10 things you need to know in markets September 25

Instagram
cofounders Mike Krieger and Kevin Systrom attend the 16th Annual
Webby Awards at Hammerstein Ballroom on May 21, 2012 in New York
City.
Paul Zimmerman/Getty
Images

Good morning! Here is what you need to know on Tuesday.

1.
Asia stocks struggled as the latest round of US-China tariffs
revived fears the trade dispute would knock global
growth. Crude oil rose to near 4-year highs after
Saudi Arabia and Russia ruled out immediate production increases.
Meanwhile,a senior Chinese official
said on Tuesday that the US while Washington is putting “a
knife to China’s neck”, a day after both sides heaped fresh
tariffs on each other’s goods.

2.
The cofounders of Facebook’s Instagram, Kevin Systrom and Mike
Krieger, have resigned and plan to leave the photo-sharing app
company in coming weeks, the New York Times reported late on
Monday, citing people with direct knowledge of the
matter. Systrom is chief executive officer and
Krieger is the chief technical officer at Instagram. Here’s

5 red flags in the Instagram founders’ goodbye letter to
Facebook that make it obvious there’s bad blood.

3.
Amazon made two preliminary approaches for British online food
delivery company Deliveroo, the latest one about nine months ago,
the Telegraph reported on Monday. The approaches
were exploratory and have not progressed, the newspaper report
said, citing an investor familiar with the matter. The first
round took place two years ago.

4.
Sears CEO Eddie Lampert has proposed rescue deals to help the
department store chain avoid bankruptcy as debt matures next
month and it faces a cash crunch, according to a regulatory
filing released on Monday. Billionaire Lampert, who
also runs hedge fund ESL Investments, said the 125-year-old
department store chain should take steps to reduce its debt load
to $1.2 billion from $5.6 billion.

5.
Walmart and its unit Sam’s Club said on Monday leafy greens
suppliers will be asked to implement real-time, farm-to-store
tracking using blockchain technology by next September, as the
retailer tackles food-safety incidents. Walmart is
among several other retailers such as Nestle trying to tap
blockchain, a shared record of data kept by a network of
computers to track food supply chain and improve safety. Last
year, Nestle, Unilever, Tyson Foods and other large food and
retail companies joined IBM’s blockchain technology project.

6.
The US Air Force awarded Boeing a $376 million contract to build
four helicopters in the first leg of a $2.38 billion deal to
replace the fleet of 46-year-old fleet of UH-1N Huey
helicopters. The Air Force said it will eventually
order 84 helicopters to be delivered from 2020 through 2032.

7.Standard Chartered said on Tuesday it will stop financing
new coal-fired powered stations, joining the growing ranks of
lenders and financiers ending support for the dirtiest fossil
fuel amid rising concerns about climate change.
StanChart said in a statement on its website that “save where
there is an existing commitment, it will cease providing
financing for new coal-fired power plants anywhere in the world.”

8.
Bank of Japan Governor Haruhiko Kuroda said on Tuesday the
central bank has entered a phase where it must consider not just
the merits but the side-effects of its massive stimulus program
in a “balanced manner.” Wages and prices are turning
up but achievement of the BOJ’s 2% target is taking more time
than expected, Kuroda said.

9.
Britain’s opposition Labour Party will keep open the option of a
second Brexit referendum with a question wide enough to include
the option of remaining in the European Union, the party’s Brexit
spokesman Keir Starmer said on Tuesday. When asked
about the idea of a possible rerun of the 2016 EU referendum,
Starmer said the exact question could not been decided until the
outcome of Brexit talks was known, but that it would be wide
enough to include the option of remaining in the bloc.

10.
Philippine leader Rodrigo Duterte suffered the biggest ratings
slump of his presidency in the third quarter, an independent
pollster said on Tuesday, amid signs of public unease about
rising inflation and the cost of staple food grain
rice. Duterte’s approval rating, a measure of his
performance, dropped 13 points to 75% in a survey of 1,800
voting-age Filipinos conducted by Pulse Asia this month.