New York Shovels Out; Tyco, Johnson Talk Merger: Sunday Wrap

  • Candidates respond to news of possible Bloomberg run
  • China cutting more production to wring out overcapacity

Here are highlights of the top breaking stories from around the world on Sunday:

Johnson Controls Inc., trying to further diversify away from auto parts, is in final-stage talks on a merger with Tyco International Plc that could be valued at as much as $20 billion. The deal would combine the companies’ building-control businesses, while Johnson would proceed its plans to spin off its automotive seating operations.

New York will be back to something resembling normal on Monday after a paralyzing weekend blizzard dropped 26.8 inches of snow on the city. Markets will open on regular schedules and airlines, albeit slowly, began restoring some service. Washington, as usual, didn’t fare quite so well. The federal government will remain closed Monday, much of the area’s Metro system will remain inoperative and the U.S. House of Representatives canceled votes for the entire week.

China is targeting cuts of as much as 150 million tons in steel production and large reductions in coal output to wring overcapacity out of state-owned industries.

Stocks surged across Middle Eastern markets.

Hillary Clinton said the hubbub over a possible independent presidential run by former New York Mayor Michael Bloomberg is just that because she’ll be the Democratic nominee and make his rationale moot. Bloomberg is the founder and majority owner of Bloomberg LP, parent of Bloomberg News.

Donald Trump, the Republican presidential front-runner, took credit for the gains made by Vermont Senator Bernie Sanders against Clinton, and pressured Fox News to remove his nemesis, Megyn Kelly, as moderator for the next Republican debate.

Iranian President Hassan Rouhani, freed from the sanctions that pinched his nation’s economy for a decade, may sign a deal to buy 114 Airbus Group SE jets during a visit to Europe.

Before it's here, it's on the Bloomberg Terminal.