Cyprus asks for easier bailout terms
Cypriot president Nicos Anastasiades has written to Eurozone leaders to ask for the country’s €10bn (£8.6bn) bailout to be completely revamped. He wrote that the restructuring of the country’s two largest banks was “implemented without careful preparation”, wiping out the working capital of many Cypriot companies and requiring unprecedented capital controls that were suffocating the island’s economy. Anastasiades wants the partial merger of the two largest banks to be unwound, and asked for more loans from the Eurozone.
Global fish prices leap to new high
Fish prices have hit an all-time high on growing Chinese demand for high-end species from tuna to oysters. The UN Food and Agriculture Organisation’s global fish price index hit a record high in May, up 15 per cent from a year ago.
Votorantim suspends $4.9bn IPO
Brazil’s largest cement producer has suspended its $4.9bn (£3.1bn) initial public offering, according to people familiar with the deal. The stock market listing would have been the second biggest in the world so far this year. But it was stalled by regulatory and economic worries.
Credit Suisse in discrimination suit
A leading City analyst once nicknamed the “godfather of retail” is suing Credit Suisse for more than £3m for age discrimination. Tony Shiret was dismissed in June 2011, aged 55.
China fears hit investment allocation
Investors’ flight from emerging markets has taken a firm hold, with fund manager allocations falling to their lowest level since the credit crunch, according to a survey. Bank of America Merrill Lynch blamed fears of China’s slowdown.
The Daily Telegraph
Amazon advised to buy Ocado
One of America’s top technology analysts Cantor Fitzgerald has said Amazon should buy Ocado, arguing the food retailer’s advanced platform could help Amazon roll out its new food delivery service in the US.
Treasury secretary changes signature
Jack Lew has changed the signature he will use on US banknotes after his initial effort was mocked for being too loopy. His previous signature resembled a series of linked o-shapes.
THE WALL STREET JOURNAL
Chrysler to recall old-model Jeeps
Chrysler Group said it would recall 2.7m older-model Jeeps and modify the vehicles to reduce the risk of fuel leaks in low-speed collisions even as regulators continue a probe of the vehicles.
Taliban opens door to peace talks
The Taliban set the stage for peace talks with envoys of President Hamid Karzai and the US, establishing a venue and an opening to the Afghan leadership just hours after Kabul formally took over nationwide security responsibilities.