- Democrats in disarray on eve of convention to nominate Clinton (Reuters); After Gloating, Democrats Face Unity Problem of Their Own (BBG)
- Florida nightclub shooting leaves two dead, up to 16 wounded (Reuters)
- Yellen Still Waiting for Overwhelming Evidence to Warrant Hike (BBG)
- Oil Trades Near Two-Month Low as Drilling Increases Amid Surplus (BBG)
- Fraud Investigation Ricochets Through Hedge Fund Known for Ties to Jewish Community (WSJ)
- Scotland’s Sturgeon preparing for independence to keep post-Brexit options open (Reuters)
- Calm markets raise big risks for complacent investors (FT)
- Deutsche Bank Set for Investor Scrutiny as Short Sellers Circle (BBG)
- EU working with consumer groups to pressure Volkswagen for compensation (Reuters)
- IOC Stops Short of Banning Entire Russian Delegation From Rio Olympics (WSJ)
- Christmas in July: Toy Makers Are Gearing Up—for Next Year’s Holidays (BBG)
- Nintendo shares dive as company plays down Pokemon GO’s earnings impact (Reuters)
- Tesla Races to Finish ‘Gigafactory’ in Time for Model 3 Rollout (WSJ)
- Has Wall Street Been Tamed (BBG)
- China Bans Internet News Reporting as Media Crackdown Widens (BBG)
- U.S. praises confidence-building measures with Chinese military (Reuters)
- Saudi Group Signs Deal Aiming to End Biggest Mideast Default (BBG)
- Ukraine, after war, becomes a trove for black market arms trade (Reuters)
Overnight Media Digest
WSJ
– The International Olympic Committee cleared the way for scores of Russian athletes to be banned from the Rio Games, but stopped short of forcing the country’s entire delegation to stay home due to alleged state-sponsored doping. http://on.wsj.com/2a9LylW
– Verizon Communications Inc has agreed to pay $4.8 billion to acquire Yahoo Inc, according to a person familiar with the matter, ending a drawn-out auction process for the beleaguered internet company. http://on.wsj.com/2ao2R1n
– Authorities said a 27-year-old Syrian man tried to enter an outdoor concert in southern Germany and then blew himself up, injuring 12 people, in what appeared to be this country’s first suicide bombing in years. The bombing took place in central Ansbach, a small town in the state of Bavaria that was hosting a concert that attracted 2,000 people on Sunday night. http://on.wsj.com/2aEB3oL
– Brazilian authorities on Sunday arrested a 12th suspect they say was part of a group allegedly plotting to conduct terrorist attacks during the Olympic Games in Rio de Janeiro next month. http://on.wsj.com/2ajJlU5
– British Prime Minister Theresa May on Monday will travel to Belfast, where she will underline her commitment to consulting with Northern Ireland in talks over the UK’s exit from the European Union. http://on.wsj.com/2aEPhG2
FT
* Verizon is set to buy Yahoo’s core business for about $5 billion, according to a person familiar with the matter. The deal will end months of uncertainty about Yahoo’s future after the company announced plans to review strategic alternatives in February.
* Pier Carlo Padoan, the Italian finance minister, in a bid to reassure global markets of Italy’s financial health, has rejected a “bail-in” of Italian banks by private investors. His reassurance came at the time when the G20 promised to use “all policy tools” at their disposal to tackle any negative impact post-Brexit.
* Guardian Media Group this week will report a greater-than-expected full-year operating loss of 69 million pounds ($90.62 million). The media house’s pre-tax loss will be 173 million pounds. Amid controversies over the source of the losses, Editor in Chief Alan Rusbridger resigned in May.
NYT
– The board of Yahoo has agreed to sell its core internet operations and land holdings to Verizon Communications for $4.8 billion. After the sale, Yahoo shareholders will be left with about $41 billion in investments in the Chinese e-commerce company Alibaba, as well as Yahoo Japan and a small portfolio of patents. http://nyti.ms/2a4MbPN
– Google is chasing Amazon and Microsoft for control of the next generation of business technology, in enormous cloud-computing data centers but Google Cloud Platform does not even figure in the earnings reports of Alphabet, Google’s parent company. http://nyti.ms/2ajMJyl
– Debbie Wasserman Schultz, the chairwoman of the Democratic National Committee, said she was resigning after a trove of leaked emails showed party officials conspiring to sabotage the campaign of Senator Bernie Sanders. http://nyti.ms/2ajOnjg
Canada
THE GLOBE AND MAIL
** Ontario will become the first province in Canada to stop paying for high-dose opioid medications under its public drug plans, as part of a measure aimed at combating the widespread abuse of prescription painkillers. (http://bit.ly/2apG99h)
** The wildfire that tore through the Fort McMurray region will impact second-quarter earnings for many Canadian energy companies. According to analysts, the outages played a part in lifting global prices for oil to around $50 per barrel by the end of May, as well as lessening the discount paid for the bitumen blend of crude from Western Canada. (http://bit.ly/2apHw7G)
NATIONAL POST
** The Mounted Police Professional Association of Canada (MPPAC) said on Sunday that management had caved in to political correctness and the “knee jerk” changes amount to lowering standards. The association also said that its members had “grave reservations” about the Royal Canadian Mounted Police’s decision to ease entrance requirements. (http://bit.ly/2apJlle)
Britain
The Times
* Provenance Investment Partners has bought a 21 percent stake in Enertor, which makes shoe inserts for top athletes, the Ministry of Defence and the NHS. (http://bit.ly/2aErXbz)
* Online gambling group 888 Holdings and casino operator Rank Group are joining forces with a view to making a bid for William Hill, the British bookmaker that fired its chief executive on Thursday for losing ground online to rivals. (http://bit.ly/2aEuAdp)
The Guardian
* Lloyds Banking Group, is facing questions from investors about any plans to step up its cost-cutting measures following the Brexit vote, as it is more closely linked to the UK economy than rivals with international operations. (http://bit.ly/2aEsiLr)
* Britain’s vote to leave the European Union heightens risks for the world economy, and the United Kingdom must remain a close partner of the bloc after Brexit to reduce turmoil, finance chiefs from the G20 group of leading countries have said. (http://bit.ly/2aErCWv)
The Telegraph
* Serco ‘s CEO Rupert Soames says: “We need five years to prepare a post-Brexit trade plan”. (http://bit.ly/2aEsKJC)
* Republican presidential nominee Donald Trump has threatened to pull the U.S. out of the World Trade Organisation if he enters the White House, as he branded the body a “disaster.” (http://bit.ly/2aEt5Me)
Sky News
* The remaining shops belonging to Britain’s collapsed department store chain BHS will close down in the next four weeks at a potential cost of 5,000 jobs, according to Sky News. (http://bit.ly/2aEsN8r)
* BT’s rising pension deficit is hindering its efforts to reach agreement with Ofcom on the future of Openreach, Sky News learns. (http://bit.ly/2aEuouL)
The Independent
* UK Finance Minister Philip Hammond has said in an interview following the G20 summit in Beijing that Brexit will “cast a shadow” over the world economy for at least two years. (http://ind.pn/2aEtCOg)
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