- Europe shares set for worst week of 2015 (Reuters)
- Jobs Report Not Likely to Trigger June Rate Hike (Hilsenrath)
- U.S. jobs market seen firming despite lackluster growth (Reuters)
- Gross Says Bond Rout Scary as Hell Even Without Bear Market (BBG)
- Apple Is the New Pimco, and Tim Cook Is the New King of Bonds (BBG), which ZH said in 2013
- In ‘year of Apple Pay’, many top retailers remain skeptical (Reuters)
- OPEC Nations Signal Few Prospects for Oil-Production Change (BBG)
- China regulator says amending rules on margin trading, short selling (Reuters)
- Miami’s Hot Condo Market Cools as Dollar Derails Buyers (BBG)
- Banks prepare to sell down stakes in data provider Markit (FT)
- Amazon, Google race to get your DNA into the cloud (Reuters)
- U.S. Tax Informant Dodged Prison, Now Seeks $22 Million Reward (BBG)
- Vietnam eyes Western warplanes, patrol aircraft to counter China (Reuters)
- John Noyce, ‘Must Read’ Goldman Currency Analyst, Dies at 36 (BBG)
- Nike’s Bold Push Into Soccer Entangled It in FIFA Probe (WSJ)
Overnight Media Digest
WSJ
* U.S. officials suspect that hackers in China stole the personal records of as many as four million people in one of the most far-reaching breaches of government computers. (http://on.wsj.com/1GnprDy)
* Nike Inc’s top officials signed a Brazilian sponsorship deal that is a focus of the U.S. probe of alleged corruption at soccer’s governing body, highlighting the stakes as prosecutors pursue bribery allegations dating back two decades. (http://on.wsj.com/1MrFcsd)
* Greece and its creditors have agreed on some aspects of a deal to unlock urgent bailout aid, but differences remain on its soaring debt and the amount of fiscal pain the country will have to swallow. (http://on.wsj.com/1KcHgVB)
* Dish Network’s Charlie Ergen has courted many potential merger partners over the years, but nothing ever came of it. Some on Wall Street say things may be different in the talks with T-Mobile. (http://on.wsj.com/1M9jhFt)
* OPEC is under pressure to prepare for Iran’s full return to the oil market if western sanctions are lifted, but the group is unlikely to take action on the issue at its meeting on Friday, delegates say. (http://on.wsj.com/1cB7nYS)
FT
HSBC Holdings Plc chief executive is set to announce plans next week regarding thousands of job cuts, selling operations in Brazil and Turkey .
Britain’s financial regulator will fine Lloyds Banking Group more than 100 million pounds ($154 million) for failings in the way it handled complaints about mis-sold loan insurance.
Statoil ASA and ExxonMobil Corp chiefs are calling on policy makers to re-examine the contentious drilling process. Chief executive of Statoil said Europe could see a natural gas renaissance similar to that in the United States if governments allowed fracking in the region.
Payment processing company Worldpay is set to hire six banks, including Goldman Sachs and Morgan Stanley, to lead the company’s London stock market listing, valued at 6 billion pounds.
NYT
* The International Monetary Fund said Thursday that the Federal Reserve should wait until next year before raising its benchmark interest rate, citing the stubborn persistence of sluggish inflation. (http://nyti.ms/1QaWxeu)
* HSBC Holdings Plc will pay about $42.8 million to settle the inquiry into possible money laundering at its Swiss private bank and won’t face criminal charges. (http://nyti.ms/1AQXfqp)
* The British government said it would sell its remaining stake in the Royal Mail Plc as part of an effort to reduce the country’s debt. (http://nyti.ms/1FxpeIi)
* The disappearance of hundreds of millions of dollars from three lenders, which are now insolvent, has exposed deep-rooted corruption and the power of business oligarchs in Moldova. (http://nyti.ms/1FzRWat)
* Senator Bill Nelson of Florida, a Democrat, called for the Department of Homeland Security to investigate a temporary visa program for highly skilled immigrants after a report in The New York Times that technology employees at Walt Disney World in Orlando and other companies lost their jobs to immigrants and had to train their replacements. (http://nyti.ms/1KPIF5O)
* SunGard, a financial software provider, filed on Thursday to go public, roughly a decade after being acquired by a consortium of investment firms in the early stages of a flush time for private equity. (http://nyti.ms/1cB7p2P)
China
CHINA SECURITIES JOURNAL
- The National Development and Reform Commission (NDRC), the country’s top economic planner, is encouraging companies in emerging industries to go public.
SECURITIES TIMES
- Twenty Chinese brokerage firms listed on the Shanghai and Shenzhen stock exchanges reported net revenue of 15.8 billion yuan ($2.55 billion) in May, according to the paper’s calculations based on companies’ financial reports.
CHINA DAILY
- China’s yuan will soon be freely convertible in the Shanghai Free Trade Zone, said Zhang Xin, deputy director of the Shanghai branch of the People’s Bank of China, the newspaper said.
Britain
The Times
Marks & Spencer has handed million-pound pay packages to four senior executives after improved fashions and robust food sales fuelled the high street chain’s first increase in profits for four years. (http://thetim.es/1dQpdIN)
Premier League clubs earned record profits in the first year of a new television deal that has seen average spending on wages drop to 58 percent of income. (http://thetim.es/1KdoRrU)
The Guardian
Greece has moved closer to default and a possible exit from the eurozone after telling the International Monetary Fund it would not be making a debt repayment of 300 million euros ($336.69 million) due on Friday. (http://bit.ly/1G9LMmd)
George Osborne has taken an early swipe at departmental budgets, announcing 4.5 billion pounds ($6.91 billion) of savings this year through a sell-off of national assets – including the remaining stake in Royal Mail – and spending cuts. (http://bit.ly/1M80HNX)
The Telegraph
Britain is heading for a shortfall of 1 million homes over the next decade as the housing supply crisis intensifies, property experts warned. (http://bit.ly/1Mr6Gy9)
Tesco has hired bankers at HSBC to work on the potential sale of its South Korean operations, in the first step by the troubled grocer to offload its Asian assets. (http://bit.ly/1FyOuwR)
Sky News
Tunnelling has been completed in the 14.8 billion-pound($22.72 billion) Crossrail scheme – the biggest construction project anywhere in Europe at present. The plan to build a high-speed rail line connecting Reading in the west to Shenfield and Abbey Wood in the east, via London stations such as Paddington, Tottenham Court Road, Liverpool Street and Canary Wharf, is hugely ambitious. (http://bit.ly/1BMYv98)
The owners of Worldpay have picked six banks, including Goldman Sachs and Morgan Stanley to lead a 6 billion-pound ($9.21 billion) stock market listing that will propel the payments processing giant straight into London’s blue chip share index. (http://bit.ly/1dhFbLa)
The Independent
HSBC Holdings Plc said Thursday it will pay a 40 million Swiss franc ($42.83 million) settlement over allegations that its Swiss bank was used by some clients to launder money. (http://ind.pn/1Mr7CCJ)
