Global Stocks Struggle to Shrug Off China Fears (
WSJ)
Brief Respite Ends for European Stocks Amid Renewed Retreat (
BBG)
Stock futures rise after China injects $21.8 billion (
Reuters)
China turmoil needn't rattle BOJ, yen rise not a worry: Abe
adviser (
Reuters)
Stock-Market Tumult Exposes Flaws in Modern Markets (
WSJ)
Dollar gains as stocks recover, lessens safe-haven bid for yen
(
Reuters)
For Oil Producers Cash Is King, and That's Why They Just Can't
Stop Drilling (
BBG)
Rebels Blame Turkey After US-Trained 'Moderates' Captured
Inside Syria (
Sputnik)
As Biden weighs 2016 bid, donors so far stick by Clinton (
Reuters)
Schlumberger to buy Cameron in $14.8 billion deal (
Reuters)
Safest Emerging Stocks in Markets With Less to Lose in China (
BBG)
Top Saudi Suspect in 1996 Anti-U.S. Bombing Arrested, Sharq
Says (
BBG)
Amazon expands Prime Now, offers U.S. alcohol for first time (
Reuters)
The One-Man, $1.2 Billion ETF Shop (
BBG)
Why These Cheap Central Park Apartments Are Too Good to Be True
(
BBG)
Overnight Media Digest
WSJ
- The late-day selloff shattered the veneer of stability that
had settled over global markets after China's central bank moved to
stanch the stock-market rout. (on.wsj.com/1LzAECZ)
- Global central bankers are preparing to converge this week in
Jackson Hole, Wyoming, with a new economic mess on their hands.
This time, they confront a big disparity between the world's two
largest economies, the United States and China.
(on.wsj.com/1LzAL1B)
- A battle is brewing among tech giants over the future of
Wi-Fi, the ubiquitous and unregulated wireless connections at the
core of the mobile internet. Verizon Communications Inc and
T-Mobile US Inc are preparing to broadcast cellular signals over
some of the same free airwaves currently used by Wi-Fi networks.
The wireless carriers plan to begin rolling out the technology next
year. (on.wsj.com/1EVb2c2)
- Oshkosh Corp on Tuesday won a $6.75 billion contract to build
almost 17,000 new light trucks to replace aging Humvees for the
U.S. Army and Marine Corps, cementing the future of its defense
business. (on.wsj.com/1EVb43R)
- On Wednesday, a federal judge will begin weighing whether
Boeing Co mishandled its 401(k) plan by offering imprudent
investment options and allowing excessive fees to get passed on to
employees. The class-action suit, filed on behalf of 190,000 Boeing
employees and retirees, has been in court for almost a decade.
(on.wsj.com/1EVb9Es)
- Over the past decade, China has accumulated more steel than
any other economy in the world. And because steel can be endlessly
recycled, the country's steelmakers are likely to turn increasingly
to scrap instead of the iron ore mined by the likes of BHP Billiton
Ltd, Rio Tinto PLC and Anglo American PLC. (on.wsj.com/1EVbnvo)
FT
Zurich Insurance made a friendly 5.6 billion pound ($8.79
billion) takeover proposal for British rival RSA Insurance Group
Plc on Tuesday, paving the way for one of Europe's biggest
insurance deals.
Falling oil prices have led to renewed speculation against the
Saudi riyal, weighing on Riyadh as it exhausts its foreign reserves
and taps domestic debt markets to fix a widening budget
deficit.
UK's Advertising Standards Authority ruled on Tuesday that
online games Moshi Monsters and Bin Weevils breached its codes by
giving children "direct exhortations" to purchase membership
subscriptions.
NYT
- A sudden reversal in U.S. stock prices late in trading on
Tuesday produced a sixth consecutive session of losses and
heightened uncertainty about the challenges facing global markets.
(nyti.ms/1EVcuLB)
- The Coca-Cola Company is years ahead of schedule in its
efforts to replace the water that it uses around the world to make
its beverages, it announced on Tuesday. Coca-Cola said that by the
end of the year, it and its bottlers would reach its goal of
returning water to the environment and to communities around the
world. (nyti.ms/1EVfho1)
- China's central bank on Tuesday cut its benchmark interest
rate and freed banks to lend more, the latest signs of the
government's growing distress over slumping stocks and slowing
economic growth. The central bank's action followed a global stock
market rout in which China led the declines. (nyti.ms/1EVfnMi)
- Puerto Rico will not go ahead with a $750 million bond, just
days after asking the U.S. Supreme Court for the right to
restructure its huge debt.(nyti.ms/1NTxDLp)
- First Data, a big credit card processor, disclosed on Tuesday
in an amended prospectus that its public offering would be led by
15 underwriters. Notably absent on the list of underwriters for
what would be one of the biggest market debuts of the year is
JPMorgan Chase, which recently settled a hiring dispute with First
Data. (nyti.ms/1hFqVPg)
Hong Kong
SOUTH CHINA MORNING POST
- Hong Kong's exports declined for the third month in a row amid
sluggish global demand, decreasing 1.6 percent year-on-year in
July, the Census and Statistics Department said. The government
warned the trading environment outside the city would remain
challenging, given slow global economic growth and headwinds from
an impending U.S. interest rate lift-off. (bit.ly/1EUImQn)
- Chief Executive Leung Chun-ying has heaped pressure on Thai
authorities to drop the case against a Hong Kong photojournalist
detained in Bangkok for carrying an illegal bulletproof vest. Leung
said he was "very concerned" about the case of Anthony Kwan
Hok-chun, who faces up to five years in jail for breaching
Thailand's 1987 Arms Control Act. (bit.ly/1hd6wjF)
- China Merchants Bank said profit growth slowed to 8.26 percent
in the first half of the year while bad debt increased markedly
from the end of March. The Shenzhen-based commercial lender showed
a significant downshift in the speed of growth compared with a year
earlier, when it notched a nearly 15 percent year-on-year growth.
(bit.ly/1NAfipF)
THE STANDARD
- Users of 160 million mainland telephone numbers will from
Tuesday be encouraged to register their personal information in a
bid to combat scams and reduce spam text messages. The Ministry of
Industry and Information Technology said the new measures will
ensure phone numbers can be traced to a real person.
(bit.ly/1WRjy76)
- Tissue paper maker Hengan International Group, which posted a
10.8 percent rise in first-half net profit from a year back, saw
the results much lower than expected due mainly to a weak economic
environment while overcapacity in the industry raised competition,
according to Deputy Chairman Hui Lin-chit. (bit.ly/1LvMafM)
HONG KONG ECONOMIC JOURNAL
- Haitong International Securities Group Ltd, which posted a
sharp rise in first-half profit, is expeced to see a difficult
second half year as investors stay away from the volatile stock
market, and the brokerage has revised down its growth forecast for
the second half, according to Chief Executive Li Yong.
HONG KONG ECONOMIC TIMES
- Ladies footwear retailer Daphne International Holdings Ltd
said its first-half profit fell 98.5 percent to HK$2.53 million
($326,438.98) while turnover slid 13.9 percent to HK$4.4 billion
and earnings dragged in a discount-driven competitive environment.
It said retailers were squeezed further from the inflationary
pressure and rising labour cost
Britain
The Times
* BHP Billiton Plc, in its first results since spinning off its
less-favoured mines and plants into a company called South32 Ltd,
revealed its sharpest fall in annual profit in more than a decade,
down by 62 percent to 8.7 billion pounds ($13.65 billion). (
http://thetim.es/1Lzb6pD)
* Stephen Hester would almost certainly resign as chief
executive of RSA Insurance Group Plc if the country's biggest
commercial insurer agrees to a 5.6 billion pound takeover by Zurich
Insurance Group AG. (
http://thetim.es/1Ie0tB4)
The Guardian
* BBC Director General Tony Hall has warned that further cuts to
the corporation's funding and remit could result in more than
30,000 job losses across the TV industry. (
http://bit.ly/1JY6hGa)
* The competition watchdog has provisionally cleared Poundland
Group Plc's 55 million pound takeover of its rival single-price
retailer, 99p Stores, arguing that there are enough value chains
vying for customers to allow the deal. (
http://bit.ly/1MKv3bV)
The Telegraph
* The chief executive of Blinkx Plc has suffered a major
shareholder rebellion just a day after the company's shares slumped
on a profits warning. (
http://bit.ly/1hEZcyb)
* Fastjet Plc, the budget airline that aspires to become a
pan-African carrier, has passed a major milestone and struck a deal
to buy its first plane. (
http://bit.ly/1Pxcln4)
Sky News
* A long-term "impairment" in China's growth rates would have
"very significant implications" for the global economy, according
to Martin Sorrell, chief executive of WPP Plc (
http://bit.ly/1JYi6fE).
