- World stocks hit one-year peak, dollar sags on weak U.S. data (Reuters)
- Trump’s remarks on gun rights, Clinton unleash torrent of criticism (Reuters)
- Newly Released Emails Highlight Clinton Foundation’s Ties to State Department (WSJ)
- One-in-five U.S. Republicans want Trump to drop out: Reuters/Ipsos poll (Reuters)
- Soaring Debt Has U.S. Companies as Vulnerable to Default as 2008 (BBG)
- BOJ to defend QQE in Sept policy assessment (Reuters)
- China’s Central Bank Plans Push to Increase Yuan’s Global Usage (BBG)
- Tipsters Are Poised for Big Payouts (WSJ)
- Nomura ‘Lost Control’ in Firing Salesman Over $40 Million Loss (BBG)
- In recovering housing market, the starter home remains elusive (Reuters)
- Palladium at Year High, Driving Precious Metals on Chinese Cars (BBG)
- U.S. women dominate to win second straight team gold (NBC)
- Games bus hit by gunfire, no one seriously hurt: witnesses (Reuters)
- For Oil Companies $110 Billion Debt Wall Looms Over Next 5 Years (BBG)
- Egypt closes 48 forex bureaus in black market crackdown (Reuters)
- Vietnam moves new rocket launchers into disputed S.China Sea (Reuters)
- Pimco Total Return Boosts Treasuries Stake to Most in 25 Months (BBG)
- Out of sight, out of mind? Europe’s migrant crisis still simmers (Reuters)
- Eurostar U.K. Union to Strike for Seven Days Over Schedules (BBG)
- House Speaker Ryan easily wins primary: media (Reuters)
- WikiLeaks offers $20K for info on DNC staffer’s killing (Hill)
- Brazil’s Senate indicts Rousseff, opens impeachment trial (Reuters)
Overnght Media Digest
WSJ
– Canadian film and television producer and distributor Entertainment One Ltd has rejected a takeover offer from U.K. broadcaster ITV PLC after the two sides could not agree on a price, according to a person familiar with the matter. http://on.wsj.com/2aKAj6d
– Facebook Inc is going to start forcing ads to appear for all users of its desktop website, even if they use ad-blocking software. The social network said it will change the way advertising is loaded into its desktop website to make its ad units considerably more difficult for ad blockers to detect. http://on.wsj.com/2aKz32V
– Investors are pressuring the Ratner family to loosen their grip on their nearly 100-year-old property empire, which owns high-profile urban properties such as the New York Times headquarters. http://on.wsj.com/2aKzF8G
– Procter & Gamble Co, the biggest advertising spender in the world, will move away from ads on Facebook that target specific consumers, concluding that the practice has limited effectiveness. http://on.wsj.com/2aKBpij
FT
British oil major BP is seeking buyers for its 50-percent stake in Chinese petrochemicals joint venture SECCO, its largest investment in China, in a deal said to fetch $2-$3 billion.
William Hill rejected a 3.16 billion pound ($4.11 billion) bid by smaller rivals Rank Group and 888 Holdings on Tuesday, saying a 16 percent premium “substantially undervalued” the British bookmaker.
Entertainment One Ltd will announce on Wednesday that it has rejected an offer from British commercial TV broadcaster ITV Plc. The purchase price of the deal and how much of the company ITV was seeking were not clear. Entertainment One had earlier said in April that it had not received any approach from ITV.
NYT
– On Tuesday, Facebook Inc flipped a switch on its desktop website that essentially renders all ad blockers useless. The change allows the Silicon Valley company to serve ads on its desktop site even to people who have ad-blocking software installed and running. http://nyti.ms/2aYdcC1
– After months of speculation, Walt Disney Co said on Tuesday that it had concluded a deal to spend $1 billion for a 33 percent stake in BamTech, Major League Baseball’s fast-growing streaming division. As part of the agreement, Disney has the option to buy a controlling interest in BamTech in the coming years. http://nyti.ms/2aYdZm8
– A federal jury on Tuesday found California’s major utility company, Pacific Gas and Electric, guilty of safety violations at the time of a 2010 gas pipeline explosion that killed eight people and destroyed a neighborhood in a San Francisco suburb. http://nyti.ms/2aYe5KQ
– Three prominent universities – the Massachusetts Institute of Technology, New York University and Yale – each have retirement plans holding more than $3 billion in assets and are being individually sued by a number of their employees in cases seeking class-action status. http://nyti.ms/2aYdWqE
Canada
THE GLOBE AND MAIL
** Bell Canada and its parent company BCE Inc’s ratings were downgraded by DBRS Ltd. The downgrade came in light of the Canadian communications giant’s plans to buy Manitoba Telecom Services Inc, which DBRS thinks is unlikely to fall through. (http://bit.ly/2b5Sgdw)
** The Liberal government has reversed a policy to increase the eligibility age for Old Age Security to 67, in spite of resistance from bureaucrats that the move would not be in line with what other developed countries are doing. (http://bit.ly/2aYLLbd)
NATIONAL POST
** TransAlta Corp’s CEO Dawn Farrell said on Tuesday that tighter environmental controls for power generation companies are “here to stay”. The comment was in light of new policies announced recently by the Alberta government. (http://bit.ly/2aYJTza)
** Albertan consumers will end up paying “closer to C$600 million ($461.22 million)”, not the C$2.0 billion ($1.54 billion) alleged by the provincial government, on their electricity bills for power companies canceling controversial power contracts early. (http://bit.ly/2b5SfGw)
Britain
The Times
Britain’s biggest bookmaker, William Hill, insisted that it had a strong independent future yesterday after rejecting a 3.2 billion pound joint takeover bid from Rank Group and 888 Holdings. http://bit.ly/2aXR6zd
Standard Life affirmed its decade-long commitment to growing its dividend, saying the latest payout demonstrated its confidence in the future despite tough economic times. http://bit.ly/2aXRayX
The Guardian
Uber has urged Transport for London to drop new requirements for drivers to pass a written English exam, saying thousands could be put out of business. http://bit.ly/2aXRyNU
The Bank of England’s post-Brexit economic recovery plan got off to a stumbling start when it was unable to buy as many government bonds as it needed from major City investors. http://bit.ly/2aXQpWU
The Telegraph
Britain’s Hinkley Point nuclear project is close to unravelling after France’s ruling socialist party threw its support behind dissident trade union leaders and called for a fundamental review of the high-cost venture. http://bit.ly/2aXS4eY
ITV is understood to be in advanced talks to buy Entertainment One, the Canadian TV and film group. The deal is expected to be announced soon, and will see ITV take on the rights to shows including Peppa Pig, the cartoon character-turned global children’s phenomenon. http://bit.ly/2aXQvhi
Sky News
The former head of Deloitte’s operations in the UK, John Connolly, is plotting a string of takeover deals aimed at creating a rival to the accounting profession’s powerhouse quartet. http://bit.ly/2aXQUQO
Billionaire landowner the Duke of Westminster, Gerald Cavendish Grosvenor, died at the age 64 on Tuesday afternoon at the Royal Preston Hospital in Lancashire. http://bit.ly/2aXR3Un
The Independent
If Britain crashes out of the European single market for goods and services in the wake of the Brexit vote the country could be permanently poorer by 4 per cent of GDP, according to estimates from the Institute for Fiscal Studies. http://ind.pn/2aXQnyd
via http://ift.tt/2aLVel6 Tyler Durden