- China’s Record Capital Outflows Spark Financial Stability Fears (FT [20])
- U.K. Inflation Falls Below Zero for First Time Since 1960 (BBG [21])
- Islamic State Solidifies Foothold in Libya to Expand Reach (WSJ [22])
- Judge sentences 11 Afghan police over lynching of woman in Kabul (Reuters [23])
- The $18 Trillion Global Economic Boost If Everything Went Right (BBG [24])
- Eurozone Prices Confirmed Flat Year-on-Year in April, Core Inflation Inches Higher (Reuters [25])
- Greek Finances to Stagger On Longer Than You Think (BBG [26])
- Athens sees EU deal soon, Greeks' approval of government stance dwindles (Reuters [27])
- Uber Tests 30% Fee, Its Highest Yet (WSJ [28])
- Uber Battles Locals for Future of African Taxis (WSJ [29])
- Greece sends reform proposals for lenders' scrutiny (Kathimerini [30])
- Behind Apple’s Move to Shelve TV Plans (WSJ [31])
- U.S. fears Shi'ite militias could worsen Iraqi sectarian fires (Reuters [32])
- Pay bankers no more than civil servants, says ex-Cameron aide (Guardian [33])
- Why do men exist? Scientific study offers an explanation (Reuters [34])
Bulletin Headline Summary
WSJ
* Islamic State leaders in Syria have sent money, trainers and fighters to Libya in increasing numbers, raising new concerns for the United States that the militant group is gaining traction in its attempts to broaden its reach and expand its influence. (http://on.wsj.com/1AbGlTe [22])
* Investor Carl Icahn said he expects Apple Inc to introduce an ultra-high-definition television in 2016. But after nearly a decade of research, Apple quietly shelved plans to make such a set more than a year ago, according to people familiar with the matter. (http://on.wsj.com/1dgAMso [35])
* In the traffic-clogged, potholed streets of Kenya's capital city, there is a battle waging for the future of the African taxi ride that is pitting local startups eager to become the "Uber of Kenya" against, well, Uber. (http://on.wsj.com/1JVFGFl [29])
* U.S. prosecutors are investigating several high-ranking Venezuelan officials, including the president of the country's congress, on suspicion that they have turned the country into a global hub for cocaine trafficking and money laundering, according to more than a dozen people familiar with the probes. (http://on.wsj.com/1cLJJJs [36])
* Thousands of Shiite militiamen converged on the capital of Iraq's Sunni heartland Monday in a desperate attempt to wrest control from Islamic State, a move that threatens to inflame sectarian tensions that have divided the Baghdad government and allowed militants to conquer some of the nation's largest cities. (http://on.wsj.com/1Fl8VQO [37])
FT
Fiat Chrysler is set to face an inquiry by U.S. regulator National Highway Traffic Safety Administration over the successful completion of more than 10 million recalled cars in the U.S.
Pharma company Endo International plc will buy U.S.-based drugmaker Par pharmaceutical holdings from private-equity firm TPG Capital for $8.05 billion in a cash and share deal.
Former head of UK's financial regulator, Sir Hector Sants has been chosen on behalf of the industry to review the competitiveness of British banks. Sants will lead a team to know if British banks have lost their edge and competitiveness.
German lender Deutsche Bank AG is contemplating whether to move a significant portion of its UK operations to Germany, in case the UK leaves EU. Deutsche Bank employs more than 9000 people in the UK.
NYT
* Endo International said on Monday that it had agreed to buy the privately held Par Pharmaceutical Holdings for $8.05 billion in cash and shares. The deal would create a specialty pharmaceutical company that would be one of the five largest generic drug makers based on sales in the United States, Endo said. (http://nyti.ms/1QYQRBp [38])
* An appeals court on Monday upheld the bulk of Apple's patent victory against Samsung Electronics in 2012, but overturned part of the decision and said that a lower court should reduce the total amount that Samsung would have to pay. (http://nyti.ms/1AhABa9 [39])
* Housing prices in China have plunged over the last year, but data showed that there may be signs of stabilization with prices in cities like Beijing, Shanghai and Shenzhen ticked slightly upward. (http://nyti.ms/1PSsLFS [40])
* Greeks are waiting to see if the radical left party Syriza will strike a deal with European creditors or if the country will sink into a new crisis. (http://nyti.ms/1JuGMK9 [41])
* Videos released on Snapchat this week by electronic musician Josh Legg, also known as Goldroom, will be the latest step in the company's evolving role as a media outlet. Snapchat launched its Discover feature in January, offering media content from Warner Music, Vice and ESPN. (http://nyti.ms/1IIv4fP [42])
China
CHINA SECURITIES JOURNAL
- China's central bank is drafting rules for non-deposit-taking institutions, which will need licenses for their lending business, Liu Xiangmin, deputy director general of legal affairs at People's Bank of China, said at a meeting.
- China will exempt the vehicle and vessel tax on new energy cars and ships, while halving the tax on energy-saving ones, the Ministry of Finance said.
SECURITIES TIMES
- Even if MSCI Inc includes China's A-shares in the Emerging Markets Index, it will hardly attract much foreign funds in the short term, said Zhang Jun, head of macroeconomic research with Morgan Stanley Huaxin Securities.
CHINA DAILY
- Protesters lobbying for the planned Dazhou-Chongqing railway line to pass through their county were told it is too early to discuss the route, according to the Sichuan National Development and Reform Commission website. Linshui residents want the line to pass through their county to boost economic development, rather than a proposed alternative route.
- Inland nuclear projects may get more attention during the 13th five-year plan (2016-2020), officials from the China Nuclear Energy administration said.
Britain
The Times
ASTRA CHOOSES SWEDEN OVER BRITAIN FOR $285 MLN FACILITY
AstraZeneca Plc has shunned Britain by choosing Sweden as the location to break ground on a $285 million drug factory that will make a new generation of high-tech biological medicines.
IMAGINATION TECHNOLOGIES SAYS ARM HOLDINGS EXPLOITS MONOPOLY
Hossein Yassaie, the chief executive of Imagination Technologies, has accused ARM Holdings of exploiting its monopoly for chip designs that power the world's electronic devices.
The Guardian
TORIES VOW TO SLASH 'BURDENSOME' RED TAPE FOR BUSINESS
The new business secretary Sajid Javid is to pledge to cut red tape for companies by at least 10 billion pounds ($15.66 billion) during the current parliament as he announces details of the enterprise bill that will form part of this month's Queen's speech. (http://bit.ly/1cLYfRr [43])
ALEXIS TSIPRAS CLAIMS GREECE IS CLOSE TO SECURING DEAL WITH BRUSSELS AND THE IMF
The Greek prime minister, Alexis Tsipras, has sought to prevent a full-blown run on the debt-stricken country's banks by promising that he is close to reaching a deal with creditors. (http://bit.ly/1cLYFav [44])
The Telegraph
DAN JARVIS BACKS ANDY BURNHAM'S LABOUR LEADERSHIP BID
Dan Jarvis has backed Andy Burnham in the Labour leadership race, in a move that will increase the likelihood of shadow health secretary becoming the party's next leader. (http://bit.ly/1cLXU1d [45])
STEPPING HILL: THE SCANDAL OF FOREIGN NURSES WITH BOGUS PAPERS
Thousands of foreign nurses could be working in Britain with bogus qualifications, the newspaper reported, after police warned that the medic who killed two patients at Stockport's Stepping Hill hospital used forged photocopies to secure his job. (http://bit.ly/1cLY6NV [46])
Sky News
EX-FSA CHIEF SANTS TO CHAIR BANKING PROBE
Sir Hector Sants has been asked by the British Bankers' Association to lead a review of the competitiveness of Britain's banking sector amid intensifying warnings about the impact of tax and regulatory reforms. (http://bit.ly/1cLubFv [47])
CHOCOLATE MAKER THORNTONS' CHIEF TO STEP DOWN
UK chocolate manufacturer Thorntons Plc has revealed that its chief executive Jonathan Hart is to step down from his role this summer. (http://bit.ly/1cM0Afl [48])
The Independent
FINANCIAL SECTOR BOSSES WARN OF DANGERS IN NEW REGULATIONS
The new system of global financial regulation could channel dangerous risk into the "shadow" banking system, a group of executives from the world's largest financial firms has warned. (http://ind.pn/1cLXp7n [49])
NEW BHS BOSS DARREN TOPP PLEDGES A 'RIGHTFUL' RETURN TO HIGH STREETS
Darren Topp, the new boss of BHS, has pledged to return the troubled 87-year-old retailer to its "rightful place" on the high street through a series of tie-ups with other retailers. (http://ind.pn/1cLXEPO [50])