- For Hillary Clinton, Political Fight Over Emails Is Far From Over (WSJ)
- More “Extreme carelessness” – Iraq inquiry slams Blair over legal basis for war (Reuters)
- FBI Director Rebukes State Department Over Security Practices (WSJ)
- Gold Climbs to Two-Year High as UBS Sees Start of New Bull Run (BBG)
- Stocks and bond yields sink as growth fears set in (Reuters)
- Oil Prices Continue to Tumble on Concerns Over Global Growth Prospects (WSJ)
- Italy Could Spark European Bank Crisis, SocGen Chairman Says (BBG)
- Record-Low Yields Abound as Brexit Stresses Grow; Yen, Gold Gain (BBG)
- Global bond burn from Brexit may now force fiscal response (Reuters)
- Hillary Clinton to Criticize Donald Trump’s Casino Record in Atlantic City Speech (WSJ)
- Businesses Say Proposed Tax Rule Is Too Complicated (WSJ)
- How the FBI’s Clinton E-Mail Decision Just Changed the 2016 Race (BBG)
- Farewell ‘pantomime villain’: Farage will miss EU boos (Reuters)
- Brilliant: “Letting Central Banks Manage the Economy Might Not Be So Bad” (BBG)
- Tesla told regulators about Autopilot crash nine days after accident (Reuters)
- Elon Musk Says Autopilot Death ‘Not Material’ to Tesla Shareholders (Fortune)
- Turnbull’s Coalition Edges Ahead as Election Count Continues (BBG)
- Different targets, different countries: The challenge of stopping Islamic State (Reuters)
- Saudi king vows to fight religious extremists after bombings (Reuters)
- U.S. court to hear arguments in warrantless NSA spying case (Reuters)
Overnight Media Digest
WSJ
– FBI Director James Comey said Hillary Clinton’s handling of classified information was “extremely careless” but that the bureau would not recommend charges over her use of private email. http://on.wsj.com/29sON7V
– Two big British asset managers blocked investors from pulling money out of real-estate funds, and the pound sank to a new 31-year low Tuesday, signs that the UK’s vote to leave the EU was shaking the country anew. http://on.wsj.com/29g6Rhw
– Home Secretary Theresa May established herself as the front-runner in the race to become the next UK prime minister by convincingly winning a first round of voting for a new Conservative Party chief. http://on.wsj.com/29gewB2
– Upon taking the helm of Valeant Pharmaceuticals International Inc, Joseph Papa promised to start a “new chapter” at the struggling company. But Wall Street is questioning whether the man hired to effect change can succeed after drawing from a playbook similar to Valeant at his previous company. http://on.wsj.com/29ghllS
FT
Theresa May established a strong lead in a her bid to become prime minister.
Medivation Inc said it will hold talks with French pharmaceutical company Sanofi SA about a sale that will be open to other bidders.
Deutsche Boerse AG floated the idea of setting up a dual holding company after its merger with London Stock Exchange Group Plc to meet all regulatory requirements.
Six of Germany’s carmakers and parts suppliers, including Volkswagen AG, BMW and Daimler AG were raided by the country’s cartel authority following suspicions they had colluded when buying steel.
NYT
– The financial strains from Britain’s vote to leave the European Union are starting to show, as worries ripple through the country’s real estate market after three major real estate funds suspended payouts. http://nyti.ms/29h6jNg
– Hostess Brands LLC, the maker of Twinkies and Ding Dongs, said on Tuesday it has agreed to sell a majority stake in the company to a publicly traded affiliate of the Gores Group, an investment firm, for about $725 million. http://nyti.ms/29h61G5
– Bucking the trend of conserving cash at a time of low oil prices, the American oil giant Chevron said on Tuesday that it would go ahead with a $37 billion expansion of a gargantuan oil field on the Caspian Sea in Kazakhstan. http://nyti.ms/29h6aJz
– Twitter appointed Bret Taylor, a former senior executive at Facebook, to its board, continuing a makeover of its board of directors as it struggles to rev up its growth. http://nyti.ms/29h6iJf
Canada
THE GLOBE AND MAIL
** Centerra Gold Inc of Toronto, a miner looking for ways to lower its risk, has struck a $1.1 billion deal to buy Thompson Creek Metals Co Inc, a Colorado-based miner seeking relief from a mountain of debt. (http://bit.ly/29w1sZm)
** Meeting the demand by Unifor that Ford Motor Co’s Canadian arm, Ford Motor Co of Canada Ltd, invest in its engine plant in Windsor will be a “challenge”, company officials said on the eve of negotiations on a new contract with the union that represents 6,400 workers. (http://bit.ly/29w1Rv7)
** The federal government is taking steps to prevent First Nations children who fall ill on reserves from being denied proper treatment and medical supports because federal and provincial governments can’t agree about who should pay. (http://bit.ly/29w2bKg)
NATIONAL POST
** Loblaw Cos Ltd President Galen Weston, who observed in May that consumers were getting fed up with rising food prices, now wants his company’s largest suppliers to shoulder a bigger part of the inflationary burden. (http://bit.ly/29w2rsv)
** Two consultants who have done work for NewLeaf Travel Co Inc say the discount travel company owes them tens of thousands of dollars, raising concerns about the airline’s financial position as it gets set to offer its first flights later this month. (http://bit.ly/29w2zIC)
** Canada’s most expensive market for homes shows no signs of slowing down as June results outpaced a torrid May. The Real Estate Board of Greater Vancouver said it was the best June on record for existing home sales and price increases were escalating on a year-over-year basis. (http://bit.ly/29w2G6W)
Britain
The Times
The Bank of England has given the UK economy a £150 billion ($194.48 billion) shot in the arm by relaxing financial regulations on Britain’s lenders in its latest attempt to cushion the blow from last month’s Brexit vote. (http://bit.ly/29hxROL)
Imagination Technologies, the company behind the graphics processors used in the iPhone, has slumped to its largest annual pre-tax loss of £63 million ($81.68 million).(http://bit.ly/29oMeU4)
The Guardian
The fallout from the Brexit vote reverberated through the markets on Tuesday as two City property funds – M&G Investments and Aviva Investors – barred investors from withdrawing their cash and the Bank of England warned that risks to the financial system had begun to “crystallise”. (http://bit.ly/29ueRBb)
Tina Green, the wife of retail tycoon Philip Green, has defended their use of companies based in tax havens, praising their “strong regulatory regimes”. (http://bit.ly/29oNbeZ)
The Telegraph
ITV has set itself on a collision course with its biggest shareholder after the British government announced it will scrap laws that guarantee Virgin Media free access to its main channel. (http://bit.ly/29MvGTS)
Mike Coupe, the boss of Sainsbury’s, has warned that Britain “is in danger of talking itself into a recession” following the country’s reaction to the vote to leave the European Union. (http://bit.ly/29lYEga)
Sky News
The Virgin tycoon, Richard Branson, has held secret talks with Prime Minister hopeful Theresa May in an effort to boost his plea for a second referendum on the UK’s membership of the European Union. (http://bit.ly/29dXu1z)
Lloyds Banking Group has appointed Eduardo Stock da Cunha, a Portuguese national, as its new head of corporate development with a brief to head its mergers and acquisitions strategy. (http://bit.ly/29LGfGX)
The Independent
U.S. and European banks could end up $165 billion worse off after Britain’s historic decision to leave the EU, according to a model set up by economists at the New York University Stern Business School. (http://ind.pn/29lwnnw)
The pound has fallen below $1.31 for the first time in 31 years amid growing concerns about the financial stability of the UK after the decision to leave the EU. (http://ind.pn/29lmAhg)
via http://ift.tt/29njPhO Tyler Durden