Flash Briefing: May won't resign; VW/Ford join forces; Big Bank CEO loses job; DRC election scandal grows

IN TODAY’S GLOBAL HEADLINES… Reports from inside the UK cabinet say British Prime Minister Theresa May was persuaded to withdraw an offer to resign after yesterday’s crushing defeat of her Brexit plan. Once fierce rivals Volkswagen and Ford, the world’s second and fifth biggest motor manufacturers, are joining forces to build pickups and small vans, and are in advanced stages of a similar alliance on electric and driverless cars. In one of the most telling examples of a kickback against excessive executive remuneration, Spain’s Bank Santander has dropped plans to appoint Andrea Orcel as its new CEO because he costs too much. In South African-related news, pressure is growing on the Ramaphosa Administration to follow a call from Angola and Uganda for an independent recount of votes in DRC’s presidential election.