TOP STORIES
U.S. STOCKS DECLINE
U.S. stocks fell Tuesday, as European officials met to hash out
what could be a final push to keep Greece in the eurozone.
EUROZONE PUSHES FOR NEW GREEK PROPOSAL
Eurozone decision makers were meeting for what could be a final
effort to keep Greece in their currency union, warning that without
a credible proposal from Prime Minister Alexis Tsipras on Tuesday
his country might have to abandon the euro.
U.S. TRADE GAP INCREASES MODESTLY IN MAY
The U.S. trade gap expanded modestly in May due to a slowdown in
exports, suggesting a stronger dollar and global turmoil will weigh
on economic growth this year.
HORIZON PHARMA OFFERS TO BUY DEPOMED FOR $1.75 BILLION
Horizon Pharma PLC has proposed to buy Depomed Inc. for $1.75
billion in stock, as another Ireland-based company seeks to use its
tax-friendly status to lure a U.S. company.
ALLERGAN BUYS RIGHTS TO MERCK'S MIGRAINE DRUGS
Allergan said that it has reached a deal to buy the exclusive
world-wide rights to two of Merck's experimental migraine drugs for
an upfront payment of $250 million.
EUROPEAN CENTRAL BANK'S NOWOTNY: IF GREECE MISSES PAYMENT, FUNDS WILL BE CUT OFF
The European Central Bank will be forced to cut off liquidity to
Greece should it miss the July 20 deadline to pay back the central
bank, said Ewald Nowotny, a member of the bank's governing
council.
SAMSUNG SEES SEVENTH STRAIGHT PROFIT DECLINE
Samsung's second-quarter earnings estimates suggest that sales
of its new flagship smartphones were much worse than expected.
OIL PRICES EXTEND SELLOFF
Oil prices extended their selloff Tuesday on a stronger dollar,
even as negotiations on Iran's nuclear program were extended.
CARNIVAL GETS U.S. APPROVAL TO START CRUISES TO CUBA
Carnival said U.S. Treasury Department granted the cruise-ship
company approval to begin cruises to Cuba starting next May.
TECHNIP SHARES PLUMMET ON RESTRUCTURING
Shares in French oil services company Technip plummeted after it
announced a major restructuring plan, including 6,000 job cuts
world-wide, as falling energy prices force the company to
drastically cut costs.
IRAN NUCLEAR TALKS TO CONTINUE BEYOND DEADLINE
Iran and six major powers will continue negotiations through
Tuesday night's deadline, European Union foreign policy chief
Federica Mogherini said.
AXEL SPRINGER WANTS FOUNDER'S WIDOW TO RETAIN CONTROL
The German publisher is preparing for a potential merger with
ProSiebenSat.1 by pursuing plans that would allow Friede Springer
to retain control of a merged company.
EQUITY GROUP INVESTMENTS TO TAKE MAJORITY STAKE IN ARDENT'S HOSPITAL OPERATIONS
Ventas has agreed to a deal with Equity Group Investments, who
will take a majority ownership of the hospital operations of Ardent
Health Services, the company Ventas agreed to buy earlier this
year.
AUSTRALIAN CENTRAL BANK KEEPS RATES STEADY
Australia's central bank kept interest rates steady while
playing down any immediate risk posed to the economy by uncertainty
surrounding Greece's debt negotiations and recent sharp falls in
Chinese share prices.
RBC NAMES DOUG GUZMAN HEAD OF WEALTH MANAGEMENT, INSURANCE
Royal Bank of Canada announced a key executive change on
Tuesday, naming Doug Guzman as the new head of its wealth
management and insurance division.
SINGAPORE'S TEMASEK SHRUGS OFF CHINA VOLATILITY
Singapore's state investment firm Temasek Holdings played down
concerns about volatile equity markets in China, its second-largest
investment destination, as it reported a sharp jump in net
profit.
GERMAN MEDIA GIANTS IN TIE-UP TALKS
German broadcaster ProSiebenSat.1 and publishing company Axel
Springer are in talks to merge in a transaction that would shake up
the media market, people familiar with the matter said.
HAYES TELLS TRIAL HE ADMITTED MISCONDUCT TO AVOID EXTRADITION
Tom Hayes, the alleged ringleader of a global
interest-rate-rigging conspiracy, testified that he previously
admitted to misconduct to British investigators solely in an
attempt to avoid being extradited to the U.S.
CHINA OPENS SOME ENERGY RESOURCES TO PRIVATE INVESTMENT
China's government is offering private companies the rights to
explore six oil-and-gas blocks in a small step toward opening the
nation's energy resources to private investment.
GAMING AND LEISURE BOOSTS BID FOR PINNACLE'S REAL ESTATE
Gaming and Leisure Properties said Tuesday that it has boosted
its offer for Pinnacle Entertainment's real estate after its
previous offers were rejected.
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Europe News
GERMANY'S POWER POLARIZES EUROPE
The Continent's most powerful country is grappling with its
leadership role-and other nations are, too.
Europe Markets
HEDGE FUNDS WEATHER GREEK CRISIS
Hedge funds slashed bets on European stocks ahead of the latest
developments in the Greek debt crisis, a move that has helped them
limit the impact of a downturn in the markets.