Good morning! Here’s what you need to know in markets on Tuesday.
Hedge fund supremo Ray Dalio has hit out at the Wall Street Journal and called for a new media regulation body after an unflattering profile of his company, Bridgewater Associates. In an interview with Business Insider’s founder Henry Blodget, Dalio says his company’s unusual management style, which includes baseball-style cards of staff and “radical transparency”, would work at any company.
Labour leader Jeremy Corbyn will today abandon his long-held commitment to open borders and signal he is willing to allow the government to end the free movement of people once Brexit talks begin. In a keynote speech that he is set to give in Cambridgeshire on Tuesday, Corbyn will outline the party’s approach to Brexit under his leadership, including long-awaited clarification on what Labour’s immigration policy is.
Richard Desmond is in talks to sell his UK tabloids to rival Trinity Mirror in a deal that would mark the billionaire media baron’s departure from British newspaper publishing, according to people familiar with the matter. Bloomberg reports that an agreement to sell the Daily Express, Sunday Express, Daily Star, and Daily Star Sunday is close but isn’t guaranteed, according to the people, who asked not to be identified discussing private information and declined to provide financial terms.
Royal Bank of Scotland is preparing itself for a huge fine over its role in the misselling of mortgage-backed securities in the run-up to the financial crisis, according to the BBC. The BBC’s business editor says shareholders have told him that the fine from the US Department of Justice is likely to be over $10 billion.
Asian stock market are down after a weak session in the US. Japan’s Nikkei closed down 0.88%, China’s Shanghai Composite is down 0.23%, but the Hong Kong Hang Seng is up 0.64%. The Dow closed down 0.38% in the US, while the S&P 500 ended 0.35% lower. Nasdaq managed to finish up 0.19%.
Britain will be in the “front seat” to negotiate a new trade deal with the incoming Trump administration, a top Republican in the US Senate has said. The BBC reports that Senate Foreign Relations Committee chairman Bob Corker said after meeting Foreign Secretary Boris Johnson that a US-UK trade deal would be a priority.
Tesco is shutting two of its UK distribution centres in a move that will create more than 1,000 redundancies at the supermarket chain. The Telegraph reports that Britain’s biggest grocer is also axing its warehouse relationships with logistics experts DHL and Wincanton and bringing all of those operations in-house.
Goldman Sachs has named a new chief information officer. Elisha Wiesel will take on the role, which is currently held by the tatted-up former tech exec Marty Chavez, according to an internal memo signed by CEO Lloyd Blankfein, co-COOs David Solomon and Harvey Schwartz, and Chavez himself.
Yahoo CEO Marissa Mayer will resign from the company’s board of directors after its planned $4.8 billion (£3.9 billion) merger with Verizon is completed, Yahoo announced in a filing with the SEC on Monday. Mayer, along with Yahoo cofounder David Filo and four other members of the board will step down after the deal closes, Yahoo said.
British retail sales picked up speed in December, an industry survey showed, but sales of bigger ticket items were sluggish, a possible early sign that consumers are bracing for a Brexit hit to their spending power. The British Retail Consortium said a strong Christmas week boosted spending growth in December to a year-on-year rate of 1.7%, up from 1.3% in November.
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