- The year of dollar danger for the world (Ambrose Evans-Pritchard [27])
- Draghi Says ECB Prepares Action as Deflation Risk Non-Negligible (BBG [28])
- Obama Pivots to Lawmakers: New Plan to Advance Policy Goals by Working With Congress Draws Skeptics (WSJ [29])
- Affordable Care Act Creates a Trickier Tax Season (WSJ [30])
- Oil pares early gains, trades near $57 as supply glut prevails (Reuters [31])
- Iran says Saudi Arabia should move to curb oil price fall (Reuters [32])
- Pimco Fund Trails Peers in 2014 After Missing Rally (BBG [33])
- Piketty rejects Légion d’Honneur award (FT [34])
- UK manufacturing activity hits three-month low (BBC [35])
- Sony Hackers Threaten U.S. News Media Organization (Intercept [36])
- Macau Suffers Worst Year for Casinos Amid China Crackdown (BBG [37])
- China Property Developer Defaults on HSBC Loan (WSJ [38])
- Recall woes follow GM into new year (Detroit News [39])
- Former New York Governor Mario Cuomo dead at 82 (Reuters [40])
- Thousands of Ukraine nationalists march in Kiev (AFP [41])
Overnight Media Digest
WSJ
* The White House plans to pivot from U.S. President Barack Obama's reliance on executive actions in the coming year and invest more in a legislative strategy aimed at trying to advance key policy goals with the new, Republican-controlled Congress, senior administration officials said. The White House's legislative strategy will quickly be put to the test after the new Congress convenes next Tuesday. (http://on.wsj.com/1tH7U3F [29])
* Alliance Boots GmbH completed its two-part sale to Walgreen Co on Wednesday, putting buyout firm KKR & Co LP on track to roughly quadruple the cash it invested in the European pharmacy company. Walgreen on Wednesday completed the second phase of the transaction, acquiring the 55 percent of Alliance Boots that it didn't buy in 2012. (http://on.wsj.com/1zXeHHP [42])
* General Motors Co closed 2014 by issuing three new safety recalls covering more than 83,780 large sport-utility vehicles and pickup trucks, lifting the number of recall campaigns disclosed by the auto maker during the year to 84. (http://on.wsj.com/1wHXrz2 [43])
* Hyundai Motor Co and its affiliate Kia Motors Corp expect their weakest sales growth in more than a decade this year as they struggle to compete with Japanese rivals benefiting from a weaker yen. The two South Korean auto makers predicted a combined 2.5 percent increase in global sales to 8.2 million vehicles in 2015. (http://on.wsj.com/1CXaKUV [44])
* Kellogg Co outbid a private-equity firm for control of Egyptian snack maker Bisco Misr, a deal that would mark a small step forward in the U.S. food company's desire for international expansion. Kellogg submitted a bid of 89.86 Egyptian pound ($13) a share, to acquire a 51 percent stake in Bisco Misr, a spokeswoman for the Battle Creek, Michigan company said on Wednesday. (http://on.wsj.com/1ydwfim [45])
FT
Europe's online gambling site Bwin.party said on Wednesday it is in "active discussions" to sell its social gaming business Win and intends to make an announcement in January.
A total of 2,356 employees of collapsed British courier and parcel firm City Link will be made redundant after talks over a potential life-saving bid for the company fell through, administrators said on Wednesday.
Portugal's Banco BPI and Spain's Banco Santander SA and Banco Popular have publicly said they are interested in buying Novo Banco. China's Fosun and private equity firm Apollo Global Management have also expressed interest.
Louis Dreyfus Commodities made a surprise announcement on Wednesday that newly appointed Chief Executive Mayo Schmidt would not take up his post, forcing the global trading group to resume the CEO hunt it first launched in April.
Canada
THE GLOBE AND MAIL
** Petroliam Nasional Bhd (Petronas), Malaysia's state-owned oil company, will set the tone in 2015 for British Columbia's fledgling liquefied natural gas industry in what is shaping up to be a make-or-break year for the Pacific NorthWest LNG joint venture. (http://bit.ly/1CYk6zF [46])
** Vancouver's three civic political parties all say they're prepared to back a Yes vote in the transit plebiscite coming this March - a surprise for some who weren't sure where city council's non-governing parties would land. The plebiscite will be asking Lower Mainland residents whether they agree to a special half-percent sales tax, the proceeds of which will be used exclusively to fund a set of projects agreed to by regional mayors. (http://bit.ly/1rIU5jL [47])
** No one has come forward so far to claim the C$100,000 ($85,778) reward for solving the mystery of who is sticking sewing needles into Prince Edward Island's potatoes - a situation that has seen the destruction of hundreds of thousands of pounds of produce and has put members of the province's C$1-billion potato industry on edge. (http://bit.ly/1xd5bhY [48])
NATIONAL POST
** One person was killed and six people were injured in Calgary when multiple shots were fired at a crowded New Year's house party early Thursday morning. Police were still looking for the shooter in the evening and said it was unclear whether more than one offender was involved, and what the motive was. (http://bit.ly/1zGdiAr [49])
** Reaching out to talk with Muslim youth who are at risk of being radicalized isn't enough to stop it from happening, say parents, clerics and police. Those leading the charge against radicalization say more has to be done to find and deal with the recruiters. A handful of Calgary youth have already reportedly gone to the Middle East to fight for Islamic State of Iraq and the Levant. (http://bit.ly/1zYWw4A [50])
Hong Kong
SOUTH CHINA MORNING POST
-- As growth in China's property market slows, the biggest developers will outgrow their smaller rivals this year faster than in the past, thanks to easier access to funds, land and talent, say industry experts. (http://bit.ly/1BpF7iq [51])
-- Hong Kong has maintained its lead as Asia's busiest airport for international passenger traffic and also kept third place globally, figures from Airports Council International reveal. (http://bit.ly/1zX8xHP [52])
-- FedEx has won approval to operate in 20 more mainland cities while three other foreign couriers have been granted licences to operate on the mainland, as Beijing further loosens its grip on the booming logistics market. (http://bit.ly/1xz0zUX [53])
THE STANDARD
-- SJM Holdings staff will get a 5 percent pay rise this year amid festering labour tensions and declining income in Macau's gambling industry. It is the first of the six licensed casino operators to improve employee benefits for the new year, according to labour union Forefront of Macau Gaming. (http://bit.ly/1ERvJKF [54])
-- Marble mining firm Future Bright Mining Holdings, the first stock due to list on the main board this year, has been oversubscribed nearly six times. It seeks to raise up to HK$880 million ($113.5 million). Its shares will start trading on Jan. 9.(http://bit.ly/1xBYAML [55])
HONG KONG ECONOMIC JOURNAL
-- Rosedale Hotel Holdings Ltd said it was in talks to buy a 51 percent stake in property leasing and management firm Advance Glow Holdings Ltd from third party investors Fung Shing and his spouse Liang Lian Zhen.
Britain
The Times
BP INVESTIGATES ITSELF OVER RIGGING CURRENCY EXCHANGES
An internal investigation has begun at BP Plc into whether the oil company's in-house currency traders have been involved in a foreign exchange-rigging scandal. (http://thetim.es/14ddNdf [56])
GOLDMAN SACHS' BRITISH BANKERS ARE IN THE MONEY More than 120 London-based bankers working for Goldman Sachs Group Inc shared payouts worth more than 350 million pounds ($545.51 million), making the Wall Street investment bank's most senior staff by far the best-paid in Britain, according to newly disclosed figures. (http://thetim.es/1y7UFtL [57])
BIDDERS UP THE ANTE IN SONGBIRD CANARY WHARF PLAY
The Qatari-Canadian consortium seeking to wrestle control of Canary Wharf has urged investors to accept a 2.6 billion pound takeover bid, declaring that the property estate's tangled structure needs tidying up. (http://thetim.es/1Hh8qaT [58])
The Guardian
TESCO HEAD OF REMUNERATION COMMITTEE TO STEP DOWN
The head of Tesco Plc's remuneration committee is to step down from the role in the latest overhaul of the supermarket's board of directors. Stuart Chambers, the former chief executive of glassmaker Pilkington who has sat on Tesco's board since 2010, will be succeeded as chair of the committee by non-executive Deanna Oppenheimer on 1 January but will remain on the board. (http://bit.ly/1Hh4OWr [59])
The Telegraph
BAE INCREASES APPRENTICE INTAKE TO NEW RECORD
BAE Systems Plc will be taking on a record 710 apprentices in 2015 as the company looks to expand its training programmes to help meet its growing workload. (http://bit.ly/13TMzYo [60])
Sky News
EBOLA NURSE TO BE GIVEN EXPERIMENTAL DRUG
Scottish nurse Pauline Cafferkey is to be given a new anti-viral drug to help her fight Ebola - and the next few days will be "critical" for her, doctors say. The 39-year-old, the first person to be diagnosed with Ebola in the UK, has also received convalescent plasma from donors who survived the disease. It contains antibodies that doctors hope will help her fight the virus, which she contracted while treating Ebola patients in West Africa. (http://bit.ly/1I0G438 [61])
THOUSANDS OF CITY LINK WORKERS LOSE THEIR JOBS The administrators of courier firm City Link have announced 2,356 job losses after a bid to buy the company failed. Many of the firm's workers found out about its collapse on Christmas Day and had been warned to expect "substantial redundancies". Administrators at EY said 371 people have been retained to deal with remaining parcels and to assist in realising the company's assets and winding down its operations. (http://bit.ly/1xA64Qn [62])
Fly On The Wall Pre-Market Buzz
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Markit manufacturing PMI for December at 08:58--consensus 54.0
ISM manufacturing index for December at 10:00--consensus 57.5
Construction spending for November at 10:00--consensus up 0.5%
ANALYST RESEARCH
Upgrades
Align Technology (ALGN) upgraded to Outperform from Neutral at RW Baird
Bed Bath & Beyond (BBBY) upgraded to Buy from Hold at Canaccord
LabCorp (LH) upgraded to Outperform from Market Perform at Raymond James
Quest Diagnostics (DGX) upgraded to Market Perform from Underperform at Raymond James
Downgrades
DENTSPLY (XRAY) downgraded to Neutral from Outperform at RW Baird
Meridian Bioscience (VIVO) downgraded to Underperform from Market Perform at Raymond James
SS&C Technologies (SSNC) downgraded to Market Perform from Outperform at Raymond James
Synaptics (SYNA) downgraded to Sector Perform from Outperform at Pacific Crest
FMC Technologies downgraded to Neutral from Buy at UBS
CHC Group downgraded to Neutral from Buy at UBS
Frank's International downgraded to Neutral from Buy at UBS
Initiations
Cnova initiated with an Outperform at Credit Suisse
COMPANY NEWS
General Motors (GM) said it would spend $3.9B to redeem preferred stock
Eli Lilly (LLY) finalized Novartis (NVS) Animal Health acquisition in an all-cash transaction of approximately $5.4B
MiMedx Group (MDXG) announced that it received a subpoena from the Office of Inspector General of the Department of Health and Human Services in connection with a civil investigation into matters primarily related to the company's sales and marketing activities
MiMedx Group announced it filed a federal lawsuit against Organogenesis, manufacturer of Apligraf and Dermagraft two skin substitute products that compete with MiMedx's EpiFix allograft
Nexstar (NXST), Charter (CHTR) reached new distribution agreement covering 15 markets
EARNINGS
There are no notable earnings reports
NEWSPAPERS/WEBSITES
Sources say Yahoo (YHOO) wants to buy a cable network, Business Insider reports (SNI, TWX)
Samsung's (SSNLF) Smart TVs to use Tizen OS beginning this year, WSJ reports
Hackers leak full version of Xbox One SDK, The Verge reports (MSFT)
General Motors (GM) unveils three new recalls, Reuters says
Noble Energy (NBL) halts negotiations with Israel Shipyards, Globes reports