President Biden faces one of the most important economic policy decisions of his presidency, which is expected this week, when deciding who should lead the Federal Reserve when Chairman Jerome Powell's term expires in February.
Mr. Biden has signaled he is looking for continuity in Fed policy because he is considering whether to reappoint Mr. Powell for a second four-year term or elevate governor Lael Brainard, who has strongly backed the central bank's interest rate policy over the past four years.
Hackers Circle as Individual Investors Pour Cash Into Crypto
Rosa Maguina plowed a big chunk of her savings into cryptocurrency early this year, joining other individual investors trying to strike while bitcoin was hot. The funds vanished after a hacker hijacked her phone number for just two hours.
Ms. Maguina, who runs an events logistics business with her husband in Doral, Fla., said she was about to go to sleep on July 5 when she noticed her phone lost its signal. By the time Ms. Maguina's service was restored, she said, an unauthorized user had changed her passwords for trading platforms Binance and Coinbase and initiated transactions that emptied her accounts of crypto valued at around $80,000 at the time.
Tax Plan Inflames Democratic Debate in Senate Over Biden's $2 Trillion Spending Bill
WASHINGTON-House passage of Democrats' $2 trillion education, healthcare and climate package has inflamed an intraparty debate about whether the bill gives overly-generous tax benefits to high-income Americans.
At the center of the dispute is the House plan to raise the $10,000 cap on the deduction for state and local taxes to $80,000 through 2030. A small but committed group of lawmakers from high-tax states like New York and New Jersey have for years insisted on repealing the $10,000 cap, which Republicans put into place as part of the 2017 tax law.
New Covid-19 Restrictions Spark Protests Across Europe
Europeans are staging protests against new Covid-19 restrictions intended to stem an upsurge in the pandemic, with violence flaring overnight in the Netherlands.
On Saturday in Austria and Italy, people upset with renewed constraints marched to show their opposition. More protests were planned elsewhere in Europe.
Turkey's Currency Crisis Raises Cost of Living, Threatens Financial System
ISTANBUL-Turkey's currency crisis is driving up the cost of food, medicine and other essentials for average Turks, and poses a threat to the country's banks and large companies if the lira's slide isn't arrested, economists said.
The steep drop in the lira, which has lost more than a third of its value to the dollar in eight months, is shaking a Turkish society that had long prided itself as an ascendant economy that rivaled its European neighbors. Ordinary people are now struggling with a decline in their living conditions, with rampant inflation putting pressure on wages and eating into savings.
Trillions in Assets May Be Left Stranded as Companies Address Climate Change
At the end of 2019, General Motors Co. announced a $1 billion investment to produce a new generation of Chevrolet Colorado and GMC Canyon pickup trucks at its factory in Wentzville, Mo.
Just over a year later, GM said it would go all electric by 2035. Analysts are worried that some of the new Wentzville machinery could end up on the scrap heap, adding to a multitrillion-dollar pile of assets that will lose value as the country shifts away from fossil fuels.
Two Fed Officials Weigh Prospect of Speeding Bond-Buying Taper Process
Two Federal Reserve governors opened the door on Friday to the possibility the central bank could move more swiftly to end its asset-buying stimulus effort.
"The economy is in a very strong position" and "there is upside risk to inflation," Federal Reserve vice chairman Richard Clarida said in a virtual appearance. When it comes to the possibility of speeding up the drawdown in the Fed's bond-buying stimulus effort, "I'll be looking closely at the data that we get between now and the December meeting, and it may well be appropriate at that meeting to have a discussion about increasing the pace" of the pullback in asset buying at the coming Federal Open Market Committee meeting, he said.
Pfizer-BioNTech, Moderna Covid-19 Boosters for All Adults Backed by FDA, CDC
Booster shots from Pfizer Inc. and partner BioNTech SE and Moderna Inc. will be available to all adults after the Centers for Disease Control and Prevention endorsed the extra doses for people at least six months after their second shot.
The signoff Friday by CDC Director Rochelle Walensky will lead to a significant widening of the U.S. booster campaign that health officials hope will remove confusion and offer people more protection ahead of holiday gatherings and travel as new daily Covid-19 cases are beginning to rise again.
Novartis Rethinks Sales Strategy for New Cholesterol Drug Launch
Novartis AG bet big on its new cholesterol-busting drug. To overcome the tricky market for new heart medicines, it is pursuing an unconventional strategy that turns the traditional drug launch on its head.
Rather than seeking to grab the attention of patients and winning support from individual physicians, the Swiss pharmaceutical giant is focusing on the people who run large hospital systems. Its pitch: A large-scale rollout of the drug, called Leqvio, could avert thousands of heart attacks and strokes.
UBS Names Colm Kelleher as Next Chairman
UBS Group AG named former Morgan Stanley executive Colm Kelleher to succeed Axel Weber as its next chairman, landing a prominent Wall Street name to oversee the Swiss bank.
Mr. Kelleher spent 30 years at Morgan Stanley and was in the No. 2 job as president before leaving in June 2019. He held roles including chief financial officer at the bank through the 2008 financial crisis, and oversaw Morgan Stanley's wealth-management business, a keen competitor to UBS.
Putin Dispatches Russian Vessels to Shadow U.S. Warships During Flare-Up
ABOARD THE USS PORTER, THE BLACK SEA-As the USS Porter entered the final hours of a transit across the Black Sea last week, an announcement came over the ship's speaker system, portending a potential threat. A Russian military helicopter was minutes away, set to join a Russian frigate and cruiser that had been shadowing the ship for days.
Russian President Vladimir Putin had just warned that U.S. ships in the Black Sea now were in his nation's crosshairs. "This is a serious challenge for us," he said.
Reliance Industries, Saudi Aramco to Re-Evaluate Planned Business Tie-Up
SINGAPORE-Reliance Industries Ltd. and Saudi Aramco are re-evaluating the planned $15 billion investment by the Saudi state-owned company in the Indian conglomerate's oil-to-chemicals business.
The decision to "mutually" re-evaluate the investment stems from Reliance's greater push to enter new-energy and materials business, the company said late Friday.
Deutsche Bank Names Alexander Wynaendts as Next Chairman
Deutsche Bank AG said it picked Alexander Wynaendts, an outsider with experience in insurance and banking, to be its next chairman.
Mr. Wynaendts, a 61-year-old Dutchman, was the chief executive officer of Dutch insurer Aegon NV for 12 years through 2020. He began his career at lender ABN Amro NV, where he spent 13 years in private and investment banking in Amsterdam and London, Deutsche Bank said in a statement Friday.
Write to paul.larkins@dowjones.com
Expected Major Events for Monday
05:30/NED: Nov Consumer confidence survey
07:00/NOR: 3Q Labour Cost Index - preliminary figures
07:00/DEN: Nov Consumer expectations
08:00/SPN: Sep Trade Balance
08:00/SPN: Sep Industrial Orders & Turnover
09:00/POL: Oct PPI
09:00/POL: Oct Industrial Production Index
09:00/POL: Oct Agricultural prices
10:00/LUX: Oct Unemployment
10:00/MLT: Oct Registered Unemployed
11:00/UK: Oct Aluminium Production report
11:00/IRL: Oct WPI
14:00/BEL: Nov Consumer Confidence Survey
15:00/EU: Nov FCCI Flash Consumer Confidence Indicator
15:00/DEN: Oct Central Government Finance & Debt
17:59/POR: Aug ICSG Copper Report
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(END) Dow Jones Newswires
11-22-21 0027ET
