- Asian stocks near 11-week lows, dollar bounces on Fed rate view (Reuters)
- Poll Finds Lack of Enthusiasm for Clinton and Trump (WSJ)
- Oil falls for fifth day as focus returns to growing exports (Reuters)
- The Hedge Fund That Couldn’t Stay Open Long Enough for a Big Payday (BBG)
- French police break up refinery blockade in anti-reform showdown (Reuters)
- Greece starts moving migrants camped at border to state facilities (Reuters)
- G7 to examine economic risk, vow policy mix to spur growth (Reuters)
- Switzerland Opens Criminal Proceedings Against BSI Over 1MDB Dealings (WSJ)
- Iraq forces shell Falluja for second day; U.N. concerned for civilians (Reuters)
- Apple Said to Hit Setback in Push to Open Stores in India (BBG)
- U.S. Military Wants More Leeway to Strike Taliban (WSJ)
- Brazil’s Temer faces test as minister steps down over leaked tape (FT)
- Saudi Arabia’s New Oil Plan Shows It’s Just Not That Into OPEC (BBG)
- Banks Keep Cutting Bond Traders as One-Third Gone Since 2011 (BBG)
- Fed Shouldn’t Kid Itself on Rate Risk, Says $200 Billion Manager (BBG)
- Bank of America Penalty Thrown Out in Crisis-Era ‘Hustle’ Case (WSJ)
- Goldman warned Green lieutenant BHS buyer had been bankrupt (FT)
Overnight Media Digest
WSJ
– In a setback for some of the world’s largest financial institutions, a U.S. appeals court on Monday reinstated the private antitrust lawsuits filed against 16 banks for allegedly rigging Libor interest rates. (http://on.wsj.com/1Ttbp9Y)
– The power struggle atop Sumner Redstone’s $40-billion media empire intensified Monday as two long-time lieutenants ousted last week sued his daughter, accusing her of manipulating the aging mogul to stage a coup. (http://on.wsj.com/1TtaUwO)
– An appeals court dealt the Obama administration a major setback in its efforts to levy tough fines on corporations and executives, overturning a civil mortgage-fraud case against Bank of America Corp tied to the financial crisis. (http://on.wsj.com/1Ttbt9V)
– Tribune Publishing Co rejected Gannett Co’s latest takeover offer and said a billionaire healthcare entrepreneur would take a $70.5 million stake in the company, adding another hurdle to Gannett’s pursuit. (http://on.wsj.com/1TAmgvI)
FT
* Goldman warned Green lieutenant BHS buyer had been bankrupt. (http://on.ft.com/1TzLzOy)
* Fracking wins first approval in 5 years thanks to North Yorkshire. (http://on.ft.com/1TzLuuf)
* Battle for control of Viacom heads to court. (http://on.ft.com/1TzLBpK)
Overview
* Retail tycoon Philip Green’s Arcadia group was warned by a senior Goldman Sachs banker that a possible suitor of its BHS department store chain had a history of bankruptcy, British lawmakers were told on Monday.
* Officials in northern England approved a shale gas fracking application from Third Energy on Monday in a shift indicating growing support for shale gas that Britain’s government hopes can counter the decline in North Sea output.
* The legal battle over control of Sumner Redstone’s $40 billion media empire has investors hopeful that change will come to underperforming Viacom Inc.
NYT
– Tribune Publishing Co has rejected both of Gannett Co Inc’s takeover proposals, the latest valued at nearly double the price of Tribune’s stock before news of their potential combination first surfaced in April. The publisher also raised the pressure saying it would issue almost five million shares to an investor, Nant Capital. The investor and a fund run by Tribune’s chairman Michael Ferro combine to control nearly one-third of Tribune shares. (http://nyti.ms/25dfUYB)
– Viacom Inc Chief Executive Philippe Dauman, who was ousted from media mogul Redstone’s powerful trust, called this move an “unlawful corporate takeover” by Sumner’s daughter, Shari Redstone.(http://nyti.ms/1Xt06OF)
– Facebook Inc said on Monday that an internal investigation found no evidence of systemic political bias in the selection of news presented in a section of its app called Trending Topics. (http://nyti.ms/1Vgmgnc)
– A three-judge panel ruled on Monday that federal prosecutors had failed to prove that Bank of America Corp’s Countrywide unit had defrauded Federal Home Loan Mortgage Corp and Federal National Mortgage Association, the government-backed mortgage firms, when it sold them troubled loans. (http://nyti.ms/25j8nL5)
– Exxon Mobil Corp has been under pressure for over a year to explain its handling of climate change issues in the past. Now the company faces new pressure to explain its future, particularly how it will change in response to a warming world. At the company’s planned annual meeting on Wednesday in Dallas, shareholders will vote on a resolution to prod Exxon Mobil to disclose the risks of climate change to its business. (http://nyti.ms/1s6jNAh)
Canada
THE GLOBE AND MAIL
** Canada’s economy is on the ropes again, believed to be contracting in this second quarter of the year, though observers predict a fast, sharp rebound. Toronto-Dominion Bank believes the economy will shrink by a mild 0.2 percent, annualized, this quarter, while BMO Nesbitt Burns forecasts a deeper contraction of 1 percent or more. (http://bit.ly/1U7z5uG)
** Eight years after the start of the financial crisis, the Italian bank bloodbath continues unabated even as other European banks are returning to health. The latest indication that the Italian banks are still in trouble is to come on Tuesday, when UniCredit, Italy’s biggest bank, is set announce the ouster of its CEO, Federico Ghizzoni. (http://bit.ly/1qGdqT0)
** One of Canada’s longest-running jury trials involving former Cinar Corp executive Ronald Weinberg is approaching a close, with jury members set to begin their deliberations this week. Weinberg, the co-founder of Canada’s largest children’s animation company, is accused of fraudulently funnelling $120 million out of Cinar and into offshore accounts. (http://bit.ly/1sNK5YO)
NATIONAL POST
** Bank stocks in Canada have been chugging along of late, buoyed in part by signs of improvement in the price of oil, and climbing out of a trough they hit in February. But analysts are warning that the impact of low oil prices will be front and centre when the banks report second-quarter financial results beginning on Wednesday. (http://bit.ly/1UaZN8A)
** The Canada Border Services Agency is looking into tracking detainees electronically, rather than keeping them in custody. A government tender posted online this month asks industry for feedback on how to manage alternatives to detention, “including a community supervision program supported with electronic supervision tools,” for detained people. (http://bit.ly/25dHfts)
Britain
The Times
The government’s plans to sell the Land Registry have been dealt a blow by the competition watchdog, which has warned that privatisation would harm consumers and restrict innovation in the online property market. (http://bit.ly/1sNqkAm)
The Guardian
The International Monetary Fund has called for “upfront” and “unconditional” debt relief for Greece as it warned that without immediate action the financial plight of the recession-ravaged country would deteriorate dramatically over the coming decades. (http://bit.ly/1U7ik2M)
Insurer AXA plans to divest 1.8 billion euros of tobacco investments and called upon rivals to do the same, citing the industry’s “tragic” impact on public health. (http://bit.ly/1sNqjwr)
The Telegraph
Double-decker trains could be racing along the HS2 rail line at speeds of 225 mph under ambitious plans due to be revealed by train maker Alstom today. (http://bit.ly/25cLXHX)
Philip Green’s retail empire was warned four months before the fatal sale of BHS that Dominic Chappell, the frontman for its buyout last year, had a “history of bankruptcies and a lack of retail expertise”. (http://bit.ly/1RlAFaI)
Sky News
Excalibur, the management buyout team looking to take over the running of Tata’s UK steel operations, will back Liberty House’s bid for the company, according to Sky News. (http://bit.ly/25cLlSS)
The Independent
Waterstones, the UK’s largest book retailer, has announced it will stop selling digital books after e-books sales failed to take off. (http://ind.pn/1qEPNdp)
Furious environmentalists have taken to streets around the world to protest against seed giant Monsanto at the same time as the company is facing a $62 billion takeover by Bayer , the German drugs giant. (http://ind.pn/27QuebI)
via http://ift.tt/1TJCS5N Tyler Durden