- Brexit, what Brexit? Shares near 2016 highs (Reuters), Global Stocks Inch Higher (WSJ), Stocks Climb With Copper as Brexit-Induced Volatility Subsides (BBG)
- Yen under pressure as global stock markets rally (Reuters)
- Spanish Banks Surge as Fears Subside Over EU Mortgage Ruling (BBG)
- Pimco Loads Up on Treasuries as Gundlach to Gross Voice Caution (BBG)
- U.S. Presses China to Be Responsible Power After Sea Ruling (BBG)
- Tesla Has No Plans to Disable Autopilot Feature in Its Cars (WSJ)
- China vows to protect South China Sea sovereignty, Manila upbeat (Reuters)
- ‘Pokémon Go’ Craze Raises Safety Issues (WSJ)
- Record Stock-Market Rally Powered by Companies Analysts Despise (BBG)
- U.S. arms sales approvals on track to reach nearly $40 billion (Reuters)
- Venezuela Trucks Food Directly to the Poorest as Chaos Spreads (BBG)
- New Black Panther Party says to carry arms in Cleveland if legal (Reuters)
- Trump Counts on Clinton Aide Case to Keep Video Testimony Off TV (BBG)
- Slump Might Turn Anti-Bank SoFi Into a Bank (WSJ)
- Carney Opens Lehman Playbook at Bank of England (BBG)
- Unicredit to raise €1bn in two days by selling stakes in other European banks (Telegraph)
- France has identified leader of Nov. 13 attacks, documents show (Reuters)
Overnight Media Digest
WSJ
– Tesla Motors Chief Executive Elon Musk has no plans to disable the company’s Autopilot function in the wake of a May crash of a Model S electric car using the technology, and the auto maker instead plans to redouble efforts to educate customers on how the system works. http://on.wsj.com/29CRjqa
– Pokemon Go is giving millions of people their first taste of futuristic augmented-reality technology. It is also raising questions about whether the game’s location and mapping features are luring players into danger. http://on.wsj.com/29CRyBL
– Fiat Chrysler Automobiles is launching a so-called bug bounty program aimed at compensating hackers between $150 and $1,500 every time they uncover potential cyber security flaws in the vehicles and alert the company. http://on.wsj.com/29CRWQL
– Airbus Group SE slashed production of its A380 superjumbo jet in a retreat from one of its most ambitious projects after it said it would build just 12 A380 planes a year starting in 2018, down from the 27 it built last year. http://on.wsj.com/29CS1Uq
FT
*Airbus is slashing production of its A380 superjumbo, which has struggled to win new customers amid a lacklustre market for widebody aircraft.
*JPMorgan Chase has promised to lift basic hourly pay for 18,000 of its lowest paid U.S. workers by at least a fifth by 2019.
*The UK’s markets watchdog, Financial Conduct Authority, warned the Bank of England in the immediate aftermath of the UK’s vote to leave the EU that commercial-property funds could start temporarily trapping investors’ money.
NYT
– Airbus Group’s said on Tuesday that it would sharply curtail production of the A380 superjumbo jet, the world’s largest passenger plane, as airline demand dwindles for supersize aircraft. http://nyti.ms/29OfqWz
– Even as regulators are asking new questions in the wake of a fatal crash involving Tesla Motor Inc’s Model S car, executives say their technology is safe if properly used. http://nyti.ms/29Offuq
– Taser International Inc, best known for its stun guns, has drawn criticism for its relationships with the police and its sales tactics, which it says are common. http://nyti.ms/29Of3eC
– Hyperloop One co-founder Brogan BamBrogan and three other former executives sued the start-up on Tuesday, claiming that they were harassed and wrongfully fired. http://nyti.ms/29OfXb4
– A firm that put “Happy Birthday” into the public domain now wants to rescind copyright protection for “We Shall Overcome” and “This Land Is Your Land.” http://nyti.ms/29OglpX
– Ireland, the country which attracts companies with a low corporate tax rate, saw its economy being revised in 2015 to 26.3 percent from a preliminary estimate of 7.8 percent, according to new figures. http://nyti.ms/29Ogv0M
Canada
THE GLOBE AND MAIL
** Halifax-based Minas Energy announced on Tuesday that it was partnering with Netherlands firm Tocardo International BV and Ontario-based International Marine Energy Inc to form the Minas Tidal Limited Partnership, to test the powerful tidal currents in the Bay of Fundy, by late 2017. (http://bit.ly/29vcRYv)
** Low-income earners will receive little benefit from the planned expansion of the Canada Pension Plan despite paying higher premiums, unless governments provide more help to offset a corresponding reduction in other government payments, according to an analysis of the new model. (http://bit.ly/29vcE7X)
** In a report issued late on Tuesday ahead of a City Council debate this week, staff urged politicians to increase new spending on road safety by about 30 percent to about C$52 million ($39.9 million) over the next five years. (http://bit.ly/29vcJIO)
NATIONAL POST
** Bell Canada sees no good reason to continue offering payphone lines at a lower price than regular business lines as it no longer views the service as essential in a society dominated by mobile phones. (http://bit.ly/29vd0LD)
** Royal LePage, in a report out on Wednesday, says economic uncertainty around the globe and low interest rates continue to fuel the Canadian existing-home market, adding that prices will rise by 12.4 percent in 2016 from 2015 to an average of C$563,000 ($431,947). (http://bit.ly/29vd1z4)
** The Canada Revenue Agency’s continuing campaign against the underground economy has come to roost in small-town Canada, where special audits have confirmed the pervasiveness of tax evaders in the construction industry. (http://bit.ly/29vdbqe)
Britain
The Times
Burberry pay is ‘manifestly out of touch’
A leading independent City voting adviser has criticised Burberry Group Plc over the handling of its recent management reshuffle and has attacked its pay to senior executives as being excessive and “out of touch”. (http://bit.ly/29BL6iv)
The Guardian
Airbus to cut back production of A380 aircraft
Airbus Group SE is to cut production of the A380 superjumbo, highlighting the lacklustre performance of the biggest passenger jet ever built. The plane-maker aims to cut production to just 12 A380s in 2018, compared with 27 deliveries in 2015. (http://bit.ly/29wGwwd)
M&S to create small investors panel to scrutinise performance
Marks and Spencer Group Plc is offering small investors a direct line to the boardroom with the creation of a shareholder panel to scrutinise performance. The plan was announced on Tuesday by M&S chairman Robert Swannell at the company’s annual investor meeting, where management regularly faces fierce criticism of its underperforming clothing business, which last week reported its biggest fall in sales since the 2008 banking crisis. (http://bit.ly/29Pw8lk)
The Telegraph
Unicredit to raise 1 billion euros in two days by selling stakes in other European banks
Italian bank UniCredit SpA is selling off a 10 percent stake in Polish lender Bank Pekao, in a deal which could raise more than 700 million euros in proceeds. (http://bit.ly/29BJSne)
Sky News
Wonga To Name Kneafsey As New Chief Executive
Wonga will name a new group chief executive this week, handing her the daunting task of returning Britain’s biggest payday lender to the black after years of mounting losses. Wonga will announce that Tara Kneafsey, who already runs its UK business, is to assume control of the wider business in a move that will eventually pave the way for its chairman to step back to a non-executive role. A statement about Kneafsey’s promotion is expected to be made on Wednesday. (http://bit.ly/29BPgCP)
Tata Wants Speciality Steel Bids This Week
Tata Steel Ltd has given bidders for a division employing more than 1,500 people just days to table offers, even as the rest of its British workforce faces months of uncertainty about the company’s future ownership. Parties interested in buying Tata’s speciality steel unit, which includes five UK manufacturing sites, have been told to table indicative proposals by 15 July. (http://bit.ly/2a7iWHE)
Deutsche Floats Surprise RBS Shipping Bid
Germany’s biggest lender has emerged as a surprise contender to take on a multibillion-dollar shipping finance business even as its share price barely hovers above record lows. Deutsche Bank has expressed an interest in buying part or all of a $3 billion Greek shipping portfolio owned by the taxpayer-backed Royal Bank of Scotland Group Plc. (http://bit.ly/2a7jhud)
The Independent
UBS boss Andrea Orcel says jobs could be moved from London after Brexit
Andrea Orcel, president of UBS investment bank, has warned the Swiss bank is considering moving its staff to a European country, following the UK’s vote to leave the EU. UBS Group AG , considered to be the world’s largest manager of private wealth, previously warned that London is likely to see an exodus of finance jobs in the wake of the Brexit vote. (http://ind.pn/29ECc1Z)
via http://ift.tt/29wATic Tyler Durden