- Global stocks nurse nine-month highs before ECB meeting (Reuters)
- Kuroda Says No Need and No Possibility for Helicopter Money (BBG)
- As Republican Party tries to heal wounds, discord rules at convention (Reuters)
- GOP Divided as Cruz Snubs Trump (WSJ)
- Trump Chooses War With Cruz at Convention Aimed at Unification (BBG)
- Trump considering fracking mogul Harold Hamm as energy secretary (Reuters)
- Turkey says no return to past repression despite state of emergency (Reuters)
- UK says unlikely to trigger formal EU divorce before year end (Reuters)
- Citadel Hiring About 17 Portfolio Managers From Shuttered Hedge Fund Visium (WSJ)
- Goldman Sachs under spotlight in Malaysian fund scandal (Reuters)
- Tesla CEO Elon Musk Announces Heavy Truck, Ride Sharing Fleet of Cars (BBG)
- France orders Nice policing inquiry after July 14 attack (Reuters)
- Another First for S&P 500 as Record Comes With Yuan in Reverse (BBG)
- Komatsu to buy U.S. mining equipment rival Joy Global in $3.7 billion deal (Reuters)
- Cryptocurrency Platform Ethereum Gets a Controversial Update (WSJ)
- Exxon Grabs Reins in InterOil Hunt as Rivals Bow Out of Deal (BBG)
- Son of Bangladesh opposition leader gets seven-year jail term for money laundering (Reuters)
- Chinese Private Equity Funds Are Taking on the World’s Giants (BBG)
Overnight Media Digest
WSJ
– Texas Senator Ted Cruz upstaged Republican vice presidential nominee Mike Pence Wednesday night by refusing to endorse Donald Trump for president, disrupting a night that was supposed to be devoted to party unity. http://on.wsj.com/2acF2gg
– U.S. prosecutors have linked the prime minister of Malaysia to hundreds of millions of dollars allegedly siphoned from an economic development fund, and are seeking the seizure of more than $1 billion of assets. http://on.wsj.com/2acFcEp
– A foreign-exchange executive of HSBC Holdings Plc was arrested for allegedly front-running a $3.5 billion currency trade for a client, in a deal that netted millions in profits for the bank. http://on.wsj.com/2acEUNJ
– The custodians of the popular cryptocurrency platform Ethereum implemented a controversial change to it Wednesday. The change, called a “hard fork,” essentially undoes the transactions that allowed a June theft of $60 million worth of the digital currency, thereby allowing the money to be returned its rightful owner. http://on.wsj.com/2acFvis
– Kenneth Griffin’s Citadel Llc hedge fund hired about 17 portfolio managers this week from fallen rival Visium Asset Management, imperiling Visium’s plan to sell its last remaining part to another money manager. http://on.wsj.com/2acFhrB
– The U.S. Justice Department on Wednesday signed off on Anheuser Busch InBev SA’s acquisition of rival SABMiller Plc, removing one of the last major hurdles standing in the way of a roughly $108 billion deal to create a global beer giant. http://on.wsj.com/2acFOK8
FT
*Two HSBC foreign exchange traders have been arrested and charged for allegedly making $8 million in profits and fees by “front running” a client’s $3.5 billion foreign exchange trade.
*German exchanges operator Deutsche Borse remains short of a 60 percent threshold it needs to merge with the London Stock Exchange.
*FirstGroup will be the first UK bus and rail operator to run a U.S. passenger rail operation after it bagged a contract to run services on the outskirts of Dallas in Texas.
*Britain’s unemployment rate dropped below 5 percent for the first time in 11 years. Official data show unemployment at 4.9 percent, the employment rate at a record high of 74.4 percent and inactivity at record lows.
NYT
– Two senior executives of HSBC face criminal charges after being accused of a currency manipulation scheme that federal prosecutors say generated $8 million in profits and fees. http://nyti.ms/29OOLEK
– Airbnb has hired former United States Attorney General Eric Holder Jr as an adviser to help create the company’s new anti-discrimination policy, adding a big name to its battle to prevent people on its service from refusing minority and transgender customers. http://nyti.ms/2a0x4W0
– Executives at 21st Century Fox decided to end the tenure of Roger Ailes after lawyers they hired to investigate an allegation of sexual harassment against him took statements from at least six other women who described inappropriate behavior from Ailes. http://nyti.ms/29WoO4R
– The Republican convention erupted into tumult on Wednesday night as the bitter primary battle between Donald Trump and Senator Ted Cruz re-ignited unexpectedly, crushing hopes that the party could project unity. A clamor broke out as it became clear that Cruz was not going to endorse Trump, pointedly snubbing the party nominee from center stage. http://nyti.ms/29VmLnT
Canada
THE GLOBE AND MAIL
** Canada ranks 10th among the 23 largest energy consumers in the world when it comes to using that energy efficiently. A study released on Wednesday by the non-profit American Council for an Energy-Efficient Economy (ACEEE) put Canada in the middle ranks for energy efficiency, citing the country’s strict appliance and building standards as areas of strength. (http://bit.ly/29Pf0ep)
NATIONAL POST
** Junior miner and hostile takeover target Dolly Varden Silver Corp insists it has valid business reasons to seek a private placement that would dilute the company’s market value in the face of a hostile takeover bid launched by Hecla Mining Co. (http://bit.ly/29NIEEa)
** Prime Minister Justin Trudeau is trumpeting the new Canada Child Benefit that just landed in parents’ bank accounts across the country, but the government’s inability to properly pay tens of thousands of federal workers is proving to be a costly distraction for the Liberals. (http://bit.ly/29NJfGh)
Britain
The Guardian
Sports Direct minimum wage investigation to cover shop workers
The official investigation into Sports Direct International Plc’s failure to pay its warehouse workers the national minimum wage is understood to have been widened to include the sportswear chain’s 13,000 retail workers. In a development that could significantly increase the scope of potential fines and back-pay due, investigators from HM Revenue & Customs are examining if Sports Direct retail staff – as well as about 3,000 warehouse workers at the group’s headquarters in Shirebrook, Derbyshire – have been paid less than the legal minimum. (http://bit.ly/29OqJK0)
Mondelez in talks to buy Cadbury biscuit licence from Burton’s
Mondelez International Plc, the owner of Cadbury, is in talks to buy back the licence for the British chocolatier’s biscuit business in a deal worth up to 200 million pounds. The U.S. confectionery giant previously known as Kraft, which bought Cadbury in 2010, is in talks with Burton’s Biscuits, the Birmingham-based business which has the right to make Cadbury Fingers and Cadbury Animals in perpetuity under a deal signed in 1986. (http://bit.ly/29WHz98)
Unilever buys Dollar Shave Club in male grooming fight with P&G
Unilever Plc is to go head-to-head with its arch consumer goods rival Procter & Gamble Co in the male shaving market after buying Dollar Shave Club for an estimated $1 billion. P&G owns Gillette, which dominates the global shaving market and accounts for around 60 percent of sales in North America. (http://bit.ly/2ahSvmx)
The Telegraph
BP eyeing sell-off of UK oil terminals and pipeline stake
BP Plc is selling off a string of fuel storage terminals as well as its stake in an enormous pipeline as part of a shake-up of its operations in the UK that affects around 350 jobs. (http://bit.ly/29VXQhj)
Sky News
Top HSBC Banker Arrested In US Fraud Case
A senior HSBC Holdings Plc executive faces fraud charges over a currency trade from which the bank allegedly profited at a client’s expense. Mark Johnson, the London-headquartered lender’s head of global foreign exchange cash trading, and Stuart Scott, a former colleague, were accused on Wednesday of defrauding an unnamed company by ‘front-running’ a $3.4bn purchase of sterling for their own benefit.
VW Takes Fresh 2.2 Billion Euros Hit Over Diesel Scandal
Volkswagen AG has taken a fresh 2.2 billion euros profit hit thanks to “further legal risks” in North America where it is facing big payouts over the diesel emissions scandal. It comes a day after three U.S. states filed three civil lawsuits against the company in cases that could lead to fines of hundreds of millions of dollars or more. (http://bit.ly/2ahRzOV)
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