EMEA Morning Briefing: Covid-19 Curbs in Europe -2-

President Biden faces one of his presidency’s most important economic policy decisions, due this week, when he decides who should head the Federal Reserve when President Jerome Powell’s term expires in February.

Mr Biden said he is seeking continuity in Fed policy as he plans to re-elect Powell for a second four-year term or to elevate Gov. Lael Brainard, who has been a strong supporter of the rate policy. central bank interest over the past four years.

   
 
 

Hackers Circle As Individual Investors Pour Money Into Crypto

Rosa Maguina invested a large chunk of her savings in cryptocurrency earlier this year, joining other individual investors trying to strike while bitcoin was hot. The funds disappeared after a hacker hijacked his phone number for just two hours.

Ms Maguina, who runs an event logistics business with her husband in Doral, Florida, said she was about to fall asleep on July 5 when she noticed her phone had lost its signal. By the time Ms Maguina’s service was restored, she said, an unauthorized user had changed their passwords for the Binance and Coinbase trading platforms and initiated transactions that emptied their crypto accounts of worth about $ 80,000 at the time.

   
 
 

Tax plan ignites democratic Senate debate over Biden’s $ 2 trillion spending bill

WASHINGTON-House’s passage of the Democratic $ 2 trillion package on education, health and climate has ignited a debate within the party over whether the bill grants overly generous tax breaks to high-income Americans.

At the center of the dispute is the House’s plan to increase the $ 10,000 cap on the deduction for local and state taxes to $ 80,000 through 2030. A small but committed group of strong state lawmakers taxation like New York and New Jersey has been insisting for years. on repealing the $ 10,000 cap, which Republicans put in place as part of the 2017 tax law.

   
 
 

New COVID-19 restrictions trigger protests across Europe

Europeans are staging protests against new Covid-19 restrictions intended to stem an upsurge in the pandemic, with violence erupting overnight in the Netherlands.

On Saturday in Austria and Italy, citizens unhappy with renewed constraints marched to demonstrate their opposition. Other demonstrations were planned elsewhere in Europe.

   
 
 

Currency crisis in Turkey increases cost of living and threatens financial system

The ISTANBUL-Turkey currency crisis is pushing up the cost of food, medicine and other essentials for average Turks, and threatening the country’s banks and large corporations if the pound falls. is not stopped, economists said.

The sharp drop in the lira, which has lost more than a third of its value against the dollar in eight months, has shaken a Turkish company that had long boasted of having a rising economy rivaling its European neighbors. Ordinary people are now grappling with a deterioration in their living conditions, with rampant inflation putting pressure on wages and cutting back on savings.

   
 
 

Billions of assets could remain stranded as businesses tackle climate change

In late 2019, General Motors Co. announced a $ 1 billion investment to produce a new generation of Chevrolet Colorado and GMC Canyon pickup trucks at its plant in Wentzville, Missouri.

A little over a year later, GM announced that it would go fully electric by 2035. Analysts fear some of Wentzville’s new machines could end up in scrap, adding to a heap of assets. billions of dollars that will lose value as the country moves away from fossil fuels.

   
 
 

Two Fed officials plan to speed up process to cut bond purchases

Two Federal Reserve governors on Friday opened the door to the possibility that the central bank could move faster to end its stimulus efforts to buy assets.

“The economy is in a very strong position” and “there is an upside risk to inflation,” Federal Reserve Vice Chairman Richard Clarida said in a virtual appearance. Regarding the possibility of accelerating the withdrawal of the Fed’s bond-buying stimulus effort, “I’ll take a close look at what data we get by the December meeting, and it may well. be appropriate at this meeting to have a discussion on accelerating “the decline in asset purchases at the next Federal Open Market Committee meeting,” he said.

   
 
 

Pfizer-BioNTech, Moderna Covid-19 Boosters for All Adults Supported by FDA, CDC

Booster injections from Pfizer Inc. and its partner BioNTech SE and Moderna Inc. will be available for all adults after the Centers for Disease Control and Prevention approves additional doses for people at least six months after their second injection.

The approval on Friday by CDC director Rochelle Walensky will result in a significant expansion of the recall campaign in the United States which health officials hope will clear up confusion and offer people more protection ahead of holiday gatherings and travel as new daily Covid-19 cases start to rise again.

   
 
 

Novartis rethinks its sales strategy for the launch of a new cholesterol drug

Novartis AG has made a big bet on its new cholesterol-lowering drug. To overcome the delicate market for new heart drugs, it pursues an unconventional strategy that disrupts the launch of traditional drugs.

Rather than seeking to gain the attention of patients and gain the support of individual doctors, the Swiss pharmaceutical giant is focusing on the people who run large hospital systems. His business case: A large-scale deployment of the drug, called Leqvio, could prevent thousands of heart attacks and strokes.

   
 
 

UBS appoints Colm Kelleher as next chairman

UBS Group AG has appointed former Morgan Stanley executive Colm Kelleher to succeed Axel Weber as next chairman, landing a prominent name on Wall Street to oversee the Swiss bank.

Mr. Kelleher spent 30 years at Morgan Stanley and held the second position of President before leaving in June 2019. He held positions including CFO of the bank during the 2008 financial crisis, and oversaw operations. manager of Morgan Stanley, a staunch competitor of UBS.

   
 
 

Putin sends Russian ships to monitor US warships during blaze

ON BOARD THE USS PORTER, THE BLACK SEA – As the USS Porter entered the final hours of a transit through the Black Sea last week, an announcement was played over the ship’s speaker system , suggesting a potential threat. A Russian military helicopter was minutes away, ready to join a Russian frigate and cruiser that had been following the ship for days.

Russian President Vladimir Putin had just warned that American ships in the Black Sea were now in his country’s sights. “It’s a serious challenge for us,” he said.

   
 
 

Reliance Industries and Saudi Aramco to Reassess Planned Business Combination

SINGAPORE-Reliance Industries Ltd. and Saudi Aramco reassess the planned $ 15 billion investment by the Saudi state-owned company in the oil-chemicals business of the Indian conglomerate.

The decision to “mutually” reassess the investment stems from Reliance’s greater willingness to enter the new energy and materials business, the company said on Friday evening.

   
 
 

Deutsche Bank appoints Alexander Wynaendts as next chairman

Deutsche Bank AG said it has chosen Alexander Wynaendts, a foreigner with experience in insurance and banking, to be its next chairman.

Mr Wynaendts, a 61-year-old Dutchman, was Managing Director of Dutch insurer Aegon NV for 12 years until 2020. He started his career with lender ABN Amro NV, where he spent 13 years in banking private and investment in Amsterdam. and London, Deutsche Bank said in a statement Friday.

   
 
 

Write to paul.larkins@dowjones.com

   
 
 

Major events expected for Monday

5:30 a.m. / NED: Consumer confidence survey in November

07: 00 / NOR: 3T Labor Cost Index – preliminary figures

07h00 / DEN: Nov. Consumer expectations

08h00 / SPN: Sep Trade balance

08: 00 / SPN: Seven Industrial Orders & Turnover

09h00 / POL: oct. PPI

09h00 / POL: Industrial production index for October

09: 00 / POL: Oct Agricultural prices

10: 00 / LUX: October Unemployment

10:00 am / MLT: October registered as unemployed

11:00 a.m./ UK: report on aluminum production in October

11h00 / IRL: October WPI

2 p.m. / BEL: Survey on consumer confidence in November

3:00 p.m. / EU: Nov FCCI Flash consumer confidence indicator

3:00 p.m. / DEN: October Central government finance and debt

17: 59 / POR: August ICSG Copper Report

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This article is a text version of a Wall Street Journal newsletter published earlier today.

 

(END) Dow Jones Newswires

November 22, 2021 00:27 ET (05:27 GMT)

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