- Global stocks gain as Brexit nerves settle (Reuters)
- Draghi Wishes for a World Order Populists Will Love to Hate (BBG)
- Merkel Says No Way Back From Brexit as Cameron Regrets Loss (BBG)
- EU leaders meet without UK to plot Brexit response (FT)
- Division, confusion as EU rethinks future without Britain (AP)
- Goldman denies plans for Frankfurt office switch after Brexit (Reuters)
- Brexit Vote Roils Real-Estate Markets (WSJ)
- Will Brexit Actually Happen? (BBG)
- Donald Trump Lays Out Protectionist Views in Trade Speech (WSJ)
- Islamic State prime suspect after suicide bombers kill 41 at Istanbul airport (Reuters)
- Istanbul Airport Reopens Even as Attack Death Toll Rises (WSJ)
- European Banks Spend Billions to Get U.S. Units Fit for the Fed (BBG)
- Syria rebels battle IS at Iraqi border, aim to cut ‘caliphate’ in two (Reuters)
- 5 Things to Watch in the Fed’s Stress Test Results (WSJ)
- Brexit Economic Fallout Worries Americans in Bloomberg Poll (BBG)
- Teachers Union and Hedge Funds War Over Pension Billions (WSJ)
- UK consumer borrowing growth hit 10-year high before Brexit storm (Reuters)
- Every Banker in the World Is Chasing the Saudi Aramco Deal (BBG)
- Energy Transfer Equity Calls Off Williams Merger (WSJ)
Overnight Media Digest
WSJ
– British Prime Minister David Cameron began the tortuous process of extricating his country from the European Union at his last summit with leaders of the other 27 EU states, who told him there would be no special deals for ex-members of the bloc. http://on.wsj.com/293LlhS
– A federal judge has ordered Texas entrepreneur Sam Wyly to pay $1.1 billion in taxes and penalties for committing tax fraud using offshore accounts, even though the former billionaire’s net worth has fallen to a fraction of that amount. http://on.wsj.com/293LgL5
– Federal officials made clear Tuesday that Volkswagen AG’s deal to pay up to $14.7 billion to settle emissions-cheating claims with U.S. consumers and regulators won’t end the auto giant’s woes-nor stop scrutiny of other car makers. http://on.wsj.com/293Lp1b
– IKEA has agreed to recall 29 million chests and dressers in the U.S. following a raft of injuries and the deaths of six toddlers caused by the furniture tipping over. http://on.wsj.com/293Lv99
– Turkey’s busiest airport, Istanbul Atatürk Airport, was struck by suicide bombers late Tuesday, who killed at least 36 people and injured scores, on the eve of a major holiday, the deadliest in a string of attacks in Istanbul this year. http://on.wsj.com/293LuBU
FT
Jeremy Corbyn refused to step down as leader of the labour party despite a vote of no confidence and resignations from his front bench.
U.S. prosecutors said Volkswagen AG and its suppliers still face a criminal investigation for their role in the diesel emissions scandal, even as the company agreed to pay up to $15.3 billion in fines.
U.S. online lender LendingClub Corp will cut about 12 percent of its workforce as it attempts to deal with a scandal that led to the departure of its founder.
Apartment-sharing startup Airbnb is in talks for a new round of funding that would give it a valuation of $30 billion.
NYT
– Airbnb has charmed and strong-armed lawmakers around the world to allow it to operate in their communities. But two cities, Airbnb’s hometown, San Francisco, and New York, the service’s largest United States market, have not been so compliant. http://nyti.ms/292X4Qn
– Donald Trump vowed on Tuesday to rip up international trade deals and start an unrelenting offensive against Chinese economic practices, framing his contest with Hillary Clinton as a choice between hard-edge nationalism and the policies of “a leadership class that worships globalism.” http://nyti.ms/292vfEz
– Volkswagen AG solved one big problem stemming from its diesel emissions deception, agreeing on Tuesday to pay up to $14.7 billion to settle claims in the United States. But the final financial toll, once the company deals with a long list of fines, lawsuits and criminal investigations around the world, may well be far higher. http://nyti.ms/290i7P7
– In a deal with federal regulators, Ikea announced Tuesday that it would recall 29 million chests and dressers in the United States after at least six toddlers were crushed to death in tip-over accidents. http://nyti.ms/2992vwH
– The federal government has proposed adding a line to forms filled out by visitors to the United States that would ask them to voluntarily disclose their social media accounts, a step that it said would help in screening for ties to terrorism. http://nyti.ms/299xngv
Canada
THE GLOBE AND MAIL
** Canada ranks second in the world when it comes to turning economic prosperity into social progress, according to a report by Social Progress Imperative. (http://bit.ly/292lxpm)
** Empire Co Ltd, the parent of grocer Sobeys Inc, posted a loss of $942.6 million as its problems deepened in its Western Canadian business in its fourth quarter and Chief Executive Marc Poulin warned of signs that Sobeys’ sluggish sales are spreading to other regions of the country. (http://bit.ly/294uwY9)
** BuzzFeed Canada is cutting its political reporting staff more than a year after its official launch, suggesting there are cracks in the social news company’s plan to expand its reporting capabilities outside the United States. (http://bit.ly/292cXns)
NATIONAL POST
** Canada has lodged a formal complaint with the Palestinian Authority over what it says were “baseless” accusations against Israel by President Mahmoud Abbas. The move came after Abbas alleged in a speech to the European Parliament in Brussels last week that Israeli rabbis had plotted to murder Palestinians by poisoning their wells – a claim that was quickly proven false. (http://bit.ly/297cjqn)
** Last minute negotiations are underway to extend the closing date for Superior Plus Corp’s acquisition of Canexus Corp after U.S. antitrust authorities launched a legal challenge that could quash the deal. Calgary-based Canexus announced Tuesday that it is still in talks to extend the closing date of the deal, which is set to expire Wednesday. (http://bit.ly/292ceBe)
Britain
The Times
The co-chief executive of Goldman Sachs International Richard Gnodde has warned that some of the bank’s 6,500 staff in the UK may be moved to Europe following the referendum result.(http://bit.ly/293r8wP)
Aston Martin is to stick to its plan to build a carmaking plant in south Wales, even arguing that the vote for Brexit has made the project more viable. (http://bit.ly/292LQsQ)
The Guardian
Vodafone, one of Britain’s biggest companies, has warned that it could relocate its head office outside the UK if the negotiations for a post-Brexit Britain do not give it freedom of movement across the EU for people, capital and goods.(http://bit.ly/29mijd4)
Virgin billionaire, Richard Branson, says Chinese business partners are already pulling investment from the UK in the light of the EU referendum vote, and warned that “thousands of jobs will be lost”. (http://bit.ly/291qh9Y)
The Telegraph
The British Government is “committed” to expanding airport capacity in the south east, despite the political turmoil caused by Brexit, the transport secretary Patrick McLoughlin has said, signalling a decision on a controversial £17.6 billion ($23.49 billion) third runway at Heathrow could still be on the cards. (http://bit.ly/292O3of)
Lloyds Banking Group’s boss has bought another 100,000 shares in the bank in a show of confidence that the lender’s share price tumble is a short-term hit rather than a sign of long-term problems. (http://bit.ly/294jQHh)
Sky News
Hundreds of British-based jobs at the credit card giant Visa could be forced to relocate to the Continent in the wake of last week’s EU referendum. (http://bit.ly/29232xB)
Tax rises and spending cuts will be needed within months to deal with economic challenges following the British vote to leave the EU, Chancellor of the Exchequer George Osborne has warned. (http://bit.ly/298ZHzK)
The Independent
Fitch has downgraded the UK’s credit rating to AA negative, after similar moves by Moody’s and S&P, following Britain’s vote to leave the EU. (http://ind.pn/28YYG9E)
The Bank of England has injected £3.1 billion ($4.14 billion) into the UK banking system. The amount released on Tuesday was the last of the extra auctions announced by the Bank of England in March this year. (http://ind.pn/293EhnG)
via http://ift.tt/298CfUs Tyler Durden