Markets: Asian markets were on the rise amid hopes the White House and the Republicans are finally nearing a deal to lift the US debt ceiling and avoid a potential technical default by the world's largest economy. (Financial Times)
Hopes rise of averting US debt default: The White House and Republicans held their first serious talks to resolve the fiscal impasse gripping Washington, as they discussed ways to approve a short-term extension of the US debt limit and avert a potential default by the world's largest economy. (Financial Times) "Mr. Obama "didn't say yes, he didn't say no" to the GOP plan, said House Budget Committee Chairman Paul Ryan after the meeting with Mr. Obama. "We put an offer on the table. We had a long, frank conversation about it, and we agreed to continue talking and to continue negotiating."" (WSJ)
Big banks make contingency plans for US default: "Big banks and investors are preparing contingency plans to deal with the potential impact on the $5tn "repo market" of the US government missing a payment on its bonds, even as Republicans propose a six-week reprieve for the debt ceiling limit." (Financial Times)
Fed officials are having prelimenary talks on potential changes to how the government releases sensitive economic data, "including eliminating the current system, which releases data via embargoed news releases to the media; building a single, technologically secure facility for all government agencies to use to distribute data; and publishing economic data directly on the Internet." (WSJ)
US moves to enforce $470m Barclays energy prices fine: "The US electricity markets regulator has filed a lawsuit in California to try to enforce a $470m fine against Barclays for allegedly manipulating US energy prices, setting the stage for a protracted court battle." (Financial Times)
Carmen Segarra is suing the New York Fed and three of its officials in federal court in New York, claiming that her superiors interfered with her work examining Goldman and expressed concern that the bank would be harmed by her criticism. (Financial Times)
"India is talking with JP Morgan and others to gain entry to benchmark indexes for emerging market debt in hopes of attracting billions of dollars in investment and may ease some restrictions on foreign inflows in order to do so, sources said." (Reuters)
BlackBerry co-founders explore bid: Michael Lazaridis and Douglas Fregin have hired Goldman Sachs and Centerview to review their options, according to the filing. Together they hold an 8 per cent stake in BlackBerry, worth $338m based on its current market capitalisation. (Financial Times)
Google funnelled €8.8bn of royalty payments to Bermuda last year, a quarter more than in 2011, underlining the rapid expansion of a strategy that has saved the US internet group billions of dollars in tax. (Financial Times)
Regency Energy Partners, the Texas-based natural gas gathering and processing group, has agreed to buy PVR Partners for $5.6bn, including debt, in a deal that represents a vote of confidence in the continuing growth of US shale gas production. (Financial Times)
"A pipeline owned by Tesoro Logistics has leaked more than 20,000 barrels of crude oil into a wheat field in North Dakota, the largest spill in the prolific Bakken shale since the drilling boom started there in 2006." (WSJ)
Infosys missed estimates, reporting second quarter net income of INR 24.1bn, representing a humdrum 1.7 per cent increase on this time last year. Analysts surveyed by Bloomberg had expected INR26.6bn.(FastFT)
Del Monte Foods is selling its consumer products unit, which produces its iconic tinned fruit and vegetable brands, to Singapore-listed Del Monte Pacific for $1.675bn. (FastFT)
"Alibaba has led a $206 million investment in [ShopRunner] a rival to Amazon.com one of its biggest U.S. moves as the Chinese e-commerce giant considers an initial public offering here." (WSJ)
Brevan Howard's "dedicated emerging markets hedge fund with $2.8 billion under management is down 12 percent for the year as of October 4, according to marketing material reviewed by Reuters."
Westpac "said on Friday it had agreed to buy Australian assets from Lloyds Banking Group for A$1.45 billion (857.3 million pounds)." (Reuters)
COMMENTS & CURIOS
Martin Wolf vs Help to Buy: "It is a trap from which the UK may not now escape." (Financial Times)
The debt ceiling and the tri-party repo market (Financial Times)
The GOP's flirtation with disaster (WSJ)
Kochs and other conservatives split over strategy on health law (NYT)
"Empowering a country that would then challenge US hegemony was not part of the postwar game plan." (Financial Times)
In Africa, seeking a license to kill (NYT - Tutu)
Rail to Royal Mail: the dangers of flawed privatisations (Financial Times)
OVERNIGHT MARKETS
