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Frontrunning: June 17
- Greek central bank issues 'Grexit' warning if aid talks fail (Reuters)
- Kerry says 'patience wearing thin' on Syria's Assad (Reuters)
- Juncker accuses Athens of misleading Greek people (FT)
- Al Qaeda kills two Saudis accused of spying for America (Reuters)
- Hedge-Fund Bet Hits Pensions (WSJ)
- ‘Flash Crash’ Trader Navinder Sarao Worked With Fund Network Now Under Investigation (WSJ)
- 'Me? Rich?' U.S. presidential hopefuls play middle-class card (Reuters)
- You’ve Been Warned: Central Bankers Turning Less Market-Friendly (BBG)
- Hillary Clinton to Propose Tax Credit for Businesses to Train Apprentices (WSJ)
- Botox Owner Allergan to Buy Maker of Double-Chin Treatment (WSJ)
- A year after the crash, oil markets risk more trouble ahead (Reuters)
- Swiss Prosecutor Examines Bank Transactions in FIFA Probe (BBG)
- Former AIG Chief Greenberg to Appeal Damages Ruling in Bailout Case (WSJ)
- The China Bubble Is Going to Burst (BBG)
- Canadian rocker Neil Young strikes sour note on Donald Trump's use of song (Reuters)
- How FitBit Can Avoid Becoming Another BlackBerry After Its IPO (BBG)
- Wal-Mart Has $76 Billion in Overseas Tax Havens, Report Says (BBG)
Overnight Media Digest
WSJ
* Starbucks Corp is closing its La Boulange pastry shops and will focus on expanding the brand in house. (http://on.wsj.com/1HRMuFP)
* Former American International Group Chief Executive Maurice "Hank" Greenberg said he would appeal a decision not to award shareholders any of the $40 billion in damages they were seeking in the government bailout case. (http://on.wsj.com/1HRLEJh)
* U.S. companies from Ford Motor Co to supermarket chain Kroger Co have boosted their pension plans' bets on hedge funds, a shift that left many of them on the short end of a stock-market rally. (http://on.wsj.com/1HRLUrL)
* Amazon Inc is developing a mobile application that would pay individuals to drop off packages in an effort to cut down on rising shipping costs. (http://on.wsj.com/1HRMlCd)
* Video-streaming service Hulu is working harder to please television giants, and in the process luring some content producers from Netflix Inc. (http://on.wsj.com/1HRMTYS)
FT
Former AIG chief Hank Greenberg's victory against the U.S. government on the terms of the AIG bailout during the financial crisis may give a new lease of life to the shareholders of Fannie Mae and Freddie Mac. Activist investor Bill Ackman among others have sued the U.S. government over the way it treated mortgage companies.
Coty Inc is emerging as the frontrunner to acquire some of the cosmetics, haircare and fragrance brands from Procter & Gamble worth $12 billion, people familiar with the matter said.
Nestle's chief executive for African equatorial region, in an interview to the Financial Times said the company is cutting 15 percent of its African workforce, spread across 21 countries in the continent, as it overestimated the demand and growth of its middle class.
European carmakers like BMW and Audi, who have been depending on China - the world's largest car market - for their growth, have warned that returns from the Asian country have been declining in light of a slowing economy, limits on car ownership in metro cities and competition from homegrown car brands.
NYT
* Starr International, the firm through which Maurice Greenberg continues to hold a stake in the American International Group, said on Tuesday that despite persuading a judge that the government overstepped its bounds in its 2008 bailout of AIG, it planned to appeal his decision not to award any monetary damages. (http://nyti.ms/1BhSeYm)
* U.S. chip makers say that without the Trans-Pacific Trade Partnership, they will be squeezed out of the growing Asian market for computer chips by competitors in countries like China. (http://nyti.ms/1BhR7I2)
* Greece's prime minister, Alexis Tsipras, on Tuesday blasted his country's creditors for austerity measures that he said were humiliating and strangling his people as pressure mounted on Athens to present reforms in exchange for bailout funding. (http://nyti.ms/1BhQaQf)
* As the Federal Reserve edges toward rate increases, some longtime money managers worry about investors who have entered new markets since the financial crisis, and have never experienced the kind of volatility that disrupts trading even during periods of normal activity. (http://nyti.ms/1BhQs9K)
* The U.S. Food and Drug Administration says two generic versions of Concerta, an extended-release form of Ritalin for ADHD, don't measure up to the brand drug. But both are still on the market. (http://nyti.ms/1BhRMtc)
China
CHINA SECURITIES JOURNAL
- The number of new investors in the
Shanghai and Shenzhen stock markets hit 1,413,500 last week, data from
the China Securities Depository and Clearing Corp Ltd showed.
-
China Everbright Bank Co Ltd said it would cooperate with Xiaomi on its
payment application, Everbright Cloud Payment Platform, in a bid to
expand its mobile business.
SHANGHAI SECURITIES NEWS
-
Authorities plan to use China's north-west Xinjiang region as a testing
ground for the country's energy reforms and intend to issue policies in
line with this, the newspaper reported, citing unnamed sources.
CHINA DAILY
-
China will export six to eight domestically produced third-generation
nuclear reactors by 2020, a senior official at China National Nuclear
Corp said.
- Beijing has drafted its first regional action plan
to control and combat air pollution in the area, a senior official from
the municipal environmental authority said.
Britain
The Times
Majestic Wine's new chief executive has cancelled plans to expand to 330 stores and has started trials of single-bottle sales in an attempt to attract customers put off by the present minimum six-bottle order. (http://thetim.es/1GXBlEz)
A new regulatory investigation by Ofcom into Royal Mail was announced just a week after the government successfully offloaded 750 million pounds ($1.17 billion) worth of shares in the letters and parcels delivery company. (http://thetim.es/1GXB3NP)
The Guardian
An independent currency designed to boost Bristol's economy by keeping cash in the area is celebrating a major success after renewables provider Good Energy Group agreed that its customers could pay their bills using the local money. (http://bit.ly/1G1y9lr)
The British Broadcasting Corp announced that television and radio presenter Chris Evans had signed a three-year deal to host Top Gear, ending weeks of speculation over who would front the popular motoring show in the wake of Jeremy Clarkson's dismissal. (http://bit.ly/1J3h1C4)
The Telegraph
The Bank of England is under increasing pressure to publish its research into the impact of the UK leaving the European Union, with George Osborne and influential MP Andrew Tyrie urging action. (http://bit.ly/1SlixAU)
Britain's so-called "bad bank" Northern Rock and Bradford and Bingley is looking to spin off its mortgage servicing arm, according to Richard Banks, the chief executive of UK Asset Resolution (UKAR), in a move that could create an unexpected long-term legacy of the financial crisis. (http://bit.ly/1R6x8xS)
Sky News
British Prime Minister David Cameron will shortly appoint a new line-up of business people to advise him as he seeks to address industry's concerns about the implications of a possible British exit from the European Union. (http://bit.ly/1BgjwOH)
European Union leaders have failed to agree on measures to share the burden of an influx of thousands of migrants crossing the Mediterranean to seek refuge in Europe. Ministers met in Luxembourg to discuss how to distribute 40,000 new refugees who have arrived in Italy and Greece. (http://bit.ly/1N0vrS1)
The Independent
Alexis Tsipras, the Greek prime minister, has railed against attempts to humiliate his government by international creditors such as the EU and the International Monetary Fund, claiming the IMF has 'criminal responsibility' for the deadlock. (http://ind.pn/1dIrTYq)
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That should be enough to fix any "plumbing problems"
Yeah, overseas.
Vote up! 0
Vote down! 0
Yeah, overseas.
Yeap..............Home firm bills overseas (ie Invoice)
Zero tax implications for home firm
Reduction in overseas tax libility
Win Win situation except for reduced profit on overseas
In Turnabout, Disney Cancels Tech Worker LayoffsIn late May, about 35 technology employees at Disney/ABC Television in New York and Burbank, Calif., received jarring news. Managers told them that they would all be laid off, and that during their final weeks they would have to train immigrants brought in by an outsourcing company to do their jobs.
http://www.huffingtonpost.com/2015/06/16/in-turnabout-disney-cance_n_759...
When Kerry's patience wears thin... Assad needs to watch out! The mere image of Kerry, with sweater tied around his neck, pawing the ground with his boat shoes is enough to make the most evil dictator quake in his boots!
The bike was not seriously injured.
http://touch.latimes.com/#section/-1/article/p2p-83086257/
http://www.mensjournal.com/adventure/outdoor/john-kerry-s-serious-cyclin...
broken horse kerry wil lcry when isis will loose in syria .