10 things you need to know today: January 5, 2016

1. Obama unveiling executive actions on gun control

Today President Obama will announce executive actions expanding background checks for gun purchases and stepping up enforcement of existing gun laws, White House officials said. The measures are far less extensive than gun legislation he unsuccessfully asked Congress to pass three years ago. Obama said the executive actions would help "save lives" but not "prevent every mass shooting." House Speaker Paul Ryan, one of many GOP critics of the move, said Obama was "at minimum subverting the legislative branch, and potentially overturning its will."

Bloomberg The New York Times

2. Oregon standoff continues after ranchers report to prison

Dwight Hammond and his son Steven — the two Oregon ranchers at the center of a protest and armed standoff at the headquarters of the Malheur National Wildlife Refuge — reported to prison on Monday for setting fires that spread to federal land. The group occupying the wildlife refuge building is calling for the Hammonds' release. The Hammonds' lawyers said the Hammonds disavowed the protesters occupying the building, who are led by two sons of Cliven Bundy, a Nevada rancher known for a 2014 standoff with the federal government.

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NBC News

3. U.S. stock prices dive after China fears resurface

U.S. stocks plunged on Monday in the first day of 2016 trading following weak financial news from China, the world's second largest economy. The Dow Jones Industrial Average closed down by 276 points, or 1.6 percent, after dropping as much as 470 points, briefly falling below 17,000 for the first time since Oct. 14. "New year but same old problems for investors — worries about growth prospects in China, instability in Middle East, and on-going concerns related to weak growth among emerging markets," said Joe Quinlan, chief market strategist at U.S. Trust.

USA Today

4. Rift deepens between Saudi Arabia and Iran

Saudi Arabia on Monday widened its break with Iran, saying it would cut off air travel and trade ties with the Islamic republic. The move came a day after Saudi Arabia halted diplomatic relations with Tehran after protesters angered by Saudi Arabia's execution of a Shiite cleric torched the Saudi embassy in Tehran. Saudi Arabia also has enlisted support from Sunni allies, and said it would only restore ties once Shiite Iran stopped dispatching fighters to stage attacks on other countries.

Reuters

5. Trump releases first TV ad in Iowa and New Hampshire

Republican presidential frontrunner Donald Trump will start airing his first TV commercial on Tuesday in Iowa and New Hampshire, two of the first states to vote on who should be the party's nominee. The 30-second ad repeats the billionaire businessman's call to block Muslims from entering the U.S., and vows to crack down on Islamist extremist terrorism. Trump, the ad says, will "quickly cut the head off ISIS and take their oil."

Reuters

6. U.S. sues Volkswagen over diesel cheating scandal

The U.S. Justice Department on Monday filed a lawsuit against Volkswagen, calling for billions of dollars in penalties over claims that the automaker installed devices meant to evade fuel emissions standards in nearly 600,000 diesel engine vehicles. The complaint was civil, carrying no criminal charges against Volkswagen executives. The company admitted in September that it used the cheating devices in vehicles that emitted pollutants at up to 40 times the legal level.

ABC News The New York Times

7. Officer charged in fatal shooting of Walter Scott released on bail

Michael Slager, the former North Charleston, South Carolina, police officer charged with murder for fatally shooting motorist Walter Scott in April, was released on bail Monday night. A judge said he was troubled by trial delays and granted Slager the chance to post a $500,000 bond. The case caused a national uproar over police treatment of African Americans after bystander video surfaced showing Slager, who is white, shooting Scott, who was black, eight times as Scott ran away.

Post and Courier

8. Missing country singer Craig Strickland found dead

The body of country music singer Craig Strickland, who was reported missing a week ago after going duck hunting in bad weather, has been found, Oklahoma authorities said Monday. Strickland, a vocalist in the country rock band Backroad Anthem, appeared to have died from exposure. He was 29. The body of Strickland's friend, Chase Morland, was found last week in Kaw Lake, Oklahoma. He drowned after their boat apparently flipped in the storm, which had winds gusting as high as 45 miles per hour.

CNN

9. NY Giants coach Tom Coughlin steps down after disappointing season

Tom Coughlin announced Monday that he was resigning as coach of the New York Giants. The news came after Coughlin met with the professional football team's owners a day after the Giants finished 6-10 in their third consecutive losing season. Coughlin led the team to two Super Bowl championships in 12 years as coach.

ESPN

10. Star Wars film set to pass Avatar for domestic box office record

Star Wars: The Force Awakens is poised to break the all-time U.S. box office record as early as Tuesday. The latest installment of the space saga finished the New Year's weekend with a whopping $90.2 million, raising its total to $742.2 million, trailing the six-year-old record set by Avatar by just $18.3 million. It took The Force Awakens just 17 days to reach such heights. Avatar's achieved its record haul after 48 weeks.

Variety