Good morning New York,
FT ALPHAVILLE
Alcoa's opposition to the LME's metals warehousing proposals is interesting, Izzi says -- it's diagnosed the real, structural problem with inventory build-up: low interest rates.
NEWS
The UK will float the Royal Mail on the stock exchange within weeks. At least 41 per cent of the company will be floated at the time of the sale, depending on market conditions and demand from investors, including stakes offered to retail buyers and Royal Mail employees (Financial Times).
Japan could enact 5 trillion yen ($50bn) in stimulus measures in order to soften the effect of an increase in sales taxes. The planned hike in the tax rate from 5 per cent to 8 per cent in April could be accompanied by tax breaks for companies planning capital spending and support for some house purchases, in plans under discussion (Reuters).
Josef Ackermann is poised to step down as deputy chairman of Siemens' supervisory board, his second departure from a high-profile job in weeks. The former head of Deutsche Bank also resigned as chairman of Zurich Insurance following the suicide of its chief financial officer. Ackermann was left isolated during the removal of Siemens' chief executive in July (Financial Times).
Societe Generale is looking at selling its private bank in Asia. The unit, one of the few private banking arms in the region to manage more than $10bn in assets according to estimates, could fetch $600m in a sale (Reuters).
KPN said it was still in talks with America Movil about a takeover. The Dutch company said the discussions involved "matters related to the intended offer including price and terms and conditions", but there remain few signs America Movil is about to bump up its offer (Wall Street Journal).
