- German 10-Year Government Bond Yields Dip Below Zero for First Time (WSJ)
- U.K. Moves Closer to Brexit as The Sun Backs ‘Leave’ Vote (BBG)
- Global Stock Selloff Deepens as Investors Seek Safer Assets (WSJ)
- Futures tread lower for fourth day; Fed meet awaited (Reuters)
- Oil falls as Brexit threat rattles markets (Reuters)
- Polls show increasing support for Brexit; Murdoch’s Sun backs ‘Leave’ (Reuters)
- U.K.’s Upstart Lenders Face Brexit Shock in First Downturn (BBG)
- Clinton and Sanders to meet as DC marks the final primary (AP)
- Trump Faces New Challenges Testing Terror Playbook Against Clinton (BBG)
- Netanyahu, Facing Trump or Clinton, Urged to Take Obama Aid (BBG)
- Thousands converge on Paris to protest against changes to labor law (Reuters)
- Muslim leaders condemn Florida massacre, brace for backlash (Reuters)
- EU Envoy to Turkey Resigns as Tensions Threaten to Derail Migration Deal (WSJ)
- Yellen Faces Rate Dilemma as U.S. Economy Runs Short of Workers (BBG)
- Italian ex-PM Berlusconi’s heart surgery went well: source (Reuters)
- South Korea probe into Lotte Group widens with more raids (Reuters)
- Giant Wildfire Is No Longer the Canadian Oil Industry’s Biggest Problem (BBG)
Overnight Media Digest
WSJ
– Microsoft agreed to buy LinkedIn for $26.2 billion, marking the largest deal in the software giant’s history, in a bet the professional social network will give a jolt to its widely used Office portfolio of productivity applications. (http://on.wsj.com/1Pqnaa8)
– The U.S. Supreme court struck down Puerto Rico’s effort to restructure its public utility debts, ruling Congress precluded the territory from enacting its own bankruptcy law. (http://on.wsj.com/1PqltcT)
– Libya’s sovereign-wealth fund, in a long-awaited trial that started Monday, alleged Goldman Sachs took advantage of its lack of financial sophistication to draw it into losing trades. (http://on.wsj.com/1PqlRZ1)
FT
* TransCanada and IEnova consortium have won a tender to build an 800-km sub-sea pipe from southern Texas to the Gulf of Mexico. The pipeline is expected to commence operations by October 2018.
* Privately owned bank Berenberg is looking to double its employees in the United States by the end of 2017. The bank opened an equity-trading desk in New York last year.
* JIC Group and Wise Road Capital are buying Standard Products, a unit of NXP Semiconductors for about $2.8 billion.
* Airbus said it would use China-based manufacturers to assemble its helicopters as a part of a deal to supply 100 helicopters for 700 million euros
NYT
– Microsoft Corp’s blockbuster $26.2 billion takeover of LinkedIn Corp might be an attempt to travel through time. Specifically, to the heady heights of yesteryear’s technology valuations. (http://nyti.ms/1ZMVZME)
– With sales sluggish and stiffening competition from rivals like Google and Facebook, Apple announced on Monday coming improvements to the software that runs its devices, including a revamped Music app, an easier login process and better information-sharing across devices. (http://nyti.ms/1U6dUdo)
– Donald Trump said his campaign would revoke the press credentials of The Washington Post, effectively prohibiting journalists from one of the nation’s largest newspapers from joining the traveling press corps of the presumptive Republican nominee. (http://nyti.ms/28AA80Z)
– The Supreme Court rejected an effort in Puerto Rico to allow public utilities there to restructure $20 billion in debt, striking down a 2014 Puerto Rico law. (http://nyti.ms/1U9iRHD)
Britain
The Times
Mounting fears that Britain will vote to leave the European Union this month have sent the cost of insurance against a collapse in the pound to an eight-year high. (http://bit.ly/1VW1N7q)
Andy Clarke, chief executive of Asda, has been ousted from his role managing one of Britain’s “Big Four” grocers after a steep fall in sales and market share. He will be replaced by the head of Walmart’s Chinese business, Sean Clarke. (http://bit.ly/1VW2ei5)
The Guardian
Hermes Investment Management is spearheading an effort to break with the City’s notorious short-termism and push fund managers to focus on the social, environmental and economic consequences of investment decisions. (http://bit.ly/1VW1kSB)
FIFA has welcomed the decision by its financial auditor KPMG to resign. The break in a decade-long relationship was announced Monday, months after KPMG said it would review its work with football’s scandal-hit world governing body. (http://bit.ly/1VW0xkO)
The Telegraph
Barclays is the British bank most exposed to the referendum on the UK’s membership of the EU, as its international operations will be hit the most by Brexit according to analysts. (http://bit.ly/1VW0LbI)
Schneider Electric has resuscitated tie-up talks with software company Aveva, six months after abandoning plans for a 1.3 billion pounds ($1.85 billion) merger. (http://bit.ly/1VW2MV4)
Sky News
Goldman Sachs has rejected a demand from members of Parliament to probe into the collapse of BHS, that would drag its executives deeper into their inquiry. (http://bit.ly/1VW0Z2j)
Two directors of the vehicle which owned BHS until it plunged into administration in April discussed the payment of a 250,000 pounds ($355,150) bonus despite the retailer’s ongoing cash flow problems. (http://bit.ly/1VW2Kwv)
The Independent
Mike Ashley, the founder of Sports Direct, has written to administrators to confirm that he is still interested in buying parts of collapsed retail chain BHS. (http://ind.pn/1VW1jye)
Libya’s sovereign wealth fund will go head-to-head with Goldman Sachs in London’s High Court over claims that the U.S. investment bank exploited the fund by encouraging it to make risky and ultimately worthless investments. (http://ind.pn/1VW2625)
via http://ift.tt/1UsbmKa Tyler Durden