- EU talks up Spanish banks package, markets skeptical (Reuters)
- China’s Import Growth Misses Estimates For June (Bloomberg)
- The monkeyhammering continues: Paulson Disadvantage Minus Fund down 7.9% in June, down 16% in 2012 (Bloomberg)
- Draghi pledges further action if needed (FT)
- JPMorgan Silence on Risk Model Spurs Calls for Disclosure (Bloomberg)
- Norway's Statoil to restart production after govt stops strike (Reuters)
- Top Fed officials set table for more easing (Reuters)
- Euro-Split Case Drives Danish Krone Appeal in Binary Bet (Bloomberg)
- Obama Intensifies Tax Fight (WSJ)
- Europe Automakers Brace for No Recovery From Crisis (Bloomberg)
- Boeing’s Air-Show Revival Leaves Airbus Nursing Neo Hangover (Bloomberg)
- Libor Woes Threaten to Turn Companies Off Syndicated Loans (Bloomberg)
Overnight Media Digest
* Google Inc is close to a deal to pay $22.5 million to settle charges related to its surreptitious bypassing of the privacy settings of millions of Apple Inc users, according to officials briefed on the settlement terms.
* Comcast Corp Chief Financial Officer Michael Angelakis was named vice chairman of the media company late last year and now can add another distinction to his resume. He was the most highly compensated CFO among major U.S. companies. Angelakis was awarded compensation valued at $21.9 million last year, according to a Wall Street Journal review of data provided by S&P Capital IQ.
* WellPoint Inc's $4.46 billion deal to buy Medicaid-focused Amerigroup Corp underscores the future of health coverage as a business that increasingly intertwines the roles of government and private companies.
* Alcoa Inc sank to a slight loss in the second quarter as aluminium prices fell to their lowest levels in more than two years.
* Superior Aviation Beijing Co is in advanced talks to buy the bulk of aerospace company Hawker Beechcraft Inc's businesses for $1.79 billion, an approach that could raise political concerns given U.S. sensitivities about previous Chinese attempts to buy American assets.
* Patriot Coal Corp filed for Chapter 11 bankruptcy protection, a move that comes as the company faces a challenging market for coal.
* Air Lease Corp ordered 75 of Boeing Co's planned 737 Max aircraft, kicking off the Farnborough International Air Show and accelerating the expansion of one of the airplane-leasing industry's fastest-growing new entrants.
* The abrupt ouster of Duke Energy Corp's new chief executive just hours after Duke merged with Progress Energy Inc is adding to the pressure on North Carolina officials, who already faced public criticism for letting the state's two biggest electric utilities combine.
* Tighter credit conditions and a weak economy weighed on the U.K. housing market in June as house prices fell and activity slowed, a survey by the Royal Institution of Chartered Surveyors showed Tuesday.
* Microsoft Corp plans to acquire large-scale multi-touch display producer Perceptive Pixel Inc as the software company seeks to use the displays in its Windows 8-based PCs.
TUCKER DENIES INTERVENING ON LIBOR
The Bank of England's deputy governor, Paul Tucker, denied suggestions on Monday that ministers had pressured him to encourage banks to manipulate Libor rates.
OLIGARCH ACCUSED OF REWRITING HISTORY
Oleg Deripaska, one of the world's richest men, has been accused of "seeking to rewrite history" as a high-profile lawsuit brought against him opened in London's High Court.
CLINTON TAKES SIDESWIPE AT BEIJING
U.S. Secretary of State Hillary Clinton took aim at China during a trip to Mongolia by pressing the case for greater democratic freedoms across Asia.
WELLPOINT TO BUY AMERIGROUP FOR $4.9 BILLION
Health insurer WellPoint Inc will buy rival Amerigroup Corp for $4.46 billion, nearly doubling its Medicaid business.
SAMSUNG TABLET 'NOT COOL' SAYS UK JUDGE
Samsung successfully fended off a legal move by Apple to block the sale of its tablet computers in the UK.
IAG TO SELL BONDS BACKED BY AIRPORT SLOTS
International Airline Group (IAG) on Monday said it intends to launch its first bond backed by Heathrow take-off and landing slots.
UNIVERSAL WOOS BRUSSELS OVER EMI DEAL
The chairman of Vivendi, has taken charge of Universal Music's bid for EMI's record labels in an attempt to persuade European regulators.
- As big banks face the fallout from a global investigation into interest rate manipulation, American and British lawmakers are scrutinizing regulators who failed to take action that might have prevented years of illegal activity.
- A boardroom coup at Duke Energy Corp, the nation's largest electric utility, is expected to come under scrutiny on Tuesday when North Carolina regulators question the company's chief executive.
- With Spain's borrowing costs climbing again to critical levels, European finance ministers decided early Tuesday to speed up their promised bailout for the country's troubled banks, while also giving the cash-tight government more time to rein in its budget deficit.
- On Tuesday, the titans of both media and technology will convene in Sun Valley, Idaho, for an exclusive annual conference sponsored by the boutique investment firm Allen & Company. It will be the first time since the piracy debate went viral that top technology and entertainment executives will assemble en masse on neutral ground to discuss major issues affecting both industries.
- Minutes before Norway's oil industry planned to lock out thousands of striking workers, the Norwegian government stepped in, ordering the offshore workers back to work and sending the dispute to binding arbitration.
- The Food and Drug Administration, overriding the advice of an expert panel, said Monday that it would not require doctors to have special training before they could prescribe long-acting narcotic pain killers that can lead to addiction.
THE GLOBE AND MAIL
- The possibility of co-operation - and perhaps even a merger - with the New Democrats as a means to defeat Conservatives in the next federal election is promising to become a key battle line in the looming Liberal leadership race, whether the Liberals like it or not.
Report in the business section:
- Bombardier Inc is in negotiations with low-cost airline AirAsia Berhad on a deal that involves increasing the number of seats on its new C Series airplane to 160, as the aircraft maker tries to land orders with discount carriers.
- Electric utilities across Alberta say they've instituted rotating blackouts to deal with increased demand caused by high temperatures.
- Salesforce.com Inc continued its Canadian startup shopping spree on Monday, scooping up Halfiax-based GoInstant.
European Economic News
- UK Total Trade Balance (GBP/Mln) -£2717 – higher than expected. Consensus £-3500. Previous -£4421. Revised -£4088.
- Sweden Industrial Production s.a. (M/M Y/Y) 3.5%/-2.3% – higher than expected. Consensus (M/M Y/Y) 0.4%/-6.9%. Previous (M/M Y/Y) 0.0%/-6.2%. Revised (M/M Y/Y) -0.2%/-6.4%.
- Sweden Industrial Orders n.s.a. (M/M Y/Y) 4.5%/-3.3% – higher than expected. Consensus -8.0% Y/Y. Previous (M/M Y/Y) -1.6%/-9.0%. Revised -1.4% M/M.
- Netherlands Industrial Sales n.s.a. Y/Y -3.7%. Previous 0.8%. Revised 1.2%.
- France Manufacturing Production (M/M Y/Y) -1.0%/-4.3% - lower than expected. Consensus (M/M Y/Y) -0.3%/-2.3%. Previous (M/M Y/Y) -0.7%/-1.4%. Revised (M/M Y/Y) -0.9%/-1.6%.
- France Industrial Production (M/M Y/Y) -1.9%/-3.5% – lower than expected. Consensus (M/M Y/Y) -1.0%/-1.6%. Previous (M/M Y/Y) 1.5%/ 0.9%. Revised (M/M Y/Y) 1.4%/0.8%.
- Italy Industrial Production (M/M Y/Y) 0.8%sa/-6.8%nsa –higher than expected. Consensus -0.6%sa M/M. Previous (M/M Y/Y)-1.9%sa/-11.9% nsa. Revised (M/M Y/Y) -2.0%sa/-12.0% nsa.
- Czech Republic International Reserves (USD) 39.2B. Previous 39.4B. Revised 39.2B.