- Immigration in focus as U.S. Senate confronts Trump nominees (Reuters)
- Jeff Sessions to Be Grilled on Race in First of Hearings (WSJ)
- Libya Ramps Up Oil Production, Threatening OPEC Plans (WSJ)
- Valeant to sell assets for $2.12 billion to ease debt load (Reuters)
- Industry Lobbyists Champ at the Bit, Awaiting Business-Friendly Policies (WSJ)
- Yahoo to be named Altaba, Mayer to leave board after Verizon deal (Reuters)
- Tillerson Must Answer for Trump, Big Oil, Even Putin in Hearing (BBG)
- China vows to contain corporate debt levels as inflation heats up (Reuters)
- Iraq forces advance in Mosul but civilian toll mounts (Reuters)
- Jack Ma Bets $2.6 Billion He Can Revamp China’s Retail Industry (BBG)
- Toshiba asks creditors not to call in loans: sources (Reuters)
- Gas Prices Take a Backseat for Auto Makers (WSJ)
- The World’s Best Stock Gains Are in Emerging Markets (BBG)
- French presidential candidate Fillon says will outline EU plans to Merkel (Reuters)
- Johnson & Johnson to Report Average U.S. Price Increases (WSJ)
- Canadian apparel maker Gildan wins auction to buy American Apparel (Reuters)
- Mass killer Breivik makes Nazi salute at rights appeal case (Reuters)
- Fund That Made Money on Treasuries Says Rally Is About to End (BBG)
- Japan’s Takeda Looks to More Acquisitions to Fuel Global Growth (WSJ)
Overnight Media Digest
WSJ
– Jack Ma, the founder and executive chairman of Alibaba Group Holding Ltd, met with Donald Trump for about half an hour on Monday. http://on.wsj.com/2ib28lG
– China’s WeChat saluted Apple Inc on the iPhone’s 10th anniversary – just as it unveiled a new app platform that could challenge Apple in the decade to come. http://on.wsj.com/2ib4KA7
– Islamic militants based in the Middle East used bitcoin and online-payment services such as PayPal to fund terrorist activities in Indonesia, an official with the country’s financial-transactions agency said. http://on.wsj.com/2ib1hl7
– Valeant Pharmaceuticals Inc agreed to sell its Dendreon cancer business to Chinese conglomerate Sanpower for $820 million, part of an effort by the beleaguered drugmaker to unload assets and pare debt. http://on.wsj.com/2ib0WP4
– Mars Inc. is making a bid to dominate the fast-growing pet-care business with a $7.7 billion purchase of veterinary and dog day-care company VCA Inc. http://on.wsj.com/2iaPm6K
– Yahoo Inc. said it will whittle down its board after completing its deal with Verizon Communications Inc., and several longtime directors, including Chief Executive Marissa Mayer and co-founder David Filo, will step down as directors. http://on.wsj.com/2iaTHGU
FT
Britain can be “better off” after Brexit and Labour is “not wedded to freedom of movement for EU citizens” as a point of principle, opposition leader Jeremy Corbyn will say on Tuesday.
Spread betting company IG Group Holdings Plc said restrictions on electronic marketing on binary options contracts in France will not damage its business.
Britain’s National Audit Office has urged HM Revenue & Customs to take a hard look its plans for a sweeping restructuring of its offices.
French oil major Total SA has expanded its stake in Uganda’s Lake Albert oil project by snapping up most of Tullow Oil Plc’s stake for $900 million, the companies said on Monday.
NYT
– Yahoo Inc said on Monday when its $4.8 billion deal to sell internet business to Verizon Communications Inc closes, it would rename itself “Altaba.” And that more than half the company’s board members – including Chief Executive Marissa Mayer – would step down. http://nyti.ms/2iyGo40
– Goldman Sachs Group Inc announced on Monday that Elisha Wiesel would become the chief information officer, taking over from Martin Chavez, a prominent executive who pushed to make Goldman more of a forward-looking technology firm. http://nyti.ms/2iyEhx2
– UnitedHealth Group Inc, one of the largest and most diversified health insurance companies in the United States, said on Monday that it planned to buy Surgical Care Affiliates Inc, a chain of outpatient surgery centers, for about $2.3 billion. The deal is expected to close in the first half of 2017. http://nyti.ms/2iyHVHi
– McDonald’s Corp said on Monday it would sell its businesses in mainland China and Hong Kong for $2.08 billion to Citic Ltd, a state-owned conglomerate, and the Carlyle Group Lp, a private equity firm. http://nyti.ms/2jnN3hu
– The company that serves as the back end for much Wall Street trading – the Depository Trust and Clearing Corporation, or DTCC – said on Monday it would replace one of its central databases, used by the largest banks in the world, with new software inspired by Bitcoin. The organization, based in New York, plays a role in recording and reporting nearly every stock and bond trade in the United States, as well as most valuable derivatives trades. http://nyti.ms/2jxvMqh
Canada
THE GLOBE AND MAIL
** Honda Motor Co Ltd will invest more than $408 million to upgrade its Alliston, Ontario, assembly plant, backed by grants from the federal and Ontario governments that will bring total spending on the plant to about $492 million. https://tgam.ca/2iXASJu
** Senior executives of Ford Motor Co and Fiat Chrysler Automobiles issued assurances on Monday that they will go ahead with new investments in Canada, despite moves by president-elect Donald Trump to discourage manufacturers from building vehicles outside the U.S. https://tgam.ca/2jyn76Y
** After two years of deep cuts in Canada’s beleaguered resource sector, Canada’s commodity-linked businesses are poised to start investing in expansion in 2017, according to a Bank of Canada survey. https://tgam.ca/2iXxDlk
NATIONAL POST
** The Vancouver-based clothing company Lululemon Athletica Inc improved its lower-end guidance estimates for fourth-quarter net revenue and profit on Monday, predicting at least $775 million of revenue, up from $765 million at from the low end of the previous estimate. http://bit.ly/2iXygLy
** Canadian REITs will see “high single digits and low double digit” growth next year, as robust demand in the East and a strong retail sector are offset by an office glut in Calgary, according to a new report from Timbercreek Asset Management. http://bit.ly/2iXxhuH
Britain
The Times
* The chief executive of Bovis Homes has resigned less than two weeks after issuing a surprise profits warning. David Ritchie, who has worked for the company for 18 years and been chief executive for eight, insisted that it was his decision to leave. http://bit.ly/2jmPdhD
* Foreign minister Boris Johnson held “positive but frank” talks with some of U.S. President-elect Donald Trump’s closest advisers in Trump Tower in the first formal meeting between members of the incoming U.S. administration and a British minister. http://bit.ly/2ixJfdJ
The Guardian
* Rolls-Royce Motor Cars has vowed not to turn its back on UK amid concerns that firms could shift their headquarters overseas in response to the Brexit vote. http://bit.ly/2icbWPu
* In a letter to a group of European Union (EU) citizens from the office of the home secretary, Amber Rudd, the government said it “recognises that EU nationals make an invaluable contribution to our economy and society”. http://bit.ly/2j1yOCN
The Telegraph
* Tullow Oil had sold two-thirds of its stake in Uganda’s first ever oil development to its partner, French oil major Total, for $900 million on Monday. http://bit.ly/2iWG6VF
* Tesco, Britain’s biggest retailer, is shutting two of its UK distribution centres in a move that will create more than 1,000 redundancies at the supermarket chain. The decision would result in around 1,015 redundancies although it was looking to create 533 new roles. http://bit.ly/2ixCRD4
Sky News
* Formula One teams which buy shares in the sport’s holding company will be forced to retain them for at least a decade as part of a deal engineered by its prospective new owners. http://bit.ly/2jaBuea
* Continued access to Europe’s single market after UK leaves EU must be preserved under a priority deal for the financial services sector, according to a report commissioned by scores of leading City firms. http://bit.ly/2juQmru
The Independent
* Labour leader Jeremy Corbyn has abandoned his outright support for the continued free movement of EU citizens, saying he now wants “reasonably managed migration”. http://ind.pn/2iWotFn
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