- World stocks edge toward one-month high; U.S. jobs data eyed for Fed clues (Reuters)
- Commodities Stand on Brink of Bull Market After Oil’s Recovery (BBG)
- Brent crude oil holds above $50 on signs of rebalance (Reuters)
- Clinton attacks Trump’s foreign policy as a threat to U.S. safety (Reuters)
- Trump strikes back at Clinton’s ‘phony’ speech (Hill)
- “We want food!’, Venezuelans cry at protest near presidency (Reuters)
- Employers in U.S. Moderating the Pace of Hiring (BBG)
- Falluja is a ‘tough nut to crack’: Iraqi finance minister (Reuters)
- Germany is investigating 180 suspects with Syrian militant links (Reuters)
- Why Finding a New Subaru May Take Some Time (WSJ)
- U.S.-based stock funds post fifth straight week of withdrawals (Reuters)
- JPMorgan CEO Dimon May Have to Cut U.K. Jobs in Event of Brexit (BBG)
- China central bank issues rules on calculating bank reserve requirement (Reuters)
- Clinton Embraces ‘Woman Card’ But Needs More to Beat Trump (BBG)
- France says upheaval means Mideast peace needs global push (Reuters)
- Mystifying Bond Buybacks in Russia Could Be an Edge Against Fed (BBG)
- Cybercrime isn’t the only reason cash remains king (Reuters)
Overnight Media Digest
WSJ
– United Continental Holdings Inc and Delta Air Lines Inc are among suitors considering bids for Avianca Holdings SA, according to people familiar with the matter, as airlines around the world seek combinations to help them withstand fierce competition and bulk up internationally. (http://on.wsj.com/1Uz8pWG)
– Wal Mart Stores Inc will test a grocery delivery service with Uber Technologies Inc and Lyft Inc, part of the retailer’s growing efforts to compete head on with Amazon.com Inc. (http://on.wsj.com/1Uz8sSz)
– A doctor for media mogul Sumner Redstone said the ailing 93-year-old “retains the legal mental capacity to make the decisions” he has made in recent weeks regarding oversight of his controlling interests in Viacom Inc and CBS Corp . (http://on.wsj.com/1Uz8idW)
– Warren Resources Inc, an oil and gas producer that operates in California, Pennsylvania and southwestern Wyoming, filed for bankruptcy protection Thursday after reaching a deal on the terms of a debt-for-equity swap with Blackstone Group’s GSO Capital Partners. (http://on.wsj.com/1Uz8OZc)
FT
Tata Steel Ltd is nearing a deal with the UK government to keep its Port Talbot steel plant open after the Indian company was offered a multimillion-pound state loan.
British department stores group BHS is to be wound down after administrators failed to find a buyer for the 88-year-old chain, threatening over 10,000 jobs and creating huge vacant sites in town centres struggling to cope with changing shopping habits.
The European Central Bank deferred giving Greece access to its cheap money on Thursday, hours before Athens rushed through parliament a batch of bailout reforms that could have qualified the country for the lifeline cut off a year ago.
Germany’s Bilfinger has agreed to sell its real estate services unit to private equity group EQT for 1.2 billion euros ($1.3 billion), leaving the former major German construction group focused solely on industrial plant services.
NYT
– Michael Ferro, who took the helm of Tribune Publishing as chairman four months ago, has installed his close associates on the company’s board, making it less likely that Gannett would continue to pursue its unsolicited takeover offer. He is also changing the company’s name to tronc, which stands for Tribune online content.(http://nyti.ms/25DY8RW)
– Saudi Arabia’s oil minister Khalid al-Falih had a message for the global market: Don’t expect us to influence the price of crude oil by adjusting supplies. “I think managing in the traditional way that we tried in the past may never come again,” the minister said on Thursday. (http://nyti.ms/1TSnKEQ)
– The Justice Department announced criminal charges on Thursday against two former Deutsche Bank traders accused of manipulating interest rates. The former traders, Matthew Connolly and Gavin Campbell Black, were indicted on charges that they manipulated the London interbank offered rate, or Libor, a benchmark rate that underpins trillions of dollars in mortgages, student loans and other debt. (http://nyti.ms/1P95fVy)
– Walmart, the U.S.’s largest retailer, is testing the use of flying drones to handle inventory at its large warehouses, which supply the thousands of Walmart stores throughout the nation. In six to nine months, the company said, the machines may be used in one or more of its distribution centers. (http://nyti.ms/25AC1bz)
Canada
THE GLOBE AND MAIL
** China’s Foreign Minister, in Ottawa to meet with his Canadian counterpart, demanded and received a meeting with Prime Minister Justin Trudeau – an unusual diplomatic move that underscores China’s increasingly assertive posture on the world stage. (http://bit.ly/1Ujbwj3)
** The Liberal government is sending further signals it plans a strict regime for recreational marijuana by hiring former public safety minister Anne McLellan to develop plans to legalize the drug. (http://bit.ly/1XnMAhe)
** The founder of once high-flying children’s animation company Cinar Corp, Ronald Weinberg, and two investment executives he dealt with have been found guilty of fraud and other charges, bringing an end to what is believed to be Canada’s longest-running jury trial. (http://bit.ly/1PqjCKv)
NATIONAL POST
** Canada would have been better off, and more competitive, with no milk supply management said the CEO of Montreal-based Saputo Inc shortly after the dairy giant delivered its fourth-quarter earnings Thursday, which were in line with analyst expectations. (http://bit.ly/1RT2vLF)
** The National Energy Board is giving Imperial Oil until the end of 2022 to start building the long-delayed Mackenzie Gas Project, a pipeline that would ship natural gas from the Northwest Territories to northern Alberta. (http://bit.ly/1sRFLXK)
Britain
The Times
– Tata Steel is close to reaching a deal to keep its Port Talbot plant open after being offered a sweetener by the government. (http://bit.ly/1UytHDT)
– Glencore is in talks with the Iranian government about establishing a copper industry as the country emerges from economic sanctions. (http://bit.ly/1UytosU)
The Guardian
– BHS department stores are to disappear from British high streets after almost 90 years, with 11,000 workers losing their jobs. (http://bit.ly/1UytEYR)
– The European commission has thrown its weight behind the so-called sharing economy typified by firms such as Uber and Airbnb, saying countries should only ban them as a last resort. (http://bit.ly/1Uyteli)
The Telegraph
– Challenger gas and electricity supplier Extra Energy has received the highest level of complaints of any energy company on record, new figures show. (http://bit.ly/1TS6IGW)
– Junior miner Hummingbird Resources has hailed a 45.8 million pounds ($65.96 million) fundraising that will allow it to build a gold mine in Mali as a “seminal moment” in its history. (http://bit.ly/1TS5Vpt)
Sky News
– The design of Britain’s first plastic banknote has been unveiled with the promise it will “stand the test of time”. The five-pound note, which will be released into circulation in September, features former prime minister Sir Winston Churchill. (http://bit.ly/1TS5CLy)
– Ryanair is intensifying its barrage of communications supporting a ‘Remain’ vote in the EU referendum by urging millions customers to register ahead of next week’s deadline. (http://bit.ly/1TS66kP)
The Independent
– Bankers working for Credit Suisse will now be able to leave the office at 7 p.m. on Friday as the bank attempts to improve its staff’s work-life balance. (http://ind.pn/1TS5USA)
via http://ift.tt/1TSG9l7 Tyler Durden