- Global stocks and sterling bounce after Brexit bashing (Reuters)
- FBI director to face Republican fire over Clinton email probe (Reuters)
- UK’s Hammond says Article 50 a decision for government, not parliament (Reuters)
- GOP Puts Pressure on Clinton, FBI After Lynch Closes Email Probe (WSJ)
- Gold’s Most Accurate Forecaster Says Prices May Go to $1,425 (BBG)
- Central Banks Put Squeeze on Sovereign-Debt Market (WSJ)
- L&G’s fund arm, F&C cut value of UK property funds (Reuters)
- Danone Boosts U.S. Business With $10 Billion WhiteWave Deal (WSJ)
- This Hedge Fund Wants to Use Atomic Clocks to Beat High-Speed Traders (BBG)
- Cruel summer for U.S. refiners as margins tank (Reuters)
- Populist Politicians Take On Italy’s Massive Debt Pile (BBG)
- Anti-Donald Trump Forces See Convention Coup as Within Reach (WSJ)
- Putin’s Military Buildup in the Baltic Stokes Invasion Fears (BBG)
- JPMorgan could move thousands of staff out of UK (Reuters)
- Citadel Names Microsoft’s COO Turner to Head Securities Unit (BBG)
- Sovereign downgrades hit new record (FT)
- Migrants put Sweden’s cozy Nordic Model under pressure (Reuters)
- Revving Up Oil Fields Won’t Be So Easily Done (WSJ)
- New products help PepsiCo inch past revenue estimates (Reuters)
- Wal-Mart in China faces employee protests (Reuters)
Overnight Media Digest
WSJ
– Republicans moved to keep alive a controversy they hope will work to their advantage, a day after the FBI’s James Comey accused Hillary Clinton of being ‘extremely careless’ with national secrets. http://on.wsj.com/29y8U6b
– Enthusiasm for self-driving technology might be racing ahead of its capabilities. Some Tesla owners say Autopilot doesn’t work well enough, while others say it has lulled them into potential danger. http://on.wsj.com/29P0BiL
– The U.S. Justice Department will take over the investigation of the fatal shooting of a black man by Baton Rouge police at point-blank range. A cellphone video taken by a bystander appears to show the victim, Alton Sterling, being held down by a police officer holding a gun to him, before shots are heard. http://on.wsj.com/29AwzCO
– Donald Trump’s intra-party foes are close to having enough support on a key convention committee to force a vote that would throw open the presidential contest again. http://on.wsj.com/29PuHSU
FT
Two former Barclays Plc traders accused of libor-related offences face another trial after a London jury failed to reach a verdict.
Former British Prime Minister Tony Blair committed to an invasion of Iraq almost eight months before receiving parliamentary backing, a seven-year inquiry concluded.
Former Fox News host Gretchen Carlson filed a lawsuit against CEO Roger Ailes, alleging that she was fired for rebuffing his unwanted advances
NYT
– The Federal Reserve did not raise its benchmark interest rate in June because officials were worried that economic growth might be flagging, according to an official account published on Wednesday. http://nyti.ms/29yEhNO
– The Italian government, according to some estimates, needs to spend $45 billion to shore up its banks burdened with bad loans. Fears that European authorities will bar the government from providing that support are adding to the turbulence caused by Brexit. http://nyti.ms/29nKNrg
– Roger Ailes, chairman of Fox News, was accused on Wednesday of forcing out a prominent female anchor after she refused his sexual advances and complained to him about persistent harassment in the newsroom, a startling accusation against perhaps the most powerful man in television news. http://nyti.ms/29yfSs3
– Andrew Caspersen, a former Wall Street executive and scion of a wealthy family, pleaded guilty on Wednesday to federal charges that he defrauded friends, relatives and a hedge fund billionaire’s foundation of nearly $40 million. http://nyti.ms/29s654F
Canada
THE GLOBE AND MAIL
** Jason Kenney did not step down as a member of Parliament when he officially launched his bid to lead Alberta’s Progressive Conservatives – a decision fiscal hawks say is an inappropriate use of taxpayers’ money. (http://bit.ly/29yEQHX)
** Seven Generations Energy Ltd is taking advantage of the industry downturn to buy assets from Paramount Resources Ltd for C$1.9 billion ($1.47 billion), vastly increasing its land holdings in the prolific Montney natural gas region of Alberta. (http://bit.ly/29yFyoc)
** As part of a flurry of moves designed to reverse its sliding share price, Dominion Diamond Corp is getting out of Toronto real estate and going ahead with a key expansion to its Ekati mine in the Northwest Territories. (http://bit.ly/29yEsJt)
NATIONAL POST
** Canada Life has been forced to suspend redemptions at two of its real estate funds due to uncertainty about the value of commercial property in the UK following the Brexit vote. (http://bit.ly/29yF1D5)
** The original fast-track approval process of the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union has since been expanded to give the 28 EU member states the final approval – but the new, longer track won’t bring the process to a halt. The signatories would need to agree to the trade pact provisionally, and then work out the details later. (http://bit.ly/29yG8Tc)
** Indigo Books and Music Inc, buoyed by a year of solid financial results while other large book chains have suffered and shut down, is focused on the “phygital” future, says chief executive Heather Reisman. (http://bit.ly/29yGt8x)
Britain
The Times
The Serious Fraud Office in Britain will call for a retrial of two former Barclays traders, Stylianos Contogoulas and Ryan Reich, after a jury failed to reach a verdict on whether they had been part of an international conspiracy to rig Libor. (http://bit.ly/29zXm1X)
The Brexit referendum appears to have slowed down car sales in Britain, with registrations in June falling for the first time since the depths of the global financial crisis downturn. Sales of cars in June dropped 0.8 percent to 121,500. (http://bit.ly/29zQim3)
The Guardian
The chairmen of the joint parliamentary committee investigating the demise of BHS have called for the Financial Reporting Council to investigate the work done by accountancy firm PricewaterhouseCoopers on auditing BHS and the rest of Philip Green’s retail empire. (http://bit.ly/29zQZf1)
British companies could become prey for foreign predators, according to accountants at KPMG, which on Wednesday appointed a partner to take on the newly created role of head of Brexit. (http://bit.ly/29zS7Q6)
The Telegraph
BT faces a renewed attack from Sky over control of Openreach, after pensions experts and the former City minister Lord Myners said its 47 billion pound ($60.66 billion) retirement scheme would be unaffected by financial independence for the network unit. (http://bit.ly/29oWXfw)
The 20 billion pound ($25.81 billion) merger deal between the London Stock Exchange and Germany’s Deutsche Boerse could run into trouble as the pair are believed to be braced for a row over the location of the joint entity’s headquarters. (http://bit.ly/29zV6rz)
Sky News
The pound has plumbed new depths, as intensifying fears over the impact of Britain leaving the EU is causing investors to suspend trading in the UK commercial property market. The pound dipped below $1.28 for the first time since 1985 at one stage on Wednesday, before recovering slightly to close down 0.8 percent at $1.29. (http://bit.ly/29zUW3k)
Mastercard is facing a 19 billion pound ($24.52 billion) damages claim – the biggest in U.K. legal history – for allegedly imposing “anti-competitive” charges on consumers. (http://bit.ly/29zVOoJ)
The Independent
Sainsbury’s has hinted that 600 head office jobs may be lost as it goes ahead with a 1.4 billion pound ($1.81 billion) deal to buy Home Retail Group. (http://ind.pn/29zWavt)
Italy’s banking crisis could spread to the rest of Europe and rules limiting state aid to lenders should be reconsidered, Lorenzo Bini Smaghi, chairman of Societe Generale, has said. (http://ind.pn/29zWomt)
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