- Global stocks rise on SoftBank bid for ARM, dollar up vs yen after Turkey crushes coup (Reuters)
- U.S. backs justice for coup plotters but urges Turkey to keep rule of law (Reuters)
- Law and Order Will Be a Big Republican Convention Them (WSJ)
- SoftBank to buy UK chip designer ARM in $32 billion cash deal (Reuters)
- Rate-starved U.S. banks happily gobble mortgage business (Reuters)
- Oil Prices Steady but Products Glut Looms (WSJ)
- Bank of America Profit Tumbles 19% As NIM Hits Record Low, EPS “Beat” On Surge In Cost-Cutting (ZH)
- Obama Decries Baton Rouge Killings of Police as Unrest Mounts (BBG)
- Baton Rouge shooter was ex-Marine who denied ties to any group (Reuters)
- Baton Rouge: A city divided between police and the policed (Reuters)
- EU Said to Eye ‘Nuclear Option’ to Force May’s Hand on Exit (BBG)
- EU reminds Turkey it bound by treaty not to use death penalty (Reuters)
- Traders Reviving Fed Rate-Rise Bets Put a Floor Under the Dollar (BBG)
- Ireland Hits Brexit Alarm in Biggest Foreign Crisis in 50 Years (BBG)
- Trump Sends Dire Warnings to Nervous Nation as Convention Begins (BBG)
- A Globe-Trotting Billionaire Defends Trump’s Trade Policy (BBG)
- LendingClub Names BlackRock’s Dunne Chief Capital Officer (BBG)
Overnight Media Digest
WSJ
– Japan’s SoftBank Group Corp has reached a deal to buy UK-based chip designer ARM Holdings Plc in an all-cash deal valued at more than $32 billion, according to a person familiar with the situation. http://on.wsj.com/2a1olkP
– Volkswagen AG executives in the United States have pledged to compensate hundreds of American franchise dealers who have been damaged by the emissions scandal, according to dealers who met with the company on Friday. http://on.wsj.com/2a1ouon
– At a mid-June dinner with a delegation of Saudi Arabia officials, Deputy Crown Prince Mohammed bin Salman indicated his kingdom aimed to do more Silicon Valley deals like the $3.5 billion investment in Uber Technologies Inc announced two weeks earlier, according to a person who attended the feast hosted at San Francisco’s Fairmont Hotel. http://on.wsj.com/2a1piK0
– A gunman fatally shot three police officers and wounded three others before being killed by police in Baton Rouge, Louisiana, on Sunday morning, the second deadly multiple shooting to target police in 10 days. http://on.wsj.com/1ejfriJ
– The failed coup attempt in Turkey has fueled a sharp conflict with Washington over the fate of a Turkish cleric in the United States, while posing a broader challenge to the West’s efforts to fight terror and promote liberal democracy. http://on.wsj.com/2a1psAT
FT
Bank of England rate-setter Gertjan Vlieghe said on Sunday he had already seen early signs that Britain’s economy is heading for a period of slower economic growth and higher inflation after last month’s Brexit vote.
Last week in London, Iran’s energy minister Hamid Chitchian met representatives of Siemens AG and Rolls-Royce Holdings Plc to discuss partnership in power generation technology. The talks indicate a gradual opening of Iran’s economy following the lifting of international sanctions.
NYT
– SoftBank is nearing a deal to acquire British semiconductor company ARM Holdings. ARM had a market capitalization of about $22 billion as of Friday’s close. SoftBank’s acquisition of ARM’s is one of its largest ever. http://nyti.ms/29NQcUS
– Bridgewater Associates is telling recruitment firms to cancel interviews with prospective employees, and some of the firm’s external recruiters have been told that Bridgewater will not use them for the time being. http://nyti.ms/29NJ4f3
– A gunman fatally shot three law enforcement officers and wounded three others in Baton Rouge on Sunday before being killed in a shootout with the police. The attack’s motive was unclear. http://nyti.ms/29Ozrr7
Britain
The Times
Presidential power grab after failed Turkish coup
President Erdogan of Turkey launched an unprecedented purge of the military and judiciary after a failed coup that opened the clear path to absolute power that he has long been accused of craving. Almost 6,000 people have been detained since Friday’s attempt to oust Erdogan, including at least 2,840 members of the military and 2,745 judges. (http://bit.ly/29TnaVg)
The Guardian
Bank of England to close personal banking service for employees
Bank of England employees will lose a 300-year-old job perk after it was announced that a small staff bank within Threadneedle Street is closing. Staff had been able to access Bank of England accounts for personal use, even after retirement. But the Bank has confirmed that the service is coming to an end following a cost-cutting review initiated by its governor, Mark Carney, soon after he arrived in 2013. (http://bit.ly/29Fhq2y)
Brexit impact is going to be horrible, says leading City fund manager
One of the leading money managers in the City of London has said the fallout from Britain’s vote to leave the EU will be “horrible” and that the Square Mile is still “slightly stunned” by the result. Richard Buxton, the chief executive and head of UK equities at Old Mutual Global Investors (OMGI), which manages 26 billion pounds of funds on behalf of individual investors and institutions, said warnings from the pro-EU campaign about the impact of Brexit before the referendum were well-placed. (http://bit.ly/29FhxuW)
The Telegraph
HS2 railway project to go ahead despite change in government
The HS2 railway project will still go ahead despite the change in government, the new Transport Secretary has pledged. Chris Grayling vowed not to scrap HS2, easing fears of those concerned that it may have been abandoned by Theresa May’s new government. (http://bit.ly/29TlH1f)
Sky News
Santander Eyes Restructured RBS Branch Deal
Santander UK Plc is examining a restructured deal to acquire millions of customers of rival Royal Bank of Scotland Group Plc as a five-year process to create a new high street lender remains mired in technology problems. The Spanish-owned bank, which is already the fifth-biggest in Britain, has been looking at whether it can take on an entity due to be rebranded as Williams & Glyn through a so-called asset transfer deal. (http://bit.ly/2a31G7t)
Hammond Targets Sheffield Deal On China Visit
A string of urban regeneration projects in Sheffield worth nearly 200 million pounds is among the trade deals being targeted by Philip Hammond when he visits China for the first time as chancellor this week. Hammond is expected to sign a deal with Sichuan Guodong Construction Company during a trip to China for the G20 finance ministers’ meeting in the city of Chengdu. (http://bit.ly/2a8UcT4)
Lad Bible Gets Its First CFO
A fast-growing British youth media brand TheLadBible Group, which publishes a digital magazine of the same name, will name former eBay executive Pete Wade as its first chief financial officer. (http://bit.ly/2alBnsv)
via http://ift.tt/2a4fm5d Tyler Durden