How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.
– Robert G. Allen

Companies

John Malone’s Liberty Global Acquires Ireland’s TV3
Liberty Global already owns cable operator UPC Ireland in the country, which is now the new owner of the TV3 business.

Apple Pay expected to go live in the U.K. on July 14th, £20+ transactions starting this fall
Almost all banks on board.

Rolls-Royce releases third profit warning
Rolls-Royce has issued its third profit warning in just over a year, blaming lower oil prices and weaker demand for some of its aircraft engines.

Markets

The first season of all-electric Formula E racing was the start of something awesome
Unless you have sports like this, we’ll never get to a world that’s carbon-neutral by 2050

The U.S. Is Producing a Record Amount of Milk and Dumping the Leftovers
Farmers are still making money as prices tumble because of cheaper and more abundant feed for their herds.

China Tells Investors: Go Ahead, Bet the House on Stocks
Under new rules announced Wednesday by the country’s securities regulator, real estate has become an acceptable form of collateral for Chinese margin traders, who borrow money from securities firms to amplify their wagers on equities.

Investing

Capital Allocation Evidence, Analytical Methods, and Assessment Guidance
Capital allocation is a senior management team’s most fundamental
responsibility. The problem is that many CEOs don’t know how to allocate
capital effectively. The objective of capital allocation is to build long-term
value per share.

Related

Christo Wiese: South Africa’s modest fashion billionaire comes to Britain
After snapping up New Look and Richard Branson’s Virgin Active gyms, the retailer is ready to launch 50 Pep & Co fashion outlets in a matter of months

Long reads

The Broker Who Saved America
You know Hancock and Washington and Franklin and Jefferson. You might even know Greene and Knox, Henry and Hale. But it is very unlikely that you know the name Haym Solomon.

13th century Mongolian ship Kublai Khan sent to invade Japan found
Two armadas sent by the emperor of the Yuan Dynasty to invade Japan decimated by legendary ‘kamikaze’

London: the city that ate itself
The city is suffering a form of entropy whereby anything distinctive is converted into property value. Can the capital save itself?

Graph of the week

What Europeans think of each other

Source: economist.com
Source: economist.com
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