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Frontrunning: July 7
- Greece faces last chance to stay in euro as cash runs out (Reuters)
- Tsipras Begins Brussels Campaign to Keep Greece Inside the Euro (BBG)
- Greek Crisis Shows How Germany’s Power Polarizes Europe (WSJ)
- Eurogroup Head Dijsselbloem Calls for ‘Credible’ Greece Package (BBG)
- Europe Not Playing ‘Domino Theory’ Leaves Markets Calm on Greece (BBG)
- China stocks fall again despite support measures (Reuters)
- Chinese Trading Suspensions Freeze $1.4 Trillion of Shares Amid Rout (BBG)
- Crude Creeps Higher After Downturn (WSJ)
- Central Banks Across the World Pressured to Fight Against Euro Depreciation (BBG)
- Big U.S. Banks Refile ‘Living Wills’ After Regulatory Rebuke (WSJ)
- U.S. Seeks Mideast Shift to Follow Iran Nuclear Deal (WSJ)
- Buybacks and Dividends Are Making CEOs Even Richer (BBG)
- FDA Cloud Hangs Over Vape Shops (WSJ)
- Sealed HSBC Report Shows U.S. Managers Battling Cleanup Squad (BBG)
- Director at Generic-Drug Giant Mylan Had Undisclosed Ties to Land Deal (WSJ)
- Libor Reform Has Not Gone Far Enough, Says Regulator (WSJ)
Overnight Media Digest
WSJ
* Angela Merkel's power after a decade in office has become seemingly untouchable, both within Germany and across Europe. But with the "no" vote in Sunday's Greek referendum on bailout terms posing the biggest challenge yet to decades of European integration, risks to the European project resulting from Germany's rise as the continent's most powerful country are becoming clear. (http://on.wsj.com/1LTw1TM)
* E-cig shop owners are bracing for new rules that are expected to require federal approval for nearly all flavored liquid nicotine juices and e-cig devices sold in vape stores. (http://on.wsj.com/1NK7UVa)
* The White House is crafting a Middle East strategy for the remaining 18 months of President Barack Obama's term that would more forcefully address conflicts in Iraq, Yemen and Syria amid tensions over the conclusion of talks with Iran. (http://on.wsj.com/1H850Vw)
* Rodney Piatt, Mylan's vice chairman, lead independent director and compensation-committee chief, was the main developer at the Pittsburgh office park where the generic-drug giant built its new headquarters. (http://on.wsj.com/1CX6ssY)
* Hacking Team, which sells software allowing governments to hack into computers, has itself been hacked, and files posted late Sunday indicate it sold surveillance technology to dozens of countries. (http://on.wsj.com/1HcjTsS)
* JP Morgan Chase & Co named a relative newcomer to the bank to be its top lawyer, succeeding the executive who led the firm through a series of bruising clashes with regulators. Stacey Friedman will succeed Stephen Cutler as general counsel early next year and would become the sole female senior lawyer among the largest U.S. banks. (http://on.wsj.com/1H5MaiK)
* John Elkann, chairman of Fiat Chrysler Automobiles and scion of Italy's Agnelli family, isn't giving up on forging a partnership with General Motors, despite being rebuffed by his Detroit rival twice in the past four years. (http://on.wsj.com/1gkzGNx)
FT
German media groups ProSiebenSat.1 and Axel Springer have revived talks for a merger that could improve their ability to compete with tech giants like Google Inc and Facebook Inc. The talks are at an early stage and it was not certain if a deal could be reached or that it could overcome competition concerns.
Israel's Teva Pharmaceutical Industries Ltd is preparing to raise its bid for rival drugmaker Mylan NV to as much as $43 billion as soon as this week. Teva's offer may value shares in Mylan at $86 to $88 per share, up from the $82 per share bid Mylan rebuffed in April.
The European Bank for Reconstruction and Development said on Monday it was in talks to buy minority stake in the Ukrainian unit of Austria's Raiffeisen Bank International. The EBRD said the proposed investment, in Raiffeisen Bank Aval which is Ukraine's second-biggest western-owned lender, "will send a strong positive signal to the market during the period of severe political and economic crisis".
NYT
* As Greece Prime Minister Alexis Tsipras took conciliatory steps, replacing his finance minister, Germany said it saw no basis for new negotiations as of yet. Germany continued to maintain a hard line with Athens on Monday, just a day after Greek voters decisively rejected a bailout deal from its creditors. But some European countries showed a willingness to soften the push for austerity that has proved so contentious.(http://nyti.ms/1Cj8jgB)
* Global stock markets mostly dropped on Monday 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 last three weeks. (http://nyti.ms/1Hcp1NM)
* With a final accord in sight, the 12 nations negotiating a trans-Pacific trade agreement linking 40 percent of the global economy have set a last round of talks for late July on the remaining issues on the most ambitious trade deal in a generation. (http://nyti.ms/1S4GqLg)
* Though it has lately shown signs of a turnaround, Samsung Electronics Co Ltd is once again struggling to impress with its earnings, missing analyst expectations in a preliminary report that suggested its operating profit had fallen for the seventh straight quarter. (http://nyti.ms/1fj47Uj)
* John Weinberg, a banker whose father and grandfather led Goldman Sachs for decades, is retiring after his own 32-year career at the firm. Weinberg, the co-head of Goldman's investment bank division until last year, is descended from Sidney Weinberg, who led Goldman in the middle of the last century, and John L. Weinberg, who led Goldman in the 1970s and 1980s. (http://nyti.ms/1UuiEwj)
* Goldman Sachs has reshaped its activism defense practice, days after the senior banker who led the team, William Anderson, defected to the boutique investment bank Evercore Partners. As part of the shift, Goldman has expanded the team's mission beyond helping companies defend themselves against activist hedge funds to a broader mission of helping them respond to investor reactions of all kinds. (http://nyti.ms/1HJxjOx)
Canada
THE GLOBE AND MAIL
** Seattle-based coffee chain Starbucks Corp says its Canadian stores are raising prices by 10 to 20 cents on select drinks. Over all, about 10 percent of the beverage menu will see a change, the company said on Monday. (http://bit.ly/1gl3RnK)
** Goldman Sachs Asset Management has expanded its Canadian footprint in a new partnership with National Bank Investments Inc. The New York based asset manager will be managing the National Bank Strategic U.S. Income and Growth Fund, which launched today. (http://bit.ly/1gl49eo)
** A judgment issued by the Canadian International Trade Tribunal on Friday said that dumping and subsidizing of some Chinese-made solar panels have not yet hurt Canadian panel makers, "but are threatening to cause injury to the domestic industry." (http://bit.ly/1gl4nCe)
NATIONAL POST
** Ontario's long-term credit rating has been downgraded by Standard and Poor's after years of warnings the province needed to control its spending. The long-term rating was lowered from AA- to A+ and its outlook remains stable. (http://bit.ly/1gl6aaz)
** Montreal-based creative services firm Sid Lee has been acquired by Kyu, a unit of Japan's Hakuhodo DY Holdings Inc , in a deal intended to expand its footprint in Asia. Financial terms were not disclosed. (http://bit.ly/1gl4xtl)
** Manulife Financial Corp's banking unit is planning to install about 830 automated banking machines across Canada, as it attempts to take a bigger share of the nation's retail banking market. (http://bit.ly/1gl4BJL)
China
CHINA SECURITIES JOURNAL
- China Securities Finance Corp bought 30 blue-chip shares for 5.8 billion yuan ($934 million) on Monday. The move came after the Chinese government unveiled a rescue package over the weekend to stave off a crash in the country's stock market.
SHANGHAI SECURITIES NEWS
- The CEOs of 42-listed companies in China's Hunan province said in a joint statement on Monday that they would not reduce the share holdings of their own companies this year, in a bid to stabilise the country's tumbling stock market.
CHINA DAILY
- China's support for a united European Union and strong euro can be called upon to help Greece, the newspaper said in an editorial, citing comments Li Keqiang made in Brussels last week.
- Media reports that Muslims in Xinjiang are banned from praying and fasting during Ramadan are a "blatant distortion of facts", the newspaper said in an editorial, condemning the attacks on Chinese tourists in Turkey last week.
Britain
The Times
THIRD ROLLS PROFIT WARNING STUNS CITY
Warren East, the new boss in charge of Rolls-Royce, one of Britain's most important companies, has pledged to improve its once-dire relationship with investors and the City. (thetim.es/1dItBbI)
THE RISING PRICE OF A PIECE OF OUR GREEN AND PLEASANT LAND
Confronted by soaring property prices, crowds, traffic jams and fume-filled air, many of Britain's rich (and in some cases famous) have turned to the countryside in search of better value for money and quality of life - but their escape from the city has come at a cost. Wealthy individuals have helped to push up the value of farmland in England by more than 200 per cent over the past decade. (thetim.es/1gkbICa)
The Guardian
GEORGE OSBORNE'S BUDGET TO INCLUDE SHAKEUP OF SUNDAY TRADING LAWS
The biggest shakeup of trading laws since the reforms of the 1990s is set to be unveiled in the budget on Wednesday. UK finance minister George Osborne will hand responsibility for Sunday trading laws to Britain's towns and cities, allowing them to decide how long shops can stay open, in a move that will put an end to the national ban on large stores staying open for more than six hours. (bit.ly/1RhfYD6)
BILLIONS IN GAS PROJECTS STRANDED BY CLIMATE CHANGE ACTION, SAYS THINK-TANK
More than $280 billion (179.52 billion pounds) of liquefied natural gas projects being planned over the next decade risk becoming "stranded" if global action is taken to limit climate change to 2C, according to a report by the think-tank Carbon Tracker. (bit.ly/1NJVhcA)
The Telegraph
BBA: BANK LEVY 'HAS LOST THE UK THOUSANDS OF JOBS'
Britain is at risk of becoming a second-class financial centre because of the bank levy, tight regulation on pay and uncertainty over membership of the European Union, British Bankers' Association chief Anthony Browne has warned. (bit.ly/1HICtfC)
SAINSBURY'S STRIKES DEAL WITH SIR TERRY LEAHY-BACKED EAGLE EYE
Sainsbury's has signed a deal with Eagle Eye, one of its old foes, that will transform the way the supermarket runs promotions and handles online discount vouchers. (bit.ly/1KMOOOR)
Sky News
STOCK MARKET JITTERS AFTER GREECE 'NO' VOTE
There was relatively muted reaction on stock markets across the world concerned about Greece's possible exit from the eurozone. The FTSE 100 Index initially dropped 73.3 points to 6509.5 after Greece voted to reject the terms of an international bailout in Sunday's referendum. It closed at 6535.7. (bit.ly/1LTlx6Q)
MILLIONS OVERPAYING FOR ENERGY, WATCHDOG TO WARN
Millions of energy customers could save around 160 pounds annually by switching suppliers, competition watchdog Competition and Markets Authority will say on Tuesday in a report which will criticise the biggest gas and electricity providers, their regulator and the government. (bit.ly/1NJVxsa)
The Independent
RSA APPEALS AGAINST TRIBUNAL'S AWARD TO SACKED IRISH EXECUTIVE
RSA Insurance has appealed against an employment tribunal ruling that awarded a former executive in its controversial Irish business 1.25 million euros ($1.38 million) in damages. (ind.pn/1LORRqD)
GREECE DEBT CRISIS: BRITAIN APPEALS TO BOTH SIDES TO TAKE THEIR 'ONE LAST CHANCE' TO RESOLVE SITUATION
Britain has appealed to Greece and its euro zone partners to take their "one last chance" to solve the Greek debt crisis before it spirals out of control. (ind.pn/1M95v67)
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http://johngaltfla.com/wordpress/2015/07/06/greece-isnt-the-problem-and-the-international-bankers-know-it/ Greece Isn’t the Problem and the International Bankers Know It
Greece faces last chance to stay in euro as cash runs out
I wonder how Jack is going to screw Victor today?
http://www.cbs.com/shows/the_young_and_the_restless/
When Meston logged on to the firm’s online bank account the following Monday, he saw that 742,668 pounds ($1.2 million) was gone. Coutts, a unit of Royal Bank of Scotland Group Plc, had no record of the Friday phone call. Meston had been conned.
http://www.bloomberg.com/news/articles/2015-07-07/friday-afternoon-scam-...