- World stocks rally, dollar up to two-month high against yen (Reuters)
- Oil Prices Fall Amid Rising U.S. Production (WSJ)
- Trump’s ‘America First’ Policy Proves to Be an Immovable Object at G-20 (WSJ)
- Russia says joint cyber unit with U.S. will take time to set up (Reuters)
- Senate Health Bill Fails to Pick Up Support After Week of Recess (BBG)
- Trump’s Massive Tax-Cut Plan Faces ‘Train Wreck’ of a Calendar (BBG)
- Trump's push to replace Obamacare faces trouble as U.S. Congress returns (Reuters)
- Republicans debate Plan B if ObamaCare repeal fails (The Hill)
- Department Stores Are Starting to Discount Cosmetics (WSJ)
- Ready or not, New York commuters to get taste of 'summer of hell' (Reuters)
- Facebook Again Cuts Price of Oculus Rift VR Headset (WSJ)
- Markets No Longer Make Sense to Macro Managers (BBG)
- BOJ Draws Line in Sand But Faces Battle to Cap Bond Yields (BBG)
- Wanda’s Disney Dreams Are Frozen as It Retreats From Theme Parks (WSJ)
- Saudi Aramco Chief Predicts Oil Shortage (WSJ)
- Big financial woes linger in Illinois' new budget (Reuters)
- Oil Up? Oil Down? Blame the Algorithms (WSJ)
- Iraq's Abadi to declare Mosul victory, few pockets of resistance (Reuters)
- Blockchain too slow for banks, warns top blockchain firm (Fin News)
- Pimco’s Daniel Ivascyn on Staying Ahead of the Fed (Barrons $$)
- Apple’s iTunes Falls Short in Battle for Video Viewers (WSJ)
- Finance Chiefs Want You to Use Plastic, Not Paper (WSJ)
Overnight Media Digest
WSJ
- President Donald Trump's eldest son arranged a June 2016 meeting between top campaign aides and a Russian lawyer who has been linked to the Kremlin after being told she "might have information helpful to the campaign." on.wsj.com/2sUSf61
- Singapore's sovereign-wealth fund, GIC Pte Ltd, has reduced its exposure to riskier assets against a backdrop of global economic imbalances and policy risks, including concern over whether President Donald Trump will follow through with promised economic overhauls. on.wsj.com/2sVA6ER
- Iraqi Prime Minister Haider al-Abadi congratulated Iraqi military forces during a visit here following nearly nine months of battle to oust Islamic State, meeting with commanders and greeting residents, with the extremists confined to a tiny patch of territory. on.wsj.com/2sVl9CM
- Cosco Shipping Holdings Co, China's biggest shipping company, agreed to buy smaller rival Orient Overseas International Ltd for $6.3 billion, establishing an Asian container giant at the same time that the industry struggles to emerge from a multiyear down cycle. on.wsj.com/2sUT0Mp
- Tesla Inc's sales in Hong Kong came to a standstill after authorities slashed a tax break for electric vehicles on April 1, demonstrating how sensitive the company's performance can be to government incentive programs. on.wsj.com/2sVAgMz
- Dalian Wanda Group Co will sell hotels and cultural and tourism projects to Chinese developer Sunac China Holdings Ltd for $9.3 billion, the two companies said Monday. on.wsj.com/2tEoHqi
FT
- The owner of British Airways, International Airlines Group , has thrown its support behind a new third runway plan for Heathrow airport from the founder of the Arora Hotel Group who claimed he could cut price of the project by up to 7 billion pounds ($9.02 billion).
- The UK government's Repeal bill, which will be published on Thursday, is set to become one of the most constitutionally significant pieces of legislation in Britain’s history, reversing the 1972 European Communities Act that made European law effective in the UK.
- John Allan, Tesco's Chairman, emerged as the frontrunner to be the next president of the CBI. CBI said on Sunday that Allan will become vice-president in October.
- HSBC triggered a probe into the palm oil subsidiary of commodity trader Noble Group. The bank's call for an investigation by the Roundtable on Sustainable Palm Oil, the industry standards body, is a first for a leading bank.
NYT
- U.S. President Donald Trump's son, Donald Trump Jr., was promised damaging information about Hillary Clinton before agreeing to meet with a Kremlin-connected Russian lawyer during the 2016 campaign, according to three advisers to the White House briefed on the meeting and two others with knowledge of it. nyti.ms/2tyi0HT
- Trump tried on Sunday to put the matter of Russia's alleged election meddling behind him, insisting that he had "strongly pressed" Russian President Vladimir Putin on the matter twice in a private meeting last week and declaring that it was "time to move forward." nyti.ms/2tYfY4M
- Two congressional Democrats are demanding more information about U.S. President Donald Trump's potential conflicts of interest stemming from his part ownership of the nation's largest federally subsidized housing complex, which they say could benefit financially from decisions made by the Department of Housing and Urban Development. nyti.ms/2v1pqRE
- A group of news organizations will later in the week begin an effort to seek bargaining rights against Google and Facebook Inc and will ask for a limited antitrust exemption from Congress in order to do so. nyti.ms/2txHOE6
- A fire late Saturday at a Los Angeles Department of Water and Power facility forced officials to cut off power to about 140,000 city residents, leaving them without air-conditioning for roughly 12 hours during a record-breaking heat wave. nyti.ms/2uGZDPC
Britain
The Times
- External consultants have been drafted in by BT as part of a cost-cutting drive aimed at rebuilding its reputation. The telecoms group has been working with McKinsey to find efficiency savings as it prepares to face shareholders at its annual meeting on Wednesday. bit.ly/2txoVB8
- Santander has gone back on a plan to allow its private British shareholders to take part in a 7.1 billion euro capital-raising this month. Europe’s biggest bank, which has 1.4 million Britons among its shareholders, said that it was not practicable to allow them to participate. bit.ly/2txaahy
The Guardian
- Wealthy hotel operator Surinder Arora, Chairman of Arora Group has submitted plans for a third runway at Heathrow which he claims would be 6.7 billion pounds cheaper than the airport’s current scheme. bit.ly/2txhzNP
The Telegraph
- The BBC is considering a cull of its mobile apps in the next phase of its rearguard action against the growing influence of Netflix and Amazon. bit.ly/2txhMR7
- British specialist engineering services provider TP Group is embarking on a fundraising to build up a 23.9 million pound war-chest as it eyes acquisition targets in the defence, aerospace and government sectors. bit.ly/2txzGmT
Sky News
- CBI is poised to name Tesco's Chairman John Allan as its vice-president, a role that is expected to lead to him taking over from Paul Drechsler next year. bit.ly/2txGYal
- Theresa May has been warned by the Confederation of British Industry not to rush into Donald Trump's "bear hug" and try to negotiate a free trade deal with the US too quickly. bit.ly/2twUrz0
The Independent
- British Airways is paying staff working normally the bonuses that would have gone to their colleagues who are on strike. ind.pn/2tx4Qei