- Stocks Drop, Gold Leads Haven Rally on Korea Fears (BBG)
- Trump heads for Texas as flood waters rise (Reuters)
- Destruction Tests U.S. Shale (WSJ)
- Gulf Coast Faces Billions in Damage (WSJ)
- Harvey Recharges as Crippled Houston Counts the Cost (BBG)
- North Korea’s ‘reckless’ missile launch over Japan sharply escalates tension (Reuters)
- North Korea Missile Launch Into Pacific Provokes Japan (WSJ)
- Tough choice for Trump if Congress refuses border wall financing (Reuters)
- Oil prices dip as market grapples with hurricane damage (Reuters)
- At Whole Foods, Amazon Takes Rare Lead in Cutting Prices (WSJ)
- U.N. nuclear watchdog opens uranium bank in Kazakhstan (Reuters)
- Regulators, Auto Lenders Dig Into Customer-Refunds Process (WSJ)
- Pentagon Faces $65 Billion in Budget Cuts (BBG)
- Russia rejects allegations it will use war games to launch an invasion (Reuters)
- Iran rejects U.S. demand for U.N. inspector visit to military sites (Reuters)
- Apple, Studios at Odds Over Movie Pricing Ahead of Apple TV Rollout (WSJ)
- Islamic State convoy reaches east Syria after ceasefire (Reuters)
- Freeport Gives Up Majority Stake in Indonesia’s Grasberg Mine (WSJ)
- Trump Punishes Longtime Aide After Angry Phoenix Speech, Sources Say (BBG)
- Lufthansa wants Air Berlin long-haul planes (Reuters)
Overnight Media Digest
WSJ
– The United States Navy says it has recovered the remains of all 10 sailors who went missing when the USS John S. McCain collided with a tanker near Singapore a week ago, a development that focuses attention on investigations under way into the causes of the crash and what will happen next to the stricken destroyer. on.wsj.com/2gl8fZc
– The United States government Monday called on Guatemalan President Jimmy Morales to rethink his attempt to expel a United Nations-backed anticorruption prosecutor who is investigating the president and other top politicians for possible breaches of campaign finance laws. on.wsj.com/2glUt8N
– North Korea launched a ballistic missile over Japan Tuesday, in the latest in a string of direct provocations that have destabilized the region and triggered global alarm. on.wsj.com/2gl8iUS
– Ricardo Darre has resigned as chief executive of Argentina’s state-run oil and gas producer, YPF SA , the company said Monday. on.wsj.com/2gkrJNJ
– Pope Francis will travel to Myanmar in late November for a visit likely to highlight struggles of the country’s embattled Muslim minority. on.wsj.com/2gluvCd
– China and India said they had negotiated a solution to a more than two-month-long standoff on a remote Himalayan plateau, ending a stalemate that had raised concerns about a potential military conflict. on.wsj.com/2gluxKl
FT
* The European Union’s chief negotiator Michel Barnier said on Monday he was concerned at the slow progress of Brexit talks, while his British counterpart David Davis called for “imagination and flexibility” to move on.
* North Korea fired a missile early on Tuesday that flew over Japan and landed in the Pacific waters off the northern island of Hokkaido, South Korea and Japan said, in a sharp escalation of tensions on the Korean peninsula.
* Gilead Sciences Inc agreed to buy Kite Pharma Inc in a nearly $12 billion deal on Monday, as it looks to replace flagging sales from hepatitis C drugs with an emerging and expensive class of cancer immunotherapies that are expected to generate billions of dollars in revenue.
NYT
– Dara Khosrowshahi, 48, is on the threshold of becoming one of the world’s most prominent entrepreneurs. On Sunday night, he was selected to be chief executive of Uber Technologies Inc, the ride-hailing company that is the world’s most valuable start-up. The deal is almost official, according to the travel reservations site Expedia Inc, which Khosrowshahi currently runs. nyti.ms/2iDUYMj
– Hurricane Harvey may inflict as much as $30 billion in damages on homeowners, according to preliminary estimates. But only 40 percent of that total may be covered by insurance — and of that, the federal government will bear the biggest liability. nyti.ms/2wO74sg
– The drugmaker Gilead Sciences Inc said on Monday that it would buy Kite Pharma Inc for about $11.9 billion to bolster its aging portfolio with an emerging cancer treatment. nyti.ms/2iEIK64
– The Food and Drug Administration announced a crackdown on dangerous stem cell clinics on Monday, while at the same time pledging to ease the path to approval for companies and doctors with legitimate treatments in the growing field. nyti.ms/2iEPAIH
– The Guardian has established a nonprofit venture in the United States, theguardian.org, to focus on tapping philanthropic organizations — or even corporate foundations and think tanks — for financial help to report on issues including human rights and climate change. nyti.ms/2wjYNt1
Canada
THE GLOBE AND MAIL Caterpillar construction-equipment dealer Toromont Industries Ltd has struck a deal to buy privately held Hewitt Group for C$1.02 billion ($819.01 million)in cash and stock as it seeks to ride a mining-sector recovery and tap into a massive pool of public-infrastructure spending planned over the next decade, particularly in Quebec. (tgam.ca/2wFKF01)
As NAFTA negotiations enter the second round of talks this week, the duty-free threshold for e-commerce purchases could provide some negotiating leverage for Canada, some observers say. (tgam.ca/2wFwzM3)
Amid Bay Street speculation about who will buy Canadian construction company Aecon Group Inc , AltaCorp Capital Inc is placing an early bet that it will be a large international firm such as Kiewit Corp or ACS Group. (tgam.ca/2wFB3lK)
Britain
The Times
– The European Union’s chief negotiator Michel Barnier has warned Britain to start “negotiating seriously” as the stand-off over the Brexit divorce bill intensified. Speaking before the latest round of talks began in Brussels today, Barnier voiced frustration at the government’s “ambiguity” and the failure of ministers to publish a position paper on UK’s potential financial liabilities. bit.ly/2wEdnyb
– High street lenders are enjoying windfall gains from a 115 billion pounds ($148.61 billion) Bank of England funding scheme that was supposed to boost growth rather than profits. Net interest margins for some of the biggest users of the Bank’s term funding scheme have risen significantly since it was launched as part of a post-Brexit stimulus package in August last year. bit.ly/2wE7Pnm
The Guardian
– Companies that are publicly listed in the UK will be obliged to publish the pay ratio between their chief executive and their average British worker under government plans. The proposals, which will be announced on Tuesday and will come into force by next June, will also aim to give workers a voice at the boardroom level. bit.ly/2wDpvzK
– Manufacturers are demanding that the UK government provide urgent clarity on the future of EU workers’ rights, warning they will face shortages of skilled staff if they cannot recruit from Europe after Brexit. bit.ly/2wDpBr6
The Telegraph
– The pension deficits weighing down thousands of Britain’s businesses grew by billions of pounds last year, with black holes widening despite moves to close “gold-plated” defined benefit schemes. The total cost of pension liabilities among blue-chip FTSE 100 companies grew 95 billion pounds to 681 billion pounds in 2016, according to JLT Employee Benefits. bit.ly/2wEezl9
– Nissan Motor Co Ltd will increase production at its Sunderland plant by a fifth and double the amount of parts it sources from within the UK in an attempt to offset higher costs following Britain’s withdrawal from the EU. The Japanese car company will step up production by 20 percent to around 600,000 vehicles per year. bit.ly/2wEedLp
Sky News
– Leading shareholders in Dixons Carphone Plc want directors to accelerate a search for its next boss after last week’s shock profit warning wiped nearly a quarter off the company’s stock market value. bit.ly/2wEcBkX
via http://ift.tt/2vAOyj9 Tyler Durden