- Priest killed in French church before police shoot dead hostage-takers (Reuters)
- On raucous opening night, Democratic stars make a pitch for Clinton (Reuters)
- Sanders Backs Clinton After Fractious Opening of Convention (BBG)
- Some in Sanders’ army seem determined to march on without him (Reuters)
- Yen hits two-week high as Japanese stimulus expectations dialled back (Reuters)
- Fed seen holding rates steady as inflation watch continues (Reuters)
- Fed Readies Enforcement Action Against Goldman Sachs in Theft of Secrets (WSJ)
- Trillion-Dollar Manager Amundi Sees Treasury Gains as Fed Delays (BBG)
- Citigroup, HSBC Jettison Customers as Era of Global Empires Ends (BBG)
- Pension Returns Slump, Squeezing States and Cities (WSJ)
- How Does This Hedge-Fund Manager Make So Much Money? (BBG)
- RBS and NatWest consider charging business clients to hold cash (FT)
- Kerry says hopes to reveal cooperation plan with Russia on Syria in August (Reuters)
- Barclays Cartel Trader Told ‘Life Isn’t Fair’ Before Firing (BBG)
- China Wrestles With Wage Dilemma (WSJ)
- Turkey asks Kosovo to punish journalist over coup comments (Reuters)
- Brexit rewrites UK budget rules as borrowing set for first big rise since 2010 (Reuters)
- Suicide bombers kill seven at peacekeeping base in Somalia (Reuters)
- Templeton’s Hasenstab Is Doubling Down on Colombia as Bonds Soar (BBG)
Overnight Media Digest
WSJ
– Bangladesh police said Tuesday they killed nine suspected extremists during a raid on a militant hideout in Dhaka. Police surrounded a five-story building in the Kalyanpur suburb of the Bangladeshi capital in the early hours of Tuesday morning following a tip-off that militants were hiding there, Asaduzzaman Miah, Dhaka’s commissioner of police said. http://on.wsj.com/2a2mkmR
– First Lady Michelle Obama on Monday made the case for Democratic Party unity and delivered an impassioned endorsement of Hillary Clinton to be her husband’s successor in a speech at the Democratic National Convention. http://on.wsj.com/29WgSWn
– Starbucks Corp said Monday it was reorganizing the roles of its senior leaders, a week after the coffee giant said it had a sales-target miss for the third consecutive quarter. Chief Executive Howard Schultz said he was shifting his focus to the company’s long-term strategy and innovation efforts. Previously, he focused on the company’s digital technology efforts. http://on.wsj.com/29Vuukr
– Apple Inc has tapped a highly regarded senior executive who helped bring to market many of Apple’s signature products to oversee its fledgling automobile project, according to people familiar with the matter. http://on.wsj.com/2a62Xyd
– LVMH agreed to sell Donna Karan International Inc. to apparel company G-III Apparel Group Ltd for $650 million including debt, an unusual retreat for the French luxury giant. http://on.wsj.com/2a7usBc
– Philippine President Rodrigo Duterte declared a unilateral cease-fire with communist rebels Monday in an effort to reignite peace talks and end a decades-old insurgency that has claimed tens of thousands of lives. http://on.wsj.com/29UK0Ns
FT
* Ericsson has let go of its CEO Hans Vestberg after mounting pressure from shareholders unhappy with the company’s results. The company has been responding to weak industry demand by cutting jobs and increasing cost cuts.
* Apple Inc has tapped Bob Mansfield, a special adviser to the company and former hardware executive, to spearhead its electric car project. The Apple veteran has worked for the company for about 17 years and has engineered a number of projects ranging from the iPad to the Apple Watch.
* The Islamic State claimed responsibility for the explosion outside a music festival in Ansbach, Germany. The Syrian suicide bomber who detonated the bomb had pledged his allegiance to Isis and threatened revenge against the Germans.
* Yahoo Inc’s CEO Marissa Mayer has condemned sexist reporting of her leadership at the company, as she agreed to sell the bulk of the company’s assets to Verizon Communication Inc for $4.8 billion.
NYT
– Amazon has partnered with the British government to significantly expand drone testing, in a move that could allow the devices to deliver packages to British homes far earlier than in the United States. http://nyti.ms/2asumH4
– Two years ago, a Federal Reserve New York employee had leaked confidential government information to a banker at Goldman Sachs, which resulted in the bank paying a $50 million penalty to New York State regulators. The Fed is now preparing an enforcement action of its own against Goldman and the bank is expected to pay a financial penalty in that case as well. http://nyti.ms/2asuqXt
– Democratic Party leaders scrambled to rescue their convention from political bedlam as supporters of Senator Bernie Sanders erupted in boos, jeers and protests against Hillary Clinton after an email leak showed that party officials had sought to undermine Sanders in their race for the nomination. http://nyti.ms/2asveeM
– As energy prices start to rebound, a group of oil workers in the North Sea are gearing up for a strike, saying the industry-wide cuts have been too deep. The labor action, by unions represent about 400 maintenance workers on seven oil production platforms operated by Royal Dutch Shell. http://nyti.ms/2asvfQ3
Canada
THE GLOBE AND MAIL
** Twitter Inc has struck a deal to livestream free weekly baseball and hockey games with Major League Baseball’s technology arm. The deal allows the social-networking company to stream MLB and National Hockey League contests once a week. (http://bit.ly/29WBLAz)
** Real estate industry watchers applauded the government of British Columbia’s surprise move to tax foreign home buyers in the Vancouver region and urged politicians in Canada’s other hot housing market, Toronto, to follow suit. (http://bit.ly/2aqmXcM)
** Oil’s recovery has stalled on sputtering demand, dashing hopes of a sustained rebound in energy shares and the broader economy. Since surging past $51 a barrel in early June, U.S. benchmark crude has fallen 16 percent. (http://bit.ly/2aHcnvP)
NATIONAL POST
** After a five-and-a-half month delay, NewLeaf Travel Co Inc launched its first flights on Monday amidst an ongoing court battle that still has the potential to foil the latest addition to Canada’s airspace. (http://bit.ly/29WCoKE)
** Gary Fung, the Vancouver-based founder of the now-defunct BitTorrent search engine isoHunt, has settled his second and final lawsuit with the music industry. The C$66 million ($49.91 million) settlement with the record company trade association Music Canada closes a decade-long legal battle. (http://bit.ly/29WCz8M)
Britain
The Times
Britain’s biggest bookmaker William Hill Plc said it would listen to any proposal that might be forthcoming after receiving a “highly preliminary approach” over the weekend, but cautioned: “It is not clear a combination of William Hill with 888 Holdings Plc and Rank Group Plc will enhance William Hill’s strategic positioning or deliver superior value to William Hill’s strategy.” http://bit.ly/2aq6cQK
A huge investment programme at Arm Holdings Plc will propel Britain’s largest technology company on to the same plane as Google, Facebook, Amazon, Apple and Alibaba, its new owner, SoftBank Group Corp Chief Executive Masayoshi Son said. http://bit.ly/2aq7bQZ
The Guardian
The UK Financial Conduct Authority should be stripped of its powers to fine and ban individuals for wrongdoing, according to a report by MPs that calls on new chancellor Philip Hammond to commission an independent review into whether an alternative investigatory body should be set up. http://bit.ly/2aq7gUV
Philip Green has instructed lawyers to demand an immediate apology from Frank Field, one of the senior MPs who led an inquiry into the failure of British retailer BHS. The billionaire retail tycoon launched a fightback on Monday, hours after he was heavily criticised in a report by two House of Commons committees, one of which is chaired by Field. http://bit.ly/2aq8oI6
The Telegraph
Ryanair Holdings Plc will start cutting flights from the UK later this year as part of the Irish budget airline’s plans to “pivot” investment away from the country following the surprise vote to leave the European Union. http://bit.ly/2aq8OOB
EDF SA is preparing to take a long-awaited final investment decision on its proposed Hinkley Point C project, which would be Britain’s first new nuclear plant in a generation. http://bit.ly/2aq8OhE
Sky News
Britain’s taxi-app wars will step up a gear this week when Hailo unveils a merger with MyTaxi as part of a strategic investment by Daimler AG, one of the car industry’s biggest manufacturers. Sky News has learnt that Hailo will announce on Tuesday that it is to become part of the Mercedes-Benz-owner’s portfolio in an effort to take on Uber, the world’s most valuable taxi-hailing app. http://bit.ly/2aq8wao
The Independent
Payments from a 3 billion pounds ($3.93 billion) European development fund were suspended indefinitely by the UK government, just days after the vote to leave the EU, the Independent can reveal. In a move that exposes the almost immediate impact of Brexit on the UK economy, businesses say they have been told they will not now receive money that was due to be paid out under the European Regional Development Fund. http://ind.pn/2aq9d3y
via http://ift.tt/2aaHeik Tyler Durden