- The World's Richest People Got Poorer This Year (BBG)
- Oil hovers near 11-year lows on abundant supply, slowing demand (Reuters)
- Oil-Producing States Battered as Tax-Gushing Wells Are Shut Down (BBG)
- A Bold Few Traders Earn Billions Flouting Rivals (WSJ)
- Islamic State ruling aims to settle who can have sex with female slaves (Reuters)
- Winter Storm Snarls Republican Presidential Traffic (BBG)
- Donald Trump Urges Supporters to the Polls (BBG)
- China continues suspension of retail fuel price adjustment (Xinhua)
- Beijing Warns Children to Stay Indoors as Smog Levels Hit Heavy (BBG)
- Yuan hits 4-1/2-month low in offshore trade, Swedish crown soars (Reuters)
- Fannie and Freddie Give Birth to New Mortgage Bond (WSJ)
- Belgium Makes Two Arrests to Ward Off New Year's Terrorism (BBG)
- Ruble Drops to 2015 Low on Year-End Budget Flows as Oil Tumbles (BBG)
- Former Israeli PM Olmert's jail term cut, cleared of main charge (Reuters)
- 1MDB and the Money Network of Malaysian Politics (WSJ)
- The Return of the Affordable Starter Home (BBG)
- Pentagon thwarts Obama's effort to close Guantanamo (Reuters)
- U.S. Companies Led the World in 2015 Debt Defaults, S&P Says (BBG)
Overnight Media Digest
WSJ
- Valeant Pharmaceuticals International Inc said Chief Executive Michael Pearson is on medical leave after being diagnosed with severe pneumonia, reigniting investor concerns about the troubled drugmaker. (http://on.wsj.com/1Vmm7My)
- Lemmy Kilmister, long an indomitable force in hard rock who led the band Motörhead for 40 years, died Monday, according to a statement posted on the band's official Facebook page. The band's singer, bass player and lead songwriter had turned 70 on Christmas Eve. The cause of death was "an extremely aggressive cancer," the band said. (http://on.wsj.com/1QXaOvf)
- Billionaire investor Carl Icahn raised his bid for Pep Boys-Manny, Moe & Jack to value the automotive parts and repair chain at $1 billion, topping last week's sweetened merger pact with Bridgestone Corp. (http://on.wsj.com/1NMNdcO)
- After violent winter weather killed at least 43 people this past weekend, the first winter storm of the season threatened to unleash more flooding in the Midwest and icy conditions in parts of the Northeast. (http://on.wsj.com/1UeTXlq)
- Venture capitalist Bill Gurley is stepping down from the board of GrubHub Inc amid mounting competition - and growing potential for conflicts of interest - in the business of food delivery. (http://on.wsj.com/1mMF0wm)
FT
Los Angeles-based CBRE Group Inc will on Tuesday announce a two-year partnership with London-based start-up Virtual Walkthrough to enable 360-degree digital capture of UK offices available to let.
Deutsche Bank AG has agreed to sell its 20 percent stake in China's Hua Xia Bank Co Ltd to insurer PICC Property and Casualty Co for up to 3.7 billion euros ($4.06 billion) as the bank steps up efforts to strengthen its balance sheet under Chief Executive John Cryan.
Chinese-owned Volvo Car Group is preparing to issue bonds for the first time as a standalone carmaker, a move that people close to the Swedish company say could be a prelude to a stock market debut.
NYT
- The United States Department of Homeland Security said airport screeners may soon start accepting only licenses that meet federal standards, despite resistance from privacy advocates. (http://nyti.ms/1Jd3Pf4)
- U.S. Hedge fund managers have stunned investors with the depth of their losses this year, and pressure to perform better will be intense heading into 2016. (http://nyti.ms/1mfrB00)
- Pressured by low oil prices and costly wars in the Middle East, Saudi Arabia announced a sharp reduction in its 2016 budget on Monday to control a worsening deficit, which is steadily draining the kingdom's financial reserves. (http://nyti.ms/1IAacsB)
- Valeant Pharmaceuticals International Inc, a drug company whose business model has been under siege, announced on Monday that Michael Pearson, its chairman and chief executive, was on medical leave and that a team of executives would run the company while he was out. (http://nyti.ms/1OvLjka)
Britain
The Times
- Britain is facing higher taxes if chancellor George Osborne is to meet his goal of eliminating the budget deficit by 2020, a survey of leading economists by Times has found. (http://thetim.es/1Vn08Vz)
- Sound Energy is expected to announce multimillion-pound backing today to develop three new wells in the Sahara desert. Schlumberger, which has been hammered by falling oil and gas prices and forced to cut 20,000 jobs, has agreed to pay for 80 per cent of Sound Energy's first appraisal well at Tendrara in the Oriental region of Morocco, then 75 per cent of the cost of two further wells. (http://thetim.es/1Zye81d)
The Guardian
- Lidl is to sell English wine for the first time, in a major commercial boost for the burgeoning industry. As part of its latest push to attract well-heeled shoppers, the German discount supermarket will stock three Broadwood's Folly wines made by Denbies. (http://bit.ly/1SjkzDh)
- Cheaper petrol and food left households with more money to spend on new cars, furniture and going out this year. A new report into disposable incomes highlights how lower spending on essentials in 2015 meant Britons were able to buy more luxury items like jewellery and watches as well as spending more on their homes and gardens. (http://bit.ly/1Ovz5Iq)
The Telegraph
- Ministers have been accused of bringing in a "tax on marriage" after it emerged that couples will be forced to pay a higher rate of stamp duty when buying a second home. A consultation published by the Treasury revealed that married couples will be treated as "one unit" and have to pay an extra 3 per cent in stamp duty if they buy an additional property. (http://bit.ly/1NMp0U0)
Sky News
- The economic impact of the flooding that has devastated parts of Britain could reach nearly £6 billion ($8.93 billion), experts believe. Accountants at KPMG have based the estimate on the immediate hit to households, firms and insurers as well as longer term costs, after swathes of Britain were swamped in the wake of Storm Desmond and Storm Eva. (http://bit.ly/1ZxQGkE)
- Barclays PLC Chairman John McFarlane was summoned for urgent talks with the Bank of England over a secret plan to subsume its high street operations under the ownership of its investment banking arm. (http://bit.ly/1RNViSk)
The Independent
- The high street benefitted from Boxing Day falling on a Saturday, according to figures that show 11.7 percent more people went shopping the day after Christmas compared to last year. (http://ind.pn/1OuBGCx)