- Pound Tumbles to 31-Year Low as Its Post-Brexit Selloff Resumes (BBG)
- Bad Debt Piled in Italian Banks Looms as Next Crisis (WSJ)
- Stock Market to Bond Market: ‘La-La-La I Can’t Hear You’ (WSJ)
- A Prime Minister, a Referendum and Italy’s Turn to Get Worried (BBG)
- Brexit Vote Paralyzes Companies Across Europe (WSJ)
- Brexit-Like Populist Pressure May Spawn ’70s-Style Stagflation (BBG)
- Boris Johnson backs Andrea Leadsom for Prime Minister as Tory MPs vote (Telegraph)
- Brexit: Theresa May demands early talks on Britain leaving the EU (Evening Standard)
- Saudi crown prince seeks to assure Saudis after triple bombings (Reuters)
- Russia to exhaust Reserve Fund in 2017 – Finance Ministry proposal (Reuters)
- Slowdown in Shadow Lending Tightens Credit on Main Street (WSJ)
- Islamic State Extends Reach as It Suffers Defeats (WSJ)
- Volkswagen’s finance arm sells Russia bond to fund local operations (Reuters)
- New York Police Investigate Mysterious Central Park Blast (WSJ)
- China says wants peace after newspaper warns on South China Sea clash (Reuters)
- July 4 Opening Is No Guarantee for Success at Box Office (WSJ)
- Realtors Pitch Vancouver to Soak Up Capital Flight From Brexit (BBG)
- Turkey’s Erdogan moots plan to grant citizenship to Syrians (Reuters)
- London Banker Bonuses Set to Shrivel as Brexit Hits Dealmaking (BBG)
Overnight Media Digest
WSJ
– Britain’s vote to leave the EU has produced dire predictions for the UK economy. The damage to the rest of Europe could be more immediate and potentially more serious. Nowhere is the risk concentrated more heavily than in the Italian banking sector. on.wsj.com/29cz6xi
– During a rare spate of attacks in Jordan recently, Western officials in the capital Amman intercepted messages from Islamic State leaders urging supporters to spread terror at home rather than join militants across the border in Syria. on.wsj.com/29kQdzC
– The Fourth of July weekend has often been the time for Hollywood to launch some of its biggest hits. But new releases “The Legend of Tarzan” and “The BFG” are the latest examples of big-budget disappointments this summer. on.wsj.com/29saTsS
– Beepi, a Silicon Valley company selling used vehicles on a mobile app or website, will launch a new service this week that delivers cars to buyers nearly anywhere in the U.S. regardless of where the vehicle currently resides. on.wsj.com/29cF0yF
– Snapchat has become a digital mecca for high-school and college-age students, allowing them to send disappearing photos and videos. Now, the “older folks” are arriving in force, whether they are parents spying on their kids, or professionals trying out another social-media platform. on.wsj.com/29k4jRF
FT
– Simon Stevens, head of the National Health Service, said the UK government should honour existing NHS funding pledges after Brexit.
– Royal Dutch Shell wants to leave behind extremely large steel and concrete structures when it abandons Brent field and Shell has concluded that safety and environmental risks involved in removing much of the infrastructure would far outweigh the benefits.
– Nigerian President Muhammadu Buhari removed deputy oil minister Emmanuel Kachikwu from his joint role as the national oil company’s managing director and has also appointed a new board.
– Boris Johnson has backed UK’s energy minister Andrea Leadsom as the next prime minister. His endorsement establishes her as a serious rival to frontrunner Theresa May.
NYT
– YouNow, a live-streaming app that allows users to perform and interact with fans, has helped singers like Hailey Knox break into the industry. http://nyti.ms/29mwAsn
– As officials struggle to balance the city budget of San Francisco, activists and some lawmakers want the sector to help pay for programs for the homeless and for affordable housing. http://nyti.ms/29md5A4
– A California initiative meant to lower skyrocketing prescription drug prices faces opposition from not only drug makers but also some patient advocacy groups. (http://nyti.ms/29eMs0W)
– A British mutual fund with large investments in London commercial real estate said on Monday that it had suspended requests from investors wanting to exit the $3 billion fund. The decree from Standard Life Investments, the asset management unit of the large British insurance company, was a response to panicked investors looking to pull their assets following the vote by Britons last month to sever ties with the European Union. (http://nyti.ms/29i8vW3)
Britain
The Times
Boris Johnson has endorsed Andrea Leadsom to be Britain’s next prime minister, days after he ruled out making his own bid for the post. (http://bit.ly/29fem9t)
Top Gear host Chris Evans said he was quitting the BBC show and the corporation said it had no plans to replace him. (http://bit.ly/29fehCZ)
The Guardian
Investors in Standard Life Plc’s property funds have been told that they cannot withdraw their money, after the firm acted to stop a rush of withdrawals following the UK’s decision to leave the EU. (http://bit.ly/29fgjTl)
Sainsbury Plc has ditched its joint venture with the low-cost retailer Netto, putting up to 400 jobs at risk and marking the Danish chain’s second exit from the UK in six years. (http://bit.ly/29fgle8)
The Telegraph
Three former Barclays Plc traders have been found guilty of conspiracy to defraud after a three-month trial at Southwark Crown Court. (http://bit.ly/29fgFtl)
Britain will scrape by without a full-blown recession over the next two years as a weaker pound cushions the Brexit shock and panic subsides, Standard & Poor’s has predicted. (http://bit.ly/29fhxhv)
Sky News
Nigel Farage has announced he will step down as leader of UKIP in the wake of the UK’s vote to leave the EU. (http://bit.ly/29fhhPu)
A suicide bomber detonated a device near the security headquarters of the Prophet’s Mosque in Medina, according to Saudi television. (http://bit.ly/29fgXk1)
The Independent
Tom Watson will hold emergency talks with trade union leaders after a fresh attempt to persuade Jeremy Corbyn to step down failed. (http://ind.pn/29fhnXu)
London Stock Exchange shareholders have approved the company’s merger with Deutsche Boerse AG.
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