- China inflation relief sends stocks, dollar higher (Reuters)
- China producer prices rise for first time in nearly five years, may ease debt woes (Reuters)
- Oil rises further above $52 on tighter U.S. fuel stocks (Reuters)
- Oil From $50 Billion Kashagan Field Starts Flowing to Export (BBG)
- HP Plans Up to 4,000 Job Cuts Over Three Years (BBG)
- New Rules Make It Harder for Companies to Manage Their Cash (WSJ)
- The Sept. 11 Lawsuit Bill Is Weaker Than It Appears (BBG)
- The U.S. Election Is Driving Americans Nuts (BBG)
- Republicans weigh response with eye toward future (Reuters)
- Hershey CEO Bilbrey prepares to step down (Reuters)
- More Than 1 Million in Obamacare to Lose Plans as Insurers Quit (BBG)
- Saudi Arabia, SoftBank aim to be world’s No. 1 tech investor with $100 billion fund (Reuters)
- Obama decries ‘wild west’ media landscape (AFP)
- British banks keep cyber attacks under wraps to protect image (Reuters)
- Goldman’s Online Consumer-Lending Platform Goes Live (WSJ)
- Malaysian Fund 1MDB Linked to White House Visit (WSJ)
- Islamic State crushes rebellion plot in Mosul as army closes in (Reuters)
- Carmakers forced back to bigger engines in new emissions era (Reuters)
- Verizon Warns Yahoo That Breach Could Affect Takeover Deal (WSJ)
Overnight Media Digest
WSJ
– Verizon Communications Inc signaled it may demand to renegotiate its $4.8 billion deal for Yahoo Inc following the internet company’s recent disclosure of a data breach that affected more than 500 million accounts. http://on.wsj.com/2db0wuo
– Consumer-products giant Unilever Plc is raising its UK prices for everything from mayonnaise to shampoo after months of discreet increases amid a Brexit-triggered currency rout that threatens Britons’ buying power. http://on.wsj.com/2db0kLL
– Xerox Corp’s largest individual shareholder, billionaire Darwin Deason, has filed a lawsuit that seeks to block the copier and services giant from splitting itself into two public companies. http://on.wsj.com/2db0EKE
– Amazon.com Inc plans to hire 20 percent more seasonal workers for its U.S. warehouses this holiday season as some competitors have kept hiring steady. http://on.wsj.com/2db1sPo
– Samsung Electronics Co said it expects about another $3 billion in lost income from to its move to scrap the fire-prone Galaxy Note 7 phone, raising the financial impact of the crisis to the equivalent of about half of its profit last year in the mobile division. http://on.wsj.com/2db2ElZ
– RSP Permian Inc on Thursday said it agreed to acquire Silver Hill Energy Partners LLC and Silver Hill E&P II LLC for about $2.5 billion. http://on.wsj.com/2db1VS1
– HP Inc announced plans that include generating a bit less cash than analysts had anticipated in the next fiscal year while moving to further reduce the company’s head count. http://on.wsj.com/2db2Guj
– SoftBank Group Corp said Thursday that it was planning to invest in the technology sector through a fund that the Japanese internet and telecommunications conglomerate aims to make among the largest of its kind in the world. http://on.wsj.com/2db3NKp
FT
* Britain’s biggest retailer, Tesco, settled a pricing row with Unilever after halting online sales of goods produced by the Anglo-Dutch giant in a dispute caused by a plunge in the pound since Britons voted to leave the EU.
* European Council President Donald Tusk raised the prospect on Thursday that Britain might ultimately not leave the European Union because it would discover that any form of divorce from the EU will mean a damaging “hard Brexit”.
* HP Inc, the hardware business of former Hewlett-Packard Co, said it expects to cut about 3,000 to 4,000 jobs over the next three years, sending its shares down 1.3 percent in extended trading.
NYT
– Samsung Electronics Co Ltd said on Friday that it expected about $3 billion in operating profits to evaporate over the next two quarters after its decision to ditch the Galaxy Note 7 smartphone. http://nyti.ms/2e9MJ8S
– SoftBank Group Corp said it would form a new investment fund that could invest up to $100 billion in technology companies worldwide along with Saudi Arabia. http://nyti.ms/2e9N77r
– Verizon Communications Inc may seek to renegotiate its $4.8 billion purchase of Yahoo Inc’s operating business, after Verizon’s top lawyer said that the hacking of 500 million Yahoo email accounts in 2014 had materially diminished Yahoo’s value. http://nyti.ms/2e9Lu9y
– Deutsche Bank AG has instituted a company-wide hiring freeze as the lender looks to speed up efforts to reduce costs and regain investor confidence. http://nyti.ms/2e9Ozqs
Britain
The Times
* The billionaire Jim Ratcliffe is bidding to acquire assets in the North Sea owned by Royal Dutch Shell as his Ineos chemicals group steps up efforts to become a leading player in Britain’s struggling offshore oil industry. (http://bit.ly/2e1G8M9)
* Patients with dementia and cancer will have their access to life-extending new drugs rationed by the NHS. Health chiefs are to be given the power to delay or restrict treatments that cost the NHS more than about 20 million pounds ($24.87 million) a year, even if they are deemed good value. (http://bit.ly/2elZSv5)
The Guardian
* Unilever Plc has resolved its dispute with Tesco Plc and says well-known brands including Marmite and Ben & Jerry’s will be back on the shelves. It emerged on Wednesday that Tesco was running short of stock of a range of household brands from Marmite to Comfort fabric conditioner after a row with its major supplier. (http://bit.ly/2eaXPoG)
* More than 50 percent of Sky Plc independent shareholders have voted against James Murdoch’s reappointment as chairman. The head of the pan-European broadcaster had to rely on the support of Sky’s largest shareholder, 21st Century Fox, to win approval for his return to Sky after a four-year hiatus. (http://bit.ly/2dO6NtP)
The Telegraph
* Britain is in danger of misreading the political landscape in Europe and faces the possible loss of its reserve currency status if it fails to secure full access to the European single market, Standard & Poor’s has warned. (http://bit.ly/2dQTyfW)
* MPs are set to vote on whether former BHS owner Sir Philip Green should be stripped of his knighthood by the Queen next week. (http://bit.ly/2exhqUs)
Sky News
* Pension Protection Fund, which was BHS’ biggest creditor when it collapsed into administration, is demanding the company’s imminent liquidation in a bid to accelerate investigations into former directors. (http://bit.ly/2dmFebF)
* The ‘one size fits all’ approach to state pension access could be replaced by a system more tailored to the demands of individual professions in future. The idea is one that has been thrown open for discussion by John Cridland, the former director general of the CBI, who is leading a Government review. (http://bit.ly/2e9lxqG)
The Independent
* Demand for housing picked up in September for the first time in seven months as confidence began to recover in the wake of the Brexit vote. But conflicting data showed an alarming drop in London sales. (http://ind.pn/2dNmwcL)
via http://ift.tt/2dPdSdV Tyler Durden