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Frontrunning: June 24

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  • Greece Handed New Terms as Tsipras Approaches Decision Time (BBG)
  • As U.S. Probes $12.7 Trillion Treasury Market, Trader Talk Is a Good Place to Start (BBG)
  • Signs Swedish QE Backfiring as Liquidity Evaporates (BBG)
  • ECB approves ELA funding requested by Greece- banking source (Reuters)
  • Greek Millennials Can't Find Work But Actually Want to Keep the Euro (BBG)
  • Greek deal or not, the euro is now a different beast (Reuters)
  • Promoter’s Arrest Sheds Light on Cynk’s $6 Billion Surge (BBG)
  • The World's Biggest Economies Are About to Feel the Impact of China's Slowdown (BBG)
  • Senate Clears Trade Bill’s Way to Passage (WSJ)
  • NSA spied on French presidents: WikiLeaks (Reuters)
  • Legal Action Heats Up in Swaps Suit (WSJ)
  • Wal-Mart to impose charges on suppliers as its costs mount (Reuters)
  • Ahold to Buy Delhaize in Biggest Grocery Deal in a Decade (BBG)
  • Hanergy declines to disclose parent's accounts to HK bourse (Reuters)
  • Boeing Names Muilenburg CEO, Succeeding McNerney (WSJ)
  • SEC hunts hackers who stole corporate emails to trade stocks (Reuters)
  • Google launches free streaming service ahead of Apple Music debut (Reuters)
  • Bill to delay Chicago school pension payment fails in House (Reuters)
  • U.S. judge grants FTC request to block Sysco merger with US Foods (Reuters)

 

Overnight Media Digest

WSJ

* Representatives of foreign governments, aid agencies and development organizations are to meet in Kathmandu on Thursday to discuss the $6.7 billion Nepal says it needs for rebuilding after earthquakes in April and May. (http://on.wsj.com/1HeLuLl)

* The U.S. Senate is expected to grant President Obama expanded trade-negotiating power on Wednesday, after a messy fight that pitted unions against businesses and split the Democratic Party. (http://on.wsj.com/1HeLB9A)

* Central banks in emerging markets are running down their foreign-currency reserves at the fastest pace since the financial crisis, reducing some countries' capacity to weather potential shocks, such as a rate increase in the United States, according to a Wall Street Journal analysis of International Monetary Fund data. (http://on.wsj.com/1HeNCTc)

* Boeing Co said Chief Executive Jim McNerney will step aside next week after a tumultuous decade at the aerospace giant and hand over the top job to Dennis Muilenburg. (http://on.wsj.com/1HeOCGU)

* Netflix Inc plans to split its highflying stock 7-for-1, a move intended to make the shares more attractive to retail investors as the video streaming company presses on with an ambitious international expansion. (http://on.wsj.com/1HeOK9o)

* Google Inc is adding an "undo send" feature to its emailing service which gives Gmail users anywhere from 10 to 30 precious seconds to claw back an email sent prematurely. (http://on.wsj.com/1HePOKr)

 

FT

Manchester-based buyout group Palatine, which has a focus on companies north of England, has closed its third round of funding at 220 million pounds ($346.13 million), after it was over-subscribed by investors since its launch in April.

The Queen is set to receive a record income of 43 million pounds ($67.65 million) in 2016-17, after state-owned real estate company Crown Estate registered a surge in profits due to a booming real-estate market in Britain.

Boeing Co has replaced its 65-year old Chief Executive Officer Jim McNerney with its chief operating officer, Dennis Muilenburg. McNerney will continue to be the chairman of the company.

Google Inc launched a free version of its music streaming service Google Play Music, just days ahead of rival Apple Inc's streaming service. The new service allows users to listen to playlists based on themes.

 

NYT

* As companies like Wal-Mart Stores Inc, Amazon Inc and Sears Holdings Corp were moving to discontinue sales of products tied to the Confederate battle flag, sales of them were soaring. (http://nyti.ms/1J3Hgpa)

* The National Highway Traffic Safety Administration has come under fire after extensive recalls of faulty Takata Corp airbags and General Motors Co switches. (http://nyti.ms/1Het4du)

* Semiconductor Manufacturing International Corp said on Tuesday that it would form a new company with a leading Belgian microelectronics research center and Qualcomm Inc , the American chip giant, to help it develop and produce new generations of advanced semiconductors that work as the brains of numerous electronics products, like smartphones and servers. (http://nyti.ms/1N8xVx1)

* A federal judge on Tuesday ordered a preliminary injunction to halt Sysco Corp's proposed merger with US Foods Inc, dealing a potentially fatal blow to what would be a union of the country's two biggest food distribution companies. (http://nyti.ms/1K9ov53)

 

Canada

THE GLOBE AND MAIL

** Mobilicity has accepted an offer from Rogers Communications Inc and plans to seek court approval of the C$465 million ($378 million) sale. (http://bit.ly/1Jil9hz)

** After the release of earnings that disappointed analysts, BlackBerry Ltd CEO John Chen highlighted recent moves that suggest the company is reconsidering every part of the slumping hardware business that once made it the world's biggest smartphone maker. (http://bit.ly/1Kc96mn)

** A critic of gay marriage, Justice Bradley Miller has been promoted to Ontario's highest court - the third such judge chosen by the Conservative government since December for the Ontario Court of Appeal. (http://bit.ly/1Lmd7Us)

NATIONAL POST

** Canada's largest telcos unveiled a lofty expansion to their mobile payments app on Tuesday. The launch of Suretap, co-owned by Rogers Communications Inc, BCE Inc , and Telus Corp, has been pushed back at least twice. But the launch on Tuesday mean it will now be accepted on more cell phones, on more credit cards and at more merchants. (http://bit.ly/1dfDL3i)

** Technology and new game-changing players like Apple Inc's Apple Pay are causing a "top to bottom reinvention" of banks and the traditional business model, Victor Dodig, the chief executive of Canadian Imperial Bank of Commerce, said on Tuesday. Dodig said CIBC is committed to keeping pace to give customers the ability to bank when, where, and how they want. (http://bit.ly/1K8Cxnz)

** A former Ontario school teacher, Paul Fromm is an active member of an American "white nationalist" group that appears to have had an influence on the young man accused in the shooting deaths

 

China

SOUTH CHINA MORNING POST

-- Hong Kong parents are set to see school fees soar with the majority of international and local private schools seeking permission to increase rates by as much as 30 percent. Some 46 international primary and secondary schools have applied to the Education Bureau to raise fees for the new academic year starting in September, bureau figures released show. (bit.ly/1J3oWww)

-- Hong Kong consumers are feeling good about the economy and are set to embark on more shopping, according to a consumer confidence index. Economists say the monthly ANZ-Roy Morgan Hong Kong Consumer Confidence shows the local economy is doing well and the rejection of the government's political reform proposal had not hurt consumer sentiment, but tourism is not doing so well. (bit.ly/1J3pLoY)

THE STANDARD

-- Night-owl shoppers are being targeted with a "Midnight Madness Sale" at Ikea's Kowloon Bay store, with more than 1,000 products discounted heavily in a selling effort that reflects challenging times for retailers. An Ikea spokeswoman said consumers are in line for a "new and exciting shopping experience" with the out-of-the ordinary operating hours. (bit.ly/1SIiAa8)

-- A new data analysis platform to look into interactions among genes has been developed by Hong Kong Polytechnic University, and the development has been hailed as a breakthrough in cancer research. The team comprised researchers from the PolyU department of health technology and informatics and biostatisticians from Harvard University. (bit.ly/1LkKNBP)

-- Two leading local fast-food chains are looking to raise their menu prices, citing higher rents, salaries and cost of materials even though profits rose last year. While Cafe de Coral will raise prices "within the public's affordability," rival Fairwood is considering a 2 percent increase. (bit.ly/1RuQ7SO)

HONG KONG ECONOMIC JOURNAL

-- Property services group DTZ said it forecast office rental in prime Admiralty and Central business district to rise 10-15 percent in 2015, thanks to increasing demand from Chinese enterprises as they set up their foothold in the city.

MING PAO

-- Macau saw 2.547 million visitors in May, up 0.9 percent from a year earlier, according to Macau government data. The total number of visitors for the first five months of 2015 fell 2.7 percent from the same period last year.

 

Britain

The Times

Bonuses paid to top bankers could be clawed back for up to ten years under new rules imposed by the Bank of England, which said that the reforms would make managers more accountable for their actions. (http://thetim.es/1eGmdPC)

Standard & Poor's warned Britain that the vote on its membership of the European Union could deal a heavy blow to the economy by forcing global banks with large operations in the UK to consider moving elsewhere. (http://thetim.es/1Go8sf2)

The Guardian

Britain's accountancy regulators are to investigate KPMG and its role as auditor to parts of Bank of New York Mellon raising further questions over the accountancy firm's track record in auditing banks. (http://bit.ly/1TMiUGx)

The scandal which enveloped the Co-operative Bank was re-awakened on Tuesday when the bank revealed it was facing fines from City regulators over the events that led to its near collapse two years ago. The bank said it would begin settlement talks next month with the Financial Conduct Authority and the Bank of England concerning events between 2008 and 2013. (http://bit.ly/1BKYqZe)

The Telegraph

The Royal Dutch Shell's 47 billion stg ($73.95 billion) plan to become the world's biggest gas producer has moved a step closer to reality after the oil giant officially filed its takeover of BG Group with Brazilian competition regulators. (http://bit.ly/1RuuodM)

Austria is to officially file a legal complaint in Brussels against state subsidies for Britain's planned new Hinkley Point nuclear power plant, the government in Vienna said. (http://bit.ly/1BzzSSr)

Sky News

Barclays is closing in on the sale of a division which invests in North Sea oil and other natural resources companies as part of efforts to simplify the bank. The UK-based lender is in advanced talks with the management of Barclays Natural Resources Investments about a management buyout. (http://bit.ly/1J1DjS3)

Britain's ministers are poised to sanction an inaugural sale of shares in the government's Green Investment Bank, a state-backed lender to green infrastructure projects, in a move that will accelerate the Conservatives' 50 billion stg post-election privatisation spree. (http://bit.ly/1IcH20x)

The Independent

The British government has reduced its stake in Lloyds bank to below 17 percent, bringing the total recouped from the bank's bailout to 11.5 billion stg. There are also plans to extend the share sale to taxpayers, which could enable a full government exit from the bank within the year. (http://ind.pn/1IwmbB1)

 

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Wed, 06/24/2015 - 10:57 | 6229534 TeethVillage88s
TeethVillage88s's picture

You thought you would get to Read TPP, TTIP, TISA, TAA, TPA?

And maybe we would be okay since Republicans voted for it?

HERE THEY COME: CONGRESS TAKES UP GUN CONTROL...

https://www.washingtonpost.com/news/powerpost/wp/2015/06/23/manchin-toom...

How can Globalization not include taking Guns?

Toomey Just Voted Yea on TPP Fast Track part of massive Suite of Bills lined up for Global Trade, Laws, Global Oversight, Arbitration, Normalization to Global Standards.

Ayotte (R-NH), Yea
Toomey (R-PA), Yea
Ernst (R-IA), Yea
Flake (R-AZ), Yea
Graham (R-SC), Yea
Grassley (R-IA), Yea
Hatch (R-UT), Yea
Inhofe (R-OK), Yea
Kirk (R-IL), Yea
McCain (R-AZ), Yea
McCaskill (D-MO), Yea
McConnell (R-KY), Yea
Murkowski (R-AK), Yea
Risch (R-ID), Yea
Roberts (R-KS), Yea
Rounds (R-SD), Yea
Rubio (R-FL), Yea
Tillis (R-NC), Yea
Toomey (R-PA), Yea

Wed, 06/24/2015 - 11:03 | 6229559 TeethVillage88s
TeethVillage88s's picture

Pivot to Republicans!

REPORT: FBI Files Document Communism in Valerie Jarrett's Family...

https://www.judicialwatch.org/blog/2015/06/communism-in-jarretts-family/

Wed, 06/24/2015 - 11:08 | 6229581 TeethVillage88s
TeethVillage88s's picture

Privacy News:

- GOOGLE AT CENTER OF HIGH-STAKES PRIVACY CASE...

- 'INVISIBLE TRACKING IS COMPANY'S LIFEBLOOD'...

- Eavesdropping tool installed on computers without permission...

First spotted by open source developers, the Chromium browser – the open source basis for Google’s Chrome – began remotely installing audio-snooping code that was capable of listening to users.

It was designed to support Chrome’s new “OK, Google” hotword detection – which makes the computer respond when you talk to it – but was installed, and, some users have claimed, it is activated on computers without their permission.

“Without consent, Google’s code had downloaded a black box of code that – according to itself – had turned on the microphone and was actively listening to your room,” said Rick Falkvinge, the Pirate party founder, in a blog post. “Which means that your computer had been stealth configured to send what was being said in your room to somebody else, to a private company in another country, without your consent or knowledge, an audio transmission triggered by … an unknown and unverifiable set of conditions.”

Wed, 06/24/2015 - 11:21 | 6229647 TeethVillage88s
TeethVillage88s's picture

More Privacy:

A privacy group has filed a complaint against Uber for its updated policy of tracking passengers and accessing their personal information.

The Electronic Privacy Information Center in Washington, D.C., is asking the Federal Trade Commission to investigate the growing ride service, which is considering tracking passengers through their mobile devices -- even when they're not actively using the Uber app.

But Uber slammed EPIC as having "no basis for this complaint."

EPIC said past claims of Uber employees using its technology to track locations and other information on journalists critical of the company is cause for concern that the technology could be misused. The complaint also expressed concerns that user data could be accessed by hackers.

Wed, 06/24/2015 - 11:26 | 6229669 Handful of Dust
Handful of Dust's picture
KFC Runs DNA Test on Alleged ‘Deep Fried Rat’ – Guess What They Found

 

https://www.yahoo.com/tech/s/kfc-runs-dna-test-alleged-deep-fried-rat-12...

Wed, 06/24/2015 - 12:12 | 6229856 TeethVillage88s
TeethVillage88s's picture

Chicken.

Wed, 06/24/2015 - 12:12 | 6229851 TeethVillage88s
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