FT ALPHAVILLE
We've got a full Yellen nomination reading round-up -- and on the debt ceiling front, David ponders those super-premium Treasury things. Dan sees trouble for big UK retailers.
NEWS
Surprise dip in UK industrial production. Output last month fell 1.1 per cent from July, when it grew 0.1 per cent. Economists had expected a 0.4 per cent rise (Bloomberg).
Now for Janet Yellen's Senate confirmation fight... Senator Bob Corker, a Republican on the Senate Banking Committee, said he may oppose the nomination of Yellen for chair of the Federal Reserve, although Democratic committee members rallied round and she is expected to clear a Senate vote. The federal government shutdown may drag out the nomination hearing however, if administrative personnel remain furloughed (Wall Street Journal).
Walmart will end its troubled Indian joint venture with Bharti Enterprises, buying out Bharti's 50 per cent stake in the partnership. The Indian government allowed international retailers to own up to 51 per cent of their operations in the country last year. However, there have been few major takers, and Walmart continued to find fault with restrictions on foreign direct investment (Financial Times).
RBS passed on instant-messsage records to regulators 'after concluding a former currency trader's communications with counterparts at other firms may have been inappropriate' (Bloomberg).
Jos. A. Bank proposed a $2.3bn bid for its rival Men's Wearhouse. The possible $48 per share deal would be a 36 per cent premium to the men's retailer's closing stock price on Tuesday (Bloomberg).
