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Frontrunning: July 3

  • Health Bill Faces Resistance Among GOP Governors (WSJ)
  • Saudi Arabia, allies give Qatar two more days to accept demands (Reuters)
  • Qatar Responds to Saudi Bloc Demands as Trump Works Phones (BBG)
  • Trump says he will speak with German, French officials on Monday (Reuters)
  • Goldman to Review Commodities After Worst Start in a Decade (BBG)
  • U.S.-Backed Forces Close to Trapping ISIS Holdouts in Raqqa (NYT)
  • Missing Caterpillar export filings could open a new avenue for U.S. tax investigators (WSJ)
  • Tarnished Abe Plunged Into Crisis After Tokyo Election Loss (BBG)
  • French Energy Giant to Invest $1 Billion in Iran's giant South Pars Gas Field (NYT)
  • Euro-Area Manufacturing Accelerates as Orders Fuel Optimism (BBG)
  • China, Russia share opposition to U.S. THAAD in South Korea: Xi (Reuters)
  • The EU’s New Presidency Is Already in Trouble (BBG)
  • Toshiba Hasn’t Revealed That SK Hynix Could Get Stake in Its Chip Business (WSJ)
  • Tesla's Musk says Model 3 gets regulatory nod for production (Reuters)
  • How Retailers Can Fight Back Against Amazon (BBG)
  • How the iPhone Built a City in China (WSJ)
  • El-Erian: What Stock Investors Need to Know, and Why (BBG)
  • Maersk brings all major IT systems back online after cyber attack (Reuters)
  • UK government not aware of plans for Trump visit in next few weeks: May's spokesman (Reuters)

 

Overnight Media Digest

WSJ

- Federal investigators believe Caterpillar Inc failed to submit numerous required export filings with the government in recent years, adding to questions facing the company. on.wsj.com/2t7m5Cs

- Plan for the sale of Toshiba Corp's semiconductor unit includes an option for SK Hynix Inc to eventually take a minority stake in the business. on.wsj.com/2t7HknX

- The U.S. government has partly rescinded a ban on the use of laptops on some U.S.-bound international flights only days after rolling out demands for enhanced security measures at overseas airports. on.wsj.com/2t84bj9

- House lawmakers approved Democratic revenue and spending measures, sending to the Senate what could become the Illinois's first budget in two years. on.wsj.com/2t7QaSu

- State government remained closed in New Jersey on Sunday, with Republican Governor Chris Christie and Democratic lawmakers seemingly no closer to reaching a budget deal that would reopen state parks and beaches for the remainder of the holiday weekend. on.wsj.com/2t7ARJp

 

FT

Iran plans to sign a new contract to develop its giant South Pars gas field with France's Total SA and China's CNPC on Monday, an Iranian oil ministry official said on Sunday.

Former Barclays Plc Chief Executive John Varley, along with his three former colleagues at the bank, will appear at Westminster magistrates court on Monday to officially face charges brought by the Serious Fraud Office.

Brazil's largest producer of sugarcane ethanol Raízen Energia SA is planning to increase production by more than fivefold at a new "second-generation" biofuel plant within two years, in a move that will increase the productivity of one of the country's most important industries.

Britain will begin the withdrawal from a convention that allows European vessels to fish in its territorial waters on Monday, in a move to control EU fishing in its waters after Brexit.

 

NYT

- U.S. President Donald Trump posted a short video to his Twitter account on Sunday in which he is portrayed wrestling and punching a figure whose head has been replaced by the logo for CNN. nyti.ms/2uA5rcJ

- Puerto Rico power utility PREPA defaulted on a deal to restructure roughly $9 billion in bond debt and sought court protection from its creditors, the government said on Sunday. nyti.ms/2shpWKy

- French energy company Total SA has agreed to invest $1 billion in Iran to develop a huge offshore gas field, Iranian news media reported on Sunday. nyti.ms/2t7IHTF

- American officials on Sunday exempted Etihad Airways from a ban on laptops and other types of electronics on some flights bound for the United States, restrictions instituted in March because of concerns that the Islamic State was developing a bomb that could be hidden in portable devices. nyti.ms/2ufZPFi

- Forces backed by the U.S. have nearly sealed off the northern Syrian city of Raqqa, trying to trap as many as 2,500 hard-core Islamic State militants defending the capital of their self-proclaimed caliphate. nyti.ms/2tfJG2f

 

Britain

The Times

* British tech start-up, Blippar, which once claimed it would be "bigger than the internet," has quietly closed its San Francisco office as part of a cost-cutting drive and launched a search for new funding. (bit.ly/2sC0xuq)

* Deliveroo is in talks with investors including SoftBank Vision Fund, over a bumper fundraising that would value the food delivery service at more than 1 billion pounds ($1.30 billion). (bit.ly/2swk3x2)

The Guardian

* John Varley, the former chief executive of Barclays Plc , will be among three former bankers to appear at Westminster magistrates court on Monday to face charges of fraud for events that took place at the height of the financial crisis. (bit.ly/2sgSLGO)

* Nisa, the convenience chain that is in takeover talks with Sainsbury's, has angered several hundred head office staff by denying them annual bonuses despite hitting performance targets. (bit.ly/2sgLHKo)

The Telegraph

* Electric motor racing series Formula E burned up a net loss of 29.8 million pounds last year as start-up costs accelerated. (bit.ly/2swD96f)

* Insurers face a bigger blow from planned changes to the rules on personal injury damages than from flooding in the North of England, the head of an industry lobby group has claimed. (bit.ly/2uzKTB9)

* Word-of-mouth holiday booking firm Travel Counsellors is considering a stock market float as an option for its next stage of growth. (bit.ly/2ufdJXV)

Sky News

* Tracey McDermott, who quit the Financial Conduct Authority last year after failing to land the top job, will be among about 20 inaugural directors of bank lobbying group UK Finance. (bit.ly/2sg9tWX)