In its first quarterly report since listing on Nasdaq Stockholm, Volvo Cars said third-quarter production was approximately 50,000 cars lower than a year earlier, while preliminary figures for November show sales volumes of about 52,000 cars, down on the year due to lower production and build-up of in-transit inventory.
SAS 4Q Net Loss Narrowed as Demand Continued to Increase
Scandinavian airline SAS AB said Tuesday that its fiscal fourth-quarter net loss narrowed as customer demand and ticket sales continued to increase, but cautioned that uncertainties over the development of the Covid-19 pandemic remain.
For the quarter ended Oct. 31, the carrier posted a net loss of 744 million kronor ($81.7 million) compared with a loss of SEK2.57 billion a year earlier, as revenue rose 90% to SEK5.76 billion.
Schneider Electric Sets Targets for 2022-24
Schneider Electric SE on Tuesday set targets for the 2022-24 period ahead of the start of its capital markets day.
The French energy-management and automation specialist said it will target 5%-8% organic revenue growth on average for the period, and that it expects to have free cash flow of about 4 billion euros ($4.52 billion) by 2024.
Inditex Appoints Founder's Daughter as Chairwoman
Industria de Diseno Textil SA on Tuesday said Marta Ortega Perez, the daughter of the Spanish fashion group's founder, is set to become its chairwoman.
Ms. Ortega will succeed Pablo Isla Alvarez, executive chairman since 2011, who will resign his position effective March 31, 2022, the company said. Ms. Ortega's father, Amancio Ortega, founded the La Coruna-based company, which owns fashion brands including Zara and Pull & Bear.
U.S., Allies Weigh Response to Russian Military Buildup Around Ukraine
RIGA, Latvia-NATO foreign ministers are meeting here Tuesday to calibrate a response to Russia's military buildup around Ukraine, seeking to deter the Kremlin from any potential assault while making clear the limits of its support.
Concern over the Russian buildup has risen in recent weeks. The U.S. has briefed allies that Moscow could launch a new military operation in Ukraine, following its seizing of Crimea and covert invasion of its neighbor's east in 2014. Russia, which wants to draw the former Soviet republic back into its orbit, says it has no plans to invade and can move troops as it wishes on its sovereign territory.
Iran Doubles Down on Demands as Nuclear Talks Resume
VIENNA-Iran made many demands as it resumed talks Monday with the U.S. and other world powers aimed at salvaging the 2015 nuclear deal, doubling down on its position before negotiations first started in the spring and raising doubts over an early breakthrough.
The talks, taking place in the Austrian capital amid a strict coronavirus lockdown, are intended to agree on the steps Iran and the U.S. will take to return into compliance with the 2015 deal, which lifted most international sanctions on Tehran in exchange for strict but temporary restrictions on Iran's nuclear work.
Omicron Variant Drives Rise in Covid-19 Hospitalizations in South Africa Hot Spot
JOHANNESBURG-The emergence of the Omicron variant of the coronavirus in South Africa has driven a sharp increase in Covid-19 hospitalizations in the country's hot-spot province over the past two weeks, although fewer patients are being treated for severe disease than in previous surges, the country's National Institute for Communicable Diseases said.
There has also been an unusually high number of hospitalizations of children under 2 years old around the capital, Pretoria, where cases started rising first, although some of these may be precautionary, the institute said.
Turkey's Lira Crisis Exposes Reliance on Imported Energy
Turkey's currency crisis has exposed a key weakness in its economy: a near total dependence on imported energy to keep households warm and factories humming.
Turkey is surrounded by some of the world's richest reserves of fossil fuels, in the Middle East and Central Asia, but produces little oil, gas or coal of its own. The country imports 93% of the oil and 99% of the gas it consumes, a vulnerability when energy prices in dollars climb and the lira slides.
GLOBAL NEWS
Covid-19 Variant Omicron Threatens U.S., Global Economies
The global economy could suffer a modest blow from the Omicron variant of Covid-19, though the scale of damage will hinge on the potency of the strain itself, economists say.
Tourism spending will likely weaken, and perhaps so too will restaurant spending and shopping at stores. But compared with the initial wave of Covid-19 in March 2020 and the Delta variant this summer, Omicron's threat to economies will likely be less severe, economists say, in part because each new virus strain has had a diminished economic impact.
Gas Prices Pressure Drivers' Finances
Rachel Gould spends $50 on gas taking her two special-needs children on the three-hour trip from her home in Central Illinois to a hospital in St. Louis. That is roughly a 60% increase from the same time last year.
"You have to have gas and have to pay for it either way you look at it," said Mrs. Gould, who drives a Dodge Caravan that gets 23 miles to the gallon.
America's Power Plants Are Low on Coal
A lump of coal would be a welcome gift for many U.S. utilities.
Coal piles at power plants have dwindled to their lowest point since the 1970s, and the race to build up inventories ahead of heating season has sent domestic thermal coal prices to their highest levels in more than a decade.
New Omicron Variant Exacerbates Inflation Uncertainty, Powell Says
The new Omicron coronavirus variant risks intensifying supply-chain disruptions that have fueled a surge in inflation this year, Federal Reserve Chairman Jerome Powell said in testimony released Monday afternoon.
Mr. Powell is set to appear before the Senate Banking Committee alongside Treasury Secretary Janet Yellen on Tuesday morning.
China Manufacturing Gauge Shows Rebound in November
BEIJING-An official gauge of China's manufacturing unexpectedly rebounded to expansion in November, ending a two-month contraction resulting from a power crunch.
The official manufacturing purchasing managers index rose to 50.1 in November from October's 49.2, the National Bureau of Statistics said Tuesday.
FDA Moving to Authorize Pfizer-BioNTech Booster for 16-, 17-Year-Olds
The Food and Drug Administration could authorize Covid-19 boosters from Pfizer Inc. and BioNTech SE for use in 16- and 17-year olds as soon as next week as concerns rise over a new, possibly more transmissible variant, according to a person familiar with the planning.
The agency is planning to move rapidly to take action on a request by the companies to authorize boosters for 16- and-17 year olds, according to a person familiar with the matter. So far, only people 18 years and older are eligible for boosters.
Omicron Crept Into Australia After Strict Border Rules Were Eased
Two days before Australia tightened border controls in response to the new Omicron variant of Covid-19, a woman arrived in Sydney on a one-stop flight from southern Africa and visited several shops before heading up the coast.
Health officials in New South Wales, the country's most populous state, said the woman was infected with the Omicron variant of Covid-19. They are now racing to map her movements and identify contacts in an effort to prevent the virus from spreading in the community.
Pentagon to Investigate 2019 Syria Airstrike That Killed Women and Children
WASHINGTON-Defense Secretary Lloyd Austin has ordered an investigation into a 2019 U.S. strike in Syria that killed dozens of people, including women and children, but that wasn't publicly acknowledged by the military until this year, the Defense Department said Monday.
Gen. Michael X. Garrett, who is in charge of Army Forces Command, will lead the inquiry and will look at the number of civilians killed, whether the U.S. complied with the laws of war in launching the attack, how the military records such events, and whether anyone should be held accountable for the deaths, Pentagon spokesman John Kirby said.
Write to paul.larkins@dowjones.com
Write to us at newsletters@dowjones.com
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
11-30-21 0618ET
