Deutsche Bank: Tip of the Iceberg for Cutbacks at European Banks? (WSJ)
Deutsche Bank AG’s warning that it expects a 6.2 billion-euro ($6.98 billion) third-quarter loss highlights a potentially bumpy financial-reporting season looming for European banks, as a slate of new chief executives confront concerns over profitability. Credit Suisse Group AG, Standard Chartered PLC and Deutsche Bank AG, all under new chief executives, are among banks facing muted growth in their home markets and coping with more stringent regulation and capital requirements. Those issues, coupled with factors including uncertainty over China’s growth, U.S. interest rates and the slide in global commodities prices, have combined to depress profits for European banks.
Anheuser-Busch InBev Says It’s ‘Surprised’ by SABMiller Rejection (Dealbook)
Anheuser-Busch InBev stepped up public pressure on Thursday, a day after SABMiller’s board rejected an offer from its brewing rival. Anheuser-Busch InBev said on Thursday that it was “surprised” that SABMiller determined the latest takeover offer — its third in recent weeks — “still very substantially undervalues” the company, saying that claim “lacks credibility.” Anheuser-Busch InBev, the brewing giant behind Budweiser and Stella Artois, is pressing ahead in hopes of securing the largest beer merger in history before a looming deadline.
Demotion on Wall Street: Bond Traders Take a Back Seat (WSJ)
Revenue from the buying and selling of bonds, currencies and commodities—historically a driver of both outsize profit and risk for Wall Street—is expected to fall 10% or more in the third quarter due to uncertainty around China and the timing of a Federal Reserve move to raise interest rates. In contrast, the business of trading stocks, exchange-traded funds and assorted derivatives has been picking up steam, with some analysts predicting trading revenue will rise 5% to 10% this quarter from a year ago.
Carlyle in Art Financing Venture (Dealbook)
The Carlyle Group, the private equity giant, has teamed up with Banque Pictet to offer loans to collectors using their art as collateral under a new business venture called the Athena Art Finance Corporation. Wealthy collectors of art will be able to borrow against pieces they already own to buy more art, like pieces from artists like Willem de Kooning and Georgia O’Keefe that will go under the hammer in coming auction seasons at Sotheby’s and Christie’s, the company said. “We believe that this is a market where art is an asset class that is becoming very popular for many wealthy people,” said Andrea Danese, chief executive and co-founder of Athena.
A third of 'vegetarians' eat meat when drunk on a night out (Telegraph)
A third of so-called vegetarians eat meat when they are under the influence of alcohol, a survey has found. One in three have also said they eat meat every time they were drunk on a night out with kebab meat and beef burgers being the most common. One in three have also said they eat meat every time they were drunk on a night out with kebab meat and beef burgers being the most common. But 69 per cent of vegetarians said they did not tell anyone after they had eaten meat.
Ferrari Said to Push for $12.4 Billion Valuation in IPO (Bloomberg)
Based on talks with possible investors, Ferrari could be valued from just under 10 billion euros to 11 billion euros when owner Fiat Chrysler Automobiles NV sells a 10 percent stake in the division on the New York Stock Exchange, according to the people, who asked not to be identified because the arrangements are private. Fiat shares traded in New York and Milan jumped to an eight-week high.
Cash Crunch Hits North Korea’s Elite (WSJ)
China’s economic slowdown and a plunge in coal prices are depriving North Korea of critical foreign currency, threatening to stir discontent among the small, elite class that the nation’s mercurial dictator relies on for support.
Billionaire’s Dropout Grandson Wants to Kill Work E-mail (Bloomberg)
Korawad Chearavanont’s billionaire grandfather founded Thailand’s biggest agricultural business. Now the 21-year-old who’s put college on hold wants to build Asia’s answer to Slack -- with a little help from the family. Korawad, a scion of the Charoen Pokphand Group Co. food-to-telecommunications conglomerate, closed a $5.7 million round of funding for Eko Communications Inc., his version of the popular San Francisco-based workplace messaging app.
He’s hoping to ride a burgeoning trend in offices catering to workers more comfortable chatting and sharing online instead of communicating with traditional e-mail.
Report: Assistant football coach at St. Joseph gets into fight with player's mother (HSS)
Police Capt. Joseph Sanfilippo said the parent, Sharon Hardy, 40, of Elizabeth came to the practice field around 4 p.m. and allegedly began arguing with a coach when another coach, Christopher Trout, 40, of New City. N.Y. tried to intervene...Trout told police that Hardy got in his face and was screaming and spitting at him. The assistant coach also alleged that Hardy slapped him across the face with keys in her hand and he subsequently pushed her away to protect himself. Hardy, however, told officers that Trout approached her and spit at her. She also told police she smacked Trout in the head with an open palm, and he retaliated by punching her in the face with an impact that knocked her to the ground. Neither party was arrested, according to police. Hardy received an ice pack for her face but refused further medical attention while Trout was not injured.