Frontrunning: July 23Reported by Zero Hedge on Monday, 23 July 2012 (on July 23, 2012)
Â· Greece should pay wages in drachmas - German MP (Reuters)
Â· Greece Seeks More Cuts as Deadlines Loom (WSJ)
Â· Greece Back at Center of Euro Crisis as Exit Talk Resurfaces (Bloomberg)
Â· Berlusconi seeks return to liberal roots (FT)
Â· For brokers like Peregrine, from bad times to worse (Reuters)
Â· Japan Sees More ‘Widespread’ Global Slowdown With China Cooling (Bloomberg)
Â· China Central Bank Adviser Forecasts Growth Slowdown to 7.4% (Bloomberg)
Â· London Out to Prove It's Still in the Game (WSJ)
Â· Stockton Reveals Bondholder Offers From Mediation (Bloomberg)
Â· US lawmakers propose greater SEC powers (FT)
Â· S. Korea to Ease Mortgage Lending Rule to Spur Consumption (Bloomberg)
Â· Scores Killed in Iraq's Deadliest Day This Year (WSJ)
*Overnight Media Digest:*
BLEAK JOBS OUTLOOK RAISES HEAT ON FED
A leading official in the FED said the U.S. will make little progress tackling high unemployment before 2014 unless the bank eases policy further.
EQUITY MARKET URGED TO TRIM GO-BETWEENS
A government-sponsored review into equities has found the stock market needs to move closer to simpler times by cutting the number of go-betweens that divide investors and companies.
OLYMPIANS TRADE DATA FOR TRACKING DEVICES
Olympic athletes are exchanging their personal physical data for the latest gadgets that record sleep, diet and exercise patterns as they try to boost their performance.
EUROPE'S BANKS STAGE US RETREAT
Euro zone banks have cut their assets dramatically from the U.S. over the five years since the financial crisis began.
US BUYERS TURN TO BRAZIL FOR CHEAP CORN
The U.S. is turning to Brazil for help with corn supplies amid low stocks and the worst drought in half a century.
NOKIA IN SECRET TALKS WITH OPERATORS
Nokia is considering ripping up its traditional mass marketing strategy when it unveils its new Windows 8 smartphone in the autumn.
BARCLAYS LOOKS OUTSIDE FOR NEXT CHAIRMAN
Barclays is looking for its next chairman from outside the bank after a shareholder revolt against the proposed appointment of Michael Rake.
OSBORNE FACES FRESH FIRE OVER ECONOMY
British finance minister George Osborne is facing pressure over data published this week expected to show the economy has contracted for the third consecutive quarter.
US BLUE CHIPS' OUTLOOK SLASHED
Wall Street analysts are scaling back the estimates of revenue growth for the largest U.S. companies amid concern the U.S. may enter soon enter recession.
UNIVERSAL ASSET SALES MAY BYPASS RIVALS
Universal plans to propose a list of concessions to get around regulators in its bid for EMI.
* Greece's newly elected government is seeking billions of euros of additional budget cuts and looks poised to announce the first steps toward streamlining the country's bloated public sector, ahead of the return of a troika of international inspectors -- the European Commission, the International Monetary Fund and the European Central Bank to Athens this week. http://link.reuters.com/dup59s
* Bids for patents being auctioned by Eastman Kodak Co could become less generous now that the company has lost a key intellectual property case against Apple Inc and Research In Motion Ltd. http://link.reuters.com/fup59s
* In the stock market, defense is the new offense. Investors are flocking to stocks of large, dividend-paying companies, particularly those seen as less vulnerable to a slowing economy or turmoil in Europe. http://link.reuters.com/gup59s
* The collapse of Peregrine Financial Group Inc has prompted new scrutiny of the futures industry's front-line regulator and triggered plans to change its practices just as the agency prepares to take on a bigger role in policing derivatives markets. http://link.reuters.com/jup59s
* The proposed creation of a single euro zone bank supervisor is shaping up to be a test of the willingness of countries to give up national powers for the sake of the euro. The effort, which envisions a key role for the European Central Bank in supervising the bloc's largest and most internationally active banks, faces hurdles as officials try to streamline a patchwork of regulators and supervisors numbering in the dozens. http://link.reuters.com/kup59s
* DreamWorks Animation SKG Inc is acquiring Classic Media, an entertainment company that owns "Casper," Lassie and over 450 family entertainment titles, for $155 million, to increase the studio's intellectual property base and leverage Classic's extensive library across its various entertainment divisions. http://link.reuters.com/nup59s
* UK oil company BP Plc has proposed that its Russian joint venture TNK-BP pay shareholders a $1 billion interim dividend, TNK-BP said in a statement. http://link.reuters.com/pup59s
* India's largest auto maker by sales Maruti Suzuki India Ltd declared a lockout at its Manesar factory until local authorities finish investigating a riot that left parts of the plant charred and a senior executive dead last week. http://link.reuters.com/rup59s
* Reliance Communications Ltd pulled the initial public offering of a unit that holds its undersea-cable assets, adding to a string of large IPOs that have been scrapped in Asia this year. http://link.reuters.com/sup59s
* In the race for digital advertising dollars, Google Inc has been the clear winner, with its ability to customize advertisements based on what you search for. But Facebook Inc, which customizes ads based on who you and your friends are, hopes to be a contender. An important test of how it is doing will come on Thursday. http://link.reuters.com/wup59s
* When it comes to dealing with labor unions, Caterpillar Inc has long taken a stance as tough as the bulldozers and backhoes that have burnished its global reputation. The company has been a leader in devising new ways to cut labor costs, with other manufacturers often imitating its strategies. http://link.reuters.com/xup59s
* AT&T Inc announced this weekend that it had reached tentative three-year contracts with a union representing more than 13,000 workers in its Midwest division and an additional 5,700 workers at a unit specializing in major corporate accounts. http://link.reuters.com/gyp59s
THE GLOBE AND MAIL
* Thousands of Canadians marched in the streets for the first time in weeks, reviving a vacationing protest movement that faces difficult tactical choices in a looming provincial election campaign.
Report in the business section:
* Massive mortgage debt is top priority for Bank of Canada Governor Mark Carney, but in his quest to curtail Canadians' borrowing, he might want to start thinking about the vehicles sitting in their driveways and garages too.
The use of long-term loans to buy new vehicles is skyrocketing, as car buyers look for ways to cut or hold steady a key component of a family's spending - the monthly car payment.
* One of Africa's most repressive dictatorships, Eritrea, has been collecting money to bankroll its military through its consulate in Toronto, according to a United Nations report obtained by the National Post.
* When Canada's 13 provincial and territorial premiers gather in Halifax next week for their annual Council of the Federation meeting, they will likely be outnumbered by industry lobbyists looking to bend their ears on important policy items.
*European Economic Update:*
Â· Spain Mortgages - Capital Loaned -32.4% y/y. Previous -26.4%.
Â· Switzerland Money Supply 7.4%. Previous 6.2%.
Links: Full news story
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