Frontrunning: July 23

• Greek PM keeps lid on party rebellion to pass bailout vote (Reuters)
• Greek Prime Minister Alexis Tsipras Remains Popular Despite Tough Bailout Deal (WSJ)
• Beijing's stock rescue has $800 billion bark, small market bite (Reuters)
• Capital exodus from China reaches $800bn as crisis deepens (Telegraph)
• Why Investors Shy Away From China’s $6.4 Trillion Bond Market (WSJ)
• Oil Rigs Left Idling Turn Caribbean Into Expensive Parking Lot (BBG)
• Bank of America replaces CFO in management shake-up (Reuters)
• The Financial Buzz? Pearson to sell Financial Times (Reuters)
• Doctors Object to High Cancer-Drug Prices (WSJ)
• Global CEOs Who Lack Language Skills Get Lost in Translation (BBG)
• New York moves to raise state minimum wage to $15 for fast-food workers (Reuters)
• Anthem Nears Deal to Buy Cigna for $48 Billion (WSJ)
• Republicans, pro-Israel groups step up campaign against Iran deal (Reuters)
• Tim Cook’s $181 Billion Headache: Apple’s Cash Held Overseas (BBG)
• China says Japan's East China Sea pictures provoke confrontation (Reuters)

Overnight Media Digest

WSJ

* Anthem Inc is nearing a deal to buy Cigna for more than $48 billion in a transaction that would dramatically reshape the health-insurance industry. (http://on.wsj.com/1HK0Q9A)

* Bank of America shook up its management team Wednesday, months after regulators chastised the firm's leadership after another flubbed "stress test" submission. (http://on.wsj.com/1LEftOe)

* Hedge fund Bridgewater Associates, an outspoken bull on China, says the country's recent stock-market rout will likely have broad, far-reaching repercussions. (http://on.wsj.com/1Jzj4Zx)

* Chinese oil firm Cnooc bought Canada's Nexen in 2013 for global reach. Now Nexen's poor productivity and a July spill place it high among soured bets by China's state-controlled oil companies. (http://on.wsj.com/1IfgiHO)

* The Pentagon is moving toward providing Ukraine with bigger, longer-range radar to help it counter artillery being used by Russia-backed rebels, as U.S. military officials signal a growing willingness to bolster the country's defenses. (http://on.wsj.com/1Jg1YUR)

* The White House's efforts to sell Congress on its nuclear accord with Iran produced a small uptick in support from the administration's allies this week, though many others remained on the fence. (http://on.wsj.com/1TSmApe)

FT

Credit Suisse Group AG's new Chief Executive Officer Tidjane Thiam is sounding out investors for their backing on a potential deal to bolster the bank's asset management operations.

The head of BBC Trust, Rona Fairhead, called for "clear boundaries" around the government's involvement in BBC affairs, hitting out against suggestions that the broadcaster's realm should be curbed.

Bank of America Corp said on Wednesday it would replace its chief financial officer and its wealth management chief. CFO Bruce Thompson will be replaced by Paul Donofrio, who is currently the CFO of the consumer bank and wealth management.

NYT

* The labor protest movement that fast-food workers in New York City began nearly three years ago has led to higher wages for workers all across the country. The increase would represent a raise of more than 70 percent for fast-food workers earning the state's current minimum wage of $8.75 an hour.(http://nyti.ms/1JgprFq)

* Anthem Inc, one of the country's biggest health insurers, is closing in on a deal to buy Cigna Corp after slightly sweetening its previous takeover offer, people briefed on the matter said on Wednesday. (http://nyti.ms/1OnDFnt)

*SGN, one of the largest mobile game studios in the United States, announces a $130 million investment from Netmarble Games, a mobile game publisher in South Korea. (http://nyti.ms/1SDqzDz)

* Donald Trump's financial disclosure form, made public on Wednesday, contained wide ranges for asset values and incomes that made it impossible to calculate his net worth or income with precision. (http://nyti.ms/1fnwSP4)

* The Greek Parliament approved a package of financial and judicial changes that the country's creditors had said must be in place before negotiations for a bailout could begin. (http://nyti.ms/1TQngeU)

* Qualcomm Inc's net income was down 47 percent from a year ago, and the company said it would eliminate 15 percent of its work force. (http://nyti.ms/1DwFRDo)

* Bank of America Corp's Chief Financial Officer, Bruce Thompson, who was once considered a candidate to replace the bank's chief, is stepping down by the end of the month. (http://nyti.ms/1IjXA6g)

* As the United Automobile Workers union enters talks on new contracts with the Detroit car companies, perhaps its biggest worry is losing vehicle production to lower-wage nations like Mexico. (http://nyti.ms/1OnDAQw)

China

CHINA SECURITIES JOURNAL

- Bright Dairy & Food said its subsdiary companies were going to invest 1.1 billion yuan ($16.1 million) to extend its dairy business.

SECURITIES TIMES

- China Securities Finance Corp Ltd denied a rumour it reduced its holdings in listed dairy producer Inner Mongolia Yili Industrial Group, saying it did not sell any shares of any listed companies.

SHANGHAI SECURITIES NEWS

- A friend of an executive from the state-owned Assets Supervision and Administration Commission of the Hefei Municipal Government is being investigated for insider trading in Fengle Seed, the newspaper reported.

CHINA DAILY

- Japan is escalating tensions in the East and South China Seas, rather than working towards maintaining stability, an editorial in the newspaper said, and added its recent white paper had "slandered China's legal patrols around the Diaoyu Islands inside China's territorial waters."

SHANGHAI DAILY

- China has banned "vulgar" reality tv shows, with the media regulator announcing shows should promote decent Chinese values and uphold core aspects of socialism, the newspaper said, citing Xinhua.

Britain

The Times

FIRED FCA BOSS MARTIN WHEATLEY HITS OUT AT OSBORNE AND BIG BANKS

The ousted boss of FCA, Martin Wheatley, on Wednesday made clear his unhappiness after Chancellor George Osborne refused to renew his contract as chief executive of the Financial Conduct Authority, despite levying billions of pounds in fines and making top-level attempts to reform the culture of trading floors. (http://thetim.es/1gP6MWa)

RBS BRINGS IN EXTERNAL INVESTIGATORS TO PROBE BUSINESS UNIT

Royal Bank of Scotland Group Plc has hired external advisers to conduct a fresh investigation into its controversial restructuring division, amid signs that the bank may pay compensation to mistreated businesses. (http://thetim.es/1Lv6pwT)

The Guardian

ECB RAISES CEILING ON EMERGENCY FUNDS FOR GREECE AHEAD OF BAILOUT VOTE

Athens has been thrown further emergency assistance after the European Central Bank (ECB) increased liquidity for Greek lenders ahead of a crucial vote on a third bailout programme for the debt-stricken nation. (http://bit.ly/1MIDYsh)

TALKTALK RENEWS CALL FOR BT BREAKUP AS IT WARNS OVER BROADBAND COMPETITION

TalkTalk has renewed calls for regulators to break up BT Group Plc and move its broadband and telephone network into a separate company. (http://bit.ly/1LEeKN9)

The Telegraph

LLOYDS SHAREHOLDERS LAUNCH 350 MLN STG HBOS LAWSUIT

Thousands of Lloyds Banking Group Plc shareholders have begun a 350 mln stg court compensation claim over the bank's takeover of HBOS at the height of the financial crisis. (http://bit.ly/1fnbOIh)

Sky News

PM'S ASIA TRIP TO PROMOTE FINTECH AND REGIONS

Prime Minister David Cameron is to bang the drum for Britain's fast-expanding financial technology sector during a trade mission to Asia that will be notable for its emphasis on SMEs and regional businesses. (http://bit.ly/1IjzNU2)

GREEK PM TSIPRAS SEEKS SUPPORT AS VOTE LOOMS

The coalition government in Greece may yet need the help of opposition parties to secure support for a new round of reforms crucial to its bailout prospects. The country's parliament has begun debating the next round of measures it must pass if it is to qualify for talks on a third international bailout. (http://bit.ly/1Jz4HVc)

The Independent

EASYJET OVERBOOKING THOUSANDS OF PEAK-SEASON FLIGHTS - AND FLOUTING EU RULES ON OFFLOADED PASSENGERS

Britain's biggest budget airline, easyJet, is overselling thousands of peak-season flights, breaking up family groups and telling some holidaymakers who bought tickets months ahead they must travel by circuitous routes to reach their destination. (http://ind.pn/1g6Bwlw)

Comments

[Roanman]

I'm not sure I'm buying that selling Treasuries to defend the Yuan thing that's been going around lately.

[Handful of Dust]

PHOTO: These deformed daisies from Fukushima are blowing up the internet

http://www.msn.com/en-us/news/world/photo-these-deformed-daisies-from-fu...

Wait until you see the new kids!