- Global share market settles after stormy start to year (Reuters)
- Stocks Extend Losses as Yen, Gold Rise on Lingering China Unease (BBG)
- China battles to shore up stocks, yuan after globe-shaking slide (Reuters)
- China Said to Intervene in Stocks After $590 Billion Selloff (BBG)
- Volkswagen faces billions in penalties as U.S. sues for environment violations (Reuters)
- Obama tightens gun rules, requires more background checks (Reuters)
- Obama to Announce Expansion of Background Checks for Gun Purchases (WSJ)
- Republican eyes DOJ budget to block Obama gun orders (Hill)
- This Time Mideast Tensions Are Bad News for Oil (BBG)
- New Saudi-Iran crisis threatens wider escalation (Reuters)
- South China Sea tensions surge as China lands plane on artificial island (Reuters)
- High-Speed Trader DRW Proposes Thousand-Foot-Plus U.K. Tower (WSJ)
- Ex-Soros's Bessent Raises $4.5 Billion for New Hedge Fund Firm (BBG)
- York's Weinberger Departs After 15 Years to Start Own Hedge Fund (BBG)
- New on Netflix's 2016 Agenda: Making Real Money (BBG)
- For some British business owners, EU membership is losing its appeal (Reuters)
- Supermines Add to Supply Glut of Metals (WSJ)
- China rail freight down 10.5 pct in 2015, biggest annual fall (Reuters)
- Hedge Funds’ Idea Man: the under-the-radar consultant for some of Wall Street’s most influential investors (WSJ)
Overnight Media Digest
WSJ
- The U.S. Department of Justice sued Volkswagen AG , seeking billions of dollars in penalties over its alleged cheating on emissions tests. (http://on.wsj.com/1VCBsIS)
- Brazil's state-run oil giant, Petroleo Brasileiro SA , faces another year of low energy prices and high debt, and critics of CEO Aldemir Bendine say his approach so far lacks the urgency needed to fix its deepening troubles. (http://on.wsj.com/1INCYpQ)
- Baxalta INC has agreed to pay Danish biotechnology company Symphogen up to $1.6 billion for the rights to co-develop six experimental cancer drugs, as it nears a takeover deal with Shire PLC. (http://on.wsj.com/1IMu0ZW)
- General Motors Co intends to work with Uber's U.S. rival, Lyft, to develop a system that could have driverless vehicles arriving at ride-hailing customers' doors. (http://on.wsj.com/22GQfac)
FT
The U.S. Justice Department on Monday filed a civil lawsuit against Volkswagen AG for allegedly violating the Clean Air Act by installing illegal devices to impair emission control systems in nearly 600,000 vehicles.
Orange, France's largest mobile operator, has recently signed a confidentiality agreement with Bouygues Telecom in order to explore a possible tie-up. The talks between Orange and Bouygues have the potential to end a three year price war in the country.
Drugmaker Baxalta Inc said it has inked a deal, worth up to $1.6 billion, with privately held Symphogen under which the companies will develop immuno-oncology drugs.
AA Plc is expected to announce a joint venture to develop connected car services that could enable the company to remotely identify potential breakdowns before they happen. The service, Intelematics Europe, is a venture co-owned by AA, two other European roadside assistance clubs and Intelematics.
NYT
- The Justice Department sued German automaker Volkswagen AG in federal court on Monday, saying that the company installed illegal devices in nearly 600,000 diesel engine systems to impair emissions controls, increasing harmful air pollution. (http://nyti.ms/1Z46MFP)
- Documents on Takata Corp emails, unsealed as part of a lawsuit, show discussions about dressing up data at the airbag supplier, which is under fire for defective devices. (http://nyti.ms/1PHa0HN)
- Puerto Rico defaulted on about $174 million of debt payments on Monday, as planned, stripping cash away from its lower-ranked creditors so that higher-ranked creditors could be paid in full. (http://nyti.ms/1JUxGUo)
- Lyft announced on Monday that General Motors Co had invested $500 million in the company, or half of its latest $1 billion venture financing round. The funding, which recently closed, values Lyft at $4.5 billion, not including the new capital. (http://nyti.ms/1kHixiC)
- President Obama will announce executive actions Tuesday designed to tighten federal enforcement of the nation's gun laws and expand background checks, White House officials said. (http://nyti.ms/1OvVlzZ)
Canada
THE GLOBE AND MAIL
** The Canadian government is proceeding with a controversial $15-billion arms sale to Saudi Arabia even as it publicly condemns Riyadh for a mass execution of 47 people, including a dissident Shia Muslim cleric. (http://bit.ly/1OJGw8I)
** A former Ontario Liberal political staffer facing criminal charges related to the gas-plant scandal is turning to crowdsourcing to fund her legal defense. (http://bit.ly/1VEyQKH)
NATIONAL POST
** Former market darling New Millennium Iron Corp is embroiled in a nasty proxy fight as disgruntled investors hope to remove directors, cut expenses and improve its disclosure. (http://bit.ly/1OJHhP4)
** Suncor Energy Inc downplayed on Monday the possibility the company would sweeten its hostile takeover offer for Canadian Oil Sands Ltd, saying a new offer would be lower. (http://bit.ly/1myhUK4)
Britain
The Times
* Sports Direct said on Monday that Michael Murray had a "consultancy arrangement" with the group and that he was not paid a salary and had not been appointed a director of any company within Sports Direct. (http://thetim.es/1O1zsqW)
* Olaf Swantee, Chief Executive of EE Ltd <IPO-EEL.L> will stand down after its 12.5 billion pounds ($18.39 billion) sale to BT has been completed. (http://thetim.es/1O1BiI9)
The Guardian
* Around $27 billion was paid out by insurers for natural disaster claims last year, with weather causing 94 pct of incidents, according to data from reinsurer Munich Re. (http://bit.ly/1O1BBCL)
* UK factories entered 2016 in a "state of near stagnation" following a decline in output growth and new orders during December, according to Chartered Institute of Procurement and Supply/Markit purchasing managers' index survey. (http://bit.ly/1O1BZRG)
The Telegraph
* The Treasury's top civil servant, Sir Nicholas Macpherson, is set to stand down in April, having led the Government department for over a decade. (http://bit.ly/1O1CjjA)
* Oil & Gas UK, which represents more than 500 companies working in the offshore industry, said output from the UK continental shelf in 2015 rose between 7 pct and 8 pct compared with the previous year. (http://bit.ly/1MPVecW)
Sky News
* Financial Conduct Authority will not pursue formal action over the tax evasion scandal which engulfed HSBC's swiss private bank last year, according to Sky News. (http://bit.ly/1O1D7Vs)
* UK's Labour Party leader Jeremy Corbyn is scheduled to meet Carolyn Fairbairn, the CBI director general, towards the end of the week, according to Sky News. (http://bit.ly/1O1DgbF)
The Independent
* The U.S. government has formally sued Volkswagen over the emissions cheating software that was found in nearly 600,000 vehicles sold in the country, exposing the company to potential billions of dollars in fines. (http://ind.pn/1O1DCPt)
* Nearly half of UK workers or 15.3 million people will look for a new job in 2016 due to bad management and how poorly valued they are, according to a report by Investors People.(http://ind.pn/1O1DSOl)