- Greek pro-bailout parties lack majority, final poll results (Reuters [17])
- Greek Election Gridlock Raises Risk for Bailout, Euro Future (Bloomberg [18])
- Socialist Hollande ousts Sarkozy as French leader (Reuters [19])
- Merkozy End Means Franco-German Gulf; Greek Voters Rebel (Bloomberg [20])
- Election swing leaves Greece teetering (Kathimerini [21])
- Merkel's Coalition Appears to Suffer Loss in German State (WSJ [22])
- The Only Solution to the Eurozone Crisis (FT [23])
- Cameron Faces Clamour From Party Right (FT [24])
- Falcone’s LightSquared Said to Get Week Credit Extension (Bloomberg [25])
- Hungary plans three-year, 15 billion euro IMF deal: state sec (Reuters [26])
- Putin pledges unity on return to Kremlin (Reuters [27])
- Buffett Says U.S. Banks a Class Apart From Europeans (Bloomberg [28])
- Biden Says U.S. Is Prepared to Give Chen a Visa ‘Right Away’ (Bloomberg [29])
Overnight Media Digest
WSJ
* Personal-computer maker Lenovo plans to spend about $800 million on a new base to house the development of mobile products.
* In the fight to get their missing money back, not all customers at MF Global Holdings were created equal.
* An FDA panel will decide whether to recommend for the first time that certain healthy but at-risk people take a drug to help prevent them from contracting the virus that causes AIDS.
* The Federal Reserve's attempt to clarify the "Volcker rule" is only creating more confusion. At issue is whether the Fed is requiring banks to start scaling back on making bets with their own money almost immediately, or whether they can continue until the ban on such activities goes into effect in two years.
* A Delaware judge's decision to suspend Martin Marietta's hostile takeover bid for Vulcan had a strong message for the deals community: Confidentiality agreements count.
FT
FERROVIAL IN TALKS TO BUY 3I'S ENTERPRISE
3i, the UK's largest listed private equity group, is in advanced talks with Ferrovial, the Spanish infrastructure company, to sell off Enterprise, a support services company, sources close to the situation said.
MINING INDUSTRY BRACED FOR PULLBACK
The mining industry is braced for a pullback in investment spending as the biggest companies reassess their capital expenditure plans amid escalating cost pressures and an uncertain growth outlook.
BARCLAYS OFFERS US ONLINE SAVINGS ACCOUNT
Barclays is moving into the U.S. retail banking market for the first time in decades, with the launch of an online savings account designed to secure cheaper and more stable funding for planned growth in its international credit card business.
BRITAIN TO BOLSTER INVESTORS' SAY ON PAY
Plans to give shareholders more power over boardroom pay will be given centre stage in the Queen's Speech, as highly paid executives face another week of lambasting from shareholders.
ENRC EXPLORES WAY TO MEND PERFORMANCE
Eurasian Natural Resources Corp is considering options to improve the Kazakh miner's poor stock market performance, including bringing in a partner or spinning off some of its riskier assets.
HGCAPITAL PUTS UP MERCURY PHARMA FOR SALE
Mercury Pharma, the generic drugs group previously known as Goldshield, has been put up for sale by its private equity owner less than 2 1/2 years after its acquisition.
NATIONAL EXPRESS EYES ROUTE INTO GERMANY
National Express plans to launch intercity services in Germany if the market opens to private operators, which the UK-listed transport group hopes could happen within a year.
NYT
* Tens of thousands of shareholders gathered at the CenturyLink Center to take in Warren Buffett's pronouncements on his massive conglomerate, the global economy and whatever else tickles his or investors' fancy.
* In a strong start to Hollywood's summer movie season the superhero team in "Marvel's The Avengers" took in about $200.3 million at North American theaters over the weekend, according to Walt Disney Co's studios which released the film.
* On Friday, hedge fund Third Point, which is the middle of a contentious proxy battle with Yahoo Inc, called for the dismissal of the technology company's Chief Executive, Scott Thompson, after revealing that he had inaccurately stated his credentials.
* Westlake Chemical Corp said on Friday that it was withdrawing its $1.2 billion offer for the chemical company Georgia Gulf Corp.
Canada
THE GLOBE AND MAIL
- Toronto councillor Michelle Berardinetti wants to save the city's trees 5 cents at a time. Berardinetti is hoping that a new staff report will help redirect the plastic bag fee to saving the city's green canopy and halt Mayor Rob Ford's plans to scrap the tax.
- The Harper government is preparing to announce a new chair for Canada's telecom and broadcast regulator, and industry players believe officials are leaning towards Jean-Pierre Blais, an Ottawa insider and veteran public servant.
Reports in the business section:
- The Canadian Broadcasting Corp has allowed premium office space to sit empty in its downtown Toronto headquarters for years, despite a tight office market that has seen rents climb 60 percent since the end of the recession.
NATIONAL POST
- The Conservative government has set aside more than C100,000 for paper flags and lapel pins for celebrations to mark the sixth decade of Queen Elizabeth's reign. The costing was tabled by Heritage Minister James Moore in response to a written question by NDP MP Tyrone Benskin.
FINANCIAL POST
- Canadian companies could miss the global liquefied natural gas boom due to the slow pace of projects on the West Coast, according to Joe Oliver, the Minister of Natural Resources.
- TransCanada Corp on Friday reapplied to the U.S. State Department for a presidential permit to build the controversial Keystone XL oilsands pipeline, immediately triggering a new fight with opponents over the scope of a coming environmental impact study into the project.
European economic update:
- Spain Industrial Output n.s.a. for March -10.40% y/y. Previous -3.00% y/y. Revised -3.20% y/y.
- Switzerland Foreign Currency Reserves for April 235.6B. Previous 237.5B .
- Switzerland CPI (MoM) for April 0.10% m/m -1.00% y/y – lower than expected. Consensus 0.20% m/m -0.90% y/y. Previous 0.60% m/m -1.00% y/y.
- Switzerland CPI - EU Harmonised for April 0.00% m/m -1.10% y/y. Previous 0.90% m/m -1.00% y/y.
- Euro Zone Sentix Investor Confidence for May -24.5 – lower than expected. Consensus -15.3. Previous -14.7. Revised -14.7.
- Germany Factory Orders for March 2.2% m/m -1.3% y/y – higher than expected. Consensus 0.50% m/m -2.80% y/y. Previous 0.30% m/m -6.10% y/y.