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Frontrunning: July 8
- Greece and China expose limits of 'whatever it takes' (Reuters)
- China no longer has a market: China Stock Sellers Frozen Out of 71% of Market (BBG)
- China’s Market Rescue Makes Matters Worse as Prices Lose Meaning (BBG)
- China Stocks Plunge as State Support Fails to Revive Confidence (BBG)
- China Market Rout Spreads From Stocks to Price of Pig Food (BBG)
- China’s State-Owned Firms Ordered Not to Cut Share Holdings (BBG)
- Greece Requests Three-Year Bailout in First Step Toward Meeting Creditors’ Demand (WSJ)
- Greece Faces Euro Exit Unless Demands Accepted by Sunday (BBG)
- No Money, No Supplies, No Workers: Life for Greek Small Business (BBG)
- Microsoft plans major job cuts (Reuters)
- Shell Places Huge Bet on Arctic Oil Riches (WSJ)
- Court begins hearing Philippines, China dispute over South China Sea (Reuters)
- This Billionaire Is Building His Own All-Star Trading Team (BBG)
- California Pot Growers Raid Waterways (WSJ)
Overnight Media Digest
WSJ
* Eurozone leaders set Greece a Sunday deadline to reach the outlines of a new financing deal that the German chancellor said would have to include even more economic overhaul measures than before. (on.wsj.com/1TiHIVe)
* A raft of Chinese government agencies stepped up efforts Wednesday to shore up plunging stock markets that the securities regulator described as facing panic and irrational selling. The China Securities Regulatory Commission announced that the China Securities Finance Corp, a commission unit that provides financing for margin trading, will step up purchases of small-cap stocks. (on.wsj.com/1H9vvuq)
* Shell is days away from drilling in the Arctic Ocean, betting it can find enough oil to justify the huge risks that keep almost every other competitor out of those icy waters. The company is trying to mount a comeback in the Arctic. (on.wsj.com/1J3nrfe)
* Energy Transfer Equity said it will pursue a multibillion-dollar deal to buy rival pipeline operator Williams Cos with or without the company's cooperation. Williams has already deemed an offer too low. (on.wsj.com/1J3nrfe)
* Procter & Gamble has agreed to change packaging for some Olay products to settle California accusations that it misled consumers with containers that were at times much larger than the face cream inside. The company also agreed to pay $850,000 in civil penalties and costs. (on.wsj.com/1KQM5UM)
FT
Italian holding company Exor said it sweetened its hostile $6.8 billion offer for PartnerRe as it seeks to convince the reinsurer's shareholders to vote against a rival bid from Axis Capital Holdings.
Sports betting and gaming company GVC Holdings Plc has offered to buy bigger rival Bwin.Party Digital Entertainment Plc for about 900 million pounds ($1.39 billion).
Online polling company SurveyMonkey has named former Microsoft and HP executive Bill Veghte chief executive, succeeding Dave Goldberg, who died in an accident in May after helping build it into one of the biggest privately held companies in Silicon Valley.
NYT
* Frustrated European leaders gave Greece until Sunday to reach an agreement to save its collapsing economy from catastrophe after an emergency summit meeting on Tuesday ended without Athens offering a substantive new proposal to resolve its debt crisis. (http://nyti.ms/1KMmtd3)
* Congressional Republicans are using the budget process to try to dismantle President Obama's policies, setting up a fiscal feud this fall that could lead to a government shutdown. (http://nyti.ms/1dL4Pb3)
* Irish drug maker Horizon Pharma Plc said on Tuesday it had made an unsolicited offer to acquire its smaller U.S. rival Depomed Inc in an all-share deal valued at about $3 billion, the latest sign of the flurry of deal making in the drug industry. (http://nyti.ms/1Rjy4Ex)
* In Ecuador, Pope Francis declared that the country must resist exploiting natural riches for "short-term benefits," an implicit rebuke of President Rafael Correa's policies. (http://nyti.ms/1H9vxCx)
* Exor Spa, an Italian investment company, is seeking to sway PartnerRe Ltd investors to support its unsolicited offer over a merger agreement with Axis Capital Holdings Ltd. (http://nyti.ms/1Rjza37)
* With an eye toward the mainstream success of gay-themed films like "Philadelphia," Twenty-First Century Fox Inc has secured the rights to make a movie about the Supreme Court case that effectively legalized same-sex marriage. (http://nyti.ms/1JNBmvs)
Hong Kong
SOUTH CHINA MORNING POST
-- Former commerce secretary Frederick Ma Si-hang is to replace Raymond Chien Kuo-fung as chairman of MTR Corp Ltd for a three-year term starting on New Year's day, the government announced. (bit.ly/1Cmz1VD)
-- The organisers of a music party scheduled for later this month at AsiaWorld-Expo have cancelled this year's event considering "public sentiment" after the recent explosion at a party at Formosa Fun Coast water park that killed three Taiwanese and left about 500 injured, including six Hongkongers. (bit.ly/1CZrV4q)
-- The University of Hong Kong has downgraded its estimate for the city's economic growth to 2 percent in the second quarter of this year from 2.4 percent previously because of poor external demand and economic turmoil overseas. (bit.ly/1J3hD5v)
THE STANDARD
-- Over 40 percent of all listed companies on the Shanghai and Shenzhen bourses have requested a trading halt starting on Wednesday, amid the ongoing rout in mainland equities, an unprecedented move on the global scene. In all 1,200 firms - making up around 40 percent of the 2,808 companies listed in China - will not trade on Wednesday. (bit.ly/1ConyW1)
-- The Hong Kong government has proposed tightening regulations over edible as well as waste cooking oil in the wake of a "gutter oil" scare in Taiwan last year that swept hundreds of food products off Hong Kong store shelves. (bit.ly/1CZs3B3)
-- A three-year HK$500 million ($64.5 million) renovation has been completed at MOKO, a shopping centre in Kowloon's Mong Kok, with the developer Sun Hung Kai Properties boosting rents by an average of 25 percent. (bit.ly/1flUwfq)
HONG KONG ECONOMIC JOURNAL
-- Li Xiaolin, daughter of former premier Li Peng and the former chief of China Power International, has been appointed as deputy general manager of China Datang Corp, according to the website of the state-owned Assets Supervision and Administration Commission.
Britain
The Times
ENERGY GIANTS FACE PRICE CAP FOR OVERCHARGING BY 1.2 BLN STG
United Kingdom Prime Minister David Cameron is prepared to consider placing a temporary cap on the most expensive electricity bills after a watchdog concluded that customers were being overcharged by 1.2 billion pounds ($1.86 billion) a year, his office said. (thetim.es/1H8Xg6t)
SUNDAY TRADING SHAKE-UP SPLITS THE SUPERMARKETS
Britain supermarket industry's Big Four were divided yesterday over the prospect of the biggest shake-up in Sunday trading laws in 20 years, but small businesses reacted with horror. (thetim.es/1HeqL9i)
The Guardian
AVERAGE SHOP PRICES FALL 1.3 PCT AS LOWER COSTS TURN INTO HEAVY DISCOUNTS
Heavy discounting by food and furniture retailers helped shop prices fall for the 26th consecutive month in June, according to an industry survey. (bit.ly/1TjSZoi)
BBC AND ITV BATTLE TO KEEP TOURNAMENT OUT OF SKY'S HANDS
The BBC and ITV have formed an unlikely alliance in a bid to gazump Sky and keep the Six Nations on terrestrial television with an offer worth 50 million pounds a year. The tournament organiser says an announcement on the new broadcasting contract is imminent and the most financially lucrative competition in the sport outside the World Cup is expected to remain available to all viewers. (bit.ly/1LVBBFg)
The Telegraph
GVC MAKES 900 MLN STG BET ON BWIN
GVC Holdings Plc, the online betting firm, has made a 900 million pound move for Bwin.Party in a bid to see off rival bidder 888 Holdings Plc. (bit.ly/1HdgvuS)
AN EXTRA 150,000 BANKERS TO BE MONITORED BY UK WATCHDOG
Thousands more financial traders will be monitored by banks and the Financial Conduct Authority under the certification regime, the City watchdog has announced, as it cracks down on the wholesale markets following the forex manipulation scandal. (bit.ly/1S5YSDc)
Sky News
UK BUDGET TO SLOW PACE OF WELFARE CUTS
The UK budget will reveal the timetable for 12 billion pounds welfare cuts by 2017/18 has been extended by at least a year, Sky News said. (bit.ly/1CmtOgt)
UK's OSBORNE TO RELAUNCH FINANCE PROMOTION BOARD
British finance minister George Osborne will announce on Wednesday the relaunch of a Treasury-led body charged with promoting the UK's financial services industry, even as he comes under intense pressure to reform the structure of taxes affecting the sector. (bit.ly/1TjTWNm)
The Independent
NEW ROLLS-ROYCE BOSS BEGINS HIS REIGN WITH PROFIT WARNING
Warren East's reign as chief executive of Rolls-Royce Holdings Plc got off to an eventful start as he unveiled the company's third profit warning in less than 18 months. (ind.pn/1eE99cP)
BOVIS HOMES BANKS ON MORE OF THE SAME FROM THE BUDGET
The housebuilder Bovis Homes Group Plc predicted the UK Chancellor would continue his support for first-time buyers in Wednesday's budget as it reported record sales for the first half of the year. (ind.pn/1NOdiHq)
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Another great day in government owned casinos all over the world. China's casino almost closed as government does not approve of its workings.
China Stock Sellers Frozen Out of 71% of Markethttp://www.bloomberg.com/news/articles/2015-07-08/china-trade-halts-hit-...
for new readers of ZH, this might help: you might just be brain washed..
it is unpleasant ...well when your brain washing is shown - the brain washing program is such that it reminds you of the shock therapy and you feel the unpleasant mind meme..get over it and recognise that is your brain trying to tell you perhaps you have been programmed.
"Another aspect that is double edged, is the absolute freedom of speech on the comments section. I love it, yet it brings the worst racists, homophobes and anti-semites out of the woodwork. I can live with that, but they do on occasion become the loud majority. Quite unpleasant."
that feeling you get when someone states something you find abhorrent..is not reality it is program.
those feelings would be better used if you were the subject of a physical attack, words are not physical, no matter what the brain washers want you to believe. thinking is hard.