com/1xw7FqW)
* General Motors Co said it would reduce production and lay off 510 workers at two Michigan assembly plants to trim inventories of slower-selling vehicles even as auto sales generally remain red hot. (http://on.wsj.com/10Xr8UT)
* Microsoft Corp, Hewlett-Packard Co and Apple Inc are likely to be some of the big beneficiaries if a deal reached between China and the United States leads to slashed tariffs on a range of technology products around the world, including videogame consoles, advanced chips and prepaid cards. (http://on.wsj.com/1zi4fYb)
* Chrysler Group LLC will start repairs on about 371,000 vehicles equipped with potentially defective Takata Corp air bag inflators in December, nearly six months after it said it would comply with a request by U.S. safety regulators to make fixes. (http://on.wsj.com/1zLa5Er)
* Google Inc has signed a long-term lease with NASA for part of a historic Navy air base and will pay $1.16 billion in rent over 60 years for the property, where it plans to renovate three large hangars and use them for projects involving aviation, space exploration and robotics. (http://on.wsj.com/1swtxMq)
FT
Britain's Treasury department has sent a letter to top banks and to the British Bankers' Association, asking them to explore ways to raise awareness about their services to clients who turn to payday lenders, in hopes of limiting debt.
A recent report by the UK government's independent airports commission has determined that a new airstrip on the Heathrow airport - rather than at Gatwick - will provide greater economic benefits to the country and will help ease congestion at UK's main airports. However, the new infrastructure will cost billions more than previously calculated.
British construction-equipment lender Speedy Hire PLC said it would pull out of operations from the Middle East due to increasing losses and weak demand. The Merseyside-based company said it will exit after existing contracts come to an end.
New rules proposed by the Financial Conduct Authority, effective January 2015, will limit the daily charges that payday lenders charge for interest and fees to 0.8 percent of the total loan amount. The new rules threaten to eradicate Britain's payday lender industry altogether.
NYT
* China and the United States made common cause against the threat of climate change, staking out an ambitious joint plan to curb carbon emissions as a way to spur nations around the world to make their own cuts in greenhouse gases. (http://nyti.ms/1szHjhp)
* Russia agreed on Tuesday to build two new nuclear power reactors in Iran, with a possibility of six more after that, in a deal that greatly expands nuclear cooperation between the two countries. The United States was initially critical of the Russian policy of providing civilian reactors to Iran, but later withdrew its objections. (http://nyti.ms/1B63BBB)
* China's largest Internet merchants Alibaba Group Holding Limited, JD.com Inc and others are working to improve logistics in the country. The country's delivery problems were highlighted on Singles Day. The Chinese e-commerce market is already bigger than that of the United States, but it struggles with delivery because of decades of underinvestment in inland logistics infrastructure and inefficient local regulation. (http://nyti.ms/1sAc6M6)
* On the eve of a multibillion-dollar settlement with six giant banks suspected of manipulating the foreign currency market, regulators in Washington and Britain have encountered a last-second complication that one of the banks may drop out of the deal. Barclays Plc has yet to commit to settling, even as the window of opportunity closes. (http://nyti.ms/11g7TXh)
* Noel Cryan, a former employee of Tullett Prebon Group Holdings PLC appeared in a London court on Tuesday in a criminal inquiry into the manipulation of the London Interbank Offered Rate. He was ordered by the court to surrender his passport and was released on bail. (http://nyti.ms/1xghJ8U)
* While Detroit's court-approved plan to exit bankruptcy has been praised as a fresh start for the city, its pension system relies on some of the same problems that plunged the city into crisis in the first place. The state of Michigan, the Detroit Institute of Arts and even the city's water and sewer system have pledged hundreds of millions of dollars to bolster the municipal pension system. (http://nyti.ms/14bflnY)
* Yahoo Inc is buying BrightRoll, a platform for selling and delivering video advertising, for $640 million in cash. After the Tumblr Inc acquisition, it is the second biggest deal by Yahoo under Marissa Mayer's leadership.(http://nyti.ms/1szR9zK)
* Edward Lampert's efforts to save Sears Holdings Corp have left it reeling, so he is employing a method he is familiar with, breaking it up and monetizing it. The company said that it might engage in a bit of financial engineering by selling 200 to 300 stores to a real estate investment trust. (http://nyti.ms/1tF0Ltx)
* Activist investor William Ackman's firm Pershing Square Capital Management LP said it has acquired 8.5 percent of animal health company Zoetis Inc. Pershing Square added it would talk to Sachem Head Capital Management, an activist hedge fund led by a protégé of Ackman, about Sachem's 1.6 percent stake in Zoetis. (http://nyti.ms/1szWuqU)
* Andrea Bonomi, the Italian businessman battling a Chinese-French bid for Club Méditerranée, on Tuesday announced another sweetened offer for the resort company, this time with backing from Kohlberg Kravis Roberts and Company. (http://nyti.ms/1EzvYX6)
* UniCredit SpA said its net profit more than tripled in the third quarter as the Italian bank booked lower losses related to doubtful loans. UniCredit, Italy's largest lender, said it had also benefited from a recovery in demand for loans within Italy; profit from its subsidiaries in Poland and other East European countries; and better earnings at the investment banking unit. (http://nyti.ms/1v1QGOr)
* President Obama argued for rules to protect an open Internet to be strong, just not too strong. Under the guidelines suggested by Obama, broadband internet service would be treated as a utility by the Federal Communications Commission, similar to a traditional phone service. (http://nyti.ms/1qDk3iT)
* Wal-Mart Stores Inc issued an "urgent agenda" memo to managers, pushing them to improve performance on fresh items, reflecting customer complaints about food quality. The memo told Wal-Mart marketing managers to maximize the chance of selling aging meat and baked goods before their expiration dates. (http://nyti.ms/1v1YwHO)
Canada
THE GLOBE AND MAIL
** Canadian fighter jets hit a piece of artillery used by Islamic State militants during an air strike in Iraq on Tuesday, the federal government says. The Department of National Defence confirmed that coalition forces carried out a series of air strikes near Beiji, an area north of Baghdad where the extremist group is known to operate. (http://bit.ly/10UjfiB)
** Recent changes to the temporary foreign workers program aimed at slowing down the tide of low-skilled workers have made it more difficult for some Canadian universities to recruit international faculty. And there is concern the impact could be more severe as the hiring season ramps up in the coming months. (http://bit.ly/1sCsFqz)
** The fight over a C$1.1-billion cement project in Quebec's Gaspe region is escalating as U.S. trade officials express concerns about the new plant at the World Trade Organization and backers charge that those most opposed are motivated by financial self-interest. (http://bit.ly/1xwCnjN)
NATIONAL POST
** An increasingly strong U.S. economy will benefit Ontario's key export sectors, led by industrial machinery products, according to Export Development Canada. The EDC's new outlook, released Wednesday, predicts that exports from Canada's largest province will be up 7 percent overall this year, and rise 5 percent in 2015. (http://bit.ly/1wS58r0)
** On the 20th anniversary of the 1994 North American Free Trade Agreement (NAFTA), the spirit and letter of the history-making pact appears to have vacated the White House. Instead of encouraging free access for Canadian oil to the U.S. market, as committed to in NAFTA, Obama is actively promoting the idea that America doesn't need and doesn't want Canadian oil and gas. (http://bit.ly/1tFJRuw)
** The new chief of a small British Columbia reserve that ousted its $200,000-a-year leader last week has pledged not to give herself a raise. Barbara Cote was chosen to lead the Shuswap First Nation at a meeting Monday with her fellow band councillors. She replaces Paul Sam, who was voted out of office Friday. (http://bit.ly/1EA4VuJ)
China
CHINA SECURITIES JOURNAL
- The land reform scheme, which has been completed, has been submitted for comment. It is expected to be launched during the Central Conference on Rural Work, which is likely to be held before the end of the year.
21st CENTURY BUSINESS HERALD
- China Railway Corporation said 64 new railway projects have been approved, and construction will begin by year-end, the newspaper reported.
SHANGHAI SECURITIES JOURNAL
- China's state air traffic control commission will discuss the opening up of the country's airspace, especially lower altitudes, at an upcoming meeting this month and the Civil Aviation Authority is due to introduce measures to promote the industry's development.
CHINA DAILY
- Asia Pacific Economic Cooperation leaders have signed a declaration to deny a safe haven for corrupt officials and their ill-gotten assets, and have pledged to support Beijing's fight against corruption.
Read more: http://www.dailymail.co.uk/wires/reuters/article-2830908/PRESS-DIGEST--C...
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Britain
The Times
* Air fares to rise as new runways run billions over budget
Air passengers face significant fare increases in order to pay for new runways at either Heathrow or Gatwick because the schemes will cost billions more than originally estimated, the Airports Commission said today. (http://thetim.es/1v1fp5r)
* We're fighting back with broadband and TV, says Vodafone
Vodafone Group Plc has parked its tanks on BT's lawn with a plan to launch a consumer broadband and television service and a promise to fight fire with fire if its rival starts a price war in mobile services. The company, which until two years ago was solely a mobile phone business, said yesterday that the new services would be launched next spring. (http://thetim.es/1sz1lZs)
The Guardian
* EC president accused of hypocrisy over Luxembourg tax schemes
Margaret Hodge, the British scourge of corporate tax evasion, has accused the European commission president, Jean-Claude Juncker, of hypocrisy and demanded he explain whether he personally authorised tax avoidance schemes that were rife in Luxembourg during his premiership of the principality. (http://bit.ly/1wQSGI5)
* New payday loan rules to cap fees, total cost and default charges
The UK's financial watchdog is clamping down on payday loans, with new rules to ensure that borrowers are never forced to repay more than double the amount of their original loan. (http://bit.ly/1svBwte)
The Telegraph
* Banks to be hit with billions in rigging fines
Banks face billions of pounds in fines on Wednesday as financial regulators announce the results of lengthy investigations into foreign exchange rigging. Royal Bank of Scotland, Barclays Plc and HSBC Holdings Plc are among six banks that are understood to have agreed to pay 1.5 billion pounds ($2.39 billion) to the Financial Conduct Authority, and American regulators are also expected to announce fines worth roughly that amount again. (http://bit.ly/1xg1A3o)
* Morrisons employee charged over theft of payroll data
An employee of Morrisons, the supermarket group, has been charged with fraud after an investigation into the alleged theft of payroll data relating to thousands of members of staff. Andrew Skelton has also been charged with an offence under the Computer Misuse Act and another under the Data Protection Act, the Crown Prosecution Service said. (http://bit.ly/1whNIju)
Sky News
* BG tweaks Chief's 12 million pounds package amid protests
The FTSE-100 oil company BG Group Plc will bow to City pressure over a 12 million pounds share award for its new chief executive after some investors indicated that they would revolt over the deal. Sky News has learnt that BG will publish a shareholder circular on Wednesday which will outline revised proposals for the remuneration package. (http://bit.ly/1xqvDTp)
* Newcastle owner Ashley to open chain of gyms
Newcastle United owner Mike Ashley is to open a chain of cut-price gyms charging 5 pounds a month with a 10-pound joining fee. It is the latest expansion of his Sports Direct business after it acquired up to 30 sites from LA Fitness. (http://bit.ly/1tZBrC7)
The Independent
* Singles' Day: Alibaba breaks record with $1 bln sales in first 20 minutes
Alibaba Group Holding Ltd, China's biggest online retailer, is capitalising on the country's annual Singles' Day, when singletons treat themselves with presents. An incredible $1 billion of goods was sold in just 20 minutes as sales started, according to the website, which has several online platforms. (http://ind.pn/1pOF1k0)
* American war veterans sue banks for 'helping to finance deadly operations' in Iraqi war
Taxpayer-owned Royal Bank of Scotland, Barclays Plc , HSBC Holdings Plc and Standard Chartered Plc are being sued by wounded Iraq war veterans from the U.S. armed forces who blame them for allegedly processing the Iranian funds that paid for the attacks. (http://ind.pn/147Fm7t)
*Fly On The Wall Pre-Market Buzz*
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Wholesale trade inventories for September at 10:00--consensus up 0.2%
ANALYST RESEARCH
Upgrades
Danaher (DHR) upgraded to Outperform from Market Perform at FBR Capital
Harmony Gold (HMY) upgraded to Neutral from Sell at UBS
NorthStar Asset Management (NSAM) upgraded to Outperform at Keefe Bruyette
Quality Distribution (QLTY) upgraded to Buy from Hold at Stifel
TreeHouse (THS) Foods upgraded to Buy from Hold at Stifel
Downgrades
CBOE Holdings (CBOE) downgraded to Sell from Hold at Evercore ISI
Community Health (CYH) downgraded to Market Perform from Outperform at Wells Fargo
Discovery (DISCA) downgraded to Market Perform from Outperform at Bernstein
HCA Holdings (HCA) downgraded to Market Perform from Outperform at Wells Fargo
JPMorgan (JPM) downgraded to Market Perform from Outperform at Bernstein
JetBlue (JBLU) downgraded to Neutral from Overweight at JPMorgan
Leggett & Platt (LEG) downgraded to Market Perform from Outperform at Raymond James
Northfield downgraded to Market Perform from Outperform at Keefe Bruyette
Northstar Realty (NRF) downgraded to Market Perform from Outperform at Keefe Bruyette
Viacom (VIAB) downgraded to Market Perform from Outperform at Bernstein
Initiations
Advent Software (ADVS) initiated with a Neutral at BofA/Merrill
Boston Properties (BXP) initiated with an Outperform at Credit Suisse
Corporate Office Properties (OFC) initiated with an Underperform at Credit Suisse
DCT Industrial (DCT) initiated with an Underperform at Credit Suisse
Demandware (DWRE) initiated with a Buy at Mizuho
EastGroup Properties (EGP) initiated with an Underperform at Credit Suisse
Forest City (FCE.A) initiated with an Outperform at Credit Suisse
Hudson Pacific (HPP) initiated with an Outperform at Credit Suisse
Kilroy Realty (KRC) initiated with an Underperform at Credit Suisse
Kimco Realty (KIM) initiated with an Outperform at Credit Suisse
LaSalle Hotel (LHO) initiated with an Outperform at Credit Suisse
MasterCard (MA) initiated with a Hold at Topeka
NetApp (NTAP) initiated with a Buy at Maxim
Pebblebrook Hotel (PEB) initiated with an Outperform at Credit Suisse
Prologis (PLD) initiated with an Outperform at Credit Suisse
RLJ Lodging Trust (RLJ) initiated with an Outperform at Credit Suisse
Ryerson (RYI) initiated with a Buy at Deutsche Bank
SL Green Realty (SLG) initiated with an Underperform at Credit Suisse
Simon Property (SPG) initiated with an Outperform at Credit Suisse
Sunstone Hotel (SHO) initiated with an Outperform at Credit Suisse
Taubman Centers (TCO) initiated with an Outperform at Credit Suisse
VeriFone (PAY) initiated with a Buy at Topeka
Visa (V) initiated with a Hold at Topeka
COMPANY NEWS
Yahoo (YHOO) acquired video advertising platform BrightRoll for $640M
Pershing Square confirmed 8.5% stake in Zoetis (ZTS)
CFTC fined five banks $1.4B for manipulation of FX benchmark rates (C, HSBC, JPM, RBS, UBS)
FCA fined five banks $1.7B over FX trading operations (C, HSBC, JPM, RBS, UBS)
FINMA fined UBS (UBS) CHF 134M for foreign exchange manipulation
BHP Billiton (BHP) said Nickel West to remain in portfolio as non-core asset
Wal-Mart (WMT) announced 'New Black Friday' event, includes five days of deals
Fossil (FOSL) announced new $1B share repurchase program
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Flowers Foods (FLO), Egalet (EGLT), Canadian Solar (CSIQ), Luxoft (LXFT), 58.com (WUBA), SunOpta (STKL), Home Inns (HMIN), Parsley Energy (PE), Supernus (SUPN), Lumenis (LMNS), Phibro Animal Health (PAHC), Opower (OPWR), Yodlee (YDLE), Cyclacel Pharmaceuticals (CYCC), Zafgen (ZFGN), Fate Therapeutics (FATE), Gevo (GEVO), MacroGenics (MGNX), , Fossil (FOSL), Inogen (ingn)
Companies that missed consensus earnings expectations include:
Silver Wheaton (SLW), Dawson Geophysical (DWSN), Glori Energy (GLRI), Encana (ECA), Sapiens (SPNS), Tahoe Resources (TAHO), Netlist (NLST), S&W Seed (SANW), Aerie Pharmaceuticals (AERI), Everyday Health (EVDY), Ideal Power (IPWR)
Companies that matched consensus earnings expectations include:
Syneron Medical (ELOS), Profire Energy (PFIE)
NEWSPAPERS/WEBSITES
Yahoo (YHOO) investors met with AOL (AOL) CEO to push merger, Reuters reports
Netflix (NFLX) CFO says planning 'sizable expansion' in 2015, Bloomberg reports
Pershing Square, Sachem Head build 10% stake in Zoetis (ZTS), WSJ reports (VRX, AGN)
BNP Paribas (BNPQY) should look into a merger with Monte dei Paschi, NY Times reports
GM (GM) scales back workers, production at small car plant, WSJ says
CBS (CBS), Disney (DIS) look to block FCC Comcast (CMCSA) merger disclosures, Bloomberg reports (TWC)
SYNDICATE
Axalta Coating Systems (AXTA) 50M share IPO priced at $19.50
Brixmor (BRX) Property 25M share Secondary priced at $23.75
Diamondback Energy (FANG) files to sell 2M shares for holders
Raven (RAVN) files to sell 1.54M shares for holders
TrueCar (TRUE) 6.402M share Secondary priced at $17.00 Reported by Zero Hedge 17 hours ago.
· Symbolic being the key word: U.S., China sign symbolic emissions plan, play down rivalry (Reuters)
· Europe (so really Russian sanctions) is the new "snow in the winter" -
Carney Sees Europe Stagnation Impact as Growth Outlook Cut (BBG)
· Eurozone Industrial Output Points to Weak Third Quarter Growth (WSJ)
· Not everyone around Abe is insane: Kuroda Ally Flags Warning on Delaying Sales-Tax Increase (BBG)
· Hong Kong to scrap daily yuan conversion limit to boost stock investment (Reuters)
· Barclays Falls After FX Settlement Delay Reduces Discount (BBG)
· Some unhappy Yahoo investors asking AOL for rescue (Reuters)
· Silent Generation Wins Life Lottery as Richest U.S. Age Group (BBG)
· At least 33 dead in Yemeni clashes, U.S. drone kills seven (Reuters)
· China Shows Off New Stealth Fighter to U.S. Military (BBG)
· Mexico investigates police in shooting of pregnant American teen (Reuters)
· Maersk CEO Sees $80 Oil as Great Price With Cost-Cut Room (BBG)
· Internet Sales Tax Faces Republican Opposition (WSJ)
· Rosetta Probe Heads Toward Comet on Seven-Hour Mission (WSJ)
· Media Companies Seek Judicial Review of FCC Decision on Cable Contracts (WSJ)
*Overnight Media Digest*
WSJ
* The United States and China have unveiled long-term plans to curb emissions of carbon dioxide and other gases linked to climate change, a surprise move aimed at kick-starting a new round of international climate negotiations and blunting domestic opposition to cuts in both countries. (http://on.wsj.com/1xwa0C4)
* Applications to U.S. graduate schools from Asia, led by India, have jumped in recent years, but total enrollment has only inched up as mounting debt appears to be suppressing the number of U.S. applicants. (http://on.wsj.com/14bBwKt)
* General Motors Co President Dan Ammann is leading a push to change how the century-old Detroit auto maker sells and produces cars around the world. (http://on.wsj.com/1xwl7eh)
* Christopher Giancarlo, a commissioner at the Commodity Futures Trading Commission has said new rules governing derivatives markets are sending trading overseas, threatening Wall Street jobs and potentially destabilizing financial markets. (http://on.wsj.com/1zL0SMo)
* Activist investor William Ackman has taken a roughly $2 billion stake in Zoetis Inc and could push the animal-health company to sell itself to a large drug maker like Valeant Pharmaceuticals International Inc. (http://on.wsj.com/1wRhJuq)
* U.S., British and Swiss regulators are set to penalize big banks for alleged improprieties in the foreign-exchange markets, and individual employees are next in line for scrutiny. (http://on.wsj.com/1ukK4bM)
* Media companies including Walt Disney Co, CBS Corp , Viacom Inc and Time Warner Inc have sought the intervention of the D.C. Circuit Court of Appeals to stop the Federal Communications Commission from requiring them to disclose details of TV contracts as part of two big ongoing merger reviews. (http://on.wsj.com/10XjV7h)
* Yahoo Inc said it was paying about $640 million in cash to buy video-ad startup BrightRoll Inc, its largest deal since the October initial public offering of Alibaba Group Holding Ltd and its second-largest acquisition during Marissa Mayer's tenure as chief executive. (http://on.wsj.com/11gbAMQ)
* Wal-Mart Stores Inc is abandoning the frenzied one-day-only "Black Friday" sales model used to jump-start the annual holiday-shopping season. The world's biggest retailer instead will offer its best deals on television sets, toys and other gifts over a five-day period beginning in the last week of November into early December. (http://on.wsj.com/1GNDJed)
* Brick-and-mortar retailers who had hoped Congress would pass a bill to effectively end tax-free online shopping are likely to be disappointed, as House Speaker John Boehner indicated this week that he would block the measure. (http://on.wsj.com/1zL4w90)
* The European Union's new competition chief, Margrethe Vestager, said she would take her time to investigate the antitrust concerns posed by Google Inc's control over large amounts of data. (http://on.wsj.com/1xw7FqW)
* General Motors Co said it would reduce production and lay off 510 workers at two Michigan assembly plants to trim inventories of slower-selling vehicles even as auto sales generally remain red hot. (http://on.wsj.com/10Xr8UT)
* Microsoft Corp, Hewlett-Packard Co and Apple Inc are likely to be some of the big beneficiaries if a deal reached between China and the United States leads to slashed tariffs on a range of technology products around the world, including videogame consoles, advanced chips and prepaid cards. (http://on.wsj.com/1zi4fYb)
* Chrysler Group LLC will start repairs on about 371,000 vehicles equipped with potentially defective Takata Corp air bag inflators in December, nearly six months after it said it would comply with a request by U.S. safety regulators to make fixes. (http://on.wsj.com/1zLa5Er)
* Google Inc has signed a long-term lease with NASA for part of a historic Navy air base and will pay $1.16 billion in rent over 60 years for the property, where it plans to renovate three large hangars and use them for projects involving aviation, space exploration and robotics. (http://on.wsj.com/1swtxMq)
FT
Britain's Treasury department has sent a letter to top banks and to the British Bankers' Association, asking them to explore ways to raise awareness about their services to clients who turn to payday lenders, in hopes of limiting debt.
A recent report by the UK government's independent airports commission has determined that a new airstrip on the Heathrow airport - rather than at Gatwick - will provide greater economic benefits to the country and will help ease congestion at UK's main airports. However, the new infrastructure will cost billions more than previously calculated.
British construction-equipment lender Speedy Hire PLC said it would pull out of operations from the Middle East due to increasing losses and weak demand. The Merseyside-based company said it will exit after existing contracts come to an end.
New rules proposed by the Financial Conduct Authority, effective January 2015, will limit the daily charges that payday lenders charge for interest and fees to 0.8 percent of the total loan amount. The new rules threaten to eradicate Britain's payday lender industry altogether.
NYT
* China and the United States made common cause against the threat of climate change, staking out an ambitious joint plan to curb carbon emissions as a way to spur nations around the world to make their own cuts in greenhouse gases. (http://nyti.ms/1szHjhp)
* Russia agreed on Tuesday to build two new nuclear power reactors in Iran, with a possibility of six more after that, in a deal that greatly expands nuclear cooperation between the two countries. The United States was initially critical of the Russian policy of providing civilian reactors to Iran, but later withdrew its objections. (http://nyti.ms/1B63BBB)
* China's largest Internet merchants Alibaba Group Holding Limited, JD.com Inc and others are working to improve logistics in the country. The country's delivery problems were highlighted on Singles Day. The Chinese e-commerce market is already bigger than that of the United States, but it struggles with delivery because of decades of underinvestment in inland logistics infrastructure and inefficient local regulation. (http://nyti.ms/1sAc6M6)
* On the eve of a multibillion-dollar settlement with six giant banks suspected of manipulating the foreign currency market, regulators in Washington and Britain have encountered a last-second complication that one of the banks may drop out of the deal. Barclays Plc has yet to commit to settling, even as the window of opportunity closes. (http://nyti.ms/11g7TXh)
* Noel Cryan, a former employee of Tullett Prebon Group Holdings PLC appeared in a London court on Tuesday in a criminal inquiry into the manipulation of the London Interbank Offered Rate. He was ordered by the court to surrender his passport and was released on bail. (http://nyti.ms/1xghJ8U)
* While Detroit's court-approved plan to exit bankruptcy has been praised as a fresh start for the city, its pension system relies on some of the same problems that plunged the city into crisis in the first place. The state of Michigan, the Detroit Institute of Arts and even the city's water and sewer system have pledged hundreds of millions of dollars to bolster the municipal pension system. (http://nyti.ms/14bflnY)
* Yahoo Inc is buying BrightRoll, a platform for selling and delivering video advertising, for $640 million in cash. After the Tumblr Inc acquisition, it is the second biggest deal by Yahoo under Marissa Mayer's leadership.(http://nyti.ms/1szR9zK)
* Edward Lampert's efforts to save Sears Holdings Corp have left it reeling, so he is employing a method he is familiar with, breaking it up and monetizing it. The company said that it might engage in a bit of financial engineering by selling 200 to 300 stores to a real estate investment trust. (http://nyti.ms/1tF0Ltx)
* Activist investor William Ackman's firm Pershing Square Capital Management LP said it has acquired 8.5 percent of animal health company Zoetis Inc. Pershing Square added it would talk to Sachem Head Capital Management, an activist hedge fund led by a protégé of Ackman, about Sachem's 1.6 percent stake in Zoetis. (http://nyti.ms/1szWuqU)
* Andrea Bonomi, the Italian businessman battling a Chinese-French bid for Club Méditerranée, on Tuesday announced another sweetened offer for the resort company, this time with backing from Kohlberg Kravis Roberts and Company. (http://nyti.ms/1EzvYX6)
* UniCredit SpA said its net profit more than tripled in the third quarter as the Italian bank booked lower losses related to doubtful loans. UniCredit, Italy's largest lender, said it had also benefited from a recovery in demand for loans within Italy; profit from its subsidiaries in Poland and other East European countries; and better earnings at the investment banking unit. (http://nyti.ms/1v1QGOr)
* President Obama argued for rules to protect an open Internet to be strong, just not too strong. Under the guidelines suggested by Obama, broadband internet service would be treated as a utility by the Federal Communications Commission, similar to a traditional phone service. (http://nyti.ms/1qDk3iT)
* Wal-Mart Stores Inc issued an "urgent agenda" memo to managers, pushing them to improve performance on fresh items, reflecting customer complaints about food quality. The memo told Wal-Mart marketing managers to maximize the chance of selling aging meat and baked goods before their expiration dates. (http://nyti.ms/1v1YwHO)
Canada
THE GLOBE AND MAIL
** Canadian fighter jets hit a piece of artillery used by Islamic State militants during an air strike in Iraq on Tuesday, the federal government says. The Department of National Defence confirmed that coalition forces carried out a series of air strikes near Beiji, an area north of Baghdad where the extremist group is known to operate. (http://bit.ly/10UjfiB)
** Recent changes to the temporary foreign workers program aimed at slowing down the tide of low-skilled workers have made it more difficult for some Canadian universities to recruit international faculty. And there is concern the impact could be more severe as the hiring season ramps up in the coming months. (http://bit.ly/1sCsFqz)
** The fight over a C$1.1-billion cement project in Quebec's Gaspe region is escalating as U.S. trade officials express concerns about the new plant at the World Trade Organization and backers charge that those most opposed are motivated by financial self-interest. (http://bit.ly/1xwCnjN)
NATIONAL POST
** An increasingly strong U.S. economy will benefit Ontario's key export sectors, led by industrial machinery products, according to Export Development Canada. The EDC's new outlook, released Wednesday, predicts that exports from Canada's largest province will be up 7 percent overall this year, and rise 5 percent in 2015. (http://bit.ly/1wS58r0)
** On the 20th anniversary of the 1994 North American Free Trade Agreement (NAFTA), the spirit and letter of the history-making pact appears to have vacated the White House. Instead of encouraging free access for Canadian oil to the U.S. market, as committed to in NAFTA, Obama is actively promoting the idea that America doesn't need and doesn't want Canadian oil and gas. (http://bit.ly/1tFJRuw)
** The new chief of a small British Columbia reserve that ousted its $200,000-a-year leader last week has pledged not to give herself a raise. Barbara Cote was chosen to lead the Shuswap First Nation at a meeting Monday with her fellow band councillors. She replaces Paul Sam, who was voted out of office Friday. (http://bit.ly/1EA4VuJ)
China
CHINA SECURITIES JOURNAL
- The land reform scheme, which has been completed, has been submitted for comment. It is expected to be launched during the Central Conference on Rural Work, which is likely to be held before the end of the year.
21st CENTURY BUSINESS HERALD
- China Railway Corporation said 64 new railway projects have been approved, and construction will begin by year-end, the newspaper reported.
SHANGHAI SECURITIES JOURNAL
- China's state air traffic control commission will discuss the opening up of the country's airspace, especially lower altitudes, at an upcoming meeting this month and the Civil Aviation Authority is due to introduce measures to promote the industry's development.
CHINA DAILY
- Asia Pacific Economic Cooperation leaders have signed a declaration to deny a safe haven for corrupt officials and their ill-gotten assets, and have pledged to support Beijing's fight against corruption.
Read more: http://www.dailymail.co.uk/wires/reuters/article-2830908/PRESS-DIGEST--C...
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Britain
The Times
* Air fares to rise as new runways run billions over budget
Air passengers face significant fare increases in order to pay for new runways at either Heathrow or Gatwick because the schemes will cost billions more than originally estimated, the Airports Commission said today. (http://thetim.es/1v1fp5r)
* We're fighting back with broadband and TV, says Vodafone
Vodafone Group Plc has parked its tanks on BT's lawn with a plan to launch a consumer broadband and television service and a promise to fight fire with fire if its rival starts a price war in mobile services. The company, which until two years ago was solely a mobile phone business, said yesterday that the new services would be launched next spring. (http://thetim.es/1sz1lZs)
The Guardian
* EC president accused of hypocrisy over Luxembourg tax schemes
Margaret Hodge, the British scourge of corporate tax evasion, has accused the European commission president, Jean-Claude Juncker, of hypocrisy and demanded he explain whether he personally authorised tax avoidance schemes that were rife in Luxembourg during his premiership of the principality. (http://bit.ly/1wQSGI5)
* New payday loan rules to cap fees, total cost and default charges
The UK's financial watchdog is clamping down on payday loans, with new rules to ensure that borrowers are never forced to repay more than double the amount of their original loan. (http://bit.ly/1svBwte)
The Telegraph
* Banks to be hit with billions in rigging fines
Banks face billions of pounds in fines on Wednesday as financial regulators announce the results of lengthy investigations into foreign exchange rigging. Royal Bank of Scotland, Barclays Plc and HSBC Holdings Plc are among six banks that are understood to have agreed to pay 1.5 billion pounds ($2.39 billion) to the Financial Conduct Authority, and American regulators are also expected to announce fines worth roughly that amount again. (http://bit.ly/1xg1A3o)
* Morrisons employee charged over theft of payroll data
An employee of Morrisons, the supermarket group, has been charged with fraud after an investigation into the alleged theft of payroll data relating to thousands of members of staff. Andrew Skelton has also been charged with an offence under the Computer Misuse Act and another under the Data Protection Act, the Crown Prosecution Service said. (http://bit.ly/1whNIju)
Sky News
* BG tweaks Chief's 12 million pounds package amid protests
The FTSE-100 oil company BG Group Plc will bow to City pressure over a 12 million pounds share award for its new chief executive after some investors indicated that they would revolt over the deal. Sky News has learnt that BG will publish a shareholder circular on Wednesday which will outline revised proposals for the remuneration package. (http://bit.ly/1xqvDTp)
* Newcastle owner Ashley to open chain of gyms
Newcastle United owner Mike Ashley is to open a chain of cut-price gyms charging 5 pounds a month with a 10-pound joining fee. It is the latest expansion of his Sports Direct business after it acquired up to 30 sites from LA Fitness. (http://bit.ly/1tZBrC7)
The Independent
* Singles' Day: Alibaba breaks record with $1 bln sales in first 20 minutes
Alibaba Group Holding Ltd, China's biggest online retailer, is capitalising on the country's annual Singles' Day, when singletons treat themselves with presents. An incredible $1 billion of goods was sold in just 20 minutes as sales started, according to the website, which has several online platforms. (http://ind.pn/1pOF1k0)
* American war veterans sue banks for 'helping to finance deadly operations' in Iraqi war
Taxpayer-owned Royal Bank of Scotland, Barclays Plc , HSBC Holdings Plc and Standard Chartered Plc are being sued by wounded Iraq war veterans from the U.S. armed forces who blame them for allegedly processing the Iranian funds that paid for the attacks. (http://ind.pn/147Fm7t)
*Fly On The Wall Pre-Market Buzz*
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Wholesale trade inventories for September at 10:00--consensus up 0.2%
ANALYST RESEARCH
Upgrades
Danaher (DHR) upgraded to Outperform from Market Perform at FBR Capital
Harmony Gold (HMY) upgraded to Neutral from Sell at UBS
NorthStar Asset Management (NSAM) upgraded to Outperform at Keefe Bruyette
Quality Distribution (QLTY) upgraded to Buy from Hold at Stifel
TreeHouse (THS) Foods upgraded to Buy from Hold at Stifel
Downgrades
CBOE Holdings (CBOE) downgraded to Sell from Hold at Evercore ISI
Community Health (CYH) downgraded to Market Perform from Outperform at Wells Fargo
Discovery (DISCA) downgraded to Market Perform from Outperform at Bernstein
HCA Holdings (HCA) downgraded to Market Perform from Outperform at Wells Fargo
JPMorgan (JPM) downgraded to Market Perform from Outperform at Bernstein
JetBlue (JBLU) downgraded to Neutral from Overweight at JPMorgan
Leggett & Platt (LEG) downgraded to Market Perform from Outperform at Raymond James
Northfield downgraded to Market Perform from Outperform at Keefe Bruyette
Northstar Realty (NRF) downgraded to Market Perform from Outperform at Keefe Bruyette
Viacom (VIAB) downgraded to Market Perform from Outperform at Bernstein
Initiations
Advent Software (ADVS) initiated with a Neutral at BofA/Merrill
Boston Properties (BXP) initiated with an Outperform at Credit Suisse
Corporate Office Properties (OFC) initiated with an Underperform at Credit Suisse
DCT Industrial (DCT) initiated with an Underperform at Credit Suisse
Demandware (DWRE) initiated with a Buy at Mizuho
EastGroup Properties (EGP) initiated with an Underperform at Credit Suisse
Forest City (FCE.A) initiated with an Outperform at Credit Suisse
Hudson Pacific (HPP) initiated with an Outperform at Credit Suisse
Kilroy Realty (KRC) initiated with an Underperform at Credit Suisse
Kimco Realty (KIM) initiated with an Outperform at Credit Suisse
LaSalle Hotel (LHO) initiated with an Outperform at Credit Suisse
MasterCard (MA) initiated with a Hold at Topeka
NetApp (NTAP) initiated with a Buy at Maxim
Pebblebrook Hotel (PEB) initiated with an Outperform at Credit Suisse
Prologis (PLD) initiated with an Outperform at Credit Suisse
RLJ Lodging Trust (RLJ) initiated with an Outperform at Credit Suisse
Ryerson (RYI) initiated with a Buy at Deutsche Bank
SL Green Realty (SLG) initiated with an Underperform at Credit Suisse
Simon Property (SPG) initiated with an Outperform at Credit Suisse
Sunstone Hotel (SHO) initiated with an Outperform at Credit Suisse
Taubman Centers (TCO) initiated with an Outperform at Credit Suisse
VeriFone (PAY) initiated with a Buy at Topeka
Visa (V) initiated with a Hold at Topeka
COMPANY NEWS
Yahoo (YHOO) acquired video advertising platform BrightRoll for $640M
Pershing Square confirmed 8.5% stake in Zoetis (ZTS)
CFTC fined five banks $1.4B for manipulation of FX benchmark rates (C, HSBC, JPM, RBS, UBS)
FCA fined five banks $1.7B over FX trading operations (C, HSBC, JPM, RBS, UBS)
FINMA fined UBS (UBS) CHF 134M for foreign exchange manipulation
BHP Billiton (BHP) said Nickel West to remain in portfolio as non-core asset
Wal-Mart (WMT) announced 'New Black Friday' event, includes five days of deals
Fossil (FOSL) announced new $1B share repurchase program
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Flowers Foods (FLO), Egalet (EGLT), Canadian Solar (CSIQ), Luxoft (LXFT), 58.com (WUBA), SunOpta (STKL), Home Inns (HMIN), Parsley Energy (PE), Supernus (SUPN), Lumenis (LMNS), Phibro Animal Health (PAHC), Opower (OPWR), Yodlee (YDLE), Cyclacel Pharmaceuticals (CYCC), Zafgen (ZFGN), Fate Therapeutics (FATE), Gevo (GEVO), MacroGenics (MGNX), , Fossil (FOSL), Inogen (ingn)
Companies that missed consensus earnings expectations include:
Silver Wheaton (SLW), Dawson Geophysical (DWSN), Glori Energy (GLRI), Encana (ECA), Sapiens (SPNS), Tahoe Resources (TAHO), Netlist (NLST), S&W Seed (SANW), Aerie Pharmaceuticals (AERI), Everyday Health (EVDY), Ideal Power (IPWR)
Companies that matched consensus earnings expectations include:
Syneron Medical (ELOS), Profire Energy (PFIE)
NEWSPAPERS/WEBSITES
Yahoo (YHOO) investors met with AOL (AOL) CEO to push merger, Reuters reports
Netflix (NFLX) CFO says planning 'sizable expansion' in 2015, Bloomberg reports
Pershing Square, Sachem Head build 10% stake in Zoetis (ZTS), WSJ reports (VRX, AGN)
BNP Paribas (BNPQY) should look into a merger with Monte dei Paschi, NY Times reports
GM (GM) scales back workers, production at small car plant, WSJ says
CBS (CBS), Disney (DIS) look to block FCC Comcast (CMCSA) merger disclosures, Bloomberg reports (TWC)
SYNDICATE
Axalta Coating Systems (AXTA) 50M share IPO priced at $19.50
Brixmor (BRX) Property 25M share Secondary priced at $23.75
Diamondback Energy (FANG) files to sell 2M shares for holders
Raven (RAVN) files to sell 1.54M shares for holders
TrueCar (TRUE) 6.402M share Secondary priced at $17.00 Reported by Zero Hedge 17 hours ago.