- Only update software on down days: NYSE, SEC Suspect Software Update Triggered Trading Halt (BBG [24])
- Trade halts add to China’s Potemkin market problem (Reuters [25])
- Why Beijing’s Efforts Have Failed to Tame China’s Stock Market (WSJ [26])
- China stems stocks rout, but market faces lengthy hangover (Reuters [27])
- Irrational Exuberance Triggers Chaos as China Watchdog Sidelined (BBG [28])
- China bounce ends five-day losing streak for stocks (Reuters [29])
- Fear Grows in Greece as Decisive Hour Nears (WSJ [30])
- Greece Shuts Markets Through July 13 as Officials Debate Bailout (BBG [31])
- Once Swarming with Greek Visitors, a Bulgarian Town Reels as Business Languishes (WSJ [32])
- Robots on Wall Street? Firms Try Out Automated Analyst Reports (WSJ [33])
- Germany calls for European defence sector consolidation (Reuters [34])
- Proof That Merkel Is Europe’s Economic Bully (BBG [35])
- California Farms Are Using Fracking Wastewater to Grow Crops (BBG [36])
- Chat Apps Take a Swipe at Facebook (WSJ [37])
- Draghi said to doubt Greek solution as Tsipras reforms awaited (Reuters [38])
- Hit by drought and seawater, Bangkok tap water may run out in a month (Reuters [39])
- Oil Rout Seen Ending as Demand Trumps China’s Market Crash (BBG [40])
- Jared Isn’t Subway’s Only Problem (BBG [41])
- Keep It Quiet, Aide Tells Shouting Kerry and Iran Minister (BBG [42])
- South Carolina poised to remove Confederate flag on Thursday (Reuters [43])
Overnight Media Digest
WSJ
* Recent moves by Chinese authorities to try to stem stock market losses have only heightened what is turning into an epidemic of anxiety among Chinese investors. (on.wsj.com/1Cqhwnn)
* The New York Stock Exchange resumed trading after technical problems forced a halt earlier Wednesday, jarring investors and traders already unnerved by recent volatility across global financial markets. (on.wsj.com/1Cqhwnn)
* Facebook Inc popularized the notion of an online social network a decade ago. Now, the rapid rise of messaging services is changing social networking, as users increasingly communicate one-to-one. (on.wsj.com/1NPSSNL)
* As its creditors continue to express skepticism and capital controls bite into supplies of cash and even medicine, many Greeks are finding the euphoria after Sunday's "no" vote fading fast. (on.wsj.com/1JQHH9t)
* Federal Bureau of Investigation Director James Comey said Wednesday the White House soon will announce that "millions and millions" of government background investigation records - dating back 20 years - were stolen by hackers who broke into the Office of Personnel Management's network. (bloom.bg/1LXzuAY)
* Apple Inc is preparing for a larger initial production run of its next iPhones, betting that even modest hardware changes will entice consumers to upgrade handsets and outstrip demand for the larger-screen phones that it released last year. (on.wsj.com/1eFV9iZ)
* Paramount Pictures has struck a deal with two major cinema chains to make new movies available to watch at home just two weeks after they leave most theaters. The new arrangement will begin with two smaller films, but the Viacom Inc- owned studio hopes to continue with the strategy, potentially changing the calculus of movie distribution for studios and exhibitors alike. (on.wsj.com/1HODNf5)
FT
Germay's three big car makers lead a 3.5 billion euros ($3.87 billion) race to acquire Nokia's maps business. Talks between Nokia and BMW, Daimler and Audi, a unit of Volkswagen, over the sale are ongoing but no decision has been made by Nokia. The Finnish company has not committed to selling the unit, having made it clear to bidders that it would only offload its mapping unit if the price offered met its expectations.
Microsoft Corp said on Wednesday it would cut 7,800 jobs, or nearly 7 percent of its workforce, and write down about $7.6 billion related to its Nokia phone business.
Barclays Plc said on Wednesday it fired Chief Executive Antony Jenkins after he had a row with the bank's investment bank head, Tom King, over the future of the troubled division.
NYT
* Facing unknown consequences if Greece is pushed out of the euro zone, citizens are buying appliances and jewelry, and even prepaying their taxes. (nyti.ms/1NPLrpQ)
* International Business Machines Corp said on Thursday that it had made working versions of ultradense computer chips, with roughly four times the capacity of today's most powerful chips. (nyti.ms/1LTrzUh)
* Microsoft Corp will shed more than 6 percent of its workers and take a charge against earnings related to its acquisition of Nokia's smartphone business. (nyti.ms/1dLT8kk)
* Hedge funds that used a strategy to claim billions of dollars in tax savings will face new scrutiny from the government, according to guidance issued by the Internal Revenue Service on Wednesday. (nyti.ms/1IKOUGL)
* Trading on the New York Stock Exchange was shut down for hours on Wednesday as the exchange tried to cope with what appeared to be a technical malfunction. (nyti.ms/1Mf0KaW)
* Despite further efforts by Beijing to calm trading, shares plunged on Wednesday, extending a rout that began last month. (nyti.ms/1LXDrFQ)
Canada
THE GLOBE AND MAIL
** A pair of investors has scrapped a $2 billion takeover offer for Pacific Rubiales Energy Corp after facing a opposition to the deal in a campaign led by shareholders. Pacific Rubiales said Mexico's Alfa SAB and Harbour Energy Ltd, which had offered $6.50 per share for the company, had withdrawn the bid they had launched in May. (http://bit.ly/1KQJNX8 [44])
** The Quebec government is heading back to court to again challenge Ottawa's plan to create a national securities regulator. Quebec has sent the securities regulator proposal to the Quebec Court of Appeal for a decision on its constitutionality. (http://bit.ly/1KQJYBZ [45])
** Precision Drilling Corp, Canada's largest drilling services company, sees the potential for more spending by customers in the second half. The company sees some room for the North American rig count to rebound as customers restart wells and upgrade equipment after cutting costs, chief executive Kevin Neveu said in an interview. (http://bit.ly/1KQK5gE [46])
NATIONAL POST
** Bank of Montreal's Doug Porter and Royal Bank of Canada's Mark Chandler joined a growing list of economists calling for Canada's central bank to cut interest rates next week on signs of a faltering recovery. The two predicted Wednesday the Bank of Canada will reduce its overnight rate to 0.5 per cent at the next decision July 15. (http://bit.ly/1KQKsYN [47])
** BHP Billiton Ltd, Teck Resources Ltd, HudBay Minerals Inc and China Molybdenum Co Ltd are among the companies that submitted final bids for Barrick Gold Corp's Zaldivar copper mine in Chile, people with knowledge of the matter said. (http://bit.ly/1KQKy2k [48])
** Ottawa needs to build a fund of up to $9 billion that would cover taxpayer losses from mass defaults and staunch the effects of a U.S. style housing collapse, a new report by the C.D. Howe Institute claims. (http://bit.ly/1KQL54B [49])
China
SOUTH CHINA MORNING POST
-- Fewer police officers have unmanageable debt problems, but more have fallen behind with their tax payments, according to a document submitted to the Legislative Council security panel by the Security Bureau. (http://bit.ly/1KPTtkD [50])
-- A staff union that represents railway workers on the MTR has slammed the average 5.25 percent pay rise offered by the MTR Corporation, demanding an 8 percent rise instead. The Federation of Railway Trade Unions expressed fears that workers' morale would plummet and warned of possible strike action. (http://bit.ly/1HgML3m [51])
-- The outbreak of Middle East Respiratory Syndrome in South Korea has prompted Wing On Travel - one of Hong Kong's largest tour operators - to slash its forecast for business growth by up to 4 percentage points. (http://bit.ly/1gpd8vh [52])
THE STANDARD
-- Hong Kong employees are less likely to look for jobs elsewhere compared to their global counterparts, but are more willing to be headhunted. A LinkedIn survey found that 74 percent of local professionals were considered "passive talent," meaning they were not actively looking for another job. (http://bit.ly/1KPUIAx [53])
-- Hong Kong Export Credit Insurance Corporation said Greece accounts for a tiny portion of local exports and its insured business in Europe, and so far no compensation has been given due to capital controls imposed there. (http://bit.ly/1eHuP86 [54])
HONG KONG ECONOMIC TIMES
-- Business of mid- to high-end restaurants in the city is likely to be hit by the recent stock market plunge with consumers not wanting to spend on food and beverages, leading to a drop of about 10 percent in business, said Hong Kong Federation of Restaurants & Related Trades Ltd's president Simon Wong. Some high-end restaurants expect a 20-30 percent drop in business.
Britain
The Times
UK'S OSBORNE DRAWS BATTLE LINE WITH BUSINESS OVER 9 POUND LIVING WAGE
UK Finance Minister George Osborne irritated small business leaders by announcing that he is going to force all companies to pay staff a minimum wage of 9 pounds ($13.83) an hour by 2020. (http://thetim.es/1NPpZ4k [55])
Barclays chief Antony Jenkins fired after board shake-up
Barclays has begun a search for a new leader with investment banking experience to take control of the banking group as it tries to boost growth and meet sweeping regulatory requirements to restructure. (http://thetim.es/1NU2UOu [56])
The Guardian
BUDGET BOOST FOR HMRC IN NEW PUSH ON TAX EVASION
Her Majesty's Revenue and Customs tax investigators are to be armed with 800 million pounds of extra funding over the next five years to combat tax evasion and non-compliance, the chancellor has promised, as part of a drive to raise 7.2 billion pounds. (http://bit.ly/1KPNrk5 [57])
UK'S CHANCELLOR HANDS BUSINESSES 6.6 BLN POUNDS IN TAX CUTS AND GIVEAWAYS
Businesses have been handed a surprise 6.6 billion pound tax cut, as the chancellor also unveiled a number of new measures designed to boost the private sector and Britain's flagging productivity. (http://bit.ly/1IKjIaC [58])
The Telegraph
UK'S OBR SAYS STRONG CHANCE OSBORNE WILL NOT BALANCE BOOKS BY 2020
Robert Chote, head of the UK's Office for Budget Responsibility, the government's independent fiscal watchdog, said the Chancellor's ability to deliver budget surpluses past 2020 will be hampered by Britain's demographic challenge. (http://bit.ly/1JUTEbw [59])
GEORGE OSBORNE GIVES MORE POWERS TO ENGLISH CITIES
Devolution in England "has only just begun", Finance Minister George Osborne has said, as he unveiled plans to give more power to cities in a bid to boost economic growth across the country. (http://bit.ly/1HOXm6Y [60])
Sky News
TUBE STRIKE ACTION BRINGS UK'S UNDERGROUND TO HALT
Tube services have ground to a halt with the start of a 24-hour strike that has been branded "illegitimate" by the boss of London Underground. (http://bit.ly/1J5iW3D [61])
PAY RISE FOR UK WITH 'NATIONAL LIVING WAGE'
The Chancellor pledges a "higher wage, lower tax" Britain - but is accused of lining the country up for "years of pain". (http://bit.ly/1LXnwHA [62])
The Independent
SMITHS GROUP LURES GKN CHIEF ANDREW REYNOLDS SMITH WITH 5 MLN POUND DEAL
The airport scanner maker Smiths Group has appointed Andrew Reynolds Smith as its new chief executive, luring him from rival GKN with a 4.9 million pound pay package. (http://ind.pn/1LXnLCl [63])
MARKS AND SPENCER ASSAILED ON ALL FRONTS BY SHAREHOLDERS
Marks and Spencer's board has faced a barrage of criticism from shareholders at its annual general meeting. (http://ind.pn/1TmwHCr [64])