TOP STORIES
EUROPE STRUGGLES TO KEEP GREECE IN EUROZONE
Eurozone leaders were considering proposals to provide Greece
with emergency financing to avert another default, but were
sticking to demands for the most-painful economic measures Greek
voters rejected last weekend.
U.S. STOCKS REVERSE SHARP LOSSES TO END HIGHER
U.S. stocks overcame sharp intraday losses to end higher
Tuesday, after a rout in commodities abated and as eurozone leaders
considered proposals to offer Greece emergency financing.
TRADE GAP WIDENS AS OVERSEAS HEADWINDS GATHER
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.
FED APPROVES BB&T PURCHASE OF SUSQUEHANNA BANCSHARES
BB&T Corp. got regulatory approval to buy Susquehanna
Bancshares Inc., marking the bank's second deal to get a green
light in as many months.
FED ORDERS SANTANDER'S U.S. UNITS TO IMPROVE RISK MANAGEMENT
The Federal Reserve is requiring Banco Santander SA to make
sweeping risk management improvements at its U.S. subsidiaries,
highlighting the bank's repeated failure to address the regulator's
concerns.
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.
J.P. MORGAN CHASE SEEKS TO MOVE 2,150 JOBS FROM NYC TO JERSEY CITY
The New Jersey Economic Development Authority is set to vote
Thursday on tax credits to help lure the jobs to the Hudson County
city.
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.
IMF: U.S. ECONOMY AT RISK OF STALLING IF RATES RAISED TOO SOON
The Federal Reserve risks stalling the U.S. economy by raising
interest rates too early, the International Monetary Fund warned
Tuesday.
IRAN NUCLEAR TALKS TO CONTINUE BEYOND DEADLINE
Iran and six major powers will continue negotiations through
Tuesday night's deadline.
U.S. OIL PRICES FALL FURTHER
U.S. oil prices fell to a near-three-month low Tuesday on
concerns about a growing glut of crude oil and turmoil in the
Chinese stock market.
CORZINE, OTHER EX-MF GLOBAL OFFICIALS SETTLE SUIT FOR $64.5 MILLION
Jon S. Corzine and other former MF Global officials will pay
$64.5 million to settle an investor lawsuit, according to a court
filing.
NO FIX FOR LIBOR: BENCHMARK STILL BROKEN,REGULATORS SAY
Efforts to reform Libor, the financial benchmark at the heart of
a rate-rigging scandal nearly five years ago, have fallen short,
regulators say.
EMC TO SELL DROPBOX RIVAL SYNCPLICITY
EMC is ending a three-year foray into the kinds of data-storage
services offered by Dropbox and Box Inc., agreeing to sell control
of its Syncplicity business to investment firm Skyview Capital.
SURVEYMONKEY NAMES BILL VEGHTE AS CEO
SurveyMonkey on Tuesday named tech industry veteran Bill Veghte
its next chief executive, replacing the late David Goldberg.
LEHMAN SETTLES DERIVATIVES DISPUTE OVER PUTNAM SWAPS
Lehman Brothers Holdings Inc. settled a multimillion-dollar
derivatives dispute involving mutual-fund giant Putnam Investments,
ending litigation over a series of swap agreements.
LOS ANGELES OFFICIALS APPROVE BUILDING ON EARTHQUAKE FAULT
Los Angeles building officials approved plans to build a 1
million-square-foot complex of skyscrapers, stores and restaurants
in the heart of Hollywood, agreeing with the developer that an
earthquake fault underneath the property is too old to be
considered active.
DISCOVERY GROUP URGES INTERNAP BOARD TO PURSUE SALE OF COMPANY
Discovery Group recommended that InterNap pursue a sale of the
company, contending that InterNap is an attractive acquisition
target in the consolidating data-center sector.
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.
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Europe News
EUROPEAN CENTRAL BANK HOLDS KEY TO GREECE'S FUTURE
The ECB could force Greek banks into instant collapse if Athens
doesn't make bond payments due on July 20, but it remains a
question whether it would necessarily do so.
Europe News
MERKEL'S GERMAN CRITICS SAY GREEK BAILOUT WAS DOOMED FROM START
'I-told-you-so' crowd says the Chancellor should never have
bothered trying to keep Greece in the eurozone and has already
thrown good money after bad.