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An extensive manhunt is under way in Turkey as authorities search for the gunman who opened fire in Istanbul’s Reina nightclub on New Year’s Eve. Numan Kurtulmus, Turkey’s deputy prime minister, said authorities have the suspect’s fingerprints, basic appearance and are close to identifying him. Police say they have already arrested 12 people.

The attack, which killed 39 people, was claimed by Isis, which said it was retaliation for Turkey’s military campaign in Syria. It capped a turbulent year in Turkey and many fear it has opened a new phase in the jihadi group’s war against the country. (WSJ, BBC, FT)

In the news

FTSE 100’s record run 2107 got off to a good start in London, where the FTSE 100 extended its run into record territory, taking the gains for the blue-chip index to 13 per cent since the UK voted for Brexit. Sentiment towards the FTSE 100 has brightened on optimism over bank earnings as bond yields rise, and on the support a stronger oil price is giving the commodities sector. (FT)

Trump protectionism Donald Trump is expected to tap an advocate of greater protectionism as his US trade representative. Robert Lighthizer has been leading the Trump transition team meetings with the Obama administration trade officials and his appointment is likely to signal a big shift in US trade policy. (FT)

Korean scandal widens South Korean police are pushing for the extradition of the daughter of a close confidante to South Korean President Park Geun-hye following her arrest in Denmark. Chung Yoo-ra, the 20-year-old daughter of Choi Soon-sil, is wanted for her alleged role in the political scandal that led to the impeachment of President Park. (FT)

Syrian rebels threaten boycott Syrian rebel groups have suspended their participation in peace talk preparations, accusing forces loyal to Bashar al-Assad of violating a ceasefire brokered last week by Russia and Turkey. The rebels say regime aircraft have bombed rebel-held areas north of Damascus; the Syrian military has denied the accusations. (BBC)

Thailand’s zero-dollar crackdown Thai authorities are cracking down on Chinese tour companies that “trap” their tour groups into staying, shopping and travelling only in designated places — sometimes even hitting tourists who do not conform. Thailand suffers too: profits stay in China and do not benefit the Thai economy. (NAR)

It's a big day for

French socialists Manuel Valls launches his bid to be the Socialist party’s presidential candidate ahead of the party’s first primary on January 22. Mr Valls is the favourite of seven candidates who are jostling for votes after socialist president François Hollande last month announced he would not seek a second term in office. (FT)

Food for thought

Airbnb counts compliance cost Airbnb will miss out on more than $400m worth of bookings in London this year as it enforces its new 90-night limit for hosts in the city, according to new research by the FT. London is the company’s second-largest market and the findings highlight the growing cost of regulatory compliance for the high-profile Silicon Valley start-up, which has benefited from tax advantages that favour its business model. (FT)

Five African elections to watch The coming year will see five key African elections, despite polls showing that many Africans did not consider elections in their countries to be free and fair. Democracy campaigners hope that this year’s votes will follow the Ghanaian model, where Nana Akufo-Addo was elected in 2016, rather than that of the Gambia, where president Yahya Jammeh conceded defeat, only to reject the result a few days later. (Quartz)

Russia’s state-backed private bank Russia’s use of little-known private banks to help circumvent western sanctions over the Ukraine conflict, allowed one, Otkritie, to make billions in a multibillion dollar trade, raising fears that it is creating risks for the Russian state. (FT)

History’s comfort If you think 2016 was bad, take comfort in history. 75,000 years ago the eruption of Mount Toba caused a “volcanic winter” that nearly killed off humanity, while in the 1340s, the Black Death also killed off millions. More recently in 1918, during the closing stages of first world war, the deadly outbreak of so-called “Spanish Flu” killed between 20m and 50m people. (The Conversation)

Alt-right buoyed by cyber space Social media proved to be a political game changer in 2016, spurring the rise of a vocal, rightwing extremism with white supremacist and fascist leanings in the US. But it is a tool both sides can deploy: if the medium can be used to disseminate fake news and sanitise hate, it can also be used to spread accurate facts and benefit progressive voices. (Vox)

Video of the day

Inside Brexit How Britain lost the European plot. The FT talks to politicians and strategists to find the real story behind the EU referendum. (FT)

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