- Stocks, oil soar as Draghi the dove tames global bears (Reuters)
- Massive snowstorm poised to wallop U.S. East Coast (Reuters)
- Oil Rises in Biggest Rally Since August Amid Volatility Surge (BBG)
- Nikkei spikes more than 900 points after rebounds overseas (Japan Times)
- China's Working-Age Population Sees Biggest-Ever Decline (WSJ)
- Oil Is `Trade of the Year' for Citigroup After Iran Export Surge (BBG)
- U.S. Payment of $1.7 Billion to Iran Raises Questions of Ransom (WSJ)
- Boeing to cut 747-8 production in half as demand slows (Reuters)
- Draghi Sees Major Central Banks Pursuing Divergent Monetary Policies 'For a While' (WSJ)
- U.S. Is Hiding Treasury Bond Data That's Suddenly Become Crucial (BBG)
- Investors sour on Abenomics as global gloom deepens (Reuters)
- Google Paid Apple $1 Billion to Keep Search Bar on IPhone (BBG)
- How Wall Street Finds New Ways to Sell Old, Opaque Products to Retail Investors (BBG)
- Oil Plunge Imperils Iraq's Fight With Islamic State, Abadi Says (BBG)
- Nine Dragons' profit slump on weak yuan spells trouble for Chinese firms (Reuters)
- U.K. Retail Sales Plunge as Mild Weather Curbs Spending (BBG)
- Fed's Unexpected Partner to Manage Rates: Foreign Central Banks (BBG)
- U.S. weighs making Hawaii missile test site operational (Reuters)
- Starbucks Blames Paris Terror Attacks for Hurting Sales (BBG)
- Argentina's Macri hopes for creditor deal early in 2016 (Reuters)
- Fewer orders at Apple suppliers could signal first iPhone sales decline (Reuters)
- Podemos Ready to Back Socialist-Led Government for Spain (BBG)
Overnight Media Digest
WSJ
- In a bid to expand its portfolio of cloud-based computing services, International Business Machines Corp has acquired Ustream Inc, a seller of video streaming services, in a deal valued at $130 million. (http://on.wsj.com/1PkzfTu)
- American Express Co Chief Executive Kenneth Chenault pledged to overhaul the company after the card issuer posted a 38 percent decline in fourth-quarter earnings and provided a bleak outlook for next year. As part of the changes, AmEx said it would cut $1 billion in costs by the end of 2017, acknowledging that efforts to propel revenue growth weren't paying off. (http://on.wsj.com/1Uf5y4m)
- Digital Asset Holdings LLC, a startup trying to develop mainstream uses for blockchain technology and led by star banker Blythe Masters, has raised more than $50 million from 13 investors including JPMorgan Chase & Co, Citigroup Inc, BNP Paribas SA, CME Group Inc and Accenture PLC, the company said. (http://on.wsj.com/1VcI9k5)
- Boeing Co said it plans to halve production rates of its 747-8 plane later this year; latest step in the decline of the iconic jumbo jet and a fresh signal of persistent weakness in the global air-freight market. (http://on.wsj.com/1UeYN2r)
- The dismal energy environment slammed Union Pacific Corp in the fourth quarter, causing the railroad's earnings to fall 22 percent from a year ago and the company to miss Wall Street expectations. The company sustained steep declines in shipments of such higher-margin businesses as coal, crude oil and fracking sand plus a sharp drop in its fuel surcharge revenue, causing profit to fall to $1.12 billion, or $1.31 per share. (http://on.wsj.com/1Ku2bAT)
FT
Khalid al-Falih, chairman of state oil company Saudi Aramco, said that the collapse in oil prices to $30 is "irrational" and he expects the market to recover in 2016.
Boeing said on Thursday that it would halve the production of its 747 jumbo jet to six a year from September.
A spokesman for European commissioner Margrethe Vestager confirmed that she held a "private meeting" with Apple's chief executive, Tim Cook, weeks before she is set to rule on a landmark case that could force the California-based technology company to pay billions in underpaid taxes to Ireland.
NYT
- Decline of oil prices over the past two years failed to deliver the usual economic benefits. As oil prices have fallen to levels not seen since 2003; sagging below $27 a barrel on Wednesday before rebounding to about $30 on Thursday- many experts now say they do not expect lower prices to bolster the domestic economy significantly in 2016. (http://nyti.ms/1K0CIUS)
- As Charter Communications Inc seeks approval for its $67.1 billion takeover of Time Warner Cable Inc and Bright House Networks, critics point that the combined company would have both the power and incentive to inhibit the future of streaming video. If approved, the proposed merger would create a powerful new force in the country's broadband market. (http://nyti.ms/1K0CMUG)
- JPMorgan Chase & Co paid Jamie Dimon, its chairman and chief executive, 35 percent more in 2015 than the previous year's compensation package, which was only narrowly approved by shareholders. (http://nyti.ms/1K0CRra)
- A federal appeals panel on Thursday rejected an effort by 27 states and dozens of corporations and industry groups to block the administration's signature regulation on emissions from coal-fired power plants. (http://nyti.ms/1K0CWeB)
- The heated battle between Airbnb, the popular room-sharing app, and the hotel industry is playing out in city halls across the country, including those in New York and Los Angeles, which have either passed or are considering restrictions on the service. (http://nyti.ms/1K0DgKs)
Canada
THE GLOBE AND MAIL
** Canadian Pacific Railway Ltd says it would cut 1,000 jobs and C$400 million in spending this year as it grapples with declining freight volumes in a sluggish economy. The job losses are expected by the middle of this year. (http://bit.ly/1WAdOgF)
** The federal government is looking to speed up promised reforms to employment insurance with legislation early in the new session, as job losses mount in Alberta and Saskatchewan due to the fall in commodity prices. (http://bit.ly/1lByDuD)
** Alberta Premier Rachel Notley is set to meet with her Ontario counterpart, Kathleen Wynne, on Friday as the Western province seeks to build support for the proposed Energy East pipeline after it drew heat from Montreal-area mayors on Thursday. (http://bit.ly/1nd9EPq)
** An iconic downtown Toronto waterfront hotel is going on the market, with a price tag expected to set a record for a sale of a Canadian hotel. The Westin Harbour Castle could fetch C$350 million to C$400 million. (http://bit.ly/20iCexk)
NATIONAL POST
** TransCanada Corp is pursuing more modest developments in the U.S. Gulf Coast to make inroads in the oil refinery complex. The company's $600 million Houston Lateral pipeline and tank terminal is set to come on stream by the second quarter of the year, connecting the existing Keystone pipeline system to refineries in Houston. (http://bit.ly/1Tc3Cv1)
** The husband of one of the Canadian victims of last week's terror attack in Burkina Faso said he hung up on Prime Minister Justin Trudeau when he called to offer his condolences. (http://bit.ly/1Pmzqh2)
Britain
The Times
Barclays drops gold as 1,000 go
Barclays Plc is to give up trading in gold and other precious metals in a series of cutbacks at its investment bank where more than 1,000 staff will lose their jobs. (http://thetim.es/1OABOgL)
The Guardian
VW rejects call to compensate European drivers over emissions scandal
Volkswagen AG has dismissed a call from the EU's industry chief to pay compensation to European drivers who bought cars with emissions test-cheating software. Elzbieta Bienkowska, the European commissioner for industry, urged the German carmaker to pay compensation to 8.5 million European drivers who had bought cars fitted with defeat devices when she met VW's chief executive, Matthias Muller, in Brussels on Thursday. (http://bit.ly/1SzZOnX)
Publisher Pearson to cut 4,000 jobs
Education book publisher Pearson Plc said it would cut 4,000 jobs, or 10 percent of its workforce, and undergo a restructuring to tackle problems with its business in the US, Brazil and South Africa. (http://bit.ly/1PHPnIY)
JPMorgan backs campaign to keep Britain in the EU
JPMorgan Chase & Co, the biggest bank in the United States, has hinted it could quit the United Kingdom if Britain votes to leave the European Union. The warning came as a number of U.S. investment banks lined up to offer financial support to the In campaign. The bank's chief executive, Jamie Dimon, said "Britain's been a great home for financial companies and (EU membership) has benefited London quite a bit. We'd like to stay there, but if we can't, we can't." (http://bit.ly/1nq7exD)
The Telegraph
Virgin Media to cut 900 jobs over the next two years
Virgin Media will cut 900 jobs from its British workforce over the next two years, it announced today. The telecoms firm, which was bought by American tycoon John Malone's Liberty Global in 2013 for 15 billion pounds, said it was reorganising its business to focus on network expansion, but did not say where the redundancies would fall. (http://bit.ly/1nbrjXQ)
Sky signs exclusivity deal with Twin Peaks maker Showtime
Sky Plc has sought to fortify its pay-TV business by signing up the US cable channel Showtime, the maker of The Affair and the forthcoming Twin Peaks revival, to a lengthy exclusivity deal. (http://bit.ly/1PlJbfl)
Sky News
HSBC Seeks Rice Advice As HQ Decision Looms
The former U.S. Secretary of State Condoleezza Rice has been drafted in to advise HSBC Holdings Plc on the future location of its headquarters even as the bank's board has ruled out a move across the Atlantic. (http://bit.ly/1QokX35)
Brantano UK Collapses With 2,000 Jobs At Risk
The value shoe retailer Brantano UK has gone into administration leaving 2,000 jobs at risk, just three months after it was bought by a specialist retail investor. (http://bit.ly/23h9UxO)