- Fed Chair Yellen To Speak As Global Tensions Rise (WSJ [25])
- Greek PM Tsipras seeks party backing after abrupt concessions (Reuters [26])
- France Hails Greek Aid Proposals as Germany Reserves Judgment (BBG [27])
- Greek PM says does not have mandate to exit eurozone (Reuters [28])
- France Intercedes on Greece’s Behalf to Try to Hold Eurozone Together (WSJ [29])
- Frozen Funds, Fleeing Tourists: Greek Startups Feel the Pinch (BBG [30])
- Doubts Simmer Despite China’s Gain (WSJ [31])
- China New Car Sales Post Drop in June (WSJ [32])
- Millions more Americans hit by government personnel data hack (Reuters [33])
- Japan interested in joining NATO missile consortium (Reuters [34])
- Ford to Shift Work Abroad (WSJ [35])
- Water, Water Everywhere? Caribbean Adds to Global Drought (BBG [36])
- Clinton to face grilling by union leaders on trade, economic issues (Reuters [37])
- July 4 Terror Plots Foiled by U.S. Agents, FBI Chief Comey Says (BBG [38])
- Forrest Gump-inspired runner trying to cross U.S. in 100 days (Reuters [39])
Overnight Media Digest
WSJ
* In the past 18 months cable entrepreneur Patrick Drahi has stitched together $40 billion in deals, including a $23 billion takeover of SFR, France's second-largest mobile company. Now he's targeting the U.S. market. (http://on.wsj.com/1Hjo4mT [40])
* The race to come up with a last-minute proposal to keep Greece in the eurozone began with a Sunday night phone call from Greek Prime Minister Alexis Tsipras to French President François Hollande, moments after Greece's referendum dealt a near-fatal blow to the talks. (http://on.wsj.com/1HjunH4 [41])
* Ford Motor Co will move production of small cars from a plant in Michigan to a factory outside the U.S. in 2018 in a new setback to efforts to create a market for small cars made in the United States. (http://on.wsj.com/1J7mtyB [42])
* On the brink of a meltdown, the Greek economy already is seizing up in many places amid capital controls and growing fears that the country may soon crash out of the eurozone. (http://on.wsj.com/1GahJGl [43])
* As competition in the pay-TV industry increases and subscribers trim cable bills, ESPN is entering belt-tightening mode. (http://on.wsj.com/1UH7ynw [44])
* Procter & Gamble is dismantling a beauty business it aggressively built a decade ago, giving up on areas like salon products and designer perfumes that distracted from core areas and hurt its growth. The world's largest consumer-products company said it would carve off brands including Wella shampoos, Clairol hair dye and CoverGirl makeup and merge them with Coty Inc in a complicated $13 billion deal. (http://on.wsj.com/1SbjkCN [45])
* Days ahead of its planned breakup, eBay Inc suffered a blow in its effort to sell its eBay Enterprise unit, as one of the division's biggest customers said it would move much of its business elsewhere. Toys "R" Us Inc on Thursday said it would take control of its U.S. e-commerce operations by mid-2016, rather than relying on eBay Enterprise. (http://on.wsj.com/1CsRLDa [46])
FT
AbbVie Chief Executive Richard Gonzalez was on Wednesday forced to retract comments made by him while discussing shareholder support for the U.S. drugmaker' s 30 billion pound ($51.1 billion) bid for Shire after being caught out by British takeover rules.
Citigroup Inc is close to shelling out more than $7 billion to resolve a long-running investigation by the U.S. government into its sale of mortgage-backed securities, according to people familiar with the matter.
Germany's Lufthansa may launch a no-frills long-haul airline as part of wider plans by the company to stave off competition from low-cost and Middle Eastern carriers.
European Union antitrust regulators fined have fined six drugmakers including France's Servier a whopping 428 million euros ($583.8 million) for blocking the entry of cheaper generic competition to an expensive branded drug.
Britain's financial watchdog is launching a review of competition in the wholesale securities market as it eyes the practices used by high-frequency traders to get ahead on other investors.
Germany's Aldi is the global leader among discount food retailers that offer limited assortment grocery. Schwarz, which owns Lidl, took second place, according to a study by research firm Planet Retail.
A cross-selection of peer-to-peer (P2P) loans has gotten a credit rating from Standard & Poor's, marking the first time that a major credit rating agency has agreed to formally evaluate a securitisation from the fast-growing P2P sector.
NYT
* As details of the new offer emerged, it appeared that Greek Prime Minister Alexis Tsipras was capitulating to demands on harsh terms that he previously urged his countrymen to reject. (http://nyti.ms/1JT4OAu [47])
* Hackers who intruded into the federal personnel agency's computer networks last year got sensitive information about 21.5 million individuals, officials said. (http://nyti.ms/1CsPMPb [48])
* The online gambling company GVC Holdings Plc said that it had offered to acquire Bwin.Party Digital Entertainment Plc in a deal that values its rival at more than 900 million pounds ($1.39 billion). (http://nyti.ms/1HgHRRH [49])
* Pope Francis offered a direct apology on Thursday for the complicity of the Roman Catholic Church in the oppression of Latin America during the colonial era, even as he called for a global social movement to shatter a "new colonialism" that has fostered inequality, materialism and the exploitation of the poor. (http://nyti.ms/1Mjsf3k [50])
* Honda Motor Co announced another multimillion-vehicle recall to replace airbags supplied by Takata Corp, this time targeting 4.5 million vehicles in Japan and other markets outside North America. (http://nyti.ms/1GaZ4Ky [51])
* The Italian oil field contractor Saipem Spa said that Gazprom, the Russian natural gas exporter, had canceled its 2.4 billion euro ($2.66 billion) contract to build a pipeline under the Black Sea. (http://nyti.ms/1D4qnGt [52])
* European antitrust officials filed formal charges against MasterCard Inc, accusing the company of setting artificially high fees for credit card transactions in the European Union. (http://nyti.ms/1UHFuRa [53])
Canada
THE GLOBE AND MAIL
** Vancouver-based Teck Resources Ltd is delaying the planned startup of its multibillion-dollar Frontier oil sands mine by at least five years, until 2026, becoming the latest company to push back development as shaky energy markets threaten profits in the high-cost sector. (bit.ly/1KU2E3H)
** The International Monetary Fund has slashed its projection for Canadian economic growth this year. In its quarterly World Economic Outlook update released Thursday morning, the IMF forecast that Canada's real gross domestic product would grow just 1.5 percent this year, down sharply from 2.2 percent in its April outlook. (bit.ly/1KU2JUW)
** After reporting yet another quarter of steep losses, Postmedia Network Canada Corp's leaders were publicly scolded Thursday by high-profile investor Conrad Black, the former proprietor of some of Postmedia's newspapers. Postmedia reported its first public numbers since acquiring 175 Sun Media newspapers, specialty publications and digital assets from Quebecor Inc. Excluding the new assets, the company reported a 13.5-per-cent drop in revenues, including another year-over-year plunge in print advertising revenues. (bit.ly/1ScMEZB)
NATIONAL POST
** Sleep Country Canada Holdings Inc, Canada's largest mattress retailer, boosted its initial public offering by 50 percent to C$300 million ($236.35 million), according to people familiar with the matter. The Toronto-based company initially sought to sell C$200 million of shares for C$14 to C$16 each, according to a June 23 filing with regulators. (bit.ly/1ScMXnb)
** Royal Dutch Shell Plc may consider restarting mothballed oilsands projects, but not until oil prices return to $80 per barrel, according to the company's top executive in North America. (bit.ly/1ScN41S)
** Demand for luxury homes in Vancouver is so high that shoppers are willing to pay a premium for residences that already have buyers, spurring people with deals in place to flip the properties. Rising demand has led to an increase in bidding wars, Sotheby's International Realty Canada said Thursday. (bit.ly/1ScNxBs)
China
CHINA SECURITIES JOURNAL
- Galaxy Securities has recently applied to China Securities Finance Corp, the state-run margin lender, for 100 billion yuan ($16.11 billion) of credit quota to buy shares, said Chen Youan, the chairman of Galaxy Securities, who also serves as the vice-president in China's Central Huijin Investment Ltd.
- Investors put in 720 million yuan in the country's mutual funds on Thursday, according to industry data, the paper reported. Analysts said the net inflows indicate retail investors have regained confidence in China's stock market.
SECURITIES TIMES
- China Eastern Airlines Co Ltd plans to buy 50 Boeing 737 aircraft for more than 27.8 billion yuan ($4.48 billion) by 2019, the company said in a statement on Friday.
SHANGHAI SECURITIES NEWS
- The "Stabilization Fund" initiated by China's central bank and China Securities Finance Corp to stabilise the tumbling stock market should not be considered as the way to pull up the key indexes or the price of any share, according to an editorial in the paper.
Britain
The Times
UK MORTGAGE COSTS SINK AS PRICE WAR HEATS UP
The mortgage price war has intensified, with several offers falling to new lows as the Bank of England on Thursday held interest rates at 0.5 percent for the 76th month in a row. (http://thetim.es/1INjEae [54])
UK'S BLACKPOOL LEISURE TYCOON IS FIRST AMONG HIS PEERS
The seaside resort of Blackpool's three piers are back under single ownership after the owner of the North Pier snapped up the Central and South piers for an estimated 8 million pounds ($12.30 million).
The Guardian
BARCLAYS' CHAIRMAN CALLS ON BOARD TO DOUBLE SHARE PRICE IN THREE YEARS
The new chairman of Barclays has told top staff he intends to double the bank's share price in three years as he slashes costs and reinvigorates the organisation. (http://bit.ly/1Rn0U6X [55])
SAINSBURY'S FACES EQUAL PAY BATTLE WITH FEMALE SHOP FLOOR WORKERS
Sainsbury's is facing legal action from four female shopfloor workers who claim they are paid less than men to do equally valuable jobs at the supermarket chain. (http://bit.ly/1ToPA7W [56])
The Telegraph
FCA DROPS THREE-YEAR PROBE INTO 'LONDON WHALE'
The UK Financial Conduct Authority has dropped its three-year investigation into the "London Whale" trader who racked up $6.2 billion-worth of losses at one of the world's leading banks. (http://bit.ly/1GaA1ak [57])
BT URGES OFCOM TO INVESTIGATE SKY'S GRIP ON TV MARKET
BT has urged Ofcom to include paid-for television in a major review of the telecoms industry, claiming that Sky's dominance is leading to higher prices and poor service. (http://bit.ly/1Cs4UMS [58])
Sky News
CO-OP FOOD ADMITS DOUBLE BILLING ERROR
A processing error has meant that hundreds of thousands of Co-operative Food customers have been left out of pocket. (http://bit.ly/1KZER0F [59])
FASHION RETAILER REISS TO EXPLORE STAKE SALE
The founder of the high street fashion chain Reiss is exploring a move to bring the first outside investors into the business he founded more than four decades ago. (http://bit.ly/1ToQdhR [60])
The Independent
LONDON TENANTS TO BE HIT WITH PRICE HIKES AFTER LANDLORDS' BUDGET BATTERING
London's growing army of property renters could be set for a sharp increase in their monthly payments after landlords were hit by a sharp budget battering on Thursday. (http://ind.pn/1fsiXb9 [61])
