- Soothing Fed sounds send stocks to five-week high (Reuters)
- Clinton reaches magic number in fight for Democratic nomination (Reuters)
- Euro-Area Economy Grows Faster as Consumption Gathers Pace (BBG)
- Trump unyielding on Hispanic judge uproar (Reuters)
- European Firms Find ‘Increasingly Hostile’ Environment in China (WSJ)
- China tells U.S. to play constructive South China Sea role (Reuters)
- Republican Alternative to Dodd-Frank Calls for Banks to Boost Capital (WSJ)
- Saudi Arabia to Cut Public-Sector Wage Bill in Post-Oil Plan (BBG)
- Goldman Probed Over Malaysia Fund 1MDB (WSJ)
- Syrian army, U.S.-backed forces advance separately against Islamic State (Reuters)
- Struggling Ralph Lauren Tries to Fashion a Comeback (WSJ)
- The Alchemist Who Turned Toxic Assets Into Gold at Citigroup (BBG)
- World’s Safest Market Beset by Most Volatility Since 2008 Crisis (BBG)
- Brazil sports minister plays down Zika fears for Rio (Reuters)
- Eurozone beats growth expectations (BBG)
- Bankers Linked to Tax Evasion Face Tougher Penalties in Denmark (BBG)
- India central bank chief wary of banks taking majority in stressed-debt funds (Reuters)
- Primary may shut out Republicans from California U.S. Senate race (Reuters)
Overnight Media Digest
WSJ
– Hillary Clinton secured the delegates needed to clinch the Democratic nomination Monday night, according to an Associated Press tally, crossing a historic milestone as she campaigned in California and pushed to end a long presidential primary campaign on a high note. (http://on.wsj.com/1Yc6quK)
– Nike is suing Boris Berian, the world indoor 800-meter champion, in an effort to stop him from joining New Balance, a sign of rising tensions between athletes and companies that bankroll Olympic sports. (http://on.wsj.com/1Yc6U3O)
– U.S. investigators are attempting to identify whether Goldman Sachs Group Inc violated federal law after failing to flag a transaction in Malaysia, according to people familiar with the investigation. (http://on.wsj.com/1Yc6L0v)
– Federal Reserve Chairwoman Janet Yellen affirmed that the central bank won’t be raising short-term interest rates until new uncertainties about the economic outlook are resolved. (http://on.wsj.com/1Yc6DOy)
FT
Burberry paid its chief executive, Christopher Bailey, 75 percent less last year than in the 2014-15 period after the British luxury brand failed to meet its profit target, meaning the boss lost out on his bonus and other incentives.
Banks will be encouraged to lend more to their weakest borrowers and take on excessive risks if global regulators go ahead with proposals to give banks less freedom to use their own models, the Institute of International Finance has warned.
Rothschild & Co and Compagnie Financiere Martin Maurel said they plan to merge, a move that will combine their French private banking and asset management businesses and create a private bank with combined assets under management of about 34 billion euros
NYT
– In a move sure to bring cheer to junior associates at major law firms, one of the industry’s most elite, Cravath, Swaine & Moore, on Monday said it had increased the annual salary for its first-year lawyers to $180,000, from $160,000. (http://nyti.ms/1tdJ6kC)
– National Amusements, the theater chain through which Sumner Redstone controls his media empire, said on Monday that it had altered Viacom’s corporate bylaws to prevent the entertainment company from selling any part of Paramount without the approval of the full board. (http://nyti.ms/1UvFRe5)
– Regulators are wrangling with bankrupt coal companies to set aside enough money to clean up Appalachia’s polluted rivers and mountains so that taxpayers are not stuck with the $1 billion bill. (http://nyti.ms/1U5hjeB)
– Troy Carter, known as an innovative manager for musicians and a prolific tech investor, has joined Spotify as its global head of creator services, overseeing the company’s relationships with artists, songwriters and record companies, Spotify said on Monday. (http://nyti.ms/1Obm7Qq)
Canada
THE GLOBE AND MAIL
** Commodities from oil to gold have ended their epic swoon – and, in the process, turned Canadian stocks into some of the world’s hottest offerings. The Bloomberg Commodity Index, which tracks 22 raw materials, finished Monday more than 20 percent above its low on Jan. 20, meeting the most common definition of a bull market. (http://bit.ly/1TTc5jY)
** The legalization of assisted death enters a new era Tuesday, marked by conflicting approaches by provinces and uncertainty for patients and doctors after the Supreme Court deadline to create frameworks for assisted dying expired on June 6. (http://bit.ly/1Ob88ds)
** Calgary Mayor Naheed Nenshi on Monday accused his Vancouver counterpart, Gregor Robertson, of fear-mongering over the latter’s high-profile campaign to block an oil pipeline project that many in Alberta see as crucial to the province’s economic well-being. (http://bit.ly/1PDl9Nr)
NATIONAL POST
** Two senior editors have left the Toronto Star newsroom in the last few days. Spokesman Bob Hepburn said Monday that managing editor Jane Davenport has transferred to a different role at her own request. He said Davenport will remain an employee of parent company Torstar Corp and that details on her new job will be announced soon. The move comes after the departure last week of Jon Filson, the head of the paper’s StarTouch tablet project. (http://bit.ly/1UaKCho)
** In Canada, the federal Liberals, along with governments in Ontario, Quebec and Alberta have expressed interest in the concept of a guaranteed minimum income – also known as a guaranteed annual income. While basic income guarantee, or basic income, is often said to enjoy support across the political spectrum, it’s clear that left and right have very different ideas of what it would mean. (http://bit.ly/1Y5GoZN)
** Outspoken Ontario New Democrat Cheri DiNovo will be the first person to announce a bid for the leadership of the federal NDP. DiNovo will make the announcement official Tuesday morning from a church in Toronto’s Parkdale-High Park riding that she currently represents. (http://bit.ly/22KN7ci)
Britain
The Times
– Less than 2-1/2 weeks before the EU referendum, investors were unnerved by evidence that the Remain campaign was losing momentum and sterling fell to a three-week low. (http://bit.ly/25Iw504)
– Burberry Group Plc CEO Christopher Bailey’s total pay has fallen by 75 per cent to 1.9 million pounds ($2.75 million) and his annual bonus was axed after a challenging year. (http://bit.ly/25IvzPF)
The Guardian
– Mike Ashley, the founder and deputy chairman of Sports Direct International Plc, has admitted for the first time to problems with the security and search procedures at the retailer’s Derbyshire warehouse. (http://bit.ly/25IvMCF)
– Retail Acquisitions, the former owner of BHS, pledged to keep all funds in the business and plough any proceeds from the sale of the group’s properties into its day-to-day running until a deal had been struck on the future of the BHS pension scheme. (http://bit.ly/25IwboE)
The Telegraph
– Martin Abbott, former chief executive of the London Metal Exchange, which was bought by rival Hong Kong Exchanges and Clearing four years ago, is considering setting-up a competing trading platform. (http://bit.ly/25IxqEi)
– A breakthrough oncology drug from AstraZeneca Plc, known by its brand name Lynparza, is showing promising long-term results in women with ovarian cancer, one of its leading scientists has revealed at a closely watched pharmaceuticals conference. (http://bit.ly/25IxML8)
Sky News
– Royal Dutch Shell Plc executives are expected to use a presentation to investors on Tuesday to highlight the company’s concerns that an independent Scotland would be unable to support the North Sea’s huge decommissioning costs during a period when many platforms are being decommissioned. (http://bit.ly/25IyDv7)
– Owners of GHD, a supplier of hair products to celebrities such as Victoria Beckham and the singer Katy Perry, are plotting a sale that will value it at more than 400 million pounds. (http://bit.ly/25IyDvb)
The Independent
– EasyJet Plc cancelled more than 170 flights in May, the budget-carrier has said. There were 173 cancellations for the month, which were largely due to French air control strikes and poor weather. (http://ind.pn/25IyIPJ)
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