- Pressing for Greek concessions, Merkel and Hollande keep Tsipras waiting (Reuters [25])
- Treasuries Extend Slump as Pimco Dumps Two-Thirds of Holdings (BBG [26])
- U.S. prepares plans for more troops, new base in Iraq: officials (Reuters [27])
- Texas policeman resigns after video shows him toppling teen (Reuters [28])
- Kuroda Says Hard to See Yen Dropping More, Spurring Surge (BBG [29])
- Tech Startups Woo Investors With Unconventional Financial Terms — but Do Numbers Add Up? (WSJ [30])
- Putin is a 'bully', U.S. needs to respond resolutely: Jeb Bush (Reuters [31])
- Target announces share buyback, dividend boost after disclosure snafu (Reuters [32])
- Gen X Was Right: Reality Really Does Bite (BBG [33])
- Iraqi City of Mosul Transformed a Year After Islamic State Capture (WSJ [34])
- U.S. Shifts Stance on Drug Pricing in Pacific Trade Pact Talks, Document Reveals (NYT [35])
- China military conducts drills near Taiwan, Philippines (Reuters [36])
- The $3 Trillion Bond Trade Citigroup Says Investors Should Fear (BBG [37])
- These Are Global Banking’s Winners and Losers Since the Crisis (BBG [38])
- Convicted killer in New York prison break on third escape attempt (Reuters [39])
Overnight Media Digest
WSJ
* A Food and Drug Administration advisory panel backed the cholesterol-lowering drug Praluent, but panelists said the use of the drug should be limited to certain high-risk groups, such as people with very high cholesterol for genetic reasons. (on.wsj.com/1Qn3Dws)
* The U.S. Justice Department is weighing charging General Motors Co with criminal wire fraud stemming from the auto maker's failure to recall millions of vehicles equipped with a defective ignition switch, said people familiar with the matter. (on.wsj.com/1JBOFPd)
* A move by Deutsche Lufthansa AG to charge extra for airfares purchased through travel agents or travel sites like Expedia Inc has opened a new front in the battle between airlines and their distributors over how customers buy plane tickets. (on.wsj.com/1MGXupu)
* Tesla Motors Inc Chief Financial Officer Deepak Ahuja plans to retire later this year when the electric-car maker appoints his replacement, a move disclosed on Tuesday at the company's annual shareholder meeting. (on.wsj.com/1MGXx4I)
* President Barack Obama is poised to send hundreds more American military advisers to a new base in a strategic Iraqi region to help devise a counterattack against marauding Islamic State militants, U.S. officials said Tuesday, a shift that underscores American concern over recent battlefield losses. (on.wsj.com/1MmyGlN)
FT
HSBC Holdings Plc is set to speed up a cull of unprofitable units and countries by cutting almost 50,000 jobs - half of them from selling businesses in Brazil and Turkey.
Ratings agency Standard & Poor's downgraded several UK and German banks, including Deutsche Bank AG, Barclays Plc and Royal Bank of Scotland, saying it considers government support for these banks to be uncertain.
Standard Life, which holds about 22 million shares in WPP, criticized the company's "lack of transparency" over the procedure followed to replace company founder and Chief Executive Martin Sorrell.
Britain's BT said on Tuesday it would offer Champions League soccer matches to new and existing customers of its TV service for free, and to its broadband subscribers for 5 pounds a month.
NYT
* The attorneys general of New York and Connecticut are investigating Apple Inc's negotiations with music companies in search of potential antitrust violations. Universal Music Group Inc on Tuesday confirmed it was cooperating with the industrywide investigation. (http://nyti.ms/1JIEff8 [40])
* British Bank HSBC Holdings Plc said on Tuesday that it would shed as many as 50,000 of its about 250,000 jobs as it sells several underperforming businesses, reduces the size of its global investment banking business and tries to cut billions of dollars in costs. (http://nyti.ms/1Hp9jQW [41])
* A Texas federal judge handed down a $663 million judgment Tuesday against Trinity Industries Inc, the guardrail maker accused of producing a faulty product that can jam and spear through vehicles. (http://nyti.ms/1TahyVN [42])
* Hewlett-Packard Co's ill-fated acquisition of the software maker Autonomy will cost another $100 million, as the company prepares to settle class-action litigation tied to the 2011 deal. (http://nyti.ms/1I0Fp1w [43])
* General Electric said on Tuesday that it had agreed to sell the bulk of a division that finances leveraged buyouts to the Canada Pension Plan Investment Board in a $12 billion deal.(http://nyti.ms/1HpcNDc [44])
Hong Kong
SOUTH CHINA MORNING POST
-- All 600 tours to South Korea organised for this month by local travel agencies will be cancelled following a red alert against travel to the Mers-hit country, industry representatives agreed on Tuesday. Cathay Pacific, which operates five flights a day to Seoul, has cancelled one of the flights throughout July and August. (http://bit.ly/1KnZx2s [45])
-- The chances of lawmakers approving the Hong Kong government's electoral reform plan for 2017 are very slim, Chief Secretary Carrie Lam Cheng Yuet-ngor admitted as a poll showed public opposition to the blueprint had hit its highest level yet. (http://bit.ly/1F6XBnS [46])
-- Hong Kong's mobile app industry is suffering from a gender gap, with more than one-third of development companies employing fewer than three women, according to a survey conducted by the Hong Kong Wireless Technology Industry Association and the Hong Kong Productivity Council. (http://bit.ly/1Gq4Zjv [47])
THE STANDARD
-- Police are investigating if a handbook circulating online that advises protesters on how to protect themselves and resist police is in breach of any law. A police spokeswoman said the Cyber Security and Technology Crime Bureau is following up on the case. It is believed that copies of the handbook were delivered to the University of Hong Kong during the candlelight vigil on June 4. (http://bit.ly/1B4M7Gi [48])
-- Civil servants will get a pay rise that is 0.5 percentage points higher than recommended in a pay-trend survey, in a move seen as aiming to counter any backlash when the government's political reform package is voted down. Senior civil servants will get a 3.96 percent pay rise, while lower- and middle-ranked staff will get 4.62 percent. (http://bit.ly/1I0jsj0 [49])
-- The proportion of Hongkongers holding positive feelings toward fellow locals has hit its lowest number since 2007, a poll by the University of Hong Kong's Public Opinion Programme found. Pollster Robert Chung said the 8-year low is an indication of social polarization. (http://bit.ly/1F6YEo2 [50])
HONG KONG ECONOMIC JOURNAL
-- Franshion Properties (China) said it planned to sell HK$4.37 billion worth of shares to parties including New China Life Insurance, Singapore's sovereign wealth fund GIC Private Ltd, Warburg Pincus Private Equity's Earn Max Enterprises, and Dynasty Hill Holdings which is controlled by Sun Hung Kai Properties ex-chairman Walter Kwok.
Britain
The Times
* The competition regulator has agreed to "fast-track" an in-depth investigation into BT Group's proposed 12.5 billion pounds ($19.23 billion) takeover of EE in a move which could delay completion of the merger. (thetim.es/1FPx2En)
* HSBC Holdings Plc will cut 8,000 jobs in the UK out of a global reduction of up to 25,000 redundancies as it fights to improve returns. It also raised the prospect that its brand may disappear from British high streets, under plans to move its retail bank to Birmingham. (thetim.es/1KnM3no)
The Guardian
* On June 22, around 17,000 workers at Tata Steel plants across the country will bring Britain's steel industry to a halt with the first national strike for 35 years. The walkout is a response to Tata's plan to close the British Steel pension scheme. (bit.ly/1FPxum7)
* Britain's energy and climate change secretary Amber Rudd has agreed to a 1 billion pounds project which will provide power for 150,000 homes from a tidal lagoon at Swansea Bay. (bit.ly/1BWgRV7)
The Telegraph
* The government should hold a referendum on Britain's EU membership as soon as possible to end the uncertainty that the looming vote creates for businesses, according to Pacific Investment Management Company (Pimco). (bit.ly/1f1bVtl)
* Greece could be edging closer to a deal with its creditors after submitting fresh proposals which are thought to include concessions on tougher austerity targets. (bit.ly/1JDete3)
Sky News
* Two-thirds of Britons believe big companies are not paying their fair share of corporation tax based on the level of sales they generate in the UK, according to research by YouGov. (bit.ly/1MmbPqp)
The Independent
* A British corporate investigator who was working for the drugs giant GlaxoSmithKline Plc in China has been released from jail in Shanghai. (ind.pn/1KnOaaS)
* Transport for London's annual report shows the number of six-figure earners within the firm had rocketed from 326 to 413 in 12 months. There has been a 25 percent rise in the number of executives who earn a six-figure salary compared with last year.(ind.pn/1GahRci)