Updated throughout the day
December 15, 2015
U.S. stocks ended Monday on a high note after dipping earlier in the day. The Dow Jones Industrial Average was up 0.6%. The S&P 500 added 0.5% and the Nasdaq Composite grew 0.4%. U.S. oil dropped below $35/barrel Monday before bouncing back up to just over $36/barrel. The U.S. junk-bond rout continued into the new week with dozens of low-rated companies falling. The Federal Reserve begins its meeting Tuesday and everyone is expecting a rate rise.
Here’s what else you need to know:
Billions in gold tax evaded in Shenzhen. Longhaitong, a Shenzhen company, used loopholes in gold trading to evade billions of yuan in taxes. Authorities say the company used 143 invoices to buy 868.8 million yuan in spot gold through the Shanghai Gold Exchange. Members of the bullion exchange can conduct spot gold transactions without paying the 17% value added tax. SCMP (paywall)
Chinese human rights lawyer on trial. Pu Zhiqiang was tried Monday for sending social media messages the government says were meant to cause unrest in Beijing. Foreign journalists, Pu’s supporters, and police broke into skirmishes near the court. Foreign media and overseas diplomats where blocked from attending the trial. The Australian
No death sentence for Gu Kailai. Gu, the wife of fallen leader Bo Xilai, was convicted of murdering a British businessman in 2011. Her death sentence has been commuted to life in prison for good behavior and a showing of remorse. Wall Street Journal (paywall)
Rubbermaid to acquire rival. Newell Rubbermaid announced Monday that it will acquire Jarden Corp. for more than $15 billion in cash and stock. The Atlanta-based Rubbermaid will pay $21 in cash and 0.862 of a share in Newell Rubbermaid for each Jarden share. Wall Street Journal (paywall)
Exxon names heir apparent. Darren Woods has been named president of the company and earned a seat on the board of directors beginning January 1. He has worked at Exxon for 23 years, most recently leading the oil refining and chemical operations. Wall Street Journal (paywall)
Obama speaks on ISIS. President Barack Obama said that the U.S. and its allies are hitting ISIS “harder than ever.” “Coalition aircraft, our fighters, bombers and drones have been increasing the pace of airstrikes, nearly 9,000 as of today,” Obama said, adding that ISIS has lost roughly 40 percent of the territory it once held in Iraq. Politico
French teacher made up ISIS attack. Prosecutors say the man has admitted fabricating a story that someone shouting “Islamic State” stabbed him while he was alone in a classroom. BBC
You won’t believe this…
The French National Front has something to smile about. Former U.S. vice presidential candidate Sarah Palin says she has a “political crush” on Marion Marechal-Le Pen, the leader of FN. Palin says the Frenchwoman reminds her of Joan of Arc. BBC
Recover from your holiday party in style. Australia has opened its first Hangover Clinic, providing drinkers with IVs and vitamin cocktails to recover faster and make it through the day. 3News
Photo: Bullion Vault