Fed Chair Yellen To Speak As Global Tensions Rise (
WSJ)
Greek PM Tsipras seeks party backing after abrupt concessions (
Reuters)
France Hails Greek Aid Proposals as Germany Reserves Judgment (
BBG)
Greek PM says does not have mandate to exit eurozone (
Reuters)
France Intercedes on Greece’s Behalf to Try to Hold Eurozone
Together (
WSJ)
Frozen Funds, Fleeing Tourists: Greek Startups Feel the Pinch (
BBG)
Doubts Simmer Despite China’s Gain (
WSJ)
China New Car Sales Post Drop in June (
WSJ)
Millions more Americans hit by government personnel data hack (
Reuters)
Japan interested in joining NATO missile consortium (
Reuters)
Ford to Shift Work Abroad (
WSJ)
Water, Water Everywhere? Caribbean Adds to Global Drought (
BBG)
Clinton to face grilling by union leaders on trade, economic
issues (
Reuters)
July 4 Terror Plots Foiled by U.S. Agents, FBI Chief Comey Says
(
BBG)
Forrest Gump-inspired runner trying to cross U.S. in 100 days (
Reuters)
Overnight Media Digest
WSJ
* In the past 18 months cable entrepreneur Patrick Drahi has
stitched together $40 billion in deals, including a $23 billion
takeover of SFR, France's second-largest mobile company. Now he's
targeting the U.S. market. (
http://on.wsj.com/1Hjo4mT)
* The race to come up with a last-minute proposal to keep Greece
in the eurozone began with a Sunday night phone call from Greek
Prime Minister Alexis Tsipras to French President François
Hollande, moments after Greece's referendum dealt a near-fatal blow
to the talks. (
http://on.wsj.com/1HjunH4)
* Ford Motor Co will move production of small cars from a plant
in Michigan to a factory outside the U.S. in 2018 in a new setback
to efforts to create a market for small cars made in the United
States. (
http://on.wsj.com/1J7mtyB)
* On the brink of a meltdown, the Greek economy already is
seizing up in many places amid capital controls and growing fears
that the country may soon crash out of the eurozone. (
http://on.wsj.com/1GahJGl)
* As competition in the pay-TV industry increases and
subscribers trim cable bills, ESPN is entering belt-tightening
mode. (
http://on.wsj.com/1UH7ynw)
* Procter & Gamble is dismantling a beauty business it
aggressively built a decade ago, giving up on areas like salon
products and designer perfumes that distracted from core areas and
hurt its growth. The world's largest consumer-products company said
it would carve off brands including Wella shampoos, Clairol hair
dye and CoverGirl makeup and merge them with Coty Inc in a
complicated $13 billion deal. (
http://on.wsj.com/1SbjkCN)
* Days ahead of its planned breakup, eBay Inc suffered a blow in
its effort to sell its eBay Enterprise unit, as one of the
division's biggest customers said it would move much of its
business elsewhere. Toys "R" Us Inc on Thursday said it would take
control of its U.S. e-commerce operations by mid-2016, rather than
relying on eBay Enterprise. (
http://on.wsj.com/1CsRLDa)
FT
AbbVie Chief Executive Richard Gonzalez was on Wednesday forced
to retract comments made by him while discussing shareholder
support for the U.S. drugmaker' s 30 billion pound ($51.1 billion)
bid for Shire after being caught out by British takeover rules.
Citigroup Inc is close to shelling out more than $7 billion to
resolve a long-running investigation by the U.S. government into
its sale of mortgage-backed securities, according to people
familiar with the matter.
Germany's Lufthansa may launch a no-frills long-haul airline as
part of wider plans by the company to stave off competition from
low-cost and Middle Eastern carriers.
European Union antitrust regulators fined have fined six
drugmakers including France's Servier a whopping 428 million euros
($583.8 million) for blocking the entry of cheaper generic
competition to an expensive branded drug.
Britain's financial watchdog is launching a review of
competition in the wholesale securities market as it eyes the
practices used by high-frequency traders to get ahead on other
investors.
Germany's Aldi is the global leader among discount food
retailers that offer limited assortment grocery. Schwarz, which
owns Lidl, took second place, according to a study by research firm
Planet Retail.
A cross-selection of peer-to-peer (P2P) loans has gotten a
credit rating from Standard & Poor's, marking the first time
that a major credit rating agency has agreed to formally evaluate a
securitisation from the fast-growing P2P sector.
NYT
* As details of the new offer emerged, it appeared that Greek
Prime Minister Alexis Tsipras was capitulating to demands on harsh
terms that he previously urged his countrymen to reject. (
http://nyti.ms/1JT4OAu)
* Hackers who intruded into the federal personnel agency's
computer networks last year got sensitive information about 21.5
million individuals, officials said. (
http://nyti.ms/1CsPMPb)
* The online gambling company GVC Holdings Plc said that it had
offered to acquire Bwin.Party Digital Entertainment Plc in a deal
that values its rival at more than 900 million pounds ($1.39
billion). (
http://nyti.ms/1HgHRRH)
* Pope Francis offered a direct apology on Thursday for the
complicity of the Roman Catholic Church in the oppression of Latin
America during the colonial era, even as he called for a global
social movement to shatter a "new colonialism" that has fostered
inequality, materialism and the exploitation of the poor. (
http://nyti.ms/1Mjsf3k)
* Honda Motor Co announced another multimillion-vehicle recall
to replace airbags supplied by Takata Corp, this time targeting 4.5
million vehicles in Japan and other markets outside North America.
(
http://nyti.ms/1GaZ4Ky)
* The Italian oil field contractor Saipem Spa said that Gazprom,
the Russian natural gas exporter, had canceled its 2.4 billion euro
($2.66 billion) contract to build a pipeline under the Black Sea. (
http://nyti.ms/1D4qnGt)
* European antitrust officials filed formal charges against
MasterCard Inc, accusing the company of setting artificially high
fees for credit card transactions in the European Union. (
http://nyti.ms/1UHFuRa)
Canada
THE GLOBE AND MAIL
** Vancouver-based Teck Resources Ltd is delaying the planned
startup of its multibillion-dollar Frontier oil sands mine by at
least five years, until 2026, becoming the latest company to push
back development as shaky energy markets threaten profits in the
high-cost sector. (bit.ly/1KU2E3H)
** The International Monetary Fund has slashed its projection
for Canadian economic growth this year. In its quarterly World
Economic Outlook update released Thursday morning, the IMF forecast
that Canada's real gross domestic product would grow just 1.5
percent this year, down sharply from 2.2 percent in its April
outlook. (bit.ly/1KU2JUW)
** After reporting yet another quarter of steep losses,
Postmedia Network Canada Corp's leaders were publicly scolded
Thursday by high-profile investor Conrad Black, the former
proprietor of some of Postmedia's newspapers. Postmedia reported
its first public numbers since acquiring 175 Sun Media newspapers,
specialty publications and digital assets from Quebecor Inc.
Excluding the new assets, the company reported a 13.5-per-cent drop
in revenues, including another year-over-year plunge in print
advertising revenues. (bit.ly/1ScMEZB)
NATIONAL POST
** Sleep Country Canada Holdings Inc, Canada's largest mattress
retailer, boosted its initial public offering by 50 percent to
C$300 million ($236.35 million), according to people familiar with
the matter. The Toronto-based company initially sought to sell
C$200 million of shares for C$14 to C$16 each, according to a June
23 filing with regulators. (bit.ly/1ScMXnb)
** Royal Dutch Shell Plc may consider restarting mothballed
oilsands projects, but not until oil prices return to $80 per
barrel, according to the company's top executive in North America.
(bit.ly/1ScN41S)
** Demand for luxury homes in Vancouver is so high that shoppers
are willing to pay a premium for residences that already have
buyers, spurring people with deals in place to flip the properties.
Rising demand has led to an increase in bidding wars, Sotheby's
International Realty Canada said Thursday. (bit.ly/1ScNxBs)
China
CHINA SECURITIES JOURNAL
- Galaxy Securities has recently applied to China Securities
Finance Corp, the state-run margin lender, for 100 billion yuan
($16.11 billion) of credit quota to buy shares, said Chen Youan,
the chairman of Galaxy Securities, who also serves as the
vice-president in China's Central Huijin Investment Ltd.
- Investors put in 720 million yuan in the country's mutual
funds on Thursday, according to industry data, the paper reported.
Analysts said the net inflows indicate retail investors have
regained confidence in China's stock market.
SECURITIES TIMES
- China Eastern Airlines Co Ltd plans to buy 50 Boeing 737
aircraft for more than 27.8 billion yuan ($4.48 billion) by 2019,
the company said in a statement on Friday.
SHANGHAI SECURITIES NEWS
- The "Stabilization Fund" initiated by China's central bank and
China Securities Finance Corp to stabilise the tumbling stock
market should not be considered as the way to pull up the key
indexes or the price of any share, according to an editorial in the
paper.
Britain
The Times
UK MORTGAGE COSTS SINK AS PRICE WAR HEATS UP
The mortgage price war has intensified, with several offers
falling to new lows as the Bank of England on Thursday held
interest rates at 0.5 percent for the 76th month in a row. (
http://thetim.es/1INjEae)
UK'S BLACKPOOL LEISURE TYCOON IS FIRST AMONG HIS PEERS
The seaside resort of Blackpool's three piers are back under
single ownership after the owner of the North Pier snapped up the
Central and South piers for an estimated 8 million pounds ($12.30
million).
The Guardian
BARCLAYS' CHAIRMAN CALLS ON BOARD TO DOUBLE SHARE PRICE IN THREE
YEARS
The new chairman of Barclays has told top staff he intends to
double the bank's share price in three years as he slashes costs
and reinvigorates the organisation. (
http://bit.ly/1Rn0U6X)
SAINSBURY'S FACES EQUAL PAY BATTLE WITH FEMALE SHOP FLOOR
WORKERS
Sainsbury's is facing legal action from four female shopfloor
workers who claim they are paid less than men to do equally
valuable jobs at the supermarket chain. (
http://bit.ly/1ToPA7W)
The Telegraph
FCA DROPS THREE-YEAR PROBE INTO 'LONDON WHALE'
The UK Financial Conduct Authority has dropped its three-year
investigation into the "London Whale" trader who racked up $6.2
billion-worth of losses at one of the world's leading banks. (
http://bit.ly/1GaA1ak)
BT URGES OFCOM TO INVESTIGATE SKY'S GRIP ON TV MARKET
BT has urged Ofcom to include paid-for television in a major
review of the telecoms industry, claiming that Sky's dominance is
leading to higher prices and poor service. (
http://bit.ly/1Cs4UMS)
Sky News
CO-OP FOOD ADMITS DOUBLE BILLING ERROR
A processing error has meant that hundreds of thousands of
Co-operative Food customers have been left out of pocket. (
http://bit.ly/1KZER0F)
FASHION RETAILER REISS TO EXPLORE STAKE SALE
The founder of the high street fashion chain Reiss is exploring
a move to bring the first outside investors into the business he
founded more than four decades ago. (
http://bit.ly/1ToQdhR)
The Independent
LONDON TENANTS TO BE HIT WITH PRICE HIKES AFTER LANDLORDS'
BUDGET BATTERING
London's growing army of property renters could be set for a
sharp increase in their monthly payments after landlords were hit
by a sharp budget battering on Thursday. (
http://ind.pn/1fsiXb9)
