| By Derek Caney
Britain will leave the European Union's single market when it exits the trading block, Prime Minister Theresa May said, putting an end to speculation that London may seek a "soft Brexit." She added that the final exit deal would be put to parliament for a vote, which sparked a rally in the British pound.
President-elect Donald Trump campaigned on the promise to protect American workers from the ravages of global trade. But his pick for commerce secretary, billionaire Wilbur Ross, amassed his fortune in part by offshoring thousands of jobs. Quote of the day: "He is not the man to be protecting American workers when he's shipping this stuff overseas himself." – Don Coy, former factory worker at International Automotive Components, a company created by Wilbur Ross.
Globalization in retreat may be one of the themes of this year's World Economic Forum in Davos, helped by a mix of robots and protectionism. That spells bad news for developing nations – notably those in Africa – whose success depends on exports. You can follow all the action in Davos at Reuters' live blog. Another prison uprising in Brazil An inmate is pictured on a roof after a new uprising broke out at Alcacuz prison in Natal, Rio Grande do Norte state, Brazil, January 16, 2017. REUTERS/Josemar Goncalves
Around the country - More than 60 percent of Americans would like to see the Environmental Protection Agency's powers preserved or strengthened under Trump, and the drilling of oil on public lands to hold steady or drop, according to a Reuters/Ipsos opinion poll. Trump campaigned on the opposite positions.
- Speaking of the environment, Ryan Zinke, Trump's pick for interior secretary, is next up in the Senate's confirmation hearings. The former Montana congressman and Navy SEAL commander's nomination was a surprise because he has embraced federal stewardship of national parks, forests and refuges. That's at odds with the Republican party's official position to sell off acreage to states that might prioritize drilling and mining in some areas.
- Trump's transition team defended his nominee for health and human services secretary, Tom Price, from charges that he bought shares in a company days before introducing legislation that would have benefited it. The stock purchase was directed not by Price but by a broker, and Price himself did not become aware of it until well after the legislation was introduced, a Trump spokesman said.
Around the world - Investigators are giving up the search for Malaysian Airlines flight MH370, which disappeared nearly three years ago with 239 people on board.
- Turkish police captured the gunman who killed 39 people in an Istanbul nightclub on New Year's Day at a hideout in an outlying suburb of the city after a two-week manhunt. His name is Abdulgadir Masharipov, an Uzbek man who was trained in Afghanistan, according to Istanbul Governor Vasip Sahin.
- New counterterrorism laws across Europe discriminate against Muslims and refugees, according to Amnesty International. The human rights group sounded the alarm over security measures adopted over the past two years in 14 EU nations. During that period, militant attacks have killed some 280 people in France, Belgium and Germany.
Around Wall Street Digits of the day: $49.4 billion - British American Tobacco plans to pay $49.4 billion for the stake in Reynolds American it doesn't already own. BAT, the folks who bring you Lucky Strike and Pall Mall, won the deal by sweetening their earlier offer by more than $2 billion. Your move, Philip Morris.
- Samsung's chief Jay Yee faces a long day in court tomorrow as a judge decides whether he should be arrested for bribery in a corruption scandal that has engulfed President Park Geun-hye's administration. The prosecutor's office has accused Lee of paying bribes totaling $36.6 million to organizations linked to Choi Soon-sil, a friend of the president who is at the center of the scandal.
- General Motors will announce as early as today long-held plans to invest about $1 billion in its U.S. factories, following Trump's criticism of the company. Not to be outdone, Hyundai said it would lift U.S. investment by 50 percent to $3.1 billion over five years. The company may also build a new plant in the United States.. Trump turned his attention to German carmakers yesterday, threatening to slap a 35 percent border tax on imports.
Today's reason to live Ry Cooder – Fool For A Cigarette |
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