- Tsipras backs down on many Greece bailout demands (FT [25])
- Creditors skeptical of Tsipras' offer (Reuters [26])
- Greek Pension Rationing Begins; Poll Shows Tsipras Backed (BBG [27])
- Greek referendum poll shows lead for 'No' vote, but narrowing (Reuters [28])
- Greek Bank Controls Heap More Pain on Crisis-Weary Citizens (BBG [29])
- Greek Crisis Ripples Across European Companies as Markets Swing (BBG [30])
- China Stocks Fall: Shanghai Composite Index Drops 5.2% (BBG [31])
- China June factory, services surveys fuel hopes economy leveling out (Reuters [32])
- Some Chinese Are Taking 22% Margin Loans to Finance Stock Purchases (BBG [33])
- Puerto Rico Utility, Creditors Close to Deal to Avoid Default (WSJ [34])
- State Department Releases 3,000 Pages of Hillary Clinton's E-Mails (BBG [35])
- Clinton struggled to fit in with Obama's White House, emails show (Reuters [36])
- Bosses Reclassify Workers to Cut Costs (WSJ [37])
- China June factory, services surveys fuel hopes economy leveling out (Reuters [32])
- Ace Agrees to Buy Rival Insurer Chubb (WSJ [38])
- To many ordinary Iranians, nuclear deal means money, food and jobs (Reuters [39])
- Nearly one in three Americans owns a gun (Reuters [40])
Overnight Media Digest
WSJ
* At home and in the streets, Greeks are weighing the monumental choice they have to make on Sunday: more financial pain to stay with the euro, or the uncertainty of being cut loose. (http://on.wsj.com/1dvP5Zt [41])
* Greece became the first developed country to default on the International Monetary Fund, as the rescue program that has sustained it for five years expired and its creditors rejected a last-ditch effort to buy more time. (http://on.wsj.com/1U406Tl [42])
* French prosecutors have ordered two Uber executives to stand trial on charges they enabled nonprofessional drivers to operate illegal services. (http://on.wsj.com/1LSJic8 [43])
* Children who accidentally burst laundry pods experience a wide range of medical outcomes, making it hard to pinpoint what makes these packets so much more potentially hazardous than liquid detergent. (http://on.wsj.com/1Nu2iPi [44])
* Phil Knight has laid the groundwork for his exit from Nike Inc, the company he started by selling shoes out of his car trunk in the 1960s and built into the world's biggest sportswear maker with $30 billion in revenue. (http://on.wsj.com/1dvP5Zt [41])
* The Puerto Rico Electric Power Authority and its creditors were close to a deal that would allow the cash-strapped utility to pay more than $400 million to bondholders, staving off what investors feared might be the first default of many from the U.S. commonwealth. (http://on.wsj.com/1NvUAUb [45])
FT
A last-minute appeal by Greek Prime Minister Alexis Tsipras, to extend the country's bailout was rejected by the finance ministers of Eurozone. Greece missed its 1.5 billion euros ($1.7 billion) payment to the International Monetary Fund due on Tuesday.
Santander's British arm has set up a structure to meet new rules requiring banks to separate their retail banking arms, and appointed bosses for its retail and corporate divisions.
Deutsche Bank AG has denied allegations that its outgoing co-head, Anshu Jain pressed for a joint bonus as high as 130 million euros for him and another trader, telling the bank's chairman at the time that they were "good guys".
80-year-old British film studio group Pinewood has seen its revenue surge to record high as U.S. film producers come to the UK to take benefits of its highly regarded production facilities, favourable exchange rate and sector tax relief provided by the government.
NYT
* Greece missed a crucial debt payment to the International Monetary Fund, the fund said early Wednesday, deepening a crisis that has haunted world leaders and financial markets over the past week. The development came as Greece's European creditors each rejected an 11th-hour attempt by Athens to extend the country's international bailout program. (http://nyti.ms/1KrDTeR [46])
* The insurance broker and risk management advisory firm Willis Group Holdings Plc said on Tuesday that it had agreed to an all-share merger with the professional services firm Towers Watson & Co that would create a company with an $18 billion market value. (http://nyti.ms/1T3LlOW [47])
* Donald Trump filed a lawsuit against Univision for $500 million on Tuesday, following the network's announcement last week that it would no longer broadcast the Spanish-language version of his "Miss USA" beauty pageant. (http://nyti.ms/1BW3PMS [48])
* The French telecommunications company Orange SA has reached a deal allowing for a parting of ways with an Israeli mobile service provider, weeks after a squabble over a possible withdrawal of the brand from Israel's cellular market caused a diplomatic storm. Under a previous agreement, the Israeli provider, Partner Communications, was licensed to use the Orange brand until 2025. But the two companies announced Tuesday that they had signed a new agreement that gives each the right to terminate the brand license agreement in the next two years. (http://nyti.ms/1LTG1cx [49])
* Adding another female executive to its predominantly male senior ranks, the Walt Disney Co on Tuesday named Christine McCarthy as its next chief financial officer, succeeding James Rasulo. (http://nyti.ms/1LGWDaC [50])
* Goldman Sachs Group Inc is paying a $7 million penalty to the Securities and Exchange Commission to settle civil administrative charges that it did not maintain adequate safeguards to prevent the trading incident that erroneously sent thousands of stock options trades into the market two summers ago, from occurring. (http://nyti.ms/1Hwf4xU [51])
* General Electric Co said on Tuesday that it had agreed to sell a division that finances leveraged buyouts in Europe to a unit of the Japanese bank Sumitomo Mitsui Banking Corporation for about $2.2 billion. (http://nyti.ms/1HwfdBt [52])
* The French investment firm Wendel SA said on Tuesday that it had agreed to acquire AlliedBarton Security Services, one of the largest providers of security guards in the United States, from the Blackstone Group for about $1.67 billion, including debt. (http://nyti.ms/1GNn200 [53])
* Under pressure from a prominent activist shareholder, ConAgra Foods Inc announced plans on Tuesday to shed its private-label brands operation - less than three years after buying the business. (http://nyti.ms/1LBRvUk [54])
China
CHINA SECURITIES JOURNAL
- Thirteen top Chinese private fund companies said China's recent stock market dive is a golden investment opportunity for investors
- The China Insurance Regulatory Commission (CIRC) said China Pacific Insurance would be allowed to invest 500 million yuan ($80.65 million) to purchase a 100 percent stake in Taiping Senior Living Investments Co. Ltd.
21st CENTURY BUSINESS HERALD
- No more than 600 billion yuan - or 30 percent of China's pension fund's net worth - would be invested in the stock market, an official at the Ministry of Human Resources and Social Security.
SHANGHAI SECURITIES NEWS
- China has invested 3.1 trillion yuan in projects including infrastructure, clean energy and mining, to stimulate economic growth, said Li Pumin, spokesman for the National Development and Reform Commission on Tuesday, according to the newspaper.
CHINA DAILY
- China's belief in and support of a strong eurozone provides EU leaders with the opportunity to take a longer term perspective when dealing with the Greek crisis, an editorial in the newspaper stated.
- McDonald's is opening three "Create Your Taste" concept stores in China, McDonald's China CEO Phyllis Cheung told the newspaper on Tuesday.
Britain
The Times
The world's biggest potash mine is to be built by Sirius minerals in the North York Moors National Park after a planning committee decided that the economic benefits outweighed the environmental damage. The 1.7 billion pounds($2.67 billion) project will create up to 1,000 jobs. (http://thetim.es/1Hw3anI [55])
The Labour party has abandoned its call for the government to reinstate the 50p top rate of tax, the shadow chancellor indicated yesterday. Chris Leslie said that the moment to fight the Conservatives on their decision to cut the rate paid by those on more than 150,000 pounds a year had passed. (http://thetim.es/1Hw2JJY [56])
The Guardian
Hundreds of jobs are expected to be axed by the BBC as it tries to become "leaner and simpler" at a time when it is facing a 150 million pounds-a-year shortfall in funding and growing political pressure from the Conservative government. (http://bit.ly/1ehuAAi [57])
Drugmakers are drawing up emergency plans to deal with the fallout from a potential Grexit, as the industry issued a stark warning that Greece's exit from the euro could lead to severe shortages of life-saving medicines and unleash a public healthcare crisis. (http://bit.ly/1Hw3DpP [58])
The Telegraph
Spain's Banco Sabadell has received approval from Britain's financial regulators for its 1.7 billion pounds takeover of Britain's TSB, increasing competition for the UK's biggest banks. (http://bit.ly/1Hw2SgG [59])
Virgin Atlantic Ltd has revealed it is cutting about 500 jobs just months after announcing it had returned to profit following three years of losses. It said the jobs that will be lost are in managerial and support roles, leaving customer-facing employees untouched. (http://bit.ly/1Jvau3e [60])
Sky News
Euro zone finance ministers will resume talks on the Greek crisis on Wednesday after refusing the country's request for a two-year financial aid package, according to a Greek government source. (http://bit.ly/1LGfWAO [61])
A former boss of Thomas Cook Group will receive a lower-than-expected payout following recent scrutiny of the company's response to the deaths of two children in Corfu nine years ago. The company has confirmed it is awarding Harriet Green 4.1 million shares, at the lower end of expectations. (http://bit.ly/1Hw3d2T [62])
The Independent
The European Union is to do away with roaming charges on the continent, letting people avoid huge fees for downloading on holiday, and will force internet providers to conform with net neutrality. (http://ind.pn/1ehrGvi [63])
Amazon.com Inc will now deliver to London addresses in just an hour, as it rolls out its Prime Now service outside of the U.S. It's been available in the U.S. since last year but the company is taking it outside of the country for the first time. (http://ind.pn/1Hw40Rq [64])