Good morning! Here’s what you need to know.
1. Giuseppe Conte, a law professor, was named as Italian prime minister on Wednesday. He must now prove he can lead the euro zone’s third largest economy with no political experience.
2. US Senate Democrats urged President Donald Trump to try to prod OPEC to take steps to lower oil prices. They suggested that millions of Americans will see tax cut proceeds canceled out by higher fuel costs.
3. Heinrich Hiesinger’s position as Thyssenkrupp’s CEO is more precarious than it has ever been. A 10% gain in the industrial group’s share price on news that hedge fund Elliott was taking a stake, showed the dwindling faith investors have in Hiesinger to turn the group around.
4. Negative news stories about Tesla have hit a “fever pitch,” and the electric carmaker’s stock is set to surge as output of its Model 3 sedan improves, according to an analyst.Baird Equity Research analyst Ben Kallo, said reports about factory accidents, employee turnover and production pauses have contributed to investor pessimism.
5. Support for European Union membership has hit a 35-year high across the bloc. The Eurobarometer survey showed that 67% of EU citizens thought that membership had benefited their country, the highest level since 1983.
6. Limits on global warming would bolster the world economy by averting tens of trillions of dollars in damage from heat waves, droughts and floods, a study said. The toughest temperature curbs would benefit 90% of the world’s population.
7. Italy will auction frequencies for fifth-generation mobile services in September. The move is expected to raise at least €2.5 billion for state coffers.
8. Sinopec, Asia’s largest refiner, will boost US crude oil imports to an all-time high as China tries to reduce its trade deficit. The company’s trading arm Unipec has bought 16 million barrels of US crude to load in June.
9. French President Emmanuel Macron told the world’s biggest technology firms that they needed to contribute more to society. He is also spearheading efforts in Europe to have digital companies pay more tax at source.
10. The Spanish government secured parliamentary backing for its 2018 budget. This came after the Basque Nationalist Party lent its support, avoiding delays some had feared as a consequence of the political stand-off in Catalonia.
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