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Frontrunning: July 22
- Stocks sour as Apple results leave bitter aftertaste (Reuters)
- Awkward Alliance Running Germany Exposed by Greek Crisis (BBG)
- Apple Faces Old Question of What’s Next After Record Profit (BBG)
- Lawmakers, White House Explore Tax Revamp for U.S. Firms Overseas (WSJ)
- Digital Misfits Link JPMorgan Hack to Pump-and-Dump Fraud (BBG)
- More Debt Traders at Risk as European Banks Report Results (BBG)
- Iran rejects sanctions extension beyond 10 years (Reuters)
- Iran’s Guards Cloud Western Firms’ Entry After Nuclear Deal (WSJ)
- China calls Japan foreign policy 'two-faced' (Reuters)
- Officer Threatened Sandra Bland With Taser, Police Video Shows (NYT)
- JFK, LaGuardia Airport Contract Workers to Strike Wednesday (BBG)
- Time Limits for Public Housing Get a Boost (WSJ)
- Gawker Reels Amid Identity Crisis (WSJ)
- Government Report Cites Shortfalls in Medicare’s Screening Process for Doctors (WSJ)
- Boston tower’s IPO offers unusual chance to invest (Boston Globe)
- New Jersey-New York City Trains Delayed After Power Faults (BBG)
Overnight Media Digest
WSJ
* Top lawmakers and the White House are in the early stages of discussing an ambitious overhaul of how the United States taxes its multinational firms, according to officials involved in the effort. (http://on.wsj.com/1gN84AZ)
* Western companies eager to take advantage of the new nuclear agreement with Iran face a host of challenges. One of the biggest challenges is Iran's Revolutionary Guard Corps.(http://on.wsj.com/1MHg6oZ)
* Gawker CEO Nick Denton is struggling to right the ship of his digital-media company, faced with high legal costs to defend against a suit filed by Hulk Hogan and the reputational damage caused by a yanked blog post. (http://on.wsj.com/1HHzVLK)
* Apple Inc's quarterly profit surged 38 percent, boosted again by strong demand for the company's latest iPhones and robust growth in China where sales more than doubled. (http://on.wsj.com/1JeG6JA)
* Thousands of medical providers signed up to bill Medicare using questionable addresses, and dozens of doctors enrolled despite disciplinary actions by state medical boards, according to a congressional probe of the program. (http://on.wsj.com/1KiSHwA)
* Momentum is building to let more housing authorities impose time limits or work requirements on tenants who move into public housing or receive the federal rental subsidy known as Section 8. (http://on.wsj.com/1gNkoBe)
* Ten months after a BP Plc rig exploded, killing 11 workers and spewing millions of barrels of oil into the Gulf of Mexico, Chief Executive Bob Dudley sat beside Mukesh Ambani, India's richest man, and announced a "transformational" deal to help the struggling company start growing again. (http://on.wsj.com/1Ie1U2K)
* Federal regulators are poised to approve AT&T Inc's $49 billion acquisition of DirecTV, clearing the way for the biggest media deal of the past year. (http://on.wsj.com/1CTXphKK)
FT
Several rivals of Google, including OpenX and AppNexus, which is part-owned by WPP Plc and Microsoft Corp, have expressed concerns to the European Commission in recent months, saying Google might be unlawfully oppressing competition in the market for advertising technology.
Vodafone Group Plc said the company's head of Europe, Philipp Humm, is set to leave as a part of its restructuring program in Europe. Also, the head of its most important markets on the continent will report directly to Vittorio Colao, chief executive.
UK's Serious Fraud Office offered Barclays Plc to settle a long-running criminal probe into its multi-billion pound fundraising from Qatari investors during the 2008 financial crisis.
Nokia Oyj is in talks with three German carmakers - BMW, Daimler AG and Audi, a Volkswagen AG unit - regarding a sale of its maps unit, HERE, for about 2.5 billion euros.
NYT
* David Daleiden, an anti-abortion activist, has provoked a storm with his video stings alleging that Planned Parenthood clinics are selling tissue from aborted fetuses for profit, a charge the group denies.(http://nyti.ms/1HQ4zjR)
* A dash-cam video showed that a state trooper threatened Sandra Bland with a Taser when she was arrested after a traffic stop three days before she was found hanging in her jail cell. (http://nyti.ms/1JweUld)
* Officials say that Mohammod Abdulazeez, the gunman who killed five service members last week in Chattanooga, searched the Internet in the days leading up to the attack for Islamic materials about martyrdom. (http://nyti.ms/1SATlVi)
* Four men in Florida and Israel were arrested in connection with investment schemes that were said to be related to a cyberattack at JPMorgan Chase and Co. (http://nyti.ms/1MnBoep)
* Apple Inc reported double-digit increases in sales and profit for its fiscal third quarter, a rate of growth that is highly unusual for a company of its size. While the quarter's phone sales were one-third higher than a year ago, at 47.5 million, they fell short of analysts' estimates, and the stock fell. (http://nyti.ms/1KjyOFM)
* A $7.5 billion accounting charge for Microsoft Corp's acquisition of Nokia Oyj was a drag on the software maker's fourth quarter. For its fiscal fourth quarter, which ended June 30, Microsoft said its net loss was $3.2 billion, compared with a net income of $4.61 billion during the same period last year. (http://nyti.ms/1CUoxgB)
China
CHINA SECURITIES JOURNAL
- China Banking Regulatory Commission would continue to encourage private funds to invest in the banking industry, the regulator's chairman, Shang Fulin, wrote in an article
- China's insurance fees hit 137 million yuan ($22.06 million) in the first half of this year, said Xiang Junbo, chairman of China Insurance Regulatory Commission.
SECURITIES TIMES
- Haitong Securities said it has launched employee stock ownership plan that would allow its staff to buy up to 1.15 billion shares.
CHINA DAILY
- China's Ministry of Transport said it plans to reduce the number of tollways and open up more road investment opportunities to private capital.
Britain
The Times
LABOUR WAR AS CORBYN CLOSES IN ON LEADERSHIP
The hard-left MP Jeremy Corbyn is on course to become the next Labour leader, according to the first public poll of the campaign. (http://thetim.es/1Mj7RkW)
VERDICT ON 'ABUSE' OF SMES DELAYED AGAIN
The findings of a long-awaited Financial Conduct Authority report into Royal Bank of Scotland Group Plc's treatment of distressed business customers have been delayed for a third time. (http://thetim.es/1Kjs7AG)
The Guardian
SFO MULLS BARCLAYS DEAL OVER BANKING CRISIS FUNDING
The Serious Fraud Office has raised the possibility of offering Barclays Plc a deferred prosecution agreement as part of its long-running investigation into the way the bank raised billions of pounds from Middle Eastern investors during the height of the 2008 banking crisis. (http://bit.ly/1RO5mvv)
LOCAL AUTHORITY SPENDING CUTS HELP GOVERNMENT TO BORROW LESS IN JUNE
Lower spending by local authorities provided George Osborne with a boost last month by cutting the amount the government needed to borrow to balance taxes and spending by almost 1 billion stg to its lowest June total in seven years. (http://bit.ly/1KjtdMM)
The Telegraph
TONY BLAIR TO WARN LABOUR AGAINST LURCHING TO LEFT
Tony Blair, the former Prime Minister, is expected to warn Labour against lurching to the left in an intervention which will be seen as a significant boost for moderniser Liz Kendall. (http://bit.ly/1efbBWR)
UK DEFICIT AT LOWEST IN SEVEN YEARS AS TAX RECEIPTS GROW
UK government borrowing last month hit its lowest level for any June since 2008, as the state's books were improved by record-breaking tax receipts. (http://bit.ly/1fkcGgX)
Sky News
FIRST UTILITY PICKS IPO BANKS AS CVC CIRCLES
First Utility <IPO-FRUT.L> is close to appointing Credit Suisse and JP Morgan to handle a public listing of the company. (http://bit.ly/1g27dfL)
NPOWER ORDERED TO GIVE CUSTOMERS FREE ENERGY
One of the 'big six' energy firms, Npower, has been told to give free energy to customers whose complaints it has failed to resolve on time. The industry regulator said households which had an ombudsman ruling outstanding against Npower for more than 28 days would benefit and they could also have debts written off. (http://bit.ly/1Mnj70x)
The Independent
PAYDAY LENDERS' BODY THE CFA SAYS CRACKDOWN ON SHORT-TERM LENDING HAS FORCED BORROWERS TO TURN TO ILLEGAL LOAN SHARKS
Borrowers could become prey for controversial 'loan sharks' because of a crackdown on payday lending, according to the Consumer Finance Association. (http://ind.pn/1GAimci)
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The economy is not the only thing that is about crash. Read the Lord's warning to prophet Linda Newkirk last week about the asteroid that will soon strike.Your gold is not going to save you from that. Turn to the Lord now!
htttp://revelation12.ca
8 And the second angel sounded, and as it were a great mountain burning with fire was cast into the sea: and the third part of the sea became blood;
Is God willing to prevent evil, but not able?
Then he is not omnipotent.
Is God able, but not willing?
Then he is malevolent.
Is God both able and willing?
Then whence cometh evil?
Is God neither able nor willing?
Then why call him God?
Yahoo’s Headlines News symptomatic of Merikan Culture:
Learning to Pee Standing Up: One Woman’s Journeyhttps://www.yahoo.com/style/learning-to-pee-standing-up-one-womans-journ...
Digital Misfits Link JPMorgan Hack to Pump-and-Dump Fraud (BBG)
* Four men in Florida and Israel were arrested in connection with investment schemes that were said to be related to a cyberattack at JPMorgan Chase and Co. (http://nyti.ms/1MnBoep)
Pot vs Kettle