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Frontrunning: July 6

Tyler Durden's picture




 
  • Greece Bailout Referendum: They Voted ‘No’. Now What? (BBG)
  • Varoufakis Quits as Greece Enters New Showdown With Europe (BBG)
  • Merkel to Meet Hollande as Greece Told to Make Next Move (BBG)
  • German line hardens after Greek referendum 'No' (Reuters)
  • BOJ keeps rosy view of regional Japan, watching markets after Greek upset (Reuters)
  • Oil falls on Greece vote, China stock market turmoil (Reuters)
  • China Urges U.S.-Iran Compromise 36 Hours to Nuclear Deadline (BBG)
  • U.S. and Iran: the unbearable awkwardness of defending your enemy (Reuters)
  • Iraqi jet mistakenly bombs Baghdad district, five killed (Reuters)
  • Blackstone Group Hires Zhang Liping as China Chairman (WSJ)
  • Can America’s Big Banks Get Less Complex? (BBG)
  • Some White House Republican hopefuls want curbs on legal immigration (Reuters)
  • McDonald’s, KFC Look to Get Faster in China by Adding Digital Pay Option (WSJ)
  • Captured New York fugitive moved to prison from hospital (Reuters)
  • Chile’s Growing Desert Is Closing In on the Country’s Capital (BBG)

 

Overnight Media Digest

WSJ

* Greeks overwhelmingly voted against their international creditors' conditions for further bailout aid, in a result that could push the country closer to bankruptcy and an exit from the euro. (http://on.wsj.com/1H24hG0)

* Private-equity firm Blackstone Group LP said on Saturday it had hired Zhang Liping, a senior Credit Suisse Group AG banker, to head its operations in China. (http://on.wsj.com/1H26wt9)

* Manulife Financial Corp's banking subsidiary said on Monday it would install hundreds of new automated teller machines in convenience stores across Canada. Manulife Bank of Canada will add about 830 ATMs in Canadian Stores. (http://on.wsj.com/1H27buC)

* McDonald's Corp and Yum Brands Inc are looking to add digital options in China that will make their fast-food sales even faster and win back business after a rough year in the critical Chinese market. (http://on.wsj.com/1H258GK)

* Key elements of a landmark nuclear agreement between Iran and six world powers were falling into place Sunday, but U.S. Secretary of State John Kerry said the Obama administration could walk away from the negotiations if Iran proves "intransigent" on the remaining issues by Tuesday. (http://on.wsj.com/1H25kWH)

 

FT

Greeks on Sunday voted to reject the austerity terms of an aid package from international creditors, raising serious doubts about the country's ability to remain in the eurozone.

Brazil's government is expected to pass a bill that could ease financial pressure on state-run oil company Petrobras SA by opening the country's dominant offshore oil areas to greater foreign and private investment.

Saudi Basic Industries Corp (SABIC) said it completed the formation of a joint venture with Korean petrochemical manufacturer SK Global Chemical Co to produce polyethylene products in the city of Ulsan. SABIC said the investment in the technology and plant would be about $640 million.

Turkey's banking sector headed for a consolidation as Dutch lender ING Group held exclusive talks to buy HSBC Holdings Plc's Turkish business and the Turkish operations of National Bank of Greece being opened to bids for a potential sale.

 

NYT

* Greeks delivered a shocking rebuff to Europe's leaders on Sunday, decisively rejecting a deal offered by the country's creditors in a historic vote that could redefine Greece's place in Europe and shake the continent's financial stability. (nyti.ms/1H09Fd0)

* Greece's banks, closed since last Monday because they are perilously low on cash, have been kept alive in recent weeks by emergency loans from the European Central Bank. On Monday, the central bank's policy makers plan to convene to determine how much longer they are willing to prop up the Greek banks, now that the country has essentially said no to the unpopular dictates of the other eurozone countries. (nyti.ms/1KEZeSb)

* Asian stock markets dropped on Monday morning in early trading but did not plunge, as investors reacted with muted dismay to the results of the Greek referendum and showed nervousness about steep declines in China's stock market over the past three weeks. (nyti.ms/1KFcnKX)

* A failure to halt the sell-off in stocks in the last three weeks has shaken Beijing's aura of invincibility and imperils the global economy. (nyti.ms/1LN1VQT)

* As U.S. insurers grow larger, the effect on consumers depends largely on how successfully other companies, particularly those created or attracted by the Affordable Care Act, can compete. (nyti.ms/1M5Ns0q)

 

Hong Kong

SOUTH CHINA MORNING POST

-- Preparatory work is being pursued for the China-backed Asian Infrastructure Investment Bank (AIIB) to set up an office in Hong Kong, according to Financial Secretary John Tsang Chun-wah. (bit.ly/1ffcsbm)

-- Chanting slogans on Hong Kong soil calling for the end of one-party rule in China will not be criminalised under the new national security law because no new offence is created, the secretary for justice said. Rimsky Yuen Kwok-keung said the Hong Kong government was not in a position to guarantee that local activists would not be arrested if they went to the mainland. (bit.ly/1LMVm0P)

-- The Professional Teachers' Union fears that 2,500 secondary school teachers could be laid off by the 2020/21 school year as the number of new pupils continues to drop. (bit.ly/1HGelub)

THE STANDARD

-- Hong Kong saw a drop in the number of tourists, particularly high-spending mainlanders, last month as the once-a-week limit on individual travellers from Shenzhen bit. Overall visitor arrivals from June 1 to 28 fell year-on-year by 1.9 percent. Secretary for Commerce and Economic Development Gregory So Kam-leung said the decrease has been accelerating. (bit.ly/1UpPpup)

HONG KONG ECONOMIC JOURNAL

-- Dalian Wanda Commercial Properties Co Ltd said its consolidated revenue rose 12 percent year-on-year for the first half of 2015 to 73.41 billion yuan ($11.83 billion). Of this, revenue from contracted sales of properties rose 10 percent to 61.24 billion yuan.

 

Britain

The Times

Greek voters gambled on a future outside the euro last night, dealing the European Union and the single currency a devastating blow. Leaders of the 19 eurozone member states will hold an emergency summit in Brussels on Monday amid fears that the resounding "no" vote in the referendum could trigger Greece's exit. David Cameron and George Osborne will meet Mark Carney, the governor of the Bank of England, for talks on the impact on the economy, the markets and tourists who are caught up in the drama. (http://thetim.es/1NH8MKf)

Monster, the consumer electronics company, is planning to forge a partnership with Spotify to bundle its high-end headphones with streaming services to take the fight to Apple Inc and Beats. (http://thetim.es/1IZnFnA)

Baillie Gifford, the Scottish investor, will renew attempts this week to hold talks with Emirates National Oil Company over the disputed 3.7 billion pound bid for Dragon Oil, the Turkmenistan producer. (http://thetim.es/1JI1oQQ)

The Guardian

Benefit payments to families living outside Greater London are to be capped at 20,000 pounds a year. In the first Conservative budget for 19 years, George Osborne will say that the previously announced figure of 23,000 pounds will only apply to families living in the capital, in a further cut to the welfare budget. (http://bit.ly/1HGhVTd)

U.S.-led coalition aircraft have conducted a series of air strikes targeting the Islamic State stronghold of Raqqa in eastern Syria, killing at least 10 militants and wounding many others, in one of the largest such operations in the country to date. (http://bit.ly/1KIyDlC)

The Telegraph

George Osborne should radically cut back the complexity of the British tax system when he delivers his emergency budget this week, the Institute of Directors has urged. By taking steps to drastically simplify tax, the Government could encourage investment and support the economy, while giving more ordinary people a stake in the private sector, the business group said. (http://bit.ly/1dG28aT)

Protesters threw stones "the size of fists" at a German television camera crew as demonstrations in Athens descended into violence. The crew from German broadcaster ZDF had been queuing next to a group of photographers near the podium at a "no" vote rally in Syntagma Square when they were recognised and pelted with marble stones. (http://bit.ly/1ff47o3)

Sky News

Germany's deputy chancellor has said new negotiations with Greece are "difficult to imagine" after the 'No' vote in the referendum. Sigmar Gabriel told the Tagesspiegel newspaper: "With the rejection of the rules of the eurozone ... negotiations about a programme worth billions are barely conceivable." (http://bit.ly/1IZn3OH)

One of China's fastest-growing conglomerates is in talks to add to its burgeoning collection of western brands with an offer to acquire a stake in Silver Cross, the upmarket British pram-maker. Fosun, which is run by an executive who has been dubbed as China's answer to Warren Buffett, the billionaire American investor, has lodged a bid to invest in Silver Cross in a deal worth tens of millions of pounds. (http://bit.ly/1TegOxW)

 

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Mon, 07/06/2015 - 07:48 | 6275687 Silverhog
Silverhog's picture

This is a good one. How drunk do you have to be to know your head is missing. 

 

http://abcnews.go.com/US/wireStory/police-man-shoots-off-firework-top-he...

Mon, 07/06/2015 - 07:49 | 6275689 ebworthen
ebworthen's picture

S.S.D.D. looks like.

Mr. V quitting as minsiter of Greece to pave the way for the "No" vote meaning nothing?

Mon, 07/06/2015 - 08:00 | 6275717 Arnold
Arnold's picture

Is John Kerry still alive?

http://www.tomatobubble.com/id847.html

Mon, 07/06/2015 - 08:15 | 6275757 sudzee
sudzee's picture

JPM and C must be loosing their touch. Having a completely legal corner on both gold and silver they can't get the metals down to show, in the face of disaster,  that PM's are worthless compared to fiat. 

Mon, 07/06/2015 - 09:16 | 6275953 Bendromeda Strain
Bendromeda Strain's picture

Bloomberg: after Portugal and Ireland accepted similar measures and emerged from their own bailout programs.

 

Oh good. Portugal is fixed. I didn't know.

Mon, 07/06/2015 - 09:20 | 6275963 Handful of Dust
Handful of Dust's picture
Shanghai Gold Exchange Withdrawals Point to Strong Chinese Demand

 

http://finance.yahoo.com/news/shanghai-gold-exchange-withdrawals-point-1...

 

I bet some Greeks regret not buying some portable hard assets today. China and Greece, two of the oldest civilizations and yet quite a contrast.

Mon, 07/06/2015 - 09:22 | 6275976 Kirk2NCC1701
Kirk2NCC1701's picture

The alleged reason/pretext for the resignation of Varoufakis makes NO sense: You don't remove (or allow to leave) your best negotiator, so that Dieselboom and Schaueble can beat up on the Replacement.  Something stinks!  

There, and you heard it (the stinking setup) from me first.

(But hold your up-arrows for one of the populist bloggers, you groupies. For those with an IQ lower than room temperature, let me spell it out for you: For people who claim to be independent thinkers, I sure see a lot of voting on Who says something, not just What is said.  The 'Cult of Personality' is strong in US bloggers).

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