- Bond yields sink as central banks head for easier policy (Reuters)
- PM hopeful Gove says UK leader must believe in Brexit (AP)
- U.K. Can’t Bank on EU’s Rationality in Talks (WSJ)
- Gove Makes Case for U.K. Premiership After Johnson Betrayal (BBG)
- ECB not debating abandoning capital key in QE buys (Reuters)
- World Biggest Pension Fund Seen Losing $43 Billion Last Quarter (BBG)
- European Cities Battle for London’s Finance Crown After Brexit Vote (WSJ)
- PBOC injects liquidity via short-term tools in June, but less than May (Reuters)
- Clinton Spending Roughly $500,000 a Day on TV Ads, Trump Zero (BBG)
- Puerto Rico Defaults on Debt as Obama Approves Restructuring (BBG)
- After an Attack, Germans Question Efforts to Dissuade Young Islamists (WSJ)
- Hedge Funds Set for Worst First Half Since ’11 on Turmoil (BBG)
- Gold heads for fifth weekly gain, silver jumps to 22-month high (Reuters)
- America’s Offshore Tax Cheats Are Feeling the Heat Once Again (BBG)
- Taiwan Navy fires missile in error as China’s Communists mark birthday (Reuters)
- Spain Runs Out of Workers With Almost 5 Million Unemployed (BBG)
- Kiss Your ‘Domestic’ Bias Goodbye, Central Bankers of the World (BBG)
- Europe needs Brexit roadmap urgently, says ECB chief economist (Reuters)
- Six Williams Directors Said to Resign After Failed Takeover (BBG)
Overnight Media Digest
WSJ
– Apple Inc is in talks to acquire Tidal, a streaming-music service run by rap mogul Jay Z, according to people familiar with the matter. http://on.wsj.com/29aBeYu
– Mondelez International Inc made a roughly $23 billion bid for Hershey Co in an effort to create the world’s largest candy maker at a time when both companies’ sales are under pressure. http://on.wsj.com/29aBHtO
– Nearly half of Williams Cos board members quit Thursday after they failed to oust the company’s chief executive following its collapsed merger deal with rival pipeline operator Energy Transfer Equity LP. http://on.wsj.com/29aBLK5
– U.S. auto-safety regulators are investigating what is believed to be the first fatal crash involving a Tesla Motors Inc car that was driving itself, an incident that is likely to ratchet up scrutiny of a technology that has been evolving with little oversight. http://on.wsj.com/29aBAyj
– A jury in Silicon Valley on Thursday delivered a resounding victory to Hewlett Packard Enterprise Co finding that Oracle Corp should pay the computer maker $3 billion in damages – the full amount it sought for actions that contributed to the decline of a once-lucrative line of high-end computers. http://on.wsj.com/29aBQxx
FT
Spanish tax inspectors raid Google’s Madrid office (http://on.ft.com/296jT66)
Overview Snacks and candy group Mondelez International Inc made a $23 billion offer for rival Hershey Co.
Rupert Murdoch’s News Corp agreed to buy the owner of Britain’s talkSPORT.
HSBC Holdings Plc said it would keep its headquarters in London in a vote of confidence for the UK.
Spanish tax inspectors raided the offices of Google in Spain on Thursday, the latest in a serious of regulatory worries for the company in Europe.
NYT
– The federal highway safety agency said the driver of a Tesla Model S electric sedan was killed in an accident when the car was in self-driving mode. http://nyti.ms/298S2mL
– About half of the directors at the Williams Companies resigned on Thursday over disagreements about the future of the pipeline operator, three people with direct knowledge of the matter said. The moves followed the dismantling of its $38 billion merger with Energy Transfer Equity earlier in the week over a tax issue. http://nyti.ms/296NQCW
– Hershey Co rebuffed a $23 billion offer from Mondelez International, whose own products run from Oreo cookies to Cadbury chocolate. The company is betting that it can stay on its own, or at least fetch a substantially higher price. http://nyti.ms/297BczW
– A throng of lawyers for Sumner Redstone and the two long-time confidants, who have brought suits against him, resumed arguments at a Massachusetts courthouse on Thursday, continuing a heated legal battle that could decide the fate of Redstone’s media empire. http://nyti.ms/299Nj2Q
– Zenefits investors are getting a larger piece of the troubled human resources start-up because they overpaid for their stakes, unaware that the company’s sales teams flouted regulations to enhance growth, Zenefits announced on Thursday. The move will cut the company’s valuation in half, to about $2 billion. http://nyti.ms/296C1bF
Canada
THE GLOBE AND MAIL
** A disparity in the wages of two groups of workers at Canada Post is a pressing issue in negotiations between the Crown corporation and the Canadian Union of Postal Workers. If an agreement can’t be struck by Saturday, the issue could be one factor behind a possible strike or lockout. (http://bit.ly/29ee72H)
** Enbridge Inc and its oil industry partners have seen their faint hope for the Northern Gateway pipeline project dealt a major blow on Thursday as the Federal Court of Appeal quashed the permit issued by the federal cabinet two years ago. (http://bit.ly/29bub1F)
** Canada’s federal government is moving toward a restrictive market for recreational marijuana, vowing to impose potency limits, controls on advertising and strict rules over the production and sale of the drug. Ottawa has unveiled a nine-member panel to draw up Canada’s new marijuana framework, sending out the clearest signal to date that it is not bowing to the demands of members of the illegal pot industry that has boomed in recent months. (http://bit.ly/29ayzQZ)
NATIONAL POST
** Superior Plus Corp’s $982-million deal for Canexus Corp has fallen apart after last-minute negotiations failed to provide enough time to fight off a legal challenge in the United States. (http://bit.ly/297s2XY)
** In a week where BuzzFeed Canada and Global News announced they were cutting positions, Canada’s media industry got a little bit of a jolt on Thursday afternoon when the world’s largest broadcaster, the BBC, announced it would be adding an editorial bureau in Toronto and launching a version of BBC.com tailored for Canadians. (http://bit.ly/297rPUJ)
** Rising oil prices have pushed up the loonie against the U.S. dollar in recent months, but CIBC Capital Markets says that will likely change later this year. CIBC analysts said in a new report that a U.S. Federal Reserve hike in December will push the loonie down to 74 U.S. cents, from its current level of about 77 U.S. cents. (http://bit.ly/297euaf)
Britain
The Times
The Governor of the Bank of England Mark Carney signalled more quantitative easing and indicated interest rates would be cut to cushion the economy from the impact of Brexit. (http://bit.ly/29jzvRu)
United Overseas Bank, a Singapore bank, has stopped giving mortgages for property purchases in Britain because of market turmoil and political uncertainties caused by the vote to leave the European Union. (http://bit.ly/295T4Kz)
The Guardian
Al Mana Group, based in Doha, has bought BHS’s 70 overseas stores as administrator Duff & Phelps continues to negotiate the future of 164 UK outlets. (http://bit.ly/2966zum)
Britain needs to retain its ties with Europe after Brexit while building a new international model for financial services, the chairman of Barclays, John McFarlane, said on Thursday. (http://bit.ly/298aeKm)
The Telegraph
Rupert Murdoch’s UK newspaper group has mounted a major challenge to BBC radio with a 220 million pound ($293.28 million)takeover of Wireless Group, the owner of the Premier League football broadcaster talkSport. (http://bit.ly/295pmd6)
The government has come under fierce attack from leading business figures after it delayed a decision on airport expansion amid the Brexit turmoil, dealing a blow to Heathrow’s chances of building its long sought-after 17.6 billion pound ($23.46 billion) third runway. (http://bit.ly/29hFmXO)
Sky News
The European Union’s rating was cut from AA+ to AA by credit rating agency Standard and Poor. The agency said that the post-referendum vote uncertainty would affect revenue forecasting, long-term capital planning and adjustments to key financial buffers. (http://bit.ly/29juqsn)
Fund manager Fidelity International is to move 100 jobs from its UK offices to the Irish capital Dublin amid forecasts that swathes of City jobs will be relocated in the wake of the vote for Brexit. (http://bit.ly/29iyt8i)
The Independent
HSBC has confirmed that it will keep its headquarters in London despite the shock decision for the UK to leave the EU. (http://ind.pn/297s1nT)
Goldman Sachs has not ruled out moving some of its staff out of the UK, following Britain’s vote to leave the EU. (http://ind.pn/295AmDH)
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