Opening Bell: 6.29.15
Merkel and Hollande Turn Away From Greece (Bloomberg)
Merkel and Hollande, who have repeatedly said they want to hold the euro together, gave the Greek premier no leeway after he broke off negotiations over future bailout aid. Hollande suggested the referendum would determine whether Greece could stay in the 19-nation euro area, while Merkel said Europe’s credibility was at stake with its response.
Greece Imposes Capital Controls as Fears of Grexit Grow (Bloomberg)
The measures, which were announced in the dead of night, limit daily cash withdrawals to 60 euros ($66) and ban payments and transfers abroad. The stock market and banks will be closed at least until July 6, the day after Greeks will vote in a referendum on proposals needed to restore bailout aid.
German, Dutch banks 'well-prepared' for Greek financial ructions (Reuters)
"We are very well-prepared because we've been anticipating a situation like this for a long time," said a spokesman for Germany's second biggest lender, Commerzbank.
Panic Sets in Among Hardy Hedge Fund Investors Remaining in Greece (Dealbook)
Through the weekend, Nicholas L. Papapolitis, a corporate lawyer here, was working round the clock comforting and cajoling his frantic hedge fund clients. “People are freaking out,” said Mr. Papapolitis, 32, his eyes red and his voice hoarse. “They have made some really big bets on Greece.
CNN mistakes sex toy sign for Islamic State flag (UPI)
On Saturday, CNN ran an entire segment on the possible sighting of an Islamic State flag at a pride parade in London. "Just in: ISIS flag spotted at gay pride parade," read a banner stretching across the bottom of the news channel's TV feed as cameras repeatedly panned and zoomed in on what turned out to be a flag featuring crude drawings of sex toys. "ISIS flag amongst a sea of rainbow colours was spotted by a CNN international assignment editor," CNN's anchor said. The flag was apparently spotted by CNN International reporter Lucy Pawle, who joined the segment via phone to talk about her startling discovery.
Puerto Rico Bonds Tumble After Governor's Warning (WSJ)
With two days left in Puerto Rico’s fiscal year, the commonwealth is struggling to pass a budget that would allow it to make payments on a $72 billion debt load. Investors should work with the commonwealth to reduce its obligations, Garcia Padilla told the New York Times in an interview.
“The debt is not payable,” the governor said. “There is no other option.”
Morgan Stanley Weighs New Bond-Trading Push (WSJ)
The Wall Street firm is pushing for more fixed-income trading business, where it lost billions of dollars during the crisis and historically suffered from bad timing. Now, the firm hopes adding market share in the division, which trades bonds, swaps, currencies and other debt securities, could help Chairman and Chief Executive James Gorman hit long-held profitability targets. But the effort could also turn off analysts and investors who have lauded the firm’s recent embrace of less-risky activities.
Name Your Baby Quinoa And BJ's Might Give You $10,000 (HP)
Do you want a $10,000 gift card to casual dining restaurant BJ's Restaurant and Brewhouse? Just name your baby Quinoa. The chain, which has 163 "BJ's" restaurants across the nation, announced Wednesday that in celebration of its new quinoa bowl dishes, it is offering the massive gift card to parents who name their newborn baby after the high-protein grain. “We are so excited to introduce these amazing new Quinoa Bowls that we wanted to do something big, maybe even a little crazy,” Chief Marketing Officer Kevin Maye said in a statement.
