- European Bond Yields Hit Record Lows as Stocks Tumble (WSJ)
- Oil prices soften on profit taking after hitting 2016 highs (Reuters)
- Wooing Sanders supporters will be tough task for Clinton (Reuters)
- Clinton ally Warren weighs potential VP role, sees hurdles (Reuters)
- Rise of the Machines Fueled by Higher Asia Manufacturing Wages (WSJ)
- Iraqi PM Abadi stakes leadership, IS campaign, on Falluja battle (Reuters)
- San Francisco Is Bracing for Life After This Tech Bubble (BBG)
- U.S.-backed forces tighten grip around Islamic State in Syria’s Manbij (Reuters)
- PepsiCo Weighs Another Fix to Diet Pepsi (WSJ)
- Draghi Says Economic Cost of Reform Delay Too High to Ignore (BBG)
- Saudi Property Stocks Named in Kingdom’s Post-Oil Plans Soar (BBG)
- Brexit Vote Looms Large for U.K.’s Car Industry (WSJ)
- Israel Revokes Ramadan Permits for Palestinians After Tel Aviv Attack (WSJ)
- After five lean years, gold miners gear up for growth (Reuters)
- How a Supercomputer Is Ready to Mint Money Out of Mexico’s Stock Market (BBG)
- Hillary Clinton’s foreign policy problem (Reuters)
- Dairy Farmers Say Trump’s Deportations Could Dry Up Milk Supply (BBG)
Overnight Media Digest
WSJ
– George Soros has returned to trading after a long hiatus, lured by opportunities to profit from what he sees as coming economic troubles. Anticipating weakness in various markets, the billionaire hedge fund founder recently directed a series of big, bearish investment, according to people close to the matter. (on.wsj.com/1WFKLvd)
– With the Democratic primary behind her, Hillary Clinton in an interview says she plans to put Republican Donald Trump’s economic record and agenda at the center of her campaign. (on.wsj.com/1WFKRmE)
– Envision Healthcare Holdings Inc is in talks to merge with AmSurg Corp, a deal that would bring together two big providers of physician and other healthcare services with a combined value of more than $9 billion. (on.wsj.com/1WFL7SC)
– Uber Technologies Inc has held talks with Fiat Chrysler Automobiles NV about a potential partnership involving self-driving car technology, people familiar with the matter said. (on.wsj.com/1WFKZCx)
– Ralph Lauren’s new CEO Stefan Larsson has poached Jane Hamilton Nielsen, a top executive from rival Coach Inc , to join his team. This is part of a broader management shakeup at the luxury brand, according to people familiar with the matter. (on.wsj.com/1WFLE79)
FT
Financial watchdogs from Switzerland and Britain are looking into alleged irregularities around sovereign loans to Mozambique, including a “tuna bond” arranged by Credit Suisse Group and VTB.
Britain’s biggest retailer, Tesco Plc, is to sell its interests in Turkey and its Giraffe UK restaurant business, people briefed on the group’s plans said.
Rolls-Royce Holdings Plc Chief Executive Warren East, writing in an update to staff, urged employees to redouble their efforts as the engineering group is running behind with deliveries to customers.
NYT
– Osamu Suzuki, the chairman of Suzuki Motor Corporation , plans to give up day-to-day control of the automaker he has led for most of the last four decades, in response to a scandal over improper fuel economy tests on cars that the company sells in Japan. (nyti.ms/1ZzMj89)
– Mayor Bill de Blasio and the City Council agreed on Wednesday on an $82.1 billion budget for New York City that adds tens of millions in new spending for initiatives, including summer jobs for youths, after-school programs and reserve funds to help the city weather an economic downturn. (nyti.ms/1VNFtNk)
– Two lawyers from a Washington law firm Williams & Connolly, James Bruton III and James Fuller III have been ordered by a Manhattan court to provide documents and testimony about conversations they had with a former Morgan Stanley banker and oil investor Morris Zukerman. The lawyers were defending Zukerman who was accused of failing to pay $45 million in income and sales taxes. (nyti.ms/24BvQkY)
– Guy Hands, the founder of private equity firm Terra Firma Capital Partners, denied in court on Wednesday that he had made up conversations he claimed he had with senior executives at Citigroup ahead of a disastrous deal to buy EMI in 2007. (nyti.ms/1WFMYXv)
Britain
The Times
– WPP Plc Chief Martin Sorrell struck a defiant tone over his 70.4 million pounds ($102.16 million) pay package yesterday after more than a third of shareholders voted against WPP’s remuneration policy at its annual meeting. (bit.ly/1UoYmkx)
– CMC Markets Plc, which has 57,000 active clients worldwide, said that it might insist on larger-than-normal margins – effectively upfront cash – as well as putting ceilings on positions. (bit.ly/1UoYNez)
The Guardian
– David Cameron has lambasted Sports Direct International Plc’s “appalling practices” following the admission by the company’s founder that workers have been paid less than the minimum wage. (bit.ly/1UoYqkq)
– British industrial production grew by 2.3 percent in April, the fastest pace in almost four years, boosted by the pharmaceuticals and energy sectors. (bit.ly/1UoZCnN)
The Telegraph
– BHS was “held to ransom” by Philip Green and the Pensions Regulator, Dominic Chappell, the former owner of the company claimed, as he battled to deflect attention from his role in the demise of the 88-year-old retailer. (bit.ly/1UoZdSp)
– Sales at J Sainsbury Plc’s have fallen as “challenging” conditions persist in the grocery market and food price deflation took its toll. Same store sales, which exclude new store space, dipped 0.8 percent in the three months, or 1 percent including the effects of fuel. (bit.ly/1UoZdBM)
Sky News
– Marc Bolland, the former chief executive of Marks & Spencer Group Plc, was awarded a bonus of more than 600,000 pounds last year, the high street retailer is set to disclose on Thursday. (bit.ly/1UoZjJG)
– Citigroup Inc has warned staff that Brexit would mean “rebalancing” its operations away from Britain. Chief country officer for the UK, James Bardrick told Citi’s workforce that a vote to leave the EU “is likely to have implications for our UK operations”. (bit.ly/1UoYRep)
The Independent
– Investors will be able to buy 100 gram (0.22 lb) and 1 kilogram gold bars from the Royal Mint, as part of a service that allows customers to own a fractional amount of a gold bar, to be held as a pension scheme. (ind.pn/1UoZu7K)
– Yildiz Holding is launching a new global confectionery and biscuits company to create a food industry giant worth $5.2 billion, with plans to float it on the London Stock Exchange by 2020. (ind.pn/1Up0tVo)
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