TOP STORIES
TEVA TO BUY ALLERGAN GENERICS FOR $40.5 BILLION
Teva Pharmaceutical said it would buy Allergan's generics unit
for $40.5 billion in cash and stock, in a deal that will vault the
Israeli company into the top ranks of global drug makers.
CHINA MARKET DROP CALLS INTO QUESTION BEIJING'S ABILITY TO PROP UP SHARES
Chinese shares suffered their biggest one-day drop in over eight
years, wiping out hundreds of billions of dollars of market value
and calling into question the effectiveness of Beijing's recent
efforts to prop up the market.
U.S. STOCKS FOLLOW GLOBAL MARKETS LOWER
A sharp slump in Chinese markets piled further pressure on
stocks Monday, after patchy economic data and corporate earnings
spurred declines last week.
IMF SEES TROUBLES FOR EUROZONE BEYOND GREEK CRISIS
The eurozone's economy will fall further behind that of the U.S.
without a concerted effort to boost demand through increased
government spending and lower taxes, make labor markets more
flexible, and rid banks of bad loans, the IMF said.
MCGRAW HILL FINANCIAL TO BUY SNL FINANCIAL FOR $2.2 BILLION
McGraw Hill Financial reached a deal to buy SNL Financial for
about $2.23 billion in cash, a move to expand its data
services.
U.S. DURABLE ORDERS UP 3.4% IN JUNE
New orders for durable goods rose a seasonally adjusted 3.4% in
June from a month earlier, the Commerce Department said.
DELTA AIR TO BUY 3.55% STAKE IN CHINA EASTERN
Delta Air Lines agreed to pay $450 million for a stake in China
Eastern Airlines as part of an agreement that expands the two
carriers' strategic partnership.
EUROZONE RECOVERY CONTINUES
Eurozone bank lending to households has picked up and German
business sentiment has improved, indicating the region's economy is
maintaining its momentum.
UBS REPORTS STRONG RESULTS
The Swiss bank posted a second-quarter profit that exceeded
forecasts led by its wealth-management business, and said it is in
a comfortable position despite impending new capital requirements
and volatile markets.
OBAMA BLASTS GOP CRITICS OF IRAN DEAL
President Obama excoriated Republican critics of the nuclear
agreement with Iran-particularly the GOP presidential
candidates-saying they're playing "fast and loose" with the
facts.
FALLING OIL PRICES HURT CANADIAN ECONOMY
Canada's second interest-rate cut this year shows how lower oil
and other commodity prices are reshaping resource-dependent
economies around the globe.
COMCAST, DISCOVERY RENEW DISTRIBUTION AGREEMENT
Cable companies Comcast Corp. and Discovery Communications Inc.
said Monday that they have agreed to renew a distribution
agreement, replacing an earlier deal that expired in June.
GOLDMAN SACHS FINED $1.8 MILLION FOR REPORTING VIOLATIONS
Goldman Sachs Group Inc.'s execution and clearing unit has been
fined $1.8 million for reporting violations that spanned more than
eight years, the Financial Industry Regulatory Authority said
Monday.
PHILIPS PROFIT LIFTED BY WEAKER EURO
Philips reported a 13% rise in second-quarter net profit, but
voiced growing concerns about an economic slowdown in emerging
markets.
UNITED TECHNOLOGIES BUILDING, INDUSTRIAL CHIEF TO RETIRE
United Technologies said the chief executive of its building and
industrial segment, Geraud Darnis, plans to retire in January.
RESTAURANT BRANDS PROFIT RISES
Restaurant Brands International, parent of Burger King and Tim
Hortons, posted a stronger-than-expected second-quarter profit as
both chains recorded same-store sales growth driven partly by new
product launches.
GLASS LEWIS ADVISES AGAINST PARTNERRE-AXIS DEAL
Proxy-advisory firm Glass Lewis is recommending PartnerRe
shareholders vote against its proposed $11 billion tie-up with Axis
Capital.
TURKEY ACCUSED OF SHELLING KURDISH POSITIONS IN SYRIA
Kurdish fighters accused Turkey of shelling their positions in
Syria, highlighting the difficult situation Ankara faces as it
presses forward with its first direct fight against Islamic
State.
XUEDA EDUCATION TO DELIST FROM NYSE IN $350 MILLION DEAL
Chinese state-owned investment firm Tsinghua Unigroup's buyout
offer for Xueda Education suggests some Chinese companies still see
opportunity despite the market rout.
CISCO RECRUITS TWO OUTSIDERS FOR SENIOR POSTS
Cisco's new chief executive marked his first day in the job by
naming two outsiders to high-profile management posts.
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Markets Main
CHINA TO STEP UP ITS STOCK-MARKET RESCUE
The Chinese government will step up its purchases of stocks in a
bid to prop up the equities market, the spokesman for China's top
securities regulator said.
Capital Journal
DONALD TRUMP, BERNIE SANDERS AND OTHER FORCES SCRAMBLE THE 2016 EQUATION
Capital Journal: Washington bureau chief Gerald F. Seib takes a
look at the political landscape and sees populists like Donald
Trump and Bernie Sanders potentially ushering in fundamental
political change.