The lira fell to as low as 12.47 against the dollar, before pulling back to 12.08, a 6.2% drop. On Monday, Erdogan reportedly framed Turkey's weak currency as competitive, saying it would usher in jobs and growth.
E.ON Unveils New Targets for 2026; Extends Dividend Policy
E.ON SE on Monday unveiled new earnings and growth targets for its core business as well as extended its current dividend policy until 2026.
The German energy company said that it expects adjusted earnings before interest, taxes, depreciation and amortization to grow at a compound annual rate of about 4% from 2021 to 2026 to reach around 7.8 billion euros ($8.80 billion) in 2026. Adjusted earnings per share are expected to grow at a compound annual rate of 8% to 10% in the same period to reach about EUR0.90 in 2026.
Clariant Outlines Mid-Term Plans; China to Be Focus of Growth
Swiss chemicals group Clariant AG on Tuesday set out new mid-term targets, with a focus on increasing sales in China.
Marking its capital-markets day, Clariant said it expects compound annual sales growth of 4% to 6% on average to 2025. By the same year, the margin of earnings before interest, taxes, depreciation and amortization should reach 19% to 21%.
Kuehne + Nagel Names Stefan Paul as New CEO
Kuehne + Nagel International AG said Tuesday that its board of directors has named Stefan Paul as its new chief executive officer as of Aug. 1 of next year.
The Swiss transport and logistics company said Stefan Paul will replace current CEO Detlef Trefzger, who will leave for private reasons after having been at the head of the company since 2013.
Shell Breaks Ground on Plastic Waste-Derived Oil Facility in Singapore
Royal Dutch Shell PLC on Tuesday broke ground on a new project in Singapore to make an oil product from plastic waste otherwise destined for landfills.
The treated pyrolysis oil will be used to produce so-called circular chemicals--chemicals used in products intended to be reused or repurposed with minimal waste, the oil major said.
BHP Advances Plans to Combine Oil, Gas Unit With Woodside
SYDNEY--BHP Group Ltd. advanced plans to combine its oil-and-gas business with Woodside Petroleum Ltd., which on Monday approved a multibillion-dollar project in Australia that supports the role of natural gas in the global energy transition.
BHP said it has signed a binding share sale agreement for the merger of its oil-and-gas business with Woodside, progressing a transaction that was first announced on Aug. 17. BHP shareholders will own 48% of the expanded Woodside, with forecast savings from the deal unchanged at more than US$400 million.
Norsk Hydro Probe Shows Slow Pace of International Ransomware Cases
Norwegian aluminum producer Norsk Hydro ASA waited 2 1/2 years for police to apprehend people suspected of launching a crippling ransomware attack on the company in March 2019.
The sprawling investigation involved eight countries, leading authorities to detain a dozen suspects in Ukraine and Switzerland in late October.
Russia Rebuts Growing U.S. Warnings of Attack on Ukraine
MOSCOW-The Kremlin denied that a buildup of Russian military forces near Ukraine was a prelude to invasion, and accused Washington of destabilizing the region.
U.S. officials over the past week have given European allies new information that Washington says shows Russia building up forces and military assets that could be used to attack Ukraine, two senior European diplomats said Monday.
Migrants at Belarus-Poland Border Face Returning Home or Continuing Their Quest to Go West
MINSK, Belarus-Numerous failed attempts to cross the border from Belarus into Poland have left thousands of migrants who thought the former Soviet country would provide a fail-safe corridor to a better life in the European Union weighing whether to abandon their quest.
On Sunday, thousands continued to cram a warehouse-turned-shelter near the border between Poland and Belarus, after Belarusian authorities last week coaxed them into deserting freezing makeshift camps. Others managed to make their way back to the Belarusian capital, Minsk, where some found refuge in hostels or remained on the street.
Austria's Return to Covid-19 Lockdown Is Met With Anger, Resignation
Austria put its economy under partial lockdown on Monday with the toughest in an array of restrictions that are spreading across Europe, sometimes meeting violent protests, as governments seek to fend off a steep rise in Covid-19 cases and hospitalizations despite widespread vaccinations.
For at least 20 days, residents will have to stay home and all nonessential shops will close. The restrictions could be extended if the pressure on hospitals remains acute, the government said. While the rules include numerous exceptions-strolls, exercising and dog walking are allowed, as are traveling to offices, shopping for groceries and Christmas trees, and skiing-police said they would enforce the lockdown, especially in the evening.
Fed Picks Leave Open Questions on How Central Bank Will Regulate Wall Street
WASHINGTON-President Biden's decision to reappoint Jerome Powell as Federal Reserve chairman and elevate governor Lael Brainard signals continuity on monetary policy but leaves open questions on the direction the central bank will take in regulating Wall Street.
The extent to which the Fed will spend the next several years tightening regulatory policy-after easing rules under Trump-appointed officials-will depend on whom Mr. Biden ultimately picks to succeed Randal Quarles, the departing central bank governor who served as its regulatory point man until last month.
Derby's Take: Fed Balance Sheet Plans Could Impact Huge Reverse Repo Use
It may be that financial markets are seeing something approaching the high water mark for the Federal Reserve's reverse repurchase agreement facility.
The Fed's so-called reserve repos take in cash from money-market funds and other eligible firms, and over the course of 2021 have seen explosive growth, rising from nearly no demand in the spring to massive inflows. On Monday, financial firms flooded nearly $1.6 trillion into the central bank tool, which compares with a Fed balance sheet standing at $8.6 trillion.
Why Do Prices Keep Going Up and What's the Cause of Inflation?
U.S. inflation is at its highest rate in 31 years, with consumers seeing prices rise sharply for a variety of goods and services because of persistent supply and labor shortages and strong demand.
Stoked by imbalances in the economy created by the Covid-19 pandemic, inflation is one of the most vexing problems facing economists and government policy makers-from Federal Reserve officials, who set interest rates, to the Biden administration and Congress. The causes are myriad, and the tools that are usually deployed can, in some scenarios, push the economy into a recession as a way of taming price pressures.
El Salvador to Issue 'Bitcoin Bond' in 2022
El Salvador is planning to issue next year $1 billion in bonds backed by bitcoin, the latest effort by the economically stressed Central American nation to attract crypto capital.
The country this year became the first to adopt bitcoin as a national currency. It plans to sell $1 billion in U.S. dollar-denominated 10-year bonds with a coupon of 6.5%. Half of that money would be used to buy bitcoin to hold for five years and the rest would fund construction projects related to bitcoin.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires