Argentine Tango With Creditors Takes a Twirl (WSJ)
Daniel Scioli, a presidential candidate for the ruling Peronist party, told a radio talk-show host this past week that, if elected, his government would negotiate a deal with investors that have sued in New York to collect $1.7 billion they are owed on defaulted bonds. Economy Minister Axel Kicillof said this month that reaching a deal with the holdouts is a matter of time. “I think it’s a question of finding the precise opportunity,” he said.
Greece hopes to conclude bailout talks by Aug. 11 (Reuters)
Greece's finance and economy ministers were locked in negotiations with representatives of creditors on Sunday. Greek officials have previously said they expect the bailout accord to go to the country's parliament for approval by Aug. 18.
Swiss banks step up battle for Asia's super-rich (Reuters)
Switzerland's wealth managers have long courted Asia's super-rich amid slowing growth at home and an international crackdown on its bank secrecy rules that has made the country a less attractive place to keep cash. But the competition has recently shifted up a gear, with the new boss of Credit Suisse signaling he wants to embark on a similar path to cross-town rival UBS, which in 2011 chose to shrink its investment bank and focus on the more stable wealth management business, especially in Asia. "Everybody wants to be in Asia," said Andreas Brun, a banking analyst at Switzerland's Zuercher Kantonalbank. "It's not a sudden thing but they suddenly talk about it as the main strategy."
On the Defensive, the S.E.C. Quietly Pursues High-Profile Cases (Dealbook)
In one case, the S.E.C., in tandem with other authorities, is poised to file charges soon in an unusual investigation that combines insider trading with cybersecurity, according to people briefed on the investigation but not authorized to speak publicly. It is also pushing ahead with another insider trading case that involves trading activity in the shares of Dean Foods by the golfer Phil Mickelson and the professional sports gambler William T. Walters, said several other people briefed on those investigations but not authorized to speak publicly.
Man Faces Prison Over Backpack With Dirty Socks (Newser)
A Michigan man allegedly tried to sell a backpack full of his dirty socks for $2,800 last month, which under certain circumstances could be be considered a shrewd move. The circumstances here weren't so favorable: The Daily Telegram reports the backpack was supposed to contain a pound of marijuana, and the odd series of events that followed in the wee hours of July 8 led to Michael Suarez pleading guilty to false pretenses on Wednesday. "He brought socks instead of marijuana. That’s the false pretenses," said his lawyer in court. Suarez has been convicted of a felony twice prior, which makes him a habitual offender and means he's looking at as many as 7.5 years in prison.
Finland Throws Support Behind Greek Bailout It Says Won’t Work (Bloomberg)
A third Greek bailout won’t work and will only prolong the difficulties plaguing the euro area, according to Finnish Foreign Minister Timo Soini. But his party, the euro-skeptic the Finns, is ready to discuss another rescue package because allowing Greece to fail would only add to Europe’s costs, he said. “Truth is the strongest force,” Soini said in an interview on Saturday. “We should admit that this isn’t going to work.”
Twitter eyes Intel president for CEO job (NYP)
Twitter users might not be that familiar with Intel President Renée James — she only has about 2,000 followers and has tweeted exactly 14 times. But the search for a new CEO following the departure of Dick Costolo has led the company to reach out to James for the job...James plans to leave Intel early next year after losing a power struggle at the chipmaker, and has said she wants a top tech CEO job.
Rule Would Impel Big Funds to Strengthen Controls (WSJ)
The Treasury Department will soon propose rules that would force some hedge funds and other big money managers to adopt money-laundering controls, a shift that would open the firms to regulatory costs and scrutiny that have weighed heavily on banks in recent years.
Airbnb gives Paris luxury hoteliers a fright (Reuters)
"The Paris market is going to get very difficult," said Didier le Calvez, managing director of the Bristol Hotel. Along with bosses of the city's other "palaces", he denounces Airbnb as a menace that enjoys an unfair advantage.
Drug Bust Suspects Hide Heroin Inside Their Vaginas (HP)
Police thought the suspects "appeared more nervous" than they should have been during a traffic stop. "They were unable to answer basic questions that a group of passengers sharing a destination would commonly know," a YCSO spokesman said in a statement...The suspicious deputies searched the car with a drug-sniffing dog and found 1 pound of heroin wrapped in condoms stashed in a rear hatch. When deputies searched Maldonado and Valencia, they found additional heroin packaged in condoms that the women had concealed inside their vaginas.