- Brexiters at war as Johnson pulls bid to be PM (FT)
- Soros Says Brexit Has ‘Unleashed’ a Financial-Markets Crisis (BBG)
- World stocks poised for worst month since January (Reuters)
- China to tolerate weaker yuan, wary of trade partners’ reaction (Reuters)
- China central bank criticizes media for publishing ‘inaccurate information’ on yuan rate (Reuters)
- China says U.S. ‘Great Wall’ remark shows misunderstanding of history (Reuters)
- Italy may have to recapitalise weak banks directly after stress tests-govt source (Reuters)
- Brexit fuels worries about expected U.S. earnings recovery (Reuters)
- Pound at Risk of Falling in Reserve-Currency Ranks After Brexit (BBG)
- Think Brexit Won’t Happen? A Trump White House Is Just as Likely (BBG)
- Sinopec subsidiaries inflated 2014 revenue, costs by $3.04 billion: government auditor (Reuters)
- EgyptAir Crash-Probe Confirms Smoke, Soot — Could Point to Fire (BBG)
- U.K. Politicians Weigh Price of EU Single-Market Access After Brexit Vote (WSJ)
- BOJ skeptics calling time on Kuroda’s two-year target (Reuters)
- Exxon Touts Carbon Tax to Oil Industry (WSJ)
- Putin says Turkey did apologize for shooting down Russian plane (Reuters)
- Winklevoss brothers choose BATS over Nasdaq for bitcoin ETF listing (Reuters)
- Biggest Diamond in More Than Century Fails to Sell in London (BBG)
Overnight Media Digest
WSJ
– Big U.S. banks won permission from regulators Wednesday to boost dividends and buybacks, offering investors some welcome news after the sector got hammered when the UK voted last week to exit the European Union. http://on.wsj.com/297hULR
– Puerto Rico has suffered a population slide that is steeper and more financially disastrous than in any U.S. state since the end of World War II. http://on.wsj.com/297hViL
– The death toll wrought by three suicide bombers at Turkey’s busiest airport rose Wednesday to 42 as the country grappled with what its leaders called a suspected Islamic State offensive that has pulled it deeper into the Middle East’s turmoil. http://on.wsj.com/297hVzo
– Airbnb Inc lined up investors for a new funding round and an employee stock sale that will value the room-rental website at up to $30 billion and help defer an initial public offering, WSJ reported, citing people familiar with the matter. http://on.wsj.com/297i9GP
– For years, the thousands of U.S. dealers selling General Motors Co vehicles were saddled with large cars and trucks when customers were looking for small vehicles. Now, as U.S. auto sales climb to a record pace, many of these same dealers say they are begging for pick-up trucks and sport-utility vehicles. http://on.wsj.com/297icCk
FT
Theresa May will launch a bid to become prime minister with a promise to restore business confidence from last week’s Brexit vote.
Deutsche Bank Trust Corp and Santander Holdings USA failed the Federal Reserve’s stress tests as regulators rejected their proposed payouts to shareholders.
General Electric Co’s financing arm GE Capital shed its status as a group warranting tougher regulation in a decision by the U.S. government.
Michael Gove’s wife, Sarah Vine, revealed doubts held by the Tory party and media about would be prime minister Boris Johnson in a leaked email
NYT
– Just two days before Puerto Rico plans to default on a large debt payment, the Senate passed and sent to the White House a relief measure to help the financially desperate island surmount its fiscal crisis, ending a grueling, months-long effort to rescue the commonwealth. http://nyti.ms/295P0wS
– United Airlines and leaders of its flight attendants’ union have agreed to a new labor contract that will unify the cabin crews for the first time since United’s merger with Continental Airlines more than five years ago. http://nyti.ms/291KL21
– All but one of largest banks in the U.S. earned an unconditional passing grade from federal regulators on their annual stress tests, which measure their preparedness to weather a financial crisis. http://nyti.ms/29gYc18
– European officials are expected to approve a new agreement with the United States aimed at helping companies such as General Electric and Google, among others, move online data between the two regions despite concerns about how the digital information of Europeans may be retrieved by the American government. http://nyti.ms/29fKknZ
Canada
THE GLOBE AND MAIL
** Engineering firm WSP Global Inc has decided not to pursue its proposed takeover of British construction advisory business Sweett Group Plc. Montreal-based WSP said on Thursday it had “terminated efforts to acquire Sweet” and would not sweeten its offer price of 0.35 pounds ($0.47) per Sweett share. (http://bit.ly/296IUeK)
** Twelve years after Bombardier Inc executives first outlined plans to build a new family of airliners called the C Series to challenge the single-aisle planes made by Boeing Co and Airbus, the Canadian company has silenced critics and delivered the first of those planes. (http://bit.ly/296IMMq)
** British Columbia Premier Christy Clark has put the province’s real estate industry under government oversight, declaring the industry’s self-regulating body has failed to protect the public from cut-throat and illegal practices and has lost the public’s confidence in its ability to police itself. (http://bit.ly/2915Eup)
NATIONAL POST
** Canada’s telecom regulator quashed Bell Canada’s second attempt to make it harder for competitors to buy wholesale access to its high-speed networks, a decision that will enable indie Internet providers to buy and resell access to ultra-fast fiber Internet connections. (http://bit.ly/296IW6l)
** Canadian Prime Minister Justin Trudeau, U.S. President Barack Obama and Mexican President Enrique Pena Nieto committed to chopping methane gas emissions from the oil and gas industry by 40-45 percent as part of a wide-ranging North American Climate, Clean Energy and Environment Partnership, announced on Wednesday in Ottawa. (http://bit.ly/297g1D6)
** Gold miner Asanko Gold Inc has come under attack from a Toronto-based hedge fund, K2 & Associates, that claims its stock price could plunge 90 percent. (http://bit.ly/294siCn)
Britain
The Times
Chief Executive of the Society of Motor Manufacturers and Traders Mike Hawes has warned that the livelihoods of more than 800,000 workers directly employed in the UK across the auto sector are at risk unless the government agrees a positive tariff-free, freedom of movement post-Brexit settlement with the European Union. (bit.ly/296IO91)
House prices in Britain rose 0.2 percent this month, mortgage lender Nationwide said in its latest report on the housing market. This takes annual growth from 4.7 percent in May to a better-than-expected 5.1 percent. (bit.ly/29dJ2wr)
The Guardian
The governor of the Bank of England Mark Carney is expected to say on Thursday that the contingency plans put in place by the central bank have kept funds flowing in the City and bolstered confidence among the business community. (bit.ly/294AdAu)
Tens of thousands of Toyota cars are being recalled in the UK for safety reasons, including fears that their airbags could inflate without warning. The carmaker has been forced to recall 2.9 million vehicle worldwide over possible cracks in the fuel emissions control unit. (bit.ly/294LtxL)
The Telegraph
New Zealand has offered its top trade negotiators to the United Kingdom, relieving the British civil service as it prepares for the strain of seeking new deals with countries across the globe. (bit.ly/296cEe2)
A buying bonanza fuelled the FTSE 100’s remarkable rebound, erasing all of its post-Brexit losses in just two days. London’s benchmark index enjoyed its best day in almost five years, soaring 219.67 points to a two-month high of 6,360.06. (bit.ly/299VpYy)
Sky News
Philip Green has demanded an apology after Frank Field, chairman of the Work and Pensions committee, leading a probe into the collapse of BHS accused Green’s Arcadia empire of “nicking money”. (bit.ly/296eVqX)
Britain’s Department for Work and Pensions will name a new chairman on Thursday as it attempts to safeguard the interests of tens of thousands of members of the BHS and British Steel retirement schemes. (bit.ly/293Dnn7)
The Independent
Two former PricewaterhouseCoopers employees, Antoine Deltour and Raphael Halet, were found guilty in Luxembourg of stealing confidential tax files that helped unleash a global scandal over generous fiscal deals for hundreds of international companies. (ind.pn/293J8Co)
The credit rating agency Moody’s has changed its outlook on 12 UK-based banks and building societies as the finance industry continues to feel the fallout of the vote to leave the European Union. (ind.pn/2925wf3)
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