- Wall Street Crime: 7 Years, 156 Cases and Few Convictions (WSJ)
- Japan’s Abe points to 2008 crisis as G7 leaders debate global risk (Reuters)
- Brent Crude Rises Above $50 a Barrel (WSJ)
- New York financial regulator gearing up to probe online lenders (Reuters)
- At Swinging Wall Street Parties, the Feds Are Now on the Prowl (BBG)
- Do U.S. Killings of Militant Leaders Work? (WSJ)
- Fed’s Bullard: global central bank policy divergence has been priced in (Reuters)
- Insurers Seek Big Premium Boosts (WSJ)
- The Little-Known Alibaba Unit That Prompted an SEC Probe (BBG)
- No Treasuries Left for Wall Street Dealers Amid Blowout Auctions (BBG)
- Migrant numbers growing again at Calais camp (Reuters)
- China’s economic planner warns against irregular offshore debt issuance (Reuters)
- China central bank to keep policy slightly loose (Reuters)
- Qatar Stuns Mideast Debt Market With Record $9 Billion Bond (BBG)
- Greece’s Journey to Redemption Remains a Long One After Aid Deal (BBG)
- Atomic bomb survivors to attend Hiroshima event for Obama visit (Reuters)
Overnight Media Digest
WSJ
– Hillary Clinton’s use of a private email server and her lax record keeping while secretary of state violated the department’s policies, an independent watchdog said, a rebuke that keeps the issue alive as she campaigns for president. (http://on.wsj.com/1WkWoYk)
– Twitter Inc on Wednesday confirmed it is curtailing an advertisement effort that encouraged people to purchase products from merchants without leaving the social-media service. (http://on.wsj.com/25iWph3)
– Eleven states, led by Texas, are suing the Obama administration over a new policy saying public schools must let transgender students use the bathroom of their choice – calling the directive “a massive social experiment” running roughshod over “common-sense policies”, according to the complaint. (http://on.wsj.com/1WkWvDf)
FT
* British Prime Minister David Cameron urged young people to register to vote for the EU referendum scheduled next month.
* Microsoft Corp said on Wednesday it will cut back and take a charge of about $950 million for its smartphone business, just two years after it bought handset maker Nokia.
* Citigroup Inc has agreed to pay $425 million to resolve civil charges that it tried to manipulate foreign exchange and interest rate benchmarks
NYT
– Alibaba Group Holding Ltd, the e-commerce giant, said Wednesday it was under investigation by U.S. securities regulators over its accounting practices, a potential setback for a company long seen as a symbol of China’s growing technological might. (http://nyti.ms/1sAor9J)
– Volkswagen AG is challenging allegations made by the Justice Department over its diesel emissions scandal, questioning the American authorities’ jurisdiction and contending that the accusations against it do not justify penalties. (http://nyti.ms/248JVX1)
– The French pharmaceutical company Sanofi SA said on Wednesday it would seek to replace the board of Medivation Inc after the American drug maker’s directors rejected a $9.3 billion takeover offer. (http://nyti.ms/1qKPi1u)
– Citigroup Inc on Wednesday became the latest big bank accused of trying to manipulate global interest rates, a reminder of Wall Street’s wide-ranging abuse of power in these markets. The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street, announced $425 million in penalties against Citigroup, covering two overlapping cases. (http://nyti.ms/1U90U5Z)
– Takata Corp, the Japanese airbag maker embroiled in a huge recall, has hired the investment bank Lazard and is seeking a cash infusion. The company said it was also seeking to work out a deal with affected automakers on sharing the costs of replacing millions of airbags, a move it said was crucial to “enabling Takata to remain a viable and valued global supplier.” (http://nyti.ms/1XUQnB9)
Canada
THE GLOBE AND MAIL
** Canada’s Competition Bureau is setting its sights on the booming condominium sector in the Greater Toronto Area, ordering more than 100 condo boards to hand over records as part of a sweeping criminal investigation. The bureau is probing what it calls “allegations of bid-rigging and conspiracy” involving the region’s multimillion-dollar condo renovation industry. (http://bit.ly/248YtpD)
** Canada Goose Inc is investing in its first branded stores later this year. A 4,500-square-foot location at Yorkdale Shopping Centre in Toronto will be the first to open in October, followed by a 4,000-square-foot store in the SoHo neighborhood of Manhattan, scheduled to open in November. (http://bit.ly/248YbyW)
** A cloud of noxious particles brewing in the air above the Alberta oil sands is one of the most prolific sources of air pollution in North America, often exceeding the total emissions from Canada’s largest city, federal scientists have discovered. (http://bit.ly/25hO8tQ)
NATIONAL POST
** Canada police have arrested 55 people and laid more than 300 charges following a joint investigation aimed at disrupting drug distribution networks in northeastern Ontario. Drugs have been blamed for fuelling a suicide and overdose crisis in Attawapiskat and other remote First Nations communities along the James Bay coast. (http://bit.ly/1TCih4Z)
** Bank of Montreal kicked off the latest bank earnings season by substantially increasing provisions for energy-related credit losses in the second quarter. At the same time, the bank took a C$132 million ($101.8 million) after-tax restructuring charge to cover severance costs to reduce the workforce by 4 percent as more customers shift to mobile and online banking. (http://bit.ly/1WPzubt)
** The Chinese insurance company Anbang Insurance Group Co Ltd is set for a major purchase in Canada. Sources indicate that the Beijing-based company with a reported $114 billion in assets has a deal to buy what amounts to a 34 percent stake in Bentall I, II, III and IV – a sprawling commercial 1.5-million-square-foot office complex, in the heart of Vancouver. (http://bit.ly/20FAmOl)
Britain
The Times
The sale of Tata Steel’s UK assets has been thrown into confusion after speculation that the business secretary has offered Tata a deal so attractive that it may yet keep Port Talbot and a dozen other facilities around the country. (http://bit.ly/1TAsAGK)
The Guardian
UK tax officials must “urgently” liaise with the French authorities to see if they have evidence of wrongdoing by Google that relates to the company’s UK tax affairs, John McDonnell has said. (http://bit.ly/1TAthjk)
The watchdog for global trade has said leaving the European Union would push back trade barriers at a cost of 9 billion pounds a year to British consumers. (http://bit.ly/1TAtm6G)
The Telegraph
A pair of BHS suppliers have toppled into administration, resulting in 350 job losses, as the pain caused from the collapse of the retailer spreads through the sector. (http://bit.ly/1TAt0gr)
Shell will axe almost twice as many jobs as planned following its controversial takeover of BG Group by cutting a further 2,200 from its global workforce. (http://bit.ly/1TAuzuL)
Sky News
Ministers will this week unveil proposals that would slash billions of pounds from the liabilities of the British Steel pension scheme as they seek to smooth a path for a buyer of Tata Steel’s UK operations. (http://bit.ly/1TAu1VN)
In an exclusive interview, Jon Woods, Coca-Cola’s general manager for the UK and Ireland, said while no decisions had been made yet it was likely that shoppers would have to pick up the bulk of the cost. (http://bit.ly/1TAuwPD)
The Independent
Accountants have accused the government of seeking to raise hundreds of millions of pounds from the public in accidental overpayments in the new era of online returns, citing HMRC’s botched handling of a shift to digital tax filings as fresh evidence of the dangers. (http://ind.pn/1TAtnri)
Cabin crew staff at travel operator Thomas Cook have voted to strike in a dispute over health and safety, the union Unite has said. (http://ind.pn/1TAu9V4)
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