Nobel economics prize for 2024 awarded to Daron Acemoglu, Simon Johnson and James Robinson [CNBC]
The academics have helped show why societies with “poor rule of law and institutions that exploit the population do not generate growth or change for the better,” the Nobel committee said, demonstrating the “importance of societal institutions for a country’s prosperity….”
Acemoglu and Robinson wrote the popular 2012 book “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” which explores the roots of inequality and why some countries successfully gain wealth and influence.
How Wall St. Is Subtly Shaping the Harris Economic Agenda [NYT]
As part of a bid to cut into former President Donald J. Trump’s polling lead on the economy, her campaign has carefully courted business leaders, organizing a steady stream of meetings and calls in which corporate executives and donors offer their thoughts on tax policy, financial regulation and other issues…. At several points, she has sprinkled language into broader speeches that business executives say reflects their views. And, in at least one instance, Ms. Harris made a specific policy commitment — to pare back a tax increase on capital gains — after extended talks with her corporate allies.
Oil Falls After China Briefing With Eyes on Israel-Iran Conflict [Bloomberg via Yahoo!]
Adding to the gloom, OPEC joined a chorus of others projecting weak demand. The group trimmed its forecasts for oil demand growth this year and next for a third consecutive month.
Meanwhile, options traders continue to brace for Israel’s response to Iran’s Oct. 1 ballistic missile attack, with one report suggesting it has narrowed down potential targets to military and energy infrastructure.
Elliott asks for December special meeting at Southwest Airlines, cuts board slate to 8 [CNBC]
Southwest shrunk its board size from 15 to 12…. Southwest’s campaign will be Elliott’s first U.S. proxy fight since it took on Arconic in 2017…. Elliott has an 11% stake in the airline and is seeking the ouster of CEO Bob Jordan.
SoFi Strikes Deal With Fortress for $2 Billion of Personal Loans [Bloomberg via Yahoo!]
Fortress, for its part, struck a similar deal with Best Egg earlier this month to finance the fintech’s personal loans.
B. Riley to sell Great American unit to Oaktree in $386 mln deal [Reuters]
The deal could allay investors’ concerns over the investment bank’s fortunes and allow it to tackle immediate challenges as it looks to contain the hit from its exposure, opens new tab to Vitamin Shoppe-owner Franchise Group…. Great American provides valuation appraisal and asset disposition services to companies that are restructuring or exploring options.
Moog to Pay $1.7 Million to the SEC to Settle India Bribery Case [WSJ]
The SEC alleged that, in violation of the Foreign Corrupt Practices Act, employees of Indian subsidiary Moog Motion Controls between 2020 and 2022 bribed Indian officials to win business and to exclude competitors from advancing in the bidding process. The regulator also alleged that the subsidiary used a range of schemes to make the payments, including funneling the bribes through third-party agents and distributors.
Junk-rated companies face record refinancing needs above $2 trillion through 2029, Moody’s says [MarketWatch via Morningstar]
The agency reviewed some 3,353 instruments, including bonds, loans and revolving-credit facilities, and found $2.02 trillion of rated debt will mature in that time frame, up 8.2% from $1.87 trillion that will need to be refinanced in the period from 2024 to 2028…. “If our macroeconomic or interest rate forecasts prove too optimistic, the risk could spread,” Moody’s wrote.