- Futures flat ahead of Fed minutes (Reuters)
- Trump shakes up campaign staff (Reuters)
- Univision Wins Bankruptcy Auction for Gawker Media for $135 Million (WSJ)
- Congress receives FBI material on Hillary Clinton emails (CBS)
- Traders Brace for More Turmoil in World’s Worst Stock Market (BBG)
- Withdrawals Plague Once-Mighty Hedge-Fund Firms Brevan Howard and Tudor (WSJ)
- New York man in court charged with murdering Muslim cleric, assistant (Reuters)
- NSA website recovers from outage amid intrigue (Politico)
- The Soft Pinch of Austerity in Saudi Arabia Could Backfire (BBG)
- Walmart’s Out-of-Control Crime Problem Is Driving Police Crazy (BBG)
- Iran official: No permanent Russia base for Syria strikes (AP)
- Deutsche Bank Must Weigh Scrapping Bonus for 2016, Sewing Says (BBG)
- U.S. Charges Gabonese Fixer Tied to Hedge Fund Och-Ziff With Bribery (WSJ)
- Modi Sends Warning Shot to China, Pakistan on Territory Spat (BBG)
- Israel to pay Turkey $20 million in compensation after six-year rift (Reuters)
- Fund managers to ditch UK holdings over Brexit (Times)
- North Korea deputy ambassador in UK defects to South (Reuters)
- Target cuts profit forecast as same-store sales decline (Reuters)
Overnight Media Digest
WSJ
– A growing exodus from hedge funds extended to two of the biggest names in the industry Tuesday, Tudor Investment and Brevan Howard, as disenchanted investors increasingly shun what was once the hottest place to put money. Hedge funds and actively managed mutual funds have been underperforming since financial markets began their rebound in early 2009. http://on.wsj.com/2bboNON
– Pennsylvania Attorney General Kathleen Kane announced her resignation Tuesday, a day after she was convicted of perjury and obstruction in a case stemming from her leak of grand jury materials. http://on.wsj.com/2aZxCIo
– Ford Motor plans to release a fully driverless car without a steering wheel or pedals in the next five years, the latest salvo in a technological arms race engulfing the global auto industry. http://on.wsj.com/2aYyKfo
– Univision Communications won a court-administered auction for Gawker Media Group, outbidding Ziff Davis for control of the digital media pioneer that was forced into bankruptcy by a costly legal battle with former professional wrestler Hulk Hogan. http://on.wsj.com/2baMnLJ
FT
– Univision is buying Gawker Media for $135 million and offer from Univision represents a 50 percent premium to the initial $90 million bid by Ziff Davis, its main competition in the auction.
– Ford says it would build a fully self-driving car by the year 2021. The car will have no steering wheel or pedals and will be used in the driverless taxi services.
– Barnes & Noble has fired its CEO, Ron Boire, after the bookseller said the board determined that Boire “was not a good fit for the organization”
– BT CEO Gavin Patterson wrote to rival broadband providers Sky, Vodafone and TalkTalk to say that their ‘Fix Britain’s Internet’ campaign is misleading consumers and “talking down” Britain.
NYT
– Gawker Media was sold to Univision at auction on Tuesday. Univision bid $135 million to beat out digital media publisher Ziff Davis. http://nyti.ms/2bxbEi9
– Ford Motor’s Chief Executive Mark Fields said the company planned to mass produce driverless cars and have them in commercial operation in a ride-hailing service by 2021. http://nyti.ms/2bxaOSD
– The Obama administration on Tuesday issued aggressive new emissions standards for heavy-duty trucks. The rules are expected to achieve better fuel efficiency and a bigger cut in pollution than the version that was first proposed last year. http://nyti.ms/2bxbVS2
– African officials say the arrest of a Gabonese man on bribery charges may help pull back the curtain on a long-running foreign corruption scandal. United States authorities on Tuesday arrested Samuel Mebiame, a consultant who worked for a joint venture involving Och-Ziff Capital Management Group. http://nyti.ms/2bxcbk9
Canada
THE GLOBE AND MAIL
** Ottawa is monitoring the surge of unregulated mortgages in Canada as non-bank lenders see their market share grow amidst frothy housing conditions in Toronto and Vancouver. (http://bit.ly/2bdmNEU)
** Energy infrastructure company Kinder Morgan’s pipeline expansion is caught amidst a “challenging” time of transition, according to a federal ministerial panel appointed to conduct additional work despite the pipeline getting approved by the National Energy Board. (http://bit.ly/2bdp5Uw)
** A month after rules to legalize UberX were to come into effect, Toronto said that it had issued a new sort of licence to the disruptive ride-for-hire service and will begin screening its drivers with criminal background checks. (http://bit.ly/2bdoFh1)
NATIONAL POST
** BHP Billiton Ltd, the world’s biggest mining company, may end up “mothballing” its Canadian potash project by the end of the decade after completing two shafts at a cost of about US$2.6 billion. After the shafts are completed by 2018 or 2019, the company will decide on whether to build the mine or not. (http://bit.ly/2bmKGLO)
** Ontario’s largest credit union Meridian is launching a nationally available online and mobile bank. The aim is to compete with the country’s Big Five banks by accepting deposits and giving loans. (http://bit.ly/2bmR05D)
** Virgin Mobile Canada has introduced two new home Internet service plans for eligible Ontario residents. Customers in the province have the option of signing up for a 300 GB plan for $50 per month or an unlimited plan for $65 per month. (http://bit.ly/2bmM299)
Britain
The Times
More than half of Europe’s largest fund managers plan to cut their holdings in UK companies amid fears about the impact of Britain leaving the European Union. http://bit.ly/2bcnUom
A 3.4 billion pounds ($4.43 billion) bid for William Hill Plc hung by a thread last night amid indications that Rank Group Plc and 888 Holdings Plc may be ready to throw in their cards. http://bit.ly/2bcp8jp
The Guardian
The financial pressure on older people and their families when trying to pay for social care is growing, with the average cost of a room in a care home now more than 30,000 pounds a year. The cost of a care home room has risen by 5.2 percent in the last year, more than 10 times the average increase in pensioners income, according to a report by Prestige Nursing and Care. http://bit.ly/2bcpree
Britain’s Intellectual Property Office has approved Specsavers’ application to trademark the terms “should’ve” and “shouldve” to protect its well-known catchphrase. The high street opticians made the application in July in a bid to safeguard its slogan “should’ve gone to Specsavers”. http://bit.ly/2bcpzKQ
The Telegraph
Prime Minister Theresa May has written to Chinese President Xi Jinping insisting she wants stronger trade and cooperation between Britain and China, amid a row over her decision to delay the Hinkley Point nuclear deal. http://bit.ly/2bcr6Aw
City firms that help businesses run tax avoidance schemes could face huge financial penalties under fresh Government proposals. Under new HMRC plans, firms that help clients exploit tax rules, including the use of offshore tax havens, could pay a fine of up to 100 percent of the money lost to the taxpayer. http://bit.ly/2bcqE5f
Sky News
Direct Line Insurance Group Plc, one of Britain’s biggest insurance companies, has abandoned plans to offload a chunk of its pension liabilities as deficits soar in the wake of this month’s Bank of England interest rate cut, Sky News has learnt. http://bit.ly/2bcrvTg
Three 24-hour strikes by Virgin Trains East Coast staff have been called off pending further talks, the company has said. Members of the Rail, Maritime and Transport union had been planning to walk out later this month in a row over jobs, working conditions and safety. http://bit.ly/2bcpSVX
The Independent
Banco Santander SA has warned that Britain’s vote to leave the European Union marked the end of an era of stability for the UK banking sector as banks face the prospect of record low interest rates and wider economic volatility. http://ind.pn/2bcqURV
via http://ift.tt/2bmydJb Tyler Durden