- Global Stocks Fall as Bank of Japan Stands Pat (WSJ)
- European stocks, oil slide as growth fears add to Brexit pressure (Reuters)
- Yellen Says Forces Holding Down Rates May Be Long Lasting (BBG)
- Fed’s Yellen acknowledges difficulty of escaping world’s low rate grip (Reuters)
- Oil hits three-week low on weak U.S. stock draw, Brexit fear (Reuters)
- China Dumping More Than Treasuries as U.S. Stocks Join Fire Sale (BBG)
- Brexit would make all of Europe seem less reliable: German minister (Reuters)
- Scottish leader says EU referendum on knife edge, Brexit could trigger independence vote (Reuters)
- ‘Lone hacker’ claims responsibility for cyber attack on Democrats (Reuters)
- Orlando Shooter Raised Suspicion at Gun Shops (WSJ)
- Brexit darkens cloud hanging over European banks (Reuters)
- U.S. officials say American Muslims do report extremist threats (Reuters)
- Corporate Clients Push Back After Law Firms Hike Starting Salaries (WSJ)
- For One Breed of Wall Street Bankers, Business Is Booming Again (BBG)
- Post-Islamic State Iraq should be split in three: top Kurdish official (Reuters)
- China’s Postal Savings Bank Presses Ahead With Over $7 Billion IPO (WSJ)
- Heatzilla Will March Across the West From California to Arizona (BBG)
- Disney’s China fairytale begins with $5.5 billion park opening (Reuters)
- Rome set for first female mayor as Renzi faces vote setbacks (Reuters)
- Main locations of EgyptAir wreckage identified by deep ocean vessel (Reuters)
Overnight Media Digest
WSJ
– The U.S. Federal Reserve held short-term interest rates steady and officials lowered projections of how much they’ll raise them in the coming years, reflecting concerns about persistently slow growth and low inflation. (http://on.wsj.com/25YPbTd)
– Tencent Holdings Ltd is nearing a deal to buy the Finnish maker of the popular “Clash of Clans” game in a deal that values the company at more than $9 billion, said people familiar with the matter, a move that could thrust the Chinese internet giant atop the fast-growing and lucrative mobile-games industry.(http://on.wsj.com/25YPvl7)
– Pregnant women infected with Zika in their third trimesters may not face a major risk that their babies will develop abnormalities linked to the virus, according to a study, published by public-health scientists in Colombia and at the U.S. Centers for Disease Control and Prevention in the New England Journal of Medicine. (http://on.wsj.com/25YPMo9)
– Envision Healthcare Holdings and AmSurg agreed to merge, in a deal that will create a company providing a range of hospital-related services worth some $10 billion. (http://on.wsj.com/25YPA8o)
FT
* Cameron plans Trident vote to unify Tories after EU poll (http://bit.ly/1YsMh3G)
* RBS to make cash machine switch at same time as referendum (http://bit.ly/1YsMyDA)
* London commuters caught up in acrimonious rail dispute (http://bit.ly/1YsNl7H)
* New Zealand economy grows faster than expected in Q1 (http://bit.ly/1YsNZSF)
Overview
– In attempts to bring together the Conservative party after the EU referendum battle, David Cameron is planning a Commons vote on new Trident submarines next month.
– Royal Bank of Scotland is installing new ATMs in approximately 300 branches that are being hived off to create Williams & Glyn, the challenger bank that is being formed from RBS branches in England and Wales and NatWest outlets of Scotland.
– The RMT rail union and Govia dispute has left passengers stranded. The conflict is centered over plans to change the role of train conductors and has led to several days of strikes.
– Ahead of forecasts, New Zealand’s economy grew by a seasonally adjusted pace of 0.7 percent quarter-on-quarter in the first three months of this year, down from 0.9 percent in the December quarter.
NYT
– A multibillion-dollar hedge fund focused on healthcare had an inside view of the drug approval process at the Food and Drug Administration. Federal authorities have filed criminal and civil securities charges against three current and former traders at Visium Asset Management, including Sanjay Valvani, one of the firm’s top portfolio managers and the former brother-in-law of the firm’s founder. (http://nyti.ms/1UPYagN)
– The Fed said on Wednesday, after a two-day meeting of its policy-making committee, that it would not raise its benchmark interest rate, and that future increases were most likely to unfold at a slower pace. (http://nyti.ms/1WOhvCz)
– Nick Denton, the founder and chief executive of Gawker, published a roughly 3,000-word blog post about the state of his company. He waxed poetic about the company’s future, opined on the balance of power between privacy and a free press and took Silicon Valley billionaires to task for trying to control their image. (http://nyti.ms/1Ue8IJX)
– The ailing media mogul Sumner Redstone declared in a rare missive sent on Wednesday that he no longer trusted Philippe Dauman, Viacom’s embattled chief executive, or those who support him. (http://nyti.ms/1UAdXO9)
Britain
The Times
The Financial Conduct Authority has caved in to banks over payment protection insurance compensation by backing the banks’ call for a two-year deadline for new claims, against the view of its own experts. (http://bit.ly/1rqR744)
Berkeley Homes, one of Britain’s most upmarket house builders, has reported a 20 percent fall in reservations for the past five months and added that it had launched no new schemes in London this year amid uncertainty over the European Union referendum. (http://bit.ly/1rqSn74)
The Guardian
Rolls-Royce has written to staff to say the company wants Britain to stay in the European Union. (http://bit.ly/1rqRcVt)
Areva, one of the French companies at the heart of the controversial Hinkley Point C nuclear project, has unveiled plans to break itself up into three parts in a bid to stem huge losses. (http://bit.ly/1rqSuQ2)
The Telegraph
Heathrow has sought to pressure the government into giving a controversial third runway the go-ahead by warning that ministers’ much-heralded “Northern Powerhouse” idea is “at risk” if the airport if not expanded. (http://bit.ly/1rqSz6o)
Hollywood Bowl, the operator of bowling lanes, plans to float in London next month in a deal that will value the business at around 280 million pounds ($397.54 million). (http://bit.ly/1rqSxeT)
Sky News
South African retailer Steinhoff has confirmed it is considering a possible takeover bid for discount chain Poundland. (http://bit.ly/1rqR9sJ)
Sir Philip Green has apologised for the sale of BHS and its “sad” collapse, telling an MPs’ inquiry he is finding a solution to the 571 million pounds ($810.71 million) pension deficit – pledging “we’ll sort it”. (http://bit.ly/1rqQxmX)
The Independent
Heads of Unilever, Airbus and General Electric have accused the official ‘Leave’ campaign of “deliberately” attempting to “mislead” voters by using their logos on a taxpayer-funded leaflet making the case for Brexit.
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