- Global stocks, dollar struggle ahead of Fed as oil falters (Reuters)
- Bond Bulls Bank on Fed Mention of Market Chaos as Drag on Growth (BBG)
- Fees on Mutual Funds and ETFs Tumble Toward Zero (WSJ)
- China Climbs Back Up Janet Yellen’s Worry List (BBG)
- The World’s Favorite New Tax Haven Is the United States (BBG)
- New Jersey Gov. Christie backs Atlantic City takeover plan (Reuters)
- U.S. Universities Raised a Record $40.3 Billion Last Year (BBG)
- With China weakening, Apple turns to India (Reuters)
- Cash Is King as Europe Adapts to Negative Interest Rates (BBG)
- Trump pulls out of Republican debate in Iowa (Reuters)
- French Justice Minister Taubira Quits Over Constitutional Change (BBG)
- Clock ticks down on EU passport free travel dream (AFP)
- Yuan Bears Denounced as Delusional, Doomed by China State Media (BBG)
- States Asks High Court to Delay EPA Carbon-Emissions Rule (WSJ)
- AIG Passes JPMorgan, Approaches Wells Fargo on Buybacks (BBG)
- NYSE’s $2 Trillion ETF Business Sees Heightened Competition (BBG)
- World’s Biggest Wealth Fund Speaks Out on Liquidity Banks Miss (BBG)
Overnight Media Digest
WSJ
– A group of 26 states on Tuesday filed a last-ditch request at the Supreme Court seeking the delay of a key Obama administration environmental rule to cut carbon emissions from power plants. (http://on.wsj.com/1Sa4BwF)
– A jury found John Bills, former assistant transportation commissioner, guilty of fraud, bribery and extortion charges for receiving hundreds of thousands of dollars in cash and perks in exchange for helping Redflex Traffic Systems Inc build Chicago’s red-light ticketing system into the one of the largest in the nation. (http://on.wsj.com/1Sa4FwE)
– Apple Inc said iPhone sales grew at the slowest pace since its introduction in 2007 and forecast that revenue in the current quarter will decline for the first time in 13 years, signaling an end to its recent period of hypergrowth. (http://on.wsj.com/1Sa4SQj)
– Iran is pushing to find new ways to extract and export its vast natural-gas reserves, including developing facilities to liquefy the commodity and ship it to Europe in two years, now that Western sanctions have been lifted, according to a top Iranian official. (http://on.wsj.com/1Sa54iF)
– Federal regulators soon are expected to propose overhauling rules for television set-top boxes, a move aimed at lowering bills for cable viewers and providing more access to Internet-based programming. (http://on.wsj.com/1Sa5be2)
FT
Cupertino, California-based Apple Inc has forecast first ever decline in sales for the iPhone due to growing volatility in some markets, including China.
Social networking site Facebook Inc is resisting attempts by tax authorities in Britain to coax it into paying back-taxes, a move that may increase public anger against the Palo Alto, California-based company.
Elzbieta Bienkowska, the European commissioner responsible for car industry regulation, said she would relentlessly pursue German car giant Volkswagen AG to pay compensation to millions of car owners in Europe affected by the diesel emissions scandal.
Dixons Carphone is scheduled to close more than 130 of its stores in Britain as it embarks on its plan to merge its three main brands in one store.
NYT
– Despite global economic turmoil, many economists argue that the American currency’s rise is mostly a good thing. But there are downsides, and not all in the United States. (http://nyti.ms/1SiBfKM)
– If accepted, Fox Searchlight’s offer for “The Birth of a Nation,” about Nat Turner, would be one of the highest prices ever paid for a film making its debut at the film festival. (http://nyti.ms/1OY8K0G)
– Apple Inc’s quarterly revenue fell short of Wall Street forecasts, and it issued a disappointing forecast for the current period. (http://nyti.ms/1KElJTe)
– The insurance giant American International Group Inc brushed aside Carl Icahn’s push for a breakup, saying it would sell or spin off some businesses and create nine operating units. (http://nyti.ms/1PiUyCM)
Canada
THE GLOBE AND MAIL
** Canadian National Railway on Tuesday beat analysts’ expectations with an 11 percent rise in fourth-quarter profit and raised its dividend by 20 percent. (http://bit.ly/1NzX3v9)
** Alberta suffered its worst year for employment losses since the dark days of the national energy program and early 1980’s recession, according to revised labor figures from Statistics Canada. (http://bit.ly/1NzX95S)
** The Ontario government has reached inward for the next leader of the Ontario Securities Commission, nominating the agency’s executive director, Maureen Jensen, to replace departed chair Howard Wetston. (http://bit.ly/1NzXg1c)
NATIONAL POST
** The office of federal environment commissioner, Julie Gelfand, said in a report Tuesday that the National Energy Board has a serious problem tracking whether pipeline companies meet conditions for project approvals. (http://bit.ly/1NzXt4s)
** Food price inflation has been driving Canadians into the frozen food aisles, according to the CEO of grocery chain Metro Inc, Eric La Flèche. (http://bit.ly/1nnda9X)
** Quebec City Mayor Régis Labeaume supports the Energy East pipeline project but he blasted the promoter Tuesday for an “incompetent” sales job. (http://bit.ly/1NzXSUE)
Britain
The Times
EasyJet has conceded that it will achieve its lowest rate of profit growth this year since the arrival of Dame Carolyn McCall as its chief executive in 2010. (http://thetim.es/1OXm45h)
Mark Carney may remain as the governor of the Bank of England for a full eight-year term, despite pledging to serve just five. Yesterday he revealed that he had not made up his mind but would “by the end of the year”, causing consternation among MPs. (http://thetim.es/1Si3RDY)
The Guardian
MPs have launched an inquiry into the UK’s tax system after the government was accused of allowing Google to pay too little in a £130 mln deal. (http://bit.ly/1PNNhHq)
Brakes Group, one of the UK’s largest food distributors, is understood to have postponed plans for a stock market flotation in London that could have valued it at up to £2.5 bln. (http://bit.ly/1WMIIT3)
The Telegraph
The spread-betting group CMC Markets is seeking a value of between £678m and £794m as it prepares to join the London stock market.(http://bit.ly/1ZRqy2r)
Tesco investors are set to launch a huge damages claim, saying they lost tens of millions because of the accounting scandal at the supermarket. (http://bit.ly/1VpyR4k)
Sky News
Denmark’s parliament has voted in favour of seizing the assets of asylum seekers to help pay for their stay while their claims are processed.(http://bit.ly/1TlRoQG)
A patent holder is demanding $500m (£351m) from Apple because it says the firm has used its intellectual property without permission. (http://bit.ly/23rYc3q)
The Independent
Two former Disney employees have filed separate class-action lawsuits against the entertainment giant claiming they conspired to replace their jobs with cheaper immigrant workers on temporary U.S. work visas. (http://ind.pn/1ZRrzHM)
Twitter is experimenting with not showing ads to some of its most “high value” users. (http://ind.pn/1PAmWSW)
via Zero Hedge http://ift.tt/1PDJe6g Tyler Durden