- Gloomy start to results season hits shares (Reuters)
- Stocks Rise Around World as Commodities Advance; Bonds, Yen Drop (BBG)
- Oil hits 2016 high above $43 on producer meeting hopes (Reuters)
- Rosneft chief Igor Sechin says low oil prices will not last (FT)
- Banks Face Massive New Headache on Oil Loans (WSJ)
- Wells Fargo Misjudged the Risks of Energy Financing (BBG)
- Hedge Funds Abandoning Dollar’s Biggest Bull Run in a Generation (BBG)
- Boeing Meets With Iranian Airlines to Discuss Jets, Aircraft Services (WSJ)
- Bundesbank’s Weidmann rebukes Draghi critics in Berlin (FT)
- A year after Freddie Gray, Baltimore makes slow progress (Reuters)
- Who Loses the Most From ‘Brexit’? Try Goldman Sachs (WSJ)
- US faces ‘disastrous’ $3.4tn pension funding hole (FT)
- As Islamic State is pushed back in Iraq, worries about what’s next (Reuters)
- LVMH Leads Luxury Share Slide as Terror Attacks Damp Tourism (BBG)
- Feds charge Texas AG Ken Paxton with fraud (Dallas News)
- UBS Says Junk-Debt Bubble Just an Economic Slowdown From Popping (BBG)
- Bond Traders Show Skepticism of Goldman’s Forecast for Fed Hikes (BBG)
- VW Moves to End Clash With Labor Over Brand (WSJ)
- Dan Loeb’s Hedge Fund Is Biggest Winner in Dan Loeb’s Reinsurer (BBG)
Overnight Media Digest
WSJ
– Boeing Co has opened talks to sell airliners to Iran in what would be one of the highest-profile deals between a U.S. company and Tehran since the West lifted nuclear sanctions on the country in January. (http://on.wsj.com/1S1F4kw)
– A congressional impeachment committee voted late Monday to recommend a Senate trial for President Dilma Rousseff on charges of manipulating public finances, in a raucous session that sets up a decision this weekend by the entire lower house of congress. (http://on.wsj.com/1N5eR85)
– Canadian Pacific Railway Ltd abandoned its nearly $30 billion pursuit of Norfolk Southern Corp on Monday after it was unable to overcome a wall of opposition from rival railroads, shippers and U.S. politicians warning the merger would diminish competition. (http://on.wsj.com/1qiOa5p)
– General Motors Co has scrapped a plan to invest an additional $245 million in a factory north of Detroit to build a small Cadillac, with management deciding instead to build the future product in Kansas to contain costs. (http://on.wsj.com/22pGb2v)
– Valeant Pharmaceuticals International Inc requested that Michael Pearson, its outgoing chief executive, to cooperate with a Senate committee investigating the hike in the prices of certain prescription drugs after he didn’t appear for his deposition last week. (http://on.wsj.com/1XqREO3)
– Volkswagen AG moved to end a clash with labor over restructuring the company’s namesake brand and to resolve a dispute over executive bonuses in the wake of the auto maker’s emissions-cheating scandal. (http://on.wsj.com/23xwUaW)
FT
Business secretary, Sajid Javid opened up the possibility of a part nationalisation of Port Talbot steelworks after offering to co-invest with a buyer on commercial terms. (http://on.ft.com/1Q3FEw6)
Former Foreign Secretary David Miliband said it would be “an act of arson on the international order” for Britain to leave the European Union. (http://on.ft.com/1Q3FLHQ)
British members of parliament have responded angrily to the idea of being forced to publish their tax returns. (http://on.ft.com/1Q3FQeC)
NYT
– State and federal officials said on Monday that Goldman Sachs would pay $5.1 billion to settle accusations of wrongdoing before the financial crisis. However, buried in the fine print are provisions that allow Goldman to pay hundreds of millions of dollars less – perhaps as much as $1 billion less – than that headline figure. (http://nyti.ms/1UW8Hd8)
– Puerto Rico proposed a plan to restructure its debt, offering some creditors better terms than an earlier plan but falling well short of winning broad support. (http://nyti.ms/1ScB5qW)
– Two unions representing roughly 36,000 Verizon workers in the eastern United States have set a strike deadline of Wednesday morning, saying they have made little progress with management in the more than eight months since their most recent contracts expired. (http://nyti.ms/1UXpvQQ)
– Attorney General Ken Paxton of Texas, who was indicted last year on state securities fraud charges, faced a new round of legal troubles on Monday after federal regulators accused him of misleading investors in a technology company. (http://nyti.ms/1Q3WqLq)
Canada
THE GLOBE AND MAIL
** The Ontario Securities Commission will open the doors on its new whistle-blower office in the early summer, providing payments as high as C$5 million ($3.89 million) for tips that lead to successful prosecutions. (bit.ly/25WCYMg)
** The Canada Revenue Agency is vowing to recover C$2.6 billion ($2.02 billion) over five years by targeting notorious tax havens, stepping up audits of large foreign transfers of money and investigating consultants selling shelters. (bit.ly/1Q4hvW6)
NATIONAL POST
** Canadian Prime Minister Justin Trudeau has told his senior lieutenants to draw up plans to make the Energy East pipeline and the Trans Mountain expansion in British Columbia to achieve the ambitious economic growth targets his government has set. (bit.ly/1Vj7f48)
** Iraq offers Canadian companies investment and business opportunities worth $1 trillion as it looks to rebuild itself, but there are also large security risks, according to Bruno Saccomani, the Canadian ambassador to Iraq and Jordan. (bit.ly/1VjrcYI) (
Britain
The Times
* Graeme Jenkins, the man scheduled to join Pets at Home as chief financial officer, is in the doghouse after being linked to what his former employer called “a mind-blowingly stupid” decision. The vets-to-pets group said that Graeme Jenkins would not, after all, be joining it and the decision was taken “by mutual agreement.” (http://bit.ly/1SKk01Y)
* Austin Reed, the struggling menswear outfitter, is lining up an adviser to help it to carry out a financial restructuring only a year after shutting 31 stores. The Times reported it understands that the retailer is holding discussions with AlixPartners on proposals to help to ensure its survival on the high street, where it has had a presence since 1900. (http://bit.ly/1S68Gzz)
The Guardian
* The legality of Britain’s surveillance laws will come under the scrutiny of 15 European judges on Tuesday in a politically sensitive test case that could limit powers to gather online data. The outcome of the hearing at the European Court of Justice in Luxembourg is likely to influence the final shape of the government’s investigatory powers bill and will test judicial relationships within the EU. (http://bit.ly/1SZEfLx)
* Britain’s competition regulator has called on the European Commission to block the owner of Three’s 10.25 billion pound acquisition of O2, or force the combined mobile phone operator to break itself up to protect consumers. (http://bit.ly/22nSa0C)
The Telegraph
* Royal Bank of Scotland has purchased 2.3 billion pounds of its own bonds in an effort to cut its borrowing costs and move closer to turning a profit. (http://bit.ly/1YqznRe)
* Boardroom tensions at insurer CPP Group have reached the boiling point after the company applied for a High Court injunction to stop founder Hamish Ogston being able to vote to remove the board. (http://bit.ly/1N59x4u)
Sky News
* The government could co-invest with a buyer to save the Port Talbot steelworks, the business secretary has told MPs. Sajid Javid made his comments after the current owner, Tata Steel, confirmed it was contacting “many tens” of potential buyers for the South Wales site – adding that it would prefer one buyer. (http://bit.ly/1Vk2KqQ)
* Prime Minister David Cameron has defended his family’s financial affairs as he faced MPs two days after publishing his own tax details. The prime minister maintained that Blairmore Holdings, his father’s offshore investment fund, was not set up for tax avoidance purposes, and he hit out at “deeply hurtful and profoundly untrue allegations” about his late father.
The Independent
* The government could buy a stake in the Port Talbot steelworks to save it from closure, the business secretary has said. Sajid Javid said the government was considering “co-investing” with a buyer to save jobs at the plant, which is currently owned by Tata Steel. (http://ind.pn/1Scgenx)
* Tata Steel has sold its Long Products Europe business, including its Scunthorpe plant, to investment firm Greybull Capital in a move that will save more than 4,000 jobs, the company has confirmed. (http://ind.pn/1XqtRO6)
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