- ‘Flash Crash’ Overhaul Is Snarled in Red Tape (WSJ [24])
- ECB Considers Tighter Noose on Greek Banks (BBG [25])
- Dollar Falls as U.S. Data Cast Doubt on Fed Policy Tightening (BBG [26])
- Market U-Turn Rams Hedge Funds (WSJ [27])
- Greece makes 200 million euro IMF payment due Wednesday (Reuters [28])
- Greek unemployment was 25.4 percent in February (Reuters [29])
- J.P. Morgan’s Barista-Turned-Banker Sees Good Things Brewing (WSJ [30])
- Oil Extends Gain Above $62 as U.S. Crude Supply Glut Seen Easing (BBG [31])
- JPMorgan in advanced talks to settle forex investigation (Reuters [32])
- EU Aims to Tear Down Online Barriers, Curb Web Giants (BBG [33])
- Asian buyers snap up impressionists (FT [34])
- God’s New Bankers (BBG [35])
- As millennials reach parenthood, fund managers bet on 'burbs (Reuters [36])
- U.S. aims to make Iran nuclear deal immune to Russian, Chinese veto (Reuters [37])
- Virtu’s Currency Profit Doubles as HFT Firm Posts First Results (BBG [38])
Overnight Media Digest
WSJ
* A giant data project at the center of the regulatory response to the 2010 "flash crash" that sent the Dow plummeting nearly 1,000 points is years behind schedule and mired in red tape. (http://on.wsj.com/1E77ylY [39])
* A federal judge on Tuesday indicated that how he interprets the food-distribution marketplace will be the key factor in deciding whether to block the planned $3.5 billion merger of rivals Sysco Corp and US Foods Inc. (http://on.wsj.com/1zzsTba [40])
* Leading congressional tax writers in both parties are getting behind a major new tax break for corporate innovation as part of their continuing quest to identify ways to make the United States business-friendlier. (http://on.wsj.com/1E6xEWv [41])
* President Barack Obama nominated a Marine and former Afghanistan battlefield commander as the nation's top military officer Tuesday, as the Pentagon faces challenges that include wars in Iraq and Afghanistan, sexual assault in the military, and growing cyber security threats. (http://on.wsj.com/1bwTt9t [42])
* Goldman Sachs Group Inc raised the top end of its range of "reasonably possible" legal expenses to about $3.8 billion, the Wall Street firm said Tuesday in a regulatory filing. (http://on.wsj.com/1OXcjcq [43])
FT
BNP Paribas SA's personal finance subsidiary has become the subject of a formal investigation for allegedly misleading thousands of customers regarding risks associated with taking Swiss franc loans shortly before the eurozone sovereign debt crisis.
Visa Europe has formed partnerships with a number of the largest high street banks with the aim of expanding its "digital wallet" service to ease online shopping for thousands of people in the UK as the card provider shifts more towards mobile payments.
The European Union has called for the establishment of a global arbitration court that would hear disputes between foreign investors and governments. "Investor-State Dispute Settlement" mechanisms allow foreign investors to take governments before arbitration panels if they feel discriminated against, but they are contentious as an increasing number of them have used it to challenge government regulations.
* HSBC Holdings Plc has increased the chance it may spin off its UK retail business after raising concerns about regulations that would prevent it from keeping control of the division's capital and management.
NYT
* On Tuesday, a filing with the Federal Communications Commission revealed that Netflix was urging regulators to reject the deal between AT&T and DirecTV, arguing that a combined AT&T and DirecTV would have the ability and incentive to use its heft to harm online video distributors like Netflix to protect its core TV business. (http://nyti.ms/1DREH3G [44])
* A roof-raising trade gap in March highlighted concerns that the rise of the dollar against other currencies was weakening the economy, chipping away at the ability of American manufacturers to compete abroad while encouraging more imports to fill retailers' shelves. (http://nyti.ms/1EPofVH [45])
* New details emerged on Tuesday in Hewlett-Packard's $5.1 billion lawsuit against two former top executives at Autonomy, the British data intelligence company that HP acquired in 2011 for $11 billion. (http://nyti.ms/1RbGPOh [46])
* Bank of America has hired Chris Cormier, a specialist in helping companies in the technology, media and telecommunications sectors go public, as a managing director, the firm announced in an internal memorandum. (http://nyti.ms/1ILWSif [47])
China
CHINA SECURITIES JOURNAL
- New trading accounts hit 2.9 million last week, 10.72 percent lower from a week earlier, according to data from the country's official clearing house.
- Northeast Securities plans to raise up to 5 billion yuan ($805.70 million) from its mainland stock offering for business expansion, the company said.
21ST CENTURY BUSINESS HERALD
- China's listed brokerages have raised 309.6 billion yuan in the first four months of this year, a 152.47 percent increase from the same period a year earlier, the paper said citing an industry source.
PEOPLE'S DAILY
- China will maintain the continuity and stability of its macroeconomic policies amid certain adjustments when entering a "new normal" of 7 percent growth, the mouthpiece of the party said in a commentary.
Britain
The Times
HP SUES AUTONOMY FOUNDER FOR $5 BILLION
Hewlett-Packard has accused Mike Lynch, the co-founder and former chief executive of Autonomy, of firing a key US employee who had raised concerns about the Cambridge company's accounts prior to its acquisition by the American computing giant. (http://thetim.es/1bwhOfB [48])
SCOTTISH DRINK-DRIVE LAWS LEAVE ENGLISH PUB FIRM HUNG OVER
It is not only the Labour Party that is being given a headache by the Scots. One of England's biggest pub operators believes that it is suffering a hangover from tough drink-drive laws north of the border. (http://thetim.es/1IeQe4U [49])
The Guardian
UK ECONOMIC GROWTH PREDICTED TO SLOW AS CONSTRUCTION INDUSTRY STRUGGLES
Britain's economy will grow at a slower pace this year and faces serious risks from weak productivity and a troubled eurozone, a leading thinktank has warned. (http://bit.ly/1zyGAHk [50])
EU TO INVESTIGATE CLAIMS MCDONALD'S AVOIDED $1 BILLION IN TAX
The European Union is investigating claims that McDonald's avoided more than 1 billion Euro ($1.12 billion) in tax by exploiting a controversial royalties loophole through Luxembourg. (http://bit.ly/1Pnj8yQ [51])
The Telegraph
LABOUR UNDER RENEWED ATTACK FROM BUSINESS LEADERS
UK's opposition Labour party has come under renewed attack from the upper echelons of the business community ahead of Thursday's general election. (http://bit.ly/1GXQsdz [52])
TWO MORE TESCO DIRECTORS TO LEAVE
Two more non-executive directors have stepped down at Tesco , including the chairman of its audit committee, meaning an overhaul of the supermarket group's entire senior team is almost complete. (http://bit.ly/1zyI6tb [53])
Sky News
BOOKER PRIZE SPONSOR FACES INVESTOR REVOLT
Man Group, the hedge fund manager which sponsors the Booker Prize is facing a major revolt from investors this week over changes to bonus targets for top executives. (http://bit.ly/1F4KTfX [54])
HSBC FIRST QUARTER PROFIT RISES 4 PCT TO $7.1 BLN
HSBC has announced a 4 percent rise in first quarter profits to $7.1 billion but raised its provisions for covering the cost of the payment protection insurance scandal. (http://bit.ly/1JOUOHI [55])
The Independent
HSBC CHIEF SAYS UK EXIT REVIEW WILL BE COMPLETE BY END OF YEAR - AND TORY POLICY IS TO BLAME
HSBC chief Stuart Gulliver has promised a decision on a UK exit by the end of 2015 in a first quarter earnings call, stating that shareholders would vote to decide. (http://ind.pn/1IeSqtg [56])
BARCLAYS BANK FACES MULTIMILLION-POUND LEGAL CHALLENGE OVER LIBOR RIGGING
Barclays Banking Group's role in the Libor-rigging scandal looks set to fall under the microscope once again after a storage company launched a multimillion-pound legal claim against the bank. (http://ind.pn/1Jne5N7 [57])