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Sep 23, 2015

Volkswagen: A History of Boardroom Clashes and Controversy: The Guardian - Selected Articles - September 23, 2015.

Volkswagen: a history of boardroom clashes and controversy

Graham Ruddick
Volkswagen could easily have ended up a British company. After the second world war, the British army, led by Maj Ivan Hirst, decided to try to salvage the carmaker’s factory in Wolfsburg rather than destroy it. They instructed VW to construct 20,000 cars to help the army travel around the British occupation zone, of which Wolfsburg was part.
The factory was then offered to Britain as war reparations. However, a delegation led by Sir William Rootes – later Lord Rootes and head of the carmaker Rootes – decided that VW was not worth the money. He is purported to have said that the Beetle was “too ugly and too noisy”.

U.S. Secretary of Commerce Penny Pritzker Kicks-off CEO Roundtable Discussion with U.S. CEOs and Chinese Delegation: U.S. Department of Commerce Communications - September 23, 2015.

Press Release 
Today, U.S. Secretary of Commerce Penny Pritzker delivered opening remarks at the CEO roundtable discussion hosted by the Paulson Institute and the China International Trade Promotion Committee in Seattle. During the roundtable, U.S. and Chinese CEOs had the opportunity to share their experiences and challenges surrounding conducting business in China with President Xi Jinping and the Chinese delegation.
Remarks as Prepared for Delivery
Thank you, Hank, for that warm introduction. I also want to express my appreciation to you and the China Council for the Promotion of International Trade for hosting today’s discussion. And thank you, President Xi, for taking precious time out of your busy schedule to listen to our business communities.

SEC Charges Consultant and Friend With Insider Trading in Advance of P.F. Chang’s Merger: SEC Press Release - September 23, 2015.

  SEC Seal
The Securities and Exchange Commission today charged a consultant and his friend with insider trading in the options of P.F. Chang’s China Bistro based on nonpublic information about an impending acquisition offer.

DealBook P.M. Edition - September 23, 2015: Top Story: A Big Bet That China's Currency Will Devalue Further.

Wednesday, September 23, 2015
A tea shop on a business street in Beijing. A Texas hedge fund is betting on an extreme drop in China's currency.
A Big Bet That China's Currency Will Devalue Further Investors like Mark L. Hart III are making a high-stakes gamble that China's currency devaluation last month was not a one-time event.

Volkswagen C.E.O. Martin Winterkorn Resigns Amid Emissions Scandal: NYT Afternoon Update - September 23, 2015

The New York Times

Wednesday, September 23, 2015

Top News
Martin Winterkorn, 68, had been chief executive at Volkswagen since 2007.
Volkswagen C.E.O. Martin Winterkorn Resigns Amid Emissions Scandal


The move came less than a week after the company admitted that some diesel cars in the United States contained software designed to evade emissions tests.
In 1987, Lee A. Iacocca, chairman of Chrysler, ran advertisements to repair the damage done by a scandal over selling cars whose odometers had been altered.
Volkswagen Test Rigging Follows a Long Auto Industry Pattern


Ever since governments began regulating cars, automakers have been finding ways to cheat to improve data on emissions, gas mileage and safety.

Stocks Close Mildly Lower as Materials Weigh: Wall Street at Close Report by CNBC on September 23, 2015.

Stocks close mildly lower as materials weigh

Evelyn Cheng
U.S. stocks closed mildly lower Wednesday in light volume trade as investors eyed oil and commodity prices, amid weak manufacturing China data.
"We've been bouncing around all day. We've been going up and down with energy prices," said Art Hogan, chief market strategist at Wunderlich Securities. "Our mid-term and longer-term concerns aren't going to be answered for a while."
Crude traded more than 3 percent lower in the afternoon despite initially spiking on a report that U.S. crude inventories fell by 1.9 million barrels. Crude settled down $1.88, or 4.06 percent, at $44.48 a barrel.

Three Videos From World Economic Forum - September 23, 2015: China 2015 - Co-Chairs Press Conference II , China 2015 - Report Launch: Inclusive Growth and Development, China 2015 - What are the latest break-through innovations in Health? .


China 2015 - Co-Chairs Press Conference II

World Economic Forum World Economic Forum________________________________________________________________________

China 2015 - Report Launch: Inclusive Growth and Development.

World Economic Forum World Economic Forum


China 2015 - What are the latest break-through innovations in Health?

World Economic Forum World Economic Forum________________________________________________________________

CMI | Spot Prices as of Close of Trading in New York on September 23, 2015.

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Wednesday, September 23, 2015


Today Change Week Ago Month Ago Year Ago
$1,133.20 +$7.00 $1,120.70 $1,154.40 $1,219.85


Today Change Week Ago Month Ago Year Ago
$14.82 +$0.04 $14.92 $14.80 $17.72


Today Change Week Ago Month Ago Year Ago
$933.10 -$7.50 $979.70 $991.10 $1,323.10


Today Change Week Ago Month Ago Year Ago
$648.05 +$34.85 $613.75 $578.15 $823.00

Gold/Silver Ratio


Investment-Related Radio Programs Used to Defraud: SEC Investor Alert - September 23, 2015.

SEC Seal

The SEC’s Office of Investor Education and Advocacy is issuing this Investor Alert to provide investors with an overview of fraudulent schemes that may be carried out through radio programs.
Many people listen to radio programs that discuss investments.  Some of these programs address general topics, such as which types of stocks, bonds, or funds might make good investments.  Others may provide commentary and analysis about particular companies, investment products, or financial trends.

SEC Charges Two Philadelphia Area Men For Defrauding Friends And Family In Private Equity Fund: SEC Press Release - September 26, 2015.

 SEC Seal
The Securities and Exchange Commission today announced settled charges with two Philadelphia-area men and their investment advisory firm who allegedly defrauded investors in a private equity fund they managed.  Under the settlement, the respondents will owe approximately $6.8 million to the SEC.  The SEC intends to distribute collected money to harmed investors.

China's New Path to Sustained Growth: Bloomberg View - September 23, 2015.

China's New Path to Sustained Growth

Li Wei
China’s economic slowdown has raised some concerns in the past three years -- especially given the recent volatility in global equity markets. Yet if one looks into the underlying fundamentals of China’s economic growth, a different picture emerges: After a brief and inevitable period of transition, China is poised to open a new era of sustained economic growth, one that will continue to fuel global prosperity.

The Auto Complete Questions | What if I fail? You asked Google – here’s the answer | Tom Hodgkinson: The Guardian - Selected Articles

What if I fail? You asked Google – here’s the answer | Tom Hodgkinson

Tom Hodgkinson
We are all failures. Every one of us.

That’s not always how it looks, of course. Other people seem so successful. Their own PR machines paint a positive picture. They are perpetually “excited” on Twitter about their new project. Their photos on Facebook show them looking happy and smiley.
Seen from the outside, our friends always seem to be earning more money than us. They have bigger houses and go on sunnier holidays. And we are surrounded by images of wealth. All I see when I walk the streets of London are fleets of black jeep-like cars everywhere, which has the effect of making me feel like a failure because I am skint.
Aristotle felt we needed to make space for quiet study. Photograph: Hulton Getty
Add to that the sense that my contemporaries all seem to be writing best-selling novels or acting in Hollywood films or making tons of money somehow or other, and the sense of failure can easily creep up on you.

Bron Suchecki: Fractional-reserve bullion banking, Part 3: GATA | THE GATA DISPATCH - September 23, 2015.

Bron Suchecki: Fractional-reserve bullion banking, Part 3

Submitted by cpowell on  Wednesday, September 23, 2015 September 23, 2015

In the third installment of his series on fractional-reserve gold banking, Perth Mint research director Bron Suchecki describes how the association formed by London-based bullion banks, London Precious Metals Clearing Ltd., reduces risk among bullion banks and regulates their credit with each other.
Suchecki writes that in some ways the London bullion banking system resembles a "free banking" system, in which financial institutions issue their own competing forms of money. But, he adds, the analogy is far from complete because of the involvement of central banks in gold lending.
The credit extended by bullion banks to each other, Suchecki writes, in effect increases what is perceived as the gold supply and thus tends to suppress gold's price in terms of government currencies. He adds that gold lending by central banks tends to do this as well.

Uber's New Carpooling Service: Bits | The Business of Technology - September 23, 2015.

Daily Report
 Wednesday, September 23, 2015
Uber's New Carpooling Service | In Seattle, President Xi Jinping of China on Tuesday addressed wary American business executives who are worried about market barriers, cybertheft and tough security measures imposed on foreign companies. But back in China, an American company is breaking down its own market barriers.

Federal Reserve Board Approves Enhancements to Reserve Banks' Same-Day ACH Service: FRB | Press Release - September 23, 2015.

Press Release

Release Date: September 23, 2015

The Federal Reserve Board on Wednesday announced the approval of enhancements to the Federal Reserve Banks' same-day automated clearing house (ACH) service. The enhancements are intended to align the Reserve Banks' same-day ACH service with recent amendments to NACHA's ACH operating rules and will facilitate the use of the ACH network for certain time-critical payments, accelerate final settlement, and improve funds availability to payment recipients.
The enhancements become effective September 23, 2016, and require receiving depository financial institutions (RDFIs) to participate in the service and originating depository financial institutions (ODFIs) to pay a fee to RDFIs for each same-day ACH forward transaction.
The enhancements will be adopted by incorporation of NACHA's amended operating rules into Operating Circular 4, governing the Reserve Banks' ACH services.
The Board's Federal Register notice is attached.

Attachment (PDF)
For media inquiries, call 202-452-2955
Last update: September 23, 2015

Europe Ekes Out Gains as VW CEO Steps Down: European Markets at Close Report by CNBC on September 23, 2015.

Europe ekes out gains as VW CEO steps down

Alexandra Gibbs, Arjun Kharpal, Holly Ellyatt
European stocks finished marginally higher on Wednesday, as investors digested the latest from Volkswagen and continued to ponder China's economic health.

The pan-European STOXX 600 ended trade around 0.1 percent higher, having pared earlier gains.


FTSE FTSE 100 Index 6032.24
96.40 1.62% 748152309
DAX DAX Index 9612.62
41.96 0.44% 116043338
CAC 40 CAC 40 Index 4432.83
4.32 0.10% 148334406
IBEX 35 IBEX 35 Idx 9474.60
-75.60 -0.79% 386536643
London's FTSE 100 outperformed other indexes on Wednesday, finishing up 1.6 percent. The French CAC index, for instance, finished around 0.1 percent higher.
Germany's DAX pared gains at the close, ending up 0.4 percent after Deutsche Bank also cut its target levels for the index and the CEO of Volkswagen stepped down.
U.S. stocks traded in a narrow range Wednesday, with investors eyeing oil prices and China's weak manufacturing data.

Our new poll has good news for Joe Biden: BloomBerg Politics - The Brief - September 23, 2015.

The Brief


Biden is now the top presidential choice for one in four Democrats

In a new Bloomberg Politics poll, nearly half say they want the vice president in the race.

America loves Pope Francis, but not his climate change stance

On the eve of the pope's visit to the U.S., Americans speak in a new Bloomberg Politics poll.

'Time to warm up to gold?': Mineweb Gold News - September 23, 2015:

Mineweb Gold News -  23 September 2015

'Time to warm up to gold?'

'Time to warm up to gold?'
UBS takes on this (obviously leading) question.
Newmont keen on Barrick Australia stake as it shuns U.S. mines

Newmont keen on Barrick Australia stake as it shuns U.S. mines
Barrick is trying to offload a package of six mines in Nevada & Montana.
Gold holds two-day drop as Yellen’s speech to be scrutinized

Gold holds two-day drop as Yellen’s speech to be scrutinized
Yellen to deliver a speech on 'inflation Dynamics and Monetary Policy.'
Gold buying in India seen rising 15% as festivals aid demand

Gold buying in India seen rising 15% as festivals aid demand
India vies with China as the world’s biggest gold consumer.
Vast Resources pours first gold at Pickstone-Peerless The Zimbabwe gold mine comes on stream.

Egyptian billionaire to buy 30% of Endeavour Mining Cash -flush Naguib Sawiris eyes stake in Endeavour.

BHP CEO's paycheck slashed after global commodities collapse Andrew Mackenzie's remuneration fell 43% to $4.58m.

South Africa replaces mines minister amid looming job cuts Mosebenzi Joseph Zwane replaces Ngoako Ramathlodi.

Advance 2014, and Revised 2001–2013 GDP-by-Metropolitan-Area Statistics: BEA News Release - September 23, 2015.


Advance 2014, and Revised 2001–2013 GDP-by-Metropolitan-Area Statistics

Real GDP increased in 282 of the nation's 381 metropolitan areas in 2014, led by growth in several industry groups: professional and business services, wholesale and retail trade, and the group of finance, insurance, real estate, rental, and leasing. Natural resources and mining remained a strong contributor to growth in several metropolitan areas. Collectively, real GDP for U. S. metropolitan areas increased 2.3 percent in 2014 after increasing 1.9 percent in 2013.
Percent Change in Real GDP by Metropolitan Area
Professional and business services contributed 0.61 percentage point to U.S. metropolitan area real GDP growth in 2014. This industry contributed to growth in 314 of the nation's 381 metropolitan areas. Growth in this industry accounted for more than half of real GDP growth in 49 metropolitan areas, and contributed more than one percentage point to growth in 28 metropolitan areas, most notably in Midland, MI (4.56 percentage points) and San Francisco-Oakland-Hayward, CA (2.05 percentage points).
Wholesale and retail trade contributed 0.34 percentage point to U.S. metropolitan area real GDP growth in 2014. This industry contributed to growth in 323 metropolitan areas and contributed more than one percentage point to growth in 16 metropolitan areas. The largest contributions from this industry occurred in Battle Creek, MI (2.85 percentage points) and Mobile, AL (1.96 percentage point).

DealBook Today's Top Headlines - September 23, 2015: Volkswagen Showdown | Goldman Chief's Cancer Focuses Attention on Successor | The Risk of Unicorns | Bank of America Chief Keeps Post as Chairman.

Wednesday, September 23, 2015
VOLKSWAGEN SHOWDOWN It's a day of reckoning for Martin Winterkorn, Volkswagen's chief executive. Bloomberg News reports that he will be defending himself before the executive committee of the supervisory board today.

Under scrutiny is how much Mr. Winterkorn knew about a plan intended to deceive regulators and consumers about diesel engine emissions. His survival depends on the votes of a few crucial players who will decide his future.

The Guardian Media Briefing on September 23, 2015.

Media briefing
Wednesday 23 Sep 2015
Top stories on MediaGuardian More »

Richard Holloway questions BBC decision to shift dance show in schedules and believes Simon Cowell’s ITV talent series may have ‘finite lifespan’
Advertising Standards Authority rules overall message of posters for cosmetics company was sexually suggestive, but not enough to cause widespread offence
Post-watershed series retelling the Trojan war set to be ‘unlike anything’ shown previously on the channel
Surprise move could mark a reduction in state commitment to Qatari-owned media group amid falling oil prices
Aardman, also behind Wallace and Gromit and Morph, makes first move to set up permanent studio outside UK since being founded in 1972
Comments from Michael Grade come as more than 40% of viewers and listeners say the corporation should do fewer entertainment shows
Nine UK-based bloggers on list published by Bangladesh group Ansarullah Bangla Team, who have been blamed for a series of murders
Michael Grade says corporation cannot be put into competition for revenue as green paper questions suitability of licence fee as long-term source of funding
Richard Walker, who edited Sunday tabloid and launched The National daily paper, and Tony Carlin, editor of the evening paper take voluntary redundancy
ITV’s fortunes have been intertwined with those of the BBC since being founded in 1955. Now, with the Corporation’s future under scrutiny, it’s also the time for Britain’s biggest commercial broadcaster to think about its role

Today's newspaper headlines More »

Our roundup of the day’s media stories, including X Factor producer: moving Strictly Come Dancing unnecessary, plus al-Jazeera may cut hundreds of jobs
Media Monkey's pick of the day More »

The 2007 advert has been voted the nation’s favourite, but which other adverts stick in your mind?