Snow is coming: OECD Cuts Economic Growth Forecasts (WSJ) World waits for white smoke from U.S. Fed (Reuters) - Understandable error: they meant "green" Scots Breakaway at 45% Odds as Economists Warn of Capital Flight (BBG) Ukraine President Poroshenko Faces Backlash Over EU Trade Deal Delay (WSJ) German Anti-Euro Party Advances in Merkel Homeland Voting (BBG) Clinton Hints at 2016 Run as Super-PAC Packs Iowa Steak Fry (BBG) Air France, Lufthansa Hit by Strikes in Fight for Future (BBG) U.S. sees Middle East help fighting IS, Britain cautious after beheading (Reuters) Ex-Billionaire Charged by Brazil With Financial Crimes (BBG) Record S&P 500 Masks 47% of Nasdaq Mired in Bear Market (BBG) Heineken confirms, rebuffs SABMiller bid (Reuters) Alibaba Said to Plan Boosting IPO Price Amid Interest (BBG) A minimum-wage hike finds hope in U.S. heartland (Reuters) Western sanctions are testing Russia's strength: Medvedev (Reuters) Phones 4u Bonds Plummet After Losing Mobile Contracts (BBG) and it was just a year ago that it did a "successful" dividend recap deal...
Overnight Media Digest
WSJ
* International support for the U.S.-led military campaign against Islamic State gathered strength with the United Kingdom vowing to destroy the group after it killed a British aid worker, Arab States agreeing to participate in air strikes and Australia pledging forces. (http://on.wsj.com/1tTMjj6)
* President Barack Obama plans to dramatically boost the U.S. effort to mitigate the Ebola outbreak in West Africa, including greater involvement of the U.S. military, people familiar with the proposal said. (http://on.wsj.com/1qVDFka)
* Heineken NV said Sunday that U.K.-based rival SABMiller Plc has approached it about being acquired but that Heineken's controlling family intends to keep the company independent. (http://on.wsj.com/1BF0zkF)
* A firm run by former AIG boss Hank Greenberg is suing the U.S. government over its bailout of AIG six years ago. A trial set to start late this month poses a risk for the insurer.(http://on.wsj.com/1uD4Wtc)
* As vice chairwoman of the Federal Reserve, Janet Yellen was an unabashed advocate of easy money who pressed colleagues to embrace her view. As chairwoman she has taken a much different approach, becoming a restrained consensus seeker modeled after her predecessor, Ben Bernanke. (http://on.wsj.com/X4DpVn)
* U.S. investigators have turned multiple bank employees into informants in a far-reaching probe of possible manipulation of currency markets, and are preparing to seek criminal charges against individual traders as early as next month. (http://on.wsj.com/1qPzF5W)
* U.S. Treasury Secretary Jacob Lew warned his Chinese counterpart in a recent letter that a spate of antimonopoly investigations against foreign companies could have serious implications for relations between the two countries, according to people briefed on its contents. (http://on.wsj.com/Xl9Krm)
FT
Silicon Valley's top executives and investors have agreed that the U.S. tech industry has failed to appreciate the growing global concern over its record on online privacy and security and must act immediately to prevent deeper damage to its image.
SABMiller Plc made a preliminary offer for rival brewer Heineken that was rejected by its controlling shareholders. This deal would have brought the two companies together and helped SABMiller resist a takeover bid from rival Anheuser-Busch InBev
After many years in which dealmakers have been standing firmly in the shadows of their profit-churning trading colleagues, a resurgent market for takeovers and public listings has fostered bigger pay cheques for advisory bankers.
Former chief executive of BP Plc, Tony Hayward, warned that U.S. and EU sanctions against Moscow are threatening to turn around and bite the West by hindering global oil supplies and driving up prices in coming years.
Eike Batista, a Brazilian business magnate, was accused of market manipulation, and prosecutors sought to freeze millions of dollars worth of properties that he had transferred to his family. The accusations were part of a criminal action against Batista, whose empire collapsed last year in Latin America's largest bankruptcy, with prosecutors attempting to take hold of 1.5 billion Brazilian reais ($641.30 million) in assets.
NYT
* People keep texting when they are behind the wheel, so an engineer has found a technological solution. The problem: He can not do it on his own. (http://nyti.ms/1y4HCtc)
* An investigation by the New York Times into the National Highway Traffic Safety Administration's handling of major safety defects over the past decade found that it frequently has been slow to identify problems, tentative to act and reluctant to employ its full legal powers against companies. (http://nyti.ms/1wlqQ4x)
* Parent groups and privacy advocates are challenging the practices of an industry built on data collection, and California has passed wide-ranging legislation protecting students' personal information. (http://nyti.ms/1q60b6d)
* Barry Diller's IAC/InterActiveCorp - owner of Match.com, OkCupid and other sites - has been increasing its presence in the terrain that combines technology and romance in the last 10 years, but the market has become crowded. (http://nyti.ms/1D9nztS)
* The smartphone offerings of Apple Inc, Amazon.com Inc, Microsoft Corp and Samsung Electronics Co Ltd have a lot to say about the companies' approach to most everything. (http://nyti.ms/1D9nNB3)
* Activist investor William Ackman's new fund, Pershing Square Holdings, is expected to be listed on the Amsterdam Stock Exchange. (http://nyti.ms/1s7ilpJ)
* Heineken, the Dutch brewer, said on Sunday it had rejected a takeover approach made by SABMiller, putting on ice what would have been a multibillion-dollar beer deal. With a valuation of about $44 billion, Heineken is one of the last big independent brewers in the world, remaining autonomous in an era of global consolidation. (http://nyti.ms/1sUL3OP)
Canada
THE GLOBE AND MAIL
** The newly formed British Columbia LNG Developers Alliance, representing four of the largest proponents of liquefied natural gas exports from the West Coast is lobbying Ottawa for tax relief, arguing that it is in the national interest to launch LNG sales to Asia and reduce Canada's dependence on energy exports to the United States. The alliance's four members are Kitimat LNG, the Pacific NorthWest LNG project led by Malaysia's state-owned Petronas, Shell Canada Energy-led LNG Canada and BG Group's Prince Rupert LNG. (bit.ly/XmAacc)
** Royal Canadian Mounted Police analysts have warned government and industry that environmental extremists pose a "clear and present criminal threat" to Canada's energy sector, and are more likely to strike at critical infrastructure than religiously inspired terrorists. (bit.ly/1wvfa1S)
** Talks between the union representing British Columbia teachers and their employer continued through the weekend, as the two sides and a mediator work to end the bitter strike that has kept 500,000 public school students out of the classroom. Negotiators spent the weekend at a hotel near the Vancouver airport, but would not say what progress had been made. (bit.ly/X5qUZJ)
NATIONAL POST
** Days after being diagnosed with an abdominal tumour, Toronto Mayor Rob Ford withdrew his candidacy for a second term Friday, opening the door in the process for his brother Doug to take his place. (bit.ly/1qOA1ds)
** More than 400 academics are demanding the Canada Revenue Agency halt its audit of a think-tank, saying the conservative government is trying to intimidate, muzzle and silence its critics. In an open letter, the group defends the Canadian Centre for Policy Alternatives, a left-leaning think-tank that was targeted for a political-activity audit partly because it was deemed by the agency to be biased and one-sided. (bit.ly/1nVPiEp)
** While Keurig Green Mountain Inc is trying to knock competitors out of its massive single-serve coffee ring, an Ottawa startup, Single Cup Coffee is using new technology to secure a spot and, so far, it's paying off. Single Cup Coffee, which offers nearly 100 new flavours made in so-called XBold cups re-engineered to give every hot beverage a bolder taste, is already brewing C$12 million in sales after one year of operations. (bit.ly/1y5MrTa)
Hong Kong
SOUTH CHINA MORNING POST
-- The de facto head of Shanghai's free-trade zone is expected to step down, five separate sources said, likely dealing another blow to the already struggling economic project ahead of its first anniversary. Dai Haibo, the zone's executive deputy director overseeing daily operations, was suspected of disciplinary violations, said the sources. (bit.ly/1qViQFI)
-- Russian money is fleeing Western sanctions and into Hong Kong, but running into obstacles at banks nervous about money laundering, analysts say. (bit.ly/1m4wgAC)
-- Cathay Pacific, one of the world's largest cargo carriers, is hoping the Christmas season will start a little earlier this year. The last quarter may signal the start of a real recovery for the sluggish global cargo market thanks to new hi-tech consumer product launches and recovery in the U.S. economy, said Cargo Director James Woodrow. (bit.ly/X3TGcY)
THE STANDARD
-- Hong Kong food authorities on Sunday ordered a massive recall and ban on all 25 lard and lard products imported from Chang Guann at the centre of the "gutter oil" scandal in Taiwan, and banned all food made with the products. (bit.ly/1s2B6kd)
-- The new racing season got off a golden start at the Sha Tin track in Hong Kong in more ways that one. The first-day crowd and turnover were the highest in more than 20 years. Attendance was 74,281, 12 percent higher from last year's opener, while turnover rose more than 10 percent to HK$1,139 billion ($147 billion). (bit.ly/1AOziKm)
-- Jiashili Group opens its retail book today, seeking to raise up to HK$320 million. The Guangdong-based biscuit manufacturer is offering 100 million shares at HK$3.70 each. (bit.ly/1m4zJ21)
HONG KONG ECONOMIC JOURNAL
-- Some 700 staff from casino operator SJM Holdings Ltd staged a protest over the weekend demanding better pay. The workers warned that they would hold a strike in the golden week in October if the management continued to ignore their demand.
Britain
The Times
RBS FACES CLASS ACTION OVER 'ABUSE' OF SMALL BUSINESSES
Hundreds of business owners affected by Royal Bank of Scotland's "turnaround" division for struggling companies are planning to sue the bank through a group legal action. (http://thetim.es/1pfU6Ec)
PHONES 4U CRASHES TO PUT JOBS IN JEOPARDY Nearly 6,000 jobs on the High Street were in jeopardy on Sunday as Phones 4u collapsed into administration. All 550 of its shops are to close with immediate effect, pending a decision by administrators at PricewaterhouseCoopers on whether a long-term solution can be found for the business. (http://thetim.es/1q563N5)
The Guardian
FROM BANKING TO TEACAKES: WHAT HAPPENS IF IT'S A YES IN THE REFERENDUM If Thursday's vote is a yes, bank customers will want to know on Day One if their money is safe and what currency an independent Scotland will use - even if, in reality, it would be 18 months before any real change occurs. Bank of England Governor Mark Carney is cutting short a trip to Australia, where G20 finance ministers and central bank governors are gathering, to ensure he is in the UK in case the contingency plan he has drawn up needs to be implemented. The Treasury insists Chancellor George Osborne - who is not going to Cairns - has no contingency plan. (http://bit.ly/1uvBGpo)
2014 COULD SET RECORD FOR VALUE OF IPOS ON LONDON STOCK EXCHANGE MAIN MARKET This year could see a record amount of cash raised by companies joining the London stock exchange's main market. By the end of August, about 7.4 billion stg ($12.01 billion) had been raised, according to Capita Asset Services, and on current trends this could reach 11.7 billion stg by the end of the year, well above the record 8.7 billion stg set in 2011. (http://bit.ly/1y3O57V)
The Telegraph QUEEN WARNS SCOTS TO THINK 'VERY CAREFULLY' ABOUT REFERENDUM VOTE The Queen has broken her silence about the potential break-up of the United Kingdom by warning Scots to think "very carefully about the future" before casting their votes in the independence referendum. With only four days to go to the polls and the contest on a knife edge, the monarch made a hugely significant intervention by stating she hoped Scots would consider closely what their "important" votes would mean. (http://bit.ly/1uNYtej) SAMSUNG ACCUSES RIVAL OF SABOTAGING WASHING MACHINES Samsung Electronics Co Ltd has accused the head of rival LG Electronics Inc's home appliances business of damaging its washing machines at retail stores in Germany. The firm, in a statement on Sunday, said it had asked the Seoul Central District Prosecutors' Office to investigate LG employees who the company says were seen deliberately destroying several of its premium washing machines on display at two stores earlier this month ahead of the IFA electronics show in Berlin. (http://bit.ly/1qVcuWL)
Sky News
MERGERS WATCHDOG PAVES WAY FOR 'CABLE FINES' Vince Cable, the merger watchdog, will on Monday pave the way for a crackdown on companies that break pledges on jobs and investment made during major corporate takeover deals. (http://bit.ly/1BDTroK)
SCOTLAND REFERENDUM RESULT 'TOO CLOSE TO CALL' The latest opinion polls show the Scottish referendum campaign is "on a knife-edge" - with the "Yes" and "No" campaigns ahead in different surveys. Three polls - all of which exclude undecided voters - give the "No" campaign the advantage on the final weekend of campaigning, but pro-Independence campaigners will be boosted by another which shows them ahead by a large margin. (http://bit.ly/1wsKHlc)
The Independent
UK FIRMS OUT OF RACE FOR 485M STG THAMES FLOOD DEFENCE PROJECT
Unions are warning of an impending British engineering skills crisis, as yet another major public sector project is set to be awarded to a huge U.S. firm. The three bids involving UK firms have been removed in the running for the 485 million stg, 10-year Environment Agency deal to shore up the River Thames' flood defences. The contract covers an area from Teddington in west London to Sheerness and Shoeburyness in Kent and Essex. (http://ind.pn/1s2yrqG)
SCOTTISH INDEPENDENCE: STERLING ON KNIFE-EDGE AS CITY BRACES FOR SCOTS VOTE The City is bracing for "a major reaction" to sterling and shares following the Scottish independence result as the London market faces what could be its most turbulent week since the 2008 banking crisis. Bank of England Governor Mark Carney is returning early from this week's finance meeting of G20 countries in Australia to monitor the markets in person from Thursday and Chancellor George Osborne has cancelled his trip entirely. (http://ind.pn/1qBQbYx)
Fly On The Wall Pre-Market Buzz
ECONOMIC REPORTS Domestic economic reports scheduled for today include: NY Fed Empire State survey for September at 8:30--consensus 15.9 Industrial production for August at 9:15--consensus up 0.3% Capacity utilization rate for August at 9:15--consensus 79.3%
ANALYST RESEARCH
Upgrades
AMC Entertainment (AMC) upgraded to Overweight from Equal Weight at Barclays Abaxis (ABAX) upgraded to Buy from Hold at Canaccord Acuity Brands (AYI) upgraded to Buy from Neutral at Goldman Barrick Gold (ABX) upgraded to Neutral from Underweight at HSBC CVS Health (CVS) upgraded to Outperform from Market Perform at Cowen Chuy's (CHUY) upgraded to Buy from Hold at KeyBanc Conversant (CNVR) upgraded to Neutral from Sell at Goldman Danske Bank (DNSKY) upgraded to Buy from Hold at Deutsche Bank DigitalGlobe (DGI) upgraded to Overweight from Neutral at JPMorgan Pebblebrook Hotel (PEB) upgraded to Buy from Hold at ISI Group Sunstone Hotel (SHO) upgraded to Buy from Hold at ISI Group Veeco (VECO) upgraded to Neutral from Sell at Goldman
Downgrades
Brady (BRC) downgraded to Market Perform from Outperform at Wells Fargo Cree (CREE) downgraded to Neutral from Buy at Goldman Douglas Dynamics (PLOW) downgraded to Neutral from Outperform at RW Baird Marten Transport (MRTN) downgraded to Outperform from Strong Buy at Raymond James Posco (PKX) downgraded to Neutral from Overweight at HSBC Rackspace (RAX) downgraded to Neutral from Overweight at JPMorgan Symantec (SYMC) downgraded to Sector Perform from Outperform at RBC Capital TransCanada (TRP) downgraded to Sell from Neutral at Goldman
Initiations
American Realty (ARCP) initiated with an Overweight at JPMorgan Capital Product (CPLP) initiated with a Buy at Jefferies Continental Resources (CLR) initiated with a Buy at Canaccord Costco (COST) initiated with a Buy at Citigroup NRG Yield (NYLD) initiated with an Outperform at RBC Capital PTC Therapeutics (PTCT) initiated with a Buy at Deutsche Bank Power Solutions (PSIX) initiated with an Outperform at Northland Target (TGT) initiated with a Neutral at Citigroup Wal-Mart (WMT) initiated with a Neutral at Citigroup Whiting Petroleum (WLL) initiated with a Buy at Canaccord Winnebago (WGO) initiated with an Outperform at BMO Capital
COMPANY NEWS
Heineken (HEINY) said SABMiller (SBMRY) acquisition proposal non-actionable Cognizant (CTSH) agreed to acquire TriZetto for $2.7B Danaher (DHR) to acquire Nobel Biocare Holding for CHF 17.10 per share HSBC (HSBC) confirmed $550M settlement agreement with FHFA Oracle (ORCL) acquired Front Porch Digital, terms undisclosed AT&T (T) said it had the 'biggest iPhone, pre-order launch day ever' (AAPL) Hudson City Bancorp (HCBK) announced passing of chairman, CEO Ronald Hermance, named Denis Salamone as CEO, effective immediately
EARNINGS No notable earnings this morning.
NEWSPAPERS/WEBSITES
Apple (AAPL) CEO says working on products that haven't been rumored yet, Re/code reports Amazon (AMZN) faces tax obstacle in India, FT reports Herbalife (HLF) near settlement with former distributors, NY Post reports Netflix (NFLX) to face competition in France from Numericable Group , WSJ reports Citigroup (C) said to plan OneMain IPO by month-end, Bloomberg says Home Depot (HD) took steps to up defenses, but hackers moved faster, WSJ reports JPMorgan (JPM) could have difficulty repelling hackers, NY Times reports Lam Research (LCRX) shares could return 20%, Barron's says Popular (BPOP) shares could rise 30%, Barron's says Pfizer (PFE) shares look cheap, Barron's says Starbucks (SBUX) shares could fall, Barron's says Don't listen to bears about Apple (AAPL), Barron's says
SYNDICATE
American Assets Trust (AAT) sells 400K shares at $33.76 in a private placement InnerWorkings (INWK) files to sell 4.84M shares for holders Marathon Patent Group (MARA) files to sell 1.32M shares for holders Smith Micro (SMSI) files to sell 6.85M shares for holders
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