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Frontrunning: June 3
- Obama signs bill reforming surveillance program (Reuters)
- Tsipras to meet Juncker in Brussels for talks on agreement (AFP)
- Spot the irony: OECD cuts global growth forecast, says recovery taking hold (Reuters)
- The Secret Money Behind Vladimir Putin's War Machine (BBG)
- Companies' Borrowing Spree Darkens Stock Market Future (BBG)
- How OPEC Hurt Big Oil (WSJ)
- What's OPEC Going to Do With Iran's Million Barrels a Day? (BBG)
- Draghi’s Europe Looks Healthiest for Years Despite Greece (BBG)
- Bund yields inch higher, euro holds ahead of ECB (Reuters)
- Greece will not pay IMF on Friday without prospect of a deal (Reuters)
- SEC Eyes Broadened ‘Clawback’ Restrictions (WSJ)
- Missile maker says Russia did not shoot down Malaysian plane over Ukraine (Reuters)
- China Ferry Sinking: Prospects Dim for Missing Passengers (WSJ)
- China 10-Year Bonds Rally on Report PBOC Cut Loan Rates to Banks (BBG)
- Blatter rocks world soccer by quitting FIFA amid scandal (Reuters)
Overnight Media Digest
WSJ
* A long-running congressional battle over privacy and surveillance ended when the Senate voted to curb the collection of Americans' phone records, the first significant retrenchment of government spying powers since the 9/11 attacks. (http://on.wsj.com/1EUnCqs)
* The fate of hundreds of people aboard a stricken Chinese tour ship remained uncertain more than a day after it capsized, as the government put a stranglehold on information. (http://on.wsj.com/1EUnAPg)
* FIFA's structure and the lack of clear candidates suggests it may take months to find a successor for Sepp Blatter after he resigned. (http://on.wsj.com/1cwAgVW)
* More than 50 credit unions have been identified in a confidential report from the Treasury Department's Financial Crimes Enforcement Network that cited their increased vulnerability to potential money laundering. (http://on.wsj.com/1FrNevl)
* With about 100 days remaining on a four-year labor pact, local United Auto Workers units are drawing up strike plans to prepare for potentially contentious negotiations with Detroit auto makers. (http://on.wsj.com/1JoJu3I)
* Disney is developing a line of wearable, Internet-connected toys that it hopes will draw kids into a new technological ecosystem. (http://on.wsj.com/1eO8pCl)
FT
Sepp Blatter resigned as FIFA president on Tuesday just four days after being re-elected to a fifth term.
Independent body IPSA (Independent Parliamentary Standards Authority) is set to increase MP's salaries by 10 percent to 74,000 stg despite Prime Minister David Cameron's commitment to freeze ministers' salaries.
Wealth manager Seven Investment Management is in talks about a possible sale to Cayzer Family Investment trust. A deal is expected to value Seven Investment at about 100 million stg.
The chief executive of AstraZeneca Plc, Pascal Soriot, said the UK is "falling behind" in cancer care and also said the government was failing to "connect the dots" between the country's strong science base and its health system. Company's ovarian cancer drug, Olaparib, developed by British scientists, was deemed too expensive for use in the National Health Service.
NYT
* The Obama administration is set to announce that it will require new rules to cut emissions from airplanes, expanding a quest to tackle climate change that has included a string of significant regulations on cars, trucks and power plants. (http://nyti.ms/1FsUkRb)
* Athens unveiled a plan to unlock financial aid, as creditors like the European Commission and IMF were working on their own proposal. (http://nyti.ms/1HJMAuL)
* The dropping revenue has inspired changes of tactics by British leaders as well as Scottish nationalists, who had counted on oil as an economic mainstay. (http://nyti.ms/1FrTrHQ)
* Nubank, the financial technology start-up founded by a former partner at Sequoia Capital, said that it had raised $30 million in a new funding round led by Tiger Global Management. (http://nyti.ms/1FrTIKM)
* Both the hedge fund billionaire William Ackman and Herbalife have turned to federal authorities to defend against each other. (http://nyti.ms/1JoRUbd)
Canada
China
CHINA SECURITIES JOURNAL
- China's insurance regulator has urged insurance firms in Hubei, Chongqing and Jiangsu provinces to provide quick claim services and show "humanity and care" for people affected by a passenger boat that capsized on the Yangtze river, the China Insurance Regulatory Commission (CIRC) said.
- Around $4.5 billion of overseas capital flowed into China's stock market during the week of May 21-27, marking the biggest weekly overseas capital inflows since 2000, according to a research note by a domestic brokerage firm.
SHANGHAI SECURITIES NEWS
- China has launched a "parallel imports" pilot scheme in the Tianjin free-trade zone, allowing selected auto dealers to sell cars without authorisation from foreign carmakers, according to the Tianjin Municipal Commission of Commerce.
CHINA DAILY
- Airports in China have strengthened quarantine inspections on inbound passengers from countries that have confirmed cases of Middle East Respiratory Syndrome (MERS), airport authorities in Beijing and Guangzhou said on Tuesday.
PEOPLE'S DAILY
- China should build a flexible and efficient mechanism to deal with public emergencies, the newspaper which acts as a mouthpiece for the Communist Party said in an editorial on Wednesday, after a cruise boat carrying more than 400 people sank in China's Yangtze River on Monday.
SHANGHAI DAILY
- Extreme weather, storms and driving rain in eastern China led to over 500 flights in Shanghai being cancelled or delayed on Tuesday, the city's airport authority said.
Britain
The Times
Greece's creditors are putting the final touches to a package of economic reforms for Athens to deliver in exchange for unlocking 7.2 billion euros ($8.03 billion) of rescue loans that would stave off default. (http://thetim.es/1KBQZ5T)
The head of Anheuser in Germany has lost his job after just five months for drink driving. Till Hedrich, head of German operations for Anheuser-Busch Inbev, crashed his car while travelling on an autobahn near Munich at the end of April while under the influence of alcohol. (http://thetim.es/1ALGg8N)
The Guardian
Tom Hayes, the trader accused of trying to rig a key interest rate behind trillions of dollars in financial deals, was allowed to keep a 2.2 million stg ($3.37 million) bonus despite being sacked by his then employer, Citigroup, for "attempting to manipulate" financial markets. (http://bit.ly/1FSmFD7)
Euro zone inflation turned a corner in May, posting a 0.3 percent increase after four months of flat or falling prices. The measure of core inflation, which strips out food, energy and other volatile elements of the consumer prices index, jumped even higher to 0.9 percent, signalling a resurgence in demand across the euro zone. (http://bit.ly/1G37yrG)
The Telegraph
Former Barclays Chairman David Walker has called on the Chancellor to review the legislation surrounding bank ring-fencing, claiming it will simply burden customers with extra costs and harm competition. (http://bit.ly/1K85FM5)
IMF economists cited research by Moody's Analytics that suggested countries such as the UK, U.S. and Canada could afford to live "forever" with relatively high debt shares compared with their pre-crisis averages. (http://bit.ly/1eNHoyX)
Sky News
Royal Mail will on Wednesday name travel industry veteran Peter Long as its next chairman, handing him the delicate task of navigating the likely sale of UK taxpayers' remaining shareholding in the company. (http://bit.ly/1Fsq8FT)
Sky News has learnt that Caledonia Investments, which traces its roots to the shipping empire established by Charles Cayzer in 1878, is close to agreeing the purchase of a controlling stake in Seven Investment Management. (http://bit.ly/1eNzNAA)
The Independent
Shares in British and American tobacco companies have been hit by a Canadian court ruling requiring three tobacco companies to pay billions to Quebec smokers who claimed they were not warned about the health risks of smoking. (http://ind.pn/1FSmZ4D)
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Whoa!
Check out the big plunge in mortgage apps
Housing Bubble Implosion II (The Sequel) in 3...2...1...
Dying Cities: 10 American Cities That Seem to Be Shrinking
http://www.cheatsheet.com/business/dying-cities-10-american-cities-that-seem-to-be-shrinking.html/?a=viewall
I think they missed a few others.
Love the Bloomburg story on Putin's "war machine". He is spending $84 billion on miltery buildup. US spending over $600 billion. How dare he approach 15% of our MIC spending! What a war monger!
And Russia is now even having the 3rd largest military budget after the US and China! Outrageous! /s
Blatant propaganda piece once again...
http://www.cheatsheet.com/personal-finance/the-10-worst-markets-in-ameri...
I can name >1000 'worstest markets' to buy a house right now.