- Stocks knocked back as oil rally falters (Reuters)
- Still no deal for Britain on EU reforms after all-night talks (Reuters)
- Oil Falls Near $30 as Rising U.S. Crude Stockpiles Expand Glut (BBG)
- PBOC to Raise Reserve Ratios for Banks That Don't Meet Criteria (BBG)
- China’s Top Securities Regulator to Step Down (WSJ)
- Excessive loosening of China's monetary policy would increase yuan pressure (Reuters)
- Tough road for Venezuela after dire data, inadequate measures (Reuters)
- Secret Memo Details U.S.’s Broader Strategy to Crack Phones (BBG)
- U.S. Clash With Apple Was Months in the Making (WSJ)
- Big banks see the need to shrink – but face a path full of obstacles (Reuters)
- Credit Suisse Said to Be Probed in Italy for Money Laundering (BBG)
- Standard Chartered CEO Braces for More Bad News (WSJ)
- This $9 Billion Fund Manager Says He's Sticking With Cash (BBG)
- Two European Carriers to Adopt Ad-Blocking Technology (WSJ)
- Pope says Trump 'not Christian' in a sign of global concern (Reuters)
- Draghi Wagers Propel Bunds Toward Longest Winning Run in a Year (BBG)
- Norway Central Bank Chief Warns on Oil Wealth as Coffers Raided (BBG)
- Apple likely to invoke free-speech rights in encryption fight (Reuters)
- Commodities' $3.6 Trillion Black Hole (BBG)
- This Is San Francisco’s Plan to Get the 1 Percent to Pay Up (BBG)
- Goldman Sachs to Turn Its Hedge Fund Research Into an ETF (BBG)
Overnight Media Digest
WSJ
- The dispute between the U.S. Justice Department and Apple has been months in the making, and long predates the latest tussle over an iPhone related to the San Bernardino attacks. (http://on.wsj.com/1KYA6XV)
- An extraordinary verbal dispute broke out between Pope Francis and Donald Trump after the pontiff criticized Donald Trump as "not Christian" for his anti-immigrant stand. (http://on.wsj.com/1KYAaqP)
- The White House gave its clearest indication yet that President Barack Obama is looking to name a Supreme Court nominee with past support from Republicans to put forward for the vacancy created by Justice Antonin Scalia's death. (http://on.wsj.com/1KYAdTr)
- IBM is buying data company Truven Health Analytics for $2.6 billion, in a bid to expand its already considerable presence in the health-care industry. (http://on.wsj.com/1KYAeXq)
FT
Tom King, the head of Barclays Plc's investment bank, is leaving the bank in two weeks, according to people familiar with the situation. Barclays is expected to tell staff about his departure on Friday.
Russian mobile phone operator VimpelCom Ltd, said on Thursday it would pay $795 million to resolve U.S. and Dutch probes into a bribery scheme in Uzbekistan, in the second largest global anti-corruption settlement in history.
Media group Vivendi said on Thursday it plans to ally with Qatar-controlled beIN Sports channels in France to shore up its loss-making French Canal Plus pay-TV business.
Prime Minister David Cameron appealed to EU leaders on Thursday to help him settle the question of Britain's European Union membership for a generation, as France and Belgium insisted that any deal agreed was the final word and would never get any better. Cameron urged colleagues to adopt a "live and let live" approach to Britain, where the UK would gain a special deal on the edge of a more integrated bloc.
NYT
- China's foreign-exchange reserves have shrunk by nearly a fifth since the summer of 2014, as Beijing has moved to shore up the value of its currency. A year and a half ago, China held as much as $4 trillion in foreign exchange reserves. The reserves represented a symbolic trophy for China's leaders, who have described them as the "blood and sweat" of the workers. (http://nyti.ms/1PUuzyE)
- Residents of the Porter Hill community in Los Angeles say they worry that health problems will continue from the natural gas leak that was discovered in October. Testing showed that air quality had returned to normal, but for some angry residents, nothing short of the gas field's closing will be enough. (http://nyti.ms/21cjxfj)
- Documents suggesting Volkswagen AG executives knew of elevated diesel emissions in early 2014 could create problems with regulators, car owners and stockholders. (http://nyti.ms/1PVcBMt)
- Fresenius Medical Care, The world's largest provider of kidney dialysis equipment and services, has agreed to pay $250 million to settle thousands of lawsuits from dialysis patients and their relatives claiming that the company's products had caused heart problems and deaths. (http://nyti.ms/1ow12EZ)
Canada
THE GLOBE AND MAIL
** Saskatchewan Premier Brad Wall says he wants nothing to do with Ottawa's plan for a national minimum price on greenhouse gas emissions as he raises the political heat ahead of the First Ministers climate summit scheduled for Vancouver in two weeks.(http://bit.ly/1KZ1iG7)
** Quebec lawmakers and business leaders are cranking up pressure on the Canadian government to help Bombardier Inc as the struggling plane maker lays plans to refresh its board of directors in the weeks ahead. (http://bit.ly/1osgxgg)
** An accident in Canada that killed passengers in a 2011 Toyota RAV4 has led to a worldwide recall of about 2.9 million Toyota Motor Corp RAV4 crossovers, many of them built in Canada. (http://bit.ly/1PHPE19)
NATIONAL POST
** In a debate on Israel, the Conservatives, Liberals and NDP agreed that the boycott, divestment and sanctions movement against the only democracy in the Middle East is a misguided idea that undermines the prospects of peace. (http://bit.ly/1VrEL5f)
** The global economy is growing at a stubbornly weak pace and governments should be deploying fiscal tools alongside monetary policy to stoke growth, the Organisation for Economic Co-operation and Development said in its latest outlook Thursday. (http://bit.ly/1OjitwV)
Britain
The Times
- Asda has slumped to its worst performance on record over Christmas as the fierce price war in Britain's supermarket sector continues to wreak havoc. The Walmart-owned grocer said that its same store sales dropped 5.8 percent in the final quarter of 2015 after it was hit by rivals' heavy promotions on beer and wine and fresh produce. (http://thetim.es/1SD1c9H)
- Groupe Eurotunnel SE is claiming more than 29 million euros ($32.22 million) in compensation from the French and British governments for disruption to its services caused last year by the migrant crisis. (http://thetim.es/1SD1eyj)
The Guardian
- Tesco Plc will only sell straight croissants from Friday, despite the breakfast pastry's French name meaning "crescent". It claims that demand for the traditionally curved breakfast snacks has fallen and British consumers now prefer straight ones due to their optimised "spreadability factor" and a sense that they are somehow more sophisticated. (http://bit.ly/1mKWQzp)
The Telegraph
- Market expectations that UK interest rates will remain on hold until 2019 are not justified, according to the deputy governor of the Bank of England. Jon Cunliffe said bets by investors that rates could even be cut were not backed by economic fundamentals. (http://bit.ly/1SD1wW3)
- Three is poised to become the first major European mobile operator to block online advertising on its network, signalling a clash with digital publishers and advertising companies. (http://bit.ly/1SD1w8p)
Sky News
- Centrica Plc, the owner of British Gas, has trimmed its full-year losses for 2015 to 1.1 billion pounds ($1.58 billion), down from 1.4 billion pounds in 2014. The firm called this a "resilient financial performance in a challenging environment". (http://bit.ly/1SD1pts)
- Business leaders are being asked to sign an open letter endorsing a deal between David Cameron and European Union leaders even before he thrashes out an agreement which paves the way for a summer referendum. (http://bit.ly/1SD1pcS)
The Independent
- Organisation for Economic Cooperation and Development has stressed in its latest report that countries must adopt a more balanced approach to spending to try and stop economic growth from stalling. The latest figures show the UK economy is expected to grow by just by 2.1 percent in 2016 and 2 percent, 0.3 points less than it was thought at the end of last year. (http://ind.pn/1mKWFUF)