Major setback for Murdoch; Apple vs. Google; Japan and Europe race to a free trade deal

Profitable Moment   U.S. pulls back from the brink on laptop ban A dramatic expansion of the U.S. laptop ban on planes seems to be on the shelf for the time being. Instead, the U.S. Department of Homeland Security is requiring airlines and airports overseas to introduce new security measure described as both seen and unseen. This will involve more vetting and questioning of passengers as well as better protection of airports and aircraft.  Today I asked the CEO of KLM, Peter Elbers, if he knew what was involved. He told me they were still awaiting more details from the U.S., but that they would of course comply. They have no choice. Even though the U.S. can't enforce its requirements overseas, the DHS can simply say: Comply or we won't grant you permission to fly to the United States. That's a powerful argument that wins the day! For travelers this is all good news. Anything that makes flying safer is to be welcomed and requiring laptops in the hold was anything but safe. So many lithium batteries in one inaccessible place remains an unacceptable fire risk. There will always be risk, unless we're forced to fly in only our underwear. But it is good to see that the U.S. has listened to the critics of its policy, and made sensible adjustments. We should all feel a bit safer. -Richard.Quest@cnn.com  What's new... what's next   By Julia Horowitz of CNNMoney 1. Japan and Europe racing to a free trade deal While President Trump talks tough on trade, the European Union and Japan are getting down to business. Negotiators from both sides say they're close to striking a major free trade agreement. What's on the table? Japan wants to remove high EU tariffs on products like cars and electronics. The EU, meanwhile, is pushing for better market access for agricultural products, and lower tariffs on products like cheese, pasta, pork and wine. 2. Major setback for Murdoch's $15B Sky deal Rupert Murdoch's attempt to grow his media empire in Europe by scooping up pay-TV group Sky was dealt a massive blow on Thursday. The British government ruled that Murdoch's 21st Century Fox shouldn't be allowed to purchase Sky without a further investigation. The big concern: that the transaction would give the Murdoch family too much control over British media. Also on Thursday, British media regulator Ofcom said it found "significant failings" at Fox News over its handling of sexual harassment allegations. 3. Apple vs. Google: Which is the better stock? Apple is worth more than any company on Wall Street. Google owner Alphabet is right behind it. But which stock has been the better buy? If you go back to the debut of the first iPhone 10 years ago, the answer is clearly Apple. Shares of the firm are up an astonishing 747% since late June 2007. Alphabet is up more than 265%. But the fight continues. Both stocks are up more than 20% so far in 2017 as investors keep their faith that they can go head-to-head. 4. Walgreens merger with Rite Aid falls apart A $10 billion mega-merger between two of the nation's largest drug stores has been scuttled. Walgreens and Rite Aid announced Thursday that they don't plan to combine forces anymore. Instead, Walgreens agreed to buy 2,186 Rite Aid stores for $5.2 billion. The deal, which was under intense scrutiny from the get-go, would have left the U.S. with just two major pharmacy chains: Walgreens and CVS. The Federal Trade Commission was scheduled to rule on the merger Thursday and was widely expected to block it. 5. Quick Takes: ISIS is losing Mosul. Its sources of income are disappearing too Unilever op-ed for CNNMoney: Companies must come clean on climate risks Apple rival shows off a smartphone with an on-screen fingerprint scanner India's struggling national airline could soon be in private hands Martin Shkreli's lawyer: 'Maybe he's nuts but that doesn't make him guilty' Hey, shoppers! Amazon Prime Day is coming. Here's what to expect Most McDonald's restaurants in India's capital are closed until further notice 6. What's next: Checking the U.K. economy: On Thursday, the U.S. learned that the Trump economy grew at an annual pace of 1.4% in the first three months of the year. Tomorrow, it's the U.K.'s turn to look at its revised first quarter number. The initial reading was a lowly 0.2% growth rate. Unemployment in Germany: The European nation will release the jobless rate for June on Friday. Unemployment in Germany has been at record lows. That's good news for Chancellor Angela Merkel heading into national elections in September. Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences