Good morning. Here’s what you need to know:
- Asian markets were mixed in overnight trading, with the Shanghai Composite down 1.70%. European indices are down in early trading, and U.S. futures suggest a lower open.
- Australia has refrained from hiking interest rates in a decision that was somewhat unexpected. The country cited slow growth in the U.S. labour market as a reason behind maintaining its 4.5% key interest rate. Check out the state of the Australian economy >
- Indonesia is set to be home to a port larger than Los Angeles, seeking a 113% increase in port size. Ground breaking is to occur later this year. Check out why Indonesia is part of the MAVINS >
- Floods in Pakistan have now taken up to 1,500 lives and displaced 2.5 million people, according to the Red Cross. Anti-government protests are now breaking out in response to a perceived poor response by the Pakistani state.
- The city of Karachi in Pakistan saw night clashes claim 46 lives after the assassination of a political leader there. The killing is blamed on sectarian violence, driven by different political parties connected to different ethnicities.
- Greece is set to receive the second tranche of its EU-IMF bailout this week worth $145 billion. The country is likely to be complimented for its approach to the crisis and aggressive reforms and austerity measures. Here’s who gets slammed if Greece takes a haircut >
- Santander is set to finalise deals with two other major banks that will see the Spanish bank move aggressively into the U.S. and UK markets. The bank is set to buy $4.3 billion in car loans in the U.S. from HSBC and 318 branches of RBS in the UK.
- The U.S. Senate has failed to pass a $26 billion state bailout package that would have alleviated some of the pressure on state budgets. There will be another vote on Wednesday in the Senate, but the bill’s changes will need to be negotiated with the House.
- Sanofi-Aventis is now officially in talks with U.S. biotech firm Genzyme over an $18.4 billion buyout proposal. Sanofi-Aventis plan to offer, at maximum, $70 a share while Genzyme are seeking around $80 a share.
- Toronto mining company Kinross Gold is acquiring Vancouver mining company Red Back Mining for $7.1 billion. The deal aims to expand Kinross’ reach to West Africa, where Red Back have projects in Ghana. Check out these 12 charts on the state of the world gold market >
- Bonus: Brad Pitt has nicknamed himself “Mr. mum” in his relationship with Angelina Jolie.
- Follow up to the minute markets coverage at Money Game >
Business Insider Emails & Alerts
Site highlights each day to your inbox.