Financial Markets and Economy
Losses Top $2.2 Billion as Crippled Chennai Seeks Aid on Twitter (Bloomberg)
As the flood-ravaged Indian city of Chennai prayed for respite from torrential rains, a trade body said losses to businesses from the record downpour could reach more than 150 billion rupees ($2.2 billion).
Asia stocks slip, dollar supported after Yellen's rate hike comments (Business Insider)
Asian stocks slipped and the dollar advanced on Thursday after hawkish-sounding comments from Federal Reserve Chair Janet Yellen further reinforced the case for an interest rate hike later this month.
Loonie Bears Aren't Nearly Bearish Enough, Morgan Stanley Says (Bloomberg)
Almost no one — from the Bank of Canada, to currency traders to Wall Street prognosticators — grasps how far the Canadian dollar must fall to revive the nations economy after the collapse in oil prices, according to Morgan Stanley.
Yahoo's board is still debating the Alibaba spinoff (Business Insider)
Yahoo's board of directors finished its first of three days of meetings on Wednesday without reaching a decision on whether to press ahead with the planned spinoff of its stake in Chinese ecommerce company Alibaba, according to CNBC's David Faber.
The board meetings come amid media reports that Yahoo is considering selling its core internet business, either in addition to or instead of the Alibaba spinoff.
Southeast Asian Businesses Want Details on Asean Community Plan (Bloomberg)
Business leaders in Southeast Asia are seeking more clarity on the region’s march toward a common community after policy makers unveiled a new road map following missed targets for economic integration this year.
More ECB Stimulus Raises the Question of Insanity (Bloomberg View)
European Central Bank President Mario Draghi has all but promised to expand and extend the institution's quantitative easing program when the ECB meets Thursday. But the logic by which he arrives at the argument for more QE would challenge even Mr. Spock at his most Vulcan. It's worth walking through some of that thinking, and some of the anomalies it produces.
AB InBev seeks to sell SABMiller's Grolsch, Peroni brands (Yahoo! Finance)
Anheuser-Busch InBev (ABI.BR) is looking to sell SABMiller's (SAB.L) Grolsch and Peroni brands in a bid to address potential concerns among European competition regulators over its planned acquisition of the world's second largest brewer. The sale of the brands and their related businesses in Italy, the Netherlands and Britain would be conditional on AB InBev acquiring SABMiller in a cash and share offer currently worth some 72 billion pounds ($108 billion). AB InBev said on Thursday it was also looking to sell London-based craft beer maker Meantime Brewing Company, given its focus on premium beers.
Emerging Stocks to Currencies Fall as Yellen Backs Rate Rise (Bloomberg)
Emerging-market stocks and currencies fell for a second day as Federal Reserve Chair Janet Yellen reinforced expectations for the first U.S. interest-rate increase in almost a decade.
Target settles for $39 million over data breach (CNN)
The banks lost millions when they were forced to reimburse customers who lost money in the massive 2013 hack of Target's database.
The banks, which service MasterCard, filed a class action lawsuit against Target after rejecting an earlier $19 million deal. MasterCard had tentatively approved that deal in April on behalf of its card issuers, but several of the banks rejected it.
Metals Cutback Rebound Vanishes as Demand Seen Key to Recovery (Bloomberg)
First zinc, then nickel, and now copper. Joint production cuts by the worlds biggest supplier are failing to prop up beleaguered markets.
Crude prices retake $40-a-barrel, but gains may not last (Market Watch)
Crude oil prices recovered slightly in early Asia trade Thursday, but concerns of a swelling global surplus after the U.S. reported bigger-than-expected growth in stockpiles will keep the rise limited.
On Wednesday, the Energy Information Administration said its commercial stockpiles of crude oil, gasoline, diesel and other fuels last week soared above 1.309 billion barrels, a fresh record. Crude-oil stockpiles alone rose for the 10th week in a row, according to the EIA.
Templeton Bond Guru Sees Pain Coming for Complacent Debt Traders (Bloomberg)
Franklin Templetons Michael Hasenstab says his bond-market peers arent prepared for rising U.S. interest rates.
YouTube battling Netflix, Amazon for TV and movies (Market Watch)
YouTube is seeking streaming rights to TV series and movies to bolster its new subscription service, intensifying its rivalry with Netflix Inc. NFLX, +2.84% , Amazon.com Inc. AMZN, -0.45% and Hulu in the competitive market for online video.
China Stock-Index Futures Climb After Biggest Gain in a Month (Bloomberg)
Chinese stocks rose for a fourth day, led by financial companies, as money-market rates dropped and speculation mounted the government will take steps to bolster growth in Asia’s largest economy.
Yahoo Struggles as an Afterthought to Advertisers (NY Times)
In the third quarter of 2012 — Marissa Mayer’s first three months as chief executive of Yahoo — the company had about $1.2 billion in revenue, most of it from advertising. Three years later, its revenue was still $1.2 billion.
While Yahoo was treading water, younger companies like Google and Facebook were zipping ahead, riding a huge wave of advertiser interest in digital media. Now, 20 years after its founding, Yahoo, which still has a billion people using its apps and websites, is an afterthought in many ad budgets.
Brazil's Petrobras says 32 firms banned from working with it (Business Insider)
Thirty-two companies are currently banned from doing work for Brazil's state-run oil company Petroleo Brasileiro SA <PETR4.SA> because of an ongoing corruption investigation, the oil firm's head of governance João Elek said on Wednesday.
He said Queiroz Galvão Óleo e Gás could now be allowed to work with Petrobras, as the oil company is more commonly known, and hoped other companies would be able to return as well.
China’s Slowdown Tarnishes Economic Boom in Copper-Rich Zambia (NY Times)
Pulling up in his white Mercedes S.U.V., Liu Youbin shouted over the din of the construction site where Chinese supervisors in red uniforms and helmets watched over a couple of dozen Zambian workers. He vaunted the speed of Chinese construction crews, later handing out a pamphlet that read, “Dollar Hill Shopping Mall, Wholesale City & Amusement Park. Coming Soon!!!”
Politics
Key Themes to Watch for in Putin's Annual Address to Russians (Bloomberg)
When Vladimir Putin makes his annual speech to parliament on Thursday, observers inside and outside Russia will watch for any softening of presidential rhetoric against the U.S. and Europe as part of calls for a global fight against terrorism.
Putin used last year’s address to attack the U.S. and the European Union for imposing sanctions after Russia annexed Crimea and backed separatists in eastern Ukraine.
Technology
McLaren’s New MP4-X Concept Car Imagines a Fully Bonkers Future for F1 (Wired)
Formula one, more than most sports, is all about evolution. It’s a technological arms race where teams constantly tweak and update their cars in the hope of gaining the slightest edge. Progress comes in small steps within exceedingly strict rules. The future reveals itself slowly.
That’s what makes the McLaren MP4-X so striking. McLaren’s Formula One concept, unveiled today, cares little for evolution and leaps right into tomorrow. “We wanted to peer into the future and imagine the art of the possible,” says John Allert, group brand director for the McLaren Technology Group.
Health and Life Sciences
Is Breast Density an Overrated Cancer Risk Factor? (Medicine Net)
Breast density is considered by many an independent risk factor for breast cancer. But new research from Croatia suggests it might not be that critical after all.
Researchers evaluated thousands of mammogram reports in Croatia and found no substantial difference in breast density between 230 women diagnosed with breast cancerand those who weren't.
Life on the Home Planet
Two Suspects Shot Dead After at Least 14 Killed in California Gun Rampage (Bloomberg)
Two suspects were shot dead by police Wednesday after a gun rampage at a social services center in San Bernardino, California, left 14 dead and 17 wounded.
The suspects, a man and a woman, were armed with assault rifles and semi-automatic handguns and were dressed in "assault-style clothing", said police at a press conference.
India 'will cut coal for climate cash' (BBC)
A senior Indian negotiator says his country will cut back its use of coal, if sufficient cash for renewables emerges from a Paris deal.
Dr Ajay Mathur said coal would be restricted if there was help to pay for "more expensive" green energy.
India is expected to become the world's biggest importer of coal by 2020 as it seeks to expand electrification.
