- Tsipras Endgame Nears as Greek Bank Collateral Evaporates (BBG [26])
- Shi'ite forces ordered to deploy after fall of Iraqi city (Reuters [27])
- Ratings agency Fitch to downgrade many European banks (Reuters [28])
- Bubble Blowing to Continue So Long as Yellen Isn’t Raising Rates (BBG [29])
- Greece's Debt Battle Exposes Deeper Eurozone Flaws (WSJ [30])
- Obama to set new limits on police use of military equipment (Reuters [31])
- China April home prices fuel hopes of bottoming out, but long road to recovery (Reuters [32])
- Hedge Funds Close Doors, Facing Low Returns and Investor Scrutiny (NYT [33])
- ASIC's Greg Medcraft 'quite worried' about Sydney, Melbourne house prices (Fin Review [34])
- Just 38 Miles Apart, One Texas Oil Town Is Still Booming and the Other Is Dead (BBG [35])
- PwC’s New York Fed Hire Said to Spur Secrecy Concerns at Goldman (BBG [36])
- Bond-Market Crash Has Wall Street Divided on What’s Next (BBG [37])
- Traders warn on gold liquidity (FT [38])
- Gates, Richest Man, Says $40,000 Goes Further These Days (BBG [39])
- Berkshire Fights Rooftop Solar as Buffett Champions Green Energy (BBG [40])
- Hacker 'made plane climb' after taking control through in-flight entertainment system (Telegraph [41])
- Massive Protests in Puerto Rico Over Plan to Slash Spending on Higher Education (Vice [42])
Overnight Media Digest
WSJ
* Chobani, which helped spawn the craze for Greek yogurt, will name a new chief executive in the coming months as part of its plan to recover from stumbles by its inexperienced founder. (http://on.wsj.com/1L018td [43])
* Target has told food suppliers including Campbell Soup Co, General Mills Inc and Kellogg Co that it will put less money and effort into promoting some of their products, emphasizing fresher and fancier items instead. (http://on.wsj.com/1KeXWNl [44])
* Kering SA, the owner of Gucci and other luxury brands, has filed a fresh lawsuit against Alibaba Group Holding Ltd, the latest challenge to the Chinese e-commerce giant's assertions that it fights the sale of counterfeit goods on its platforms. (http://on.wsj.com/1IGtZoI [45])
* Labor unions fighting hard to defeat free-trade legislation being debated in Congress are giving Democratic 2016 front-runner Hillary Clinton breathing room to remain neutral on the issue. (http://on.wsj.com/1HbItY4 [46])
* Buried deep in BG PLC's annual report is a little-noticed risk for its $70 billion merger with Royal Dutch Shell PLC : The deal could cost Shell a huge Kazakhstan gas field. (http://on.wsj.com/1HbdOKx [47])
FT
Whitehall may face up to 100,000 job cuts in the next five years as the UK Chancellor George Osborne tries to save billions of pounds in savings out of the civil services.
The Lloyds Banking Group has been accused of allegedly "artificially distressing" small business owners in order to tidy up their balance sheet in the wake of the financial crisis.
Aerospace and defence group Boeing said it will move out its manufacturing facility abroad if the Export Import Bank is shut down by conservative critics who think it indulges in "corporate welfare".
Italian coffee maker Massimo Zanetti Beverage Group will list about 40 percent of the company to raise about 200 million euros ($228.88 million) at the Milan stock exchange.
NYT
* Apple confirmed on Sunday that it had purchased Coherent Navigation, a Bay Area global positioning company, further bolstering Apple's location technology and services. (http://nyti.ms/1IGr3Zl [48])
* The average hedge fund has underperformed in a bull market, returning 3 percent last year compared with a 13.7 percent gain for the Standard and Poor's 500-stock index. Managers complain that it has become harder to make money and that regulation has raised costs. (http://nyti.ms/1EVaId7 [49])
* Cerberus Capital Management, a $20 billion investment firm, will let its investors sell their stakes in Remington Outdoor, formerly the Freedom Group, and move the rifle maker out of its funds and into a special financial vehicle. (http://nyti.ms/1QVzvVP [50])
* In February, the Federal Aviation Administration proposed new rules that would allow people to fly small unmanned aircraft for commercial reasons. If the regulations are approved, after what could be a lengthy period of public comment and evaluation, there will be implications across the country: Drones could be used by construction workers, firefighters, filmmakers and others. (http://nyti.ms/1Fslzkc [51])
* Ebay's classified ad website Kijiji, a flop in the United States, is doing well in Canada with more than 12 million monthly visitors and is used by 42 percent of Canadians. (http://nyti.ms/1A8Zzc3 [52])
China
CHINA SECURITIES JOURNAL
- China will push forward building more civilian airports to promote economic growth, Li Jiaxiang, head of the Civil Aviation Administration of China said at a meeting.
- Share prices of nearly 500 stocks listed on the A-share market have reached all-time highs in May, the paper said citing a local consultancy.
- Shanghai Pharmaceuticals Holding Co Ltd will cooperate with JD.com Inc to sell prescription drugs via e-commerce platforms, the company said in a statement.
CHINA BUSINESS NEWS
- China's per capita gross domestic product will exceed $12,000 by 2020, Huang Jianhui, the president of China Minsheng Bank academy said in a research paper.
CHINA DAILY
- China will not back down on sovereignty in the South China Sea dispute, while its leaders will solve the issue through talks and negotiations, the paper said in an editorial.
- China's Internet watchdog has closed 20 dating websites in the past three months amid tougher regulations against online fraud, the paper said citing the Cyberspace Administration of China.
Britain
The Times
888 GATECRASHES 1 BLN POUNDS BID BATTLE FOR GAMBLING RIVAL BWIN
British online gaming company 888 Holdings is to make a takeover approach for rival Bwin.Party, raising the prospect of a takeover battle between 888 and confirmed suitor GVC Holdings. (http://thetim.es/1RYBVEO [53])
BOND BATTLE TAKES GLOSS OFF LLOYDS' RETURN TO PAYOUTS
Lloyds is set for a week of contrasting fortunes, with a court case against retail bondholders starting Monday, followed on Tuesday by a payment of dividends to shareholders for the first time since the financial crisis. (http://thetim.es/1RYCBdh [54])
The Guardian
CO-OPERATIVE TO LAUNCH SUMMER MEMBERSHIP DRIVE
The Co-operative Group is to relaunch its membership programme next year with the aim of making its customers more engaged with the business, which runs supermarkets and funeral homes. (http://bit.ly/1RYz6n7 [55])
The Telegraph
BARCLAYS SET FOR RECORD UK BANK FINE
The Financial Conduct Authority is expected to make Barclays Plc pay a fine of at least 250 million pounds ($393.43 million) to settle foreign exchange rigging allegations, outstripping the sums other banks paid out to the regulator in November. (http://bit.ly/1RYB4np [56])
GREECE HAS NO MONEY TO PAY THE IMF, ALEXIS TSIPRAS WARNED CREDITORS
The brinkmanship at the heart of Greece's 11th hour escape from default has been laid bare, as it was revealed Alexis Tsipras told creditors the country would not be able to fulfil its obligations to the International Monetary Fund. (http://bit.ly/1RYBz0Z [57])
Sky News
WASTE GIANT BIFFA CAPS REVIVAL WITH IPO PLAN
Owners of Biffa, one of Britain's biggest waste management firms, have appointed Rothschild to begin preparations for a listing that would take place during the course of next year. (http://bit.ly/1RY8zGs [58])
George Osborne's top economic aide, Rupert Harrison, is in talks to join Blackrock Inc, the world's biggest money manager. (http://bit.ly/1POONJD [59])
The Independent
SMALL BUSINESS OWNERS SAY UK MUST STAY IN EU
A third of small business owners have said a commitment to remain in the European Union is chief among their wishes for the new Conservative government, ahead of taxes and a highly skilled workforce. (http://ind.pn/1RYzKB8 [60])
JARDINE MATHESON SUBSIDIARY ACCUSED OF THREATENING AT-RISK SPECIES BY CUTTING DOWN SWATHES OF RAINFOREST FOR PALM OIL PLANTATIONS
Jardine Matheson, a giant 40-billion-pounds-a-year ($62.95 billion) conglomerate with a hand in everything from luxury hotels to used-car sales, has been accused of threatening the survival of endangered species such as the Sumatran elephant by cutting down swathes of "the world's last great rainforests". (http://ind.pn/1RYAmqi [61])
