FT ALPHAVILLE
David goes plenum-ing with the State Council Development Research Centre and the future (maybe) of the Chinese economy.
NEWS
Britain's strongest storm in years damaged transport links and power lines across the country's south. 'London Heathrow, Europe's busiest aviation hub, scrapped about 20 percent of flights between 6 a.m. and 11 a.m. and 10 percent between 11 a.m. and 4 p.m., with cross-winds well in excess of the 30 mph that can hamper landings and takeoffs...' (Bloomberg). Winds of up to 99 miles per hour toppled trees and threw debris across tracks and roads in the early hours of Monday morning (Reuters).
Tiananmen Square was closed after a flaming car ploughed into a crowd, killing three passengers and injuring 11 tourists and policemen (Financial Times).
Small-cap shares are rallying twice as hard as US blue-chip stocks. The Russell 2000 has gained 32 percent in 2013, compared with 19 percent for the Dow Jones Industrial Average -- the largest such spread since 2003 (Bloomberg).
A stinging defeat for President Cristina Fernández in Argentina's mid-term elections. The president's ruling coalition had won 32.8 per cent of the national vote with 95.5 per cent of the votes counted, compared to the 54 per cent Ms Fernández received in the 2011 presidential poll, potentially ending her chances of re-election in 2015 (Financial Times).
G4S rebuffed a "highly opportunistic" offer for its ATM and cash-transporting business from private equity. Charterhouse's £1.6bn ($2.58bn) offer "fundamentally undervalues the business and its prospects", the company said (Financial Times).
The "grand architect" of Ireland's low-tax status -- Feargal O'Rourke, head of tax practice at PwC Ireland: 'Google cuts billions off its tax bill each year by sending profits through Ireland to a mailbox in Bermuda; Facebook sends them through Ireland to Grand Cayman; LinkedIn uses Ireland en route to the Isle of Man. O'Rourke advised each company on its arrangements, according to two people familiar with the matter...' (Bloomberg)
US cities's fiscal health lags economic recovery: 'Of... 250 cities, more than half still have reserves below their 2007 levels. They also have taken on more debt: 114 cities saw overall debt loads increase from 2007 to 2012. The real-estate markets in 100 cities are still worse than they were in 2007, an acute problem for governments that rely on property taxes as a top source of revenue' (Wall Street Journal)
