- Back Greek talks or face chaos, Merkel tells German lawmakers (Reuters [24])
- Fear of the Unknown Binds a Greek Deal With Few Believers (WSJ [25])
- Grexit Still on the Table Even With EU’s Latest Band-Aid (BBG [26])
- Donald Tusk warns of extremist political contagion (FT [27])
- Germany, Not Greece, Should Exit the Euro (BBG [28])
- Sabine Files Bankruptcy in New York as Oil Prices Fall (BBG [29])
- Markets Bow to Central Bankers as Bonds Rise, Pound Strengthens (BBG [30])
- China Unleashes $483 Billion Margin Trader to Stem Stock Rout (BBG [31])
- Venture Capital Investments Hit $19.2 Billion in Second Quarter (WSJ [32])
- Happy Meals make way for hearing aids in Japan CPI reshuffle as population ages (Reuters [33])
- How China's Slowdown Is Worse Than You Think (BBG [34])
- Irked by U.S., but EU keeps own spy projects quiet (Reuters [35])
- Samsung scrapes to victory in proxy battle over $8 billion merger (Reuters [36])
- Iran's conservatives take aim at nuclear deal (Reuters [37])
Overnight Media Digest
WSJ
* A shooter opened fire at two military recruiting centers in Tennessee, killing four marines before dying from a gunshot wound. The alleged gunman has been identified as Muhammad Youssef Abdulazeez, 24. (http://on.wsj.com/1TFRykt [38])
* The FCC is poised to reject $3.3 billion in discounts requested by partners of satellite-TV provider Dish in a $45 billion airwave auction earlier this year. (http://on.wsj.com/1LnBS2g [39])
* German regulators accused a half-dozen current Deutsche Bank executives of failing to stop or tell regulators about years of attempted market manipulation, according to a confidential report. (http://on.wsj.com/1OaeZia [40])
* Contrarian economists at Google and Stanford say the United States doesn't have a productivity problem, it has a measurement problem. (http://on.wsj.com/1LdPrmj [41])
* The Samsung conglomerate's controlling Lee family scored a victory in its battle against U.S. hedge fund Elliott Associates, as shareholders approved an $8 billion merger of two Samsung affiliates. (http://on.wsj.com/1LoLoSI [42])
* U.S. securities regulators are examining whether mutual-fund managers are dipping more deeply than allowed into their investors' money to compensate the brokerages that distribute their products. OppenheimerFunds, Franklin Templeton and J.P. Morgan Chase are among more than a dozen fund firms that have been reviewed by the Securities and Exchange Commission, which began a broad sweep of how companies sell their products about two years ago. (http://on.wsj.com/1OiOqrw [43])
FT
Online Casino operator 888 Holdings Plc is close to victory over rival GVC Holdings Plc to buy Bwin Party , the Internet gaming group. A deal announcement could be expected as soon as Friday.
British retailer Marks and Spencer Group PLC's clothing and other non-food businesses head, John Dixon, has quit the retailer.
Britain has cut its stake in Lloyds Banking Group by a further percentage point to about 14.98 percent, accelerating its drive to return the bailed-out lender to full private ownership.
European Union antitrust regulators are investigating whether one of the world's biggest chipmakers, Qualcomm , uses illegal tactics to shut out rivals.
NYT
* Steve Huffman, who co-founded Reddit in 2005, is back at the online message board as its new CEO. Upon his return, Huffman proposed a new content policy for the site that would effectively ban spam, illegal activity and harassment, as well as the posting of "private or confidential information" and sexual content involving minors. (http://nyti.ms/1HTuEgR [44])
* As the Federal Reserve prepares to raise interest rates later this year, Republican critics have dialed down the volume of their complaints, while Democrats are now fretting loudly about the path of monetary policy. After her appearance before a House committee on Wednesday, Federal Reserve Chairwoman Janet Yellen was once again pressed by Democrats concerned that the Fed will raise rates too soon. (http://nyti.ms/1HTuYwj [45])
* Aspen Foods is recalling nearly two million pounds of frozen chicken products after three people in Minnesota became ill with infections from salmonella. (http://nyti.ms/1HTvdHE [46])
* Uber is now becoming an unexpected proxy in the campaign for the White House. It has center stage in the emerging debate between the left and the right over the future of work, the responsibilities of employers, the virtues of technology and the necessity of workplace regulation. (http://nyti.ms/1HTvAlE [47])
* European finance officials pledged support and money for Greece on Thursday, even as the prospects of reaching a final bailout deal were clouded by political uncertainty in Athens and German doubts about the need to preserve Greek membership in the eurozone. (http://nyti.ms/1HTvH0g [48])
* The Federal Communications Commission on Thursday approved plans to prevent large businesses from gaining access to small-business discounts in a much-anticipated auction of airwaves expected early next year. (http://nyti.ms/1HTvQ47 [49])
Canada
THE GLOBE AND MAIL
** A pipeline owned by Nexen Energy ULC has spilled about 31,500 barrels of oil "emulsion" in northern Alberta, the province's energy watchdog says. The Alberta Energy Regulator said late on Thursday that it was responding to a pipeline rupture about 36 kilometers southeast of Fort McMurray. (http://bit.ly/1DkfnEY [50])
** Magna International Inc will pay 1.75 billion euros ($2.47 billion) to buy Getrag of Germany, the largest independent maker of automotive transmissions, a move that bolsters Magna's presence in a vehicle system that is crucial to reduce fuel consumption and cut emissions as government regulations grow more stringent. (http://bit.ly/1fPtEV8 [51])
** Home-renovation company Rona Inc said Thursday it is acquiring 18 franchise stores in Quebec and two in the Ottawa area for an undisclosed price. The Quebec-based company says it will compete more effectively with large U.S. rivals by eliminating its franchise structure. (http://bit.ly/1DkgcgU [52])
NATIONAL POST
** Sleep Country Canada Holdings Inc, Canada's largest mattress retailer, fell in its trading debut after raising C$300 million ($232 million) in an initial public offering. (http://bit.ly/1DkgwfK [53])
** Bank of Montreal agreed to pay $16 million to end a U.S. lawsuit claiming that a lender it bought caused two bankrupt Florida funds to lose money in imprisoned swindler Thomas Petters' $3.65 billion Ponzi scheme. Thursday's settlement with the trustee liquidating the Palm Beach Finance funds was disclosed in a filing with the U.S. bankruptcy court in West Palm Beach, Florida, and requires court approval. (http://bit.ly/1DkgBA2 [54])
** Bombardier Inc said Pratt & Whitney Canada's John Di Bert has been named chief financial officer, replacing Pierre Alary, who announced his retirement in April. Di Bert, who was most recently vice president of customer service at Pratt & Whitney's Canadian unit, will take up his new post on Aug. 10, Bombardier said. (http://bit.ly/1DkgRit [55])
China
CHINA SECURITIES JOURNAL
- Several trust companies said they have suspended umbrella trusts, noting the demand for these kinds of trusts has declined, the newspaper reported.
- CITIC Securities Co said that it had issued 8.5 billion yuan ($1.37 billion) worth of five-year subordinated bonds on Thursday, at a yield of 5.0 percent.
SHANGHAI SECURITIES NEWS
- China will encourage private companies to invest in the research, production and maintenance of weapons, the paper said, citing Xu Zhanbin, vice president of the State Administration of Science, Technology and Industry for National Defense.
CHINA DAILY
- China's outbound direct investment in the non-financial sector rose to $56 billion in the first half of 2015, up 29.2 percent from the previous year, the newspaper reported, citing officials.