Good morning, everyone. Stocks in Asia were headed higher ahead of critical talks between Greece and officials in the European Union and European Central Bank. Many view the talks on Monday as a make-or-break moment for the troubled country, which has big bills that it can’t pay due on June 30 Over the weekend, Greek Prime Minister Alexis Tsipras said he had made a proposal that would set things straight. No one is saying what was in the offer and whether it would break the logjam. Also on our radar:
China fuels U.S. R&D. Seen as an effort to turn the nation into one of the world’s innovation hubs, Chinese firms have been flooding American researchers with R&D money, yielding them a treasure trove of patents. Reuters
Chinese hackers gained privileged access to U.S. systems. In their latest cyberattack, Chinese hackers apparently gained “administrator privileges” to the U.S. government’s Office of Personnel Management network, allowing them to take a peek at “the one million or so federal employees and contractors who have filled out a form known as SF-86” – the National Security Clearance questionnaire. The New York Times
Juncker calls on the EU to build a common treasury by 2025. European Commission President Jean-Claude Juncker has reportedly urged the EU to renew their commitment to a joint future and create a common treasury for themselves by 2025, adding: “All members of our monetary union have given up their previous national currencies once and for all, and permanently share monetary sovereignty with the other euro-area countries… …(t)his common destiny requires solidarity in times of crisis and respect for commonly agreed rules from all members.” Whether Greece is part of that common destiny, was not mentioned. Bloomberg
David Cameron hints on slashing welfare through an assault on tax credits. U.K. Prime Minister David Cameron recently signaled that he may be taking on tax credit system in order to cut the U.K.’s welfare costs, saying that he wants to shift Britain from a “low-wage, high-tax, high-welfare society to a higher-wage, lower-tax, lower-welfare society.” Financial Times (paywall)
China’s Fosun acquires majority stake in Israel’s fourth-largest insurer. The Netanya, Israel-based holding company Delek, has recently announced that it has sold its 52% stake in Phoenix Holdings, Israel’s fourth-largest insurance provider by market value, to China’s Fosun International for a reported $461.6 million plus interest. This is the latest in Guo Guangchang’s energy, insurer, and property buying spree. Bloomberg
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