- Greek PM optimistic on debt deal as banks bleed (Reuters)
- Greek central bank chief says banking system stable (Kathimerini)
- ECB Said to Confer on Emergency Greek Aid Amid Cash Flight (BBG)
- More tax “avoidance”: Citigroup to shift European retail banking HQ to Dublin (Reuters)
- Florist’s tip led police to Charleston shooting suspect (USAToday)
- Asian shares edge higher on Fed caution, China sell-off intensifies (Reuters)
- Toyota in damage control mode after American exec arrested (Reuters)
- Venezuela Oil Loans Go Awry for China (WSJ)
- The Shale Industry Could Be Swallowed By Its Own Debt (BBG)
- Goldman to Summer Interns: Leave the Office by Midnight (BBG)
- AmEx to Stop Merchant Curbs (WSJ)
- Trump’s Other Lofty Aim: Bringing the U.S. Open to NYC (BBG)
- Top Thai hospital treats first MERS case, South Korea outbreak levels off (Reuters)
- Iran Holds Out Improved Oil-Contract Terms (WSJ)
Overnight Media Summary
WSJ
* American Express Co is lifting its restrictions on merchants who accept its cards from steering customers to other brands, after a judge found the practice anticompetitive. (http://on.wsj.com/1LmvKFB)
* The empire that Martha Stewart built on fondant layer cakes and flower arrangements is poised to find a new home. Martha Stewart Living Omnimedia Inc is nearing an agreement to sell itself to Sequential Brands Group Inc .(http://on.wsj.com/1LmvMgH)
* The Federal Communications Commission adopted a rule giving telephone companies wider latitude in preventing robocalls and spam text messages to consumers. (http://on.wsj.com/1Lmw8Uu)
* Big debts run up by a state economic development fund and its alleged role in politics have roiled Malaysia’s markets and led to calls for the prime minister to step aside.(http://on.wsj.com/1Lmwsmg)
* Oil-and-gas producer Saratoga Resources Inc has filed for chapter 11 bankruptcy protection, citing operating issues, an arbitration award against the company and the sharp decline in energy prices. (http://on.wsj.com/1LmwN8E)
FT
UK’s antitrust watchdog Competition & Markets Authority will investigate several companies over whether editorial content on blogs was paid for and whether readers and consumers of such media were aware of these commercial dealings.
Social networking site Twitter Inc is looking for editors to help curate tweets for its new initiative Project Lightning, where users of its microblogging service will be able track live events such as music concerts, sports events to natural disasters and events of civil unrest etc.
Hampden & Co has launched as the first private UK bank in the past 30 years. Owned by Ray Entwistle, former chairman of Adam & Company, the bank aims to offer better services by using technology and digital banking.
Post the digital outage at Royal Bank of Scotland, which caused about 600,000 transactions to go missing, many banks are coming to terms with their IT infrastructure, which has been built over several decades and how rising customer demand is taking a toll on it.
NYT
* Eurozone finance ministers said on Thursday that they had failed to reach a deal on Greece’s international bailout, and said that time was running out. (http://nyti.ms/1BrIoD8)
* Richard Zabel, the deputy United States attorney in Manhattan under Preet Bharara, is stepping down to become general counsel at Elliott Management, one of Wall Street’s biggest hedge funds. (http://nyti.ms/1BrIv1q)
* The U.S. House of Representatives on Thursday approved a bill to give President Barack Obama accelerated negotiating authority to pursue a sweeping, legacy-building trade agreement with 11 Pacific Rim nations, Part 1 of a complex legislative strategy devised by Republicans to get a trade package to Obama’s desk after Democrats derailed the measure in the House last week. (http://nyti.ms/1d55Pq6)
* Arianna Huffington, a founder of The Huffington Post, has signed a new four-year contract to remain chairwoman, president and editor in chief of the publication, ending speculation that she might leave now that its parent company, AOL Inc, was acquired by Verizon Communications Inc. (http://nyti.ms/1d57j3R)
Canada
THE GLOBE AND MAIL
** Canadian dairy farmers are grappling with a glut of milk, forcing them to turn growing volumes into low-cost pig feed and sometimes dump it on farms or in sewage systems. (bit.ly/1RfolcT)
** With the aim of spurring northern economic development and ending regulatory gridlock on resource projects, an ambitious research project announced on Thursday will examine the feasibility of constructing a major new infrastructure corridor spanning Canada’s north. (bit.ly/1Sv2qAR)
** Canada’s top energy regulator has slapped new conditions on Enbridge Inc’s Line 9, delaying shipments of Alberta crude to Quebec refineries owned by Suncor Energy Inc and Valero Energy Corp (bit.ly/1RfoCwA)
NATIONAL POST
** Sentiment among oilsands companies has soured over the past year as economic, political and environmental issues have aligned to cripple the Alberta oilpatch, but there is still considerable value in the sector, say analysts. (bit.ly/1FqIMwP)
ADVERTISING
** Wednesday in Quebec City, Culture Minister Hélène David announced the government will change the regulations under Bill 101 to force chains with English names to include a French slogan or description on their signs. (bit.ly/1Lnc98i)
** Prime Minister Stephen Harper announced the federal government will contribute C$2.6 billion ($2.12 billion) toward SmartTrack, the express rail transit plan that was the lynchpin of Tory’s mayoral campaign last fall. (bit.ly/1ISN1pL)
China
CHINA SECURITIES JOURNAL
– Chen Hong, chairman of SAIC Motor Corp, said the firm will launch its first “Internet Car” in October 2016, which it developed with Alibaba.
CHINA BUSINESS NEWS
– Shanghai free trade zone’s plans to launch 49 measures of financial reform, said Sun Jiwei, deputy director of Shanghai free-trade zone administrative committee.
SHANGHAI SECURITIES NEWS
– China’s securities regulator will promote the development of the country’s asset management industry through steps such as formulating a set of industry regulations and standards, its Assistant Chairman Zhang Yujun said at a forum on Thursday.
CHINA DAILY
– Qualcomm Inc is setting up a high-end semiconductor research facility in Shanghai with China’s top chipmakers, the newspaper said, citing multiple sources.
– Outbound direct investment from China to members of the European Union and the Association of Southeast Asian Nations rose by 367.8 and 78.4 percent respectively in the first five months of the year, data from the Ministry of Commerce showed.
Britain
The Times
Hampden & Co, the first private bank in the UK to open its doors in 30 years, began operations in Edinburgh and London. (http://thetim.es/1dN2ooB)
Gaming software group Playtech moved a step closer to a 460 million pound ($730.25 million) takeover of Plus500 Ltd after snapping up a 9.9 percent stake in the troubled contracts-for-difference broker. (http://thetim.es/1RdTsp8)
The Guardian
Electoral reform campaigners are to step up demands for 16- and 17-year-olds to be given full voting rights across the UK, after parties at Edinburgh backed the measure for Scottish parliament and council elections. (http://bit.ly/1K1gG1t)
London could face the most widespread tube disruption in more than a decade next month after drivers voted to strike over Transport for London’s plans to force through night shifts with no extra pay. (http://bit.ly/1N7ALDk)
The Telegraph
Model trainmaker Hornby has announced plans to delist the business from the main market to move to London’s Alternative Investment Market (AIM). The AIM listing, which is currently subject to shareholder approval, will raise 15 million pounds through the placing of 15 million new ordinary shares at 95p per share. (http://bit.ly/1IROLzv)
The superbug MRSA has been found in sausages and minced pork being sold in British supermarkets. Scientists at Cambridge University analysed samples of pork and chicken from UK farms that were sold in supermarkets in five different locations across Britain. (http://bit.ly/1RcRPbu)
Sky News
Goldman Sachs was hired as the privatisation adviser to UK Financial Investments (UKFI) just days after British politician George Osborne announced that he would begin selling the state’s shares in Royal Bank of Scotland within months. (http://bit.ly/1TxX4GD)
Google Inc. is in talks with UK’s biggest buyout firms Permira about making a combined offer for Dunnhumby, Tesco’s customer loyalty arm. (http://bit.ly/1BlBaRc)
The Independent
Hungary is proposing a 110-mile (177-km) long barrier along its border with Serbia to keep out desperate migrants fleeing conflict and persecution. Peter Szijjarto, the Hungarian foreign minister, claimed the 13-foot (4-m) tall fence would not contravene international law and was necessary to “defend” his country. (http://ind.pn/1L3xA05)
President of the European Parliament Martin Schulz urged David Cameron not to resort to “blackmailing” the European Union by threatening that Britain would leave unless it wins big changes before the in/out referendum. (http://ind.pn/1N7qxTo)
