Shares in Telecom Italia SpA jumped on Monday after investment firm KKR & Co. expressed interest in taking the telecommunications company private through an offer valuing it at roughly 10.79 billion euros ($12.17 billion).
Telecom Italia stock opened 27% higher in Milan and, at 0930 GMT, shares were 22% higher at EUR0.42.
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.
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.
Julius Baer's 10-Month Assets Under Management Rose
Julius Baer Gruppe AG said Monday that assets under management for the first 10 months of 2021 rose on a year-to-date basis, and that its performance was marked by a reduction in costs and strong growth in client assets.
The Swiss private banking group said that assets under management rose to 484 billion Swiss francs ($521.3 billion), rising 12% on a year-to-date basis. New inflows increased 4.4%, it 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.
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.
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.
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.
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.
GLOBAL NEWS
Pension Cash Dwindles, Risking Liquidity Crunch
Bigger private-market bets, inflation fears and a surge of retirees are putting public retirement funds at risk of a cash crunch that would force them to sell assets at losses to pay pension checks.
Cash allocations have dropped to a seven-year low at the funds that manage more than $4.5 trillion in retirement savings for America's teachers, police and firefighters. Public pension funds, which have increasingly turned to illiquid private markets to drive up returns, are now aiming to keep about 0.8% of their holdings in cash, according to data from the Boston College Center for Retirement Research.
A Global Carbon Price Is a Mirage
Carbon credits have a bright future. That doesn't mean economists' dream of a global carbon price is about to be realized.
One of the most tangible outcomes of this month's COP26 meeting in Glasgow for business was an agreement on carbon accounting and trading rules. This should help to tame the current Wild West of trading in emissions credits, which leaves the door open to green-washing.
Supply-Chain Problems Show Signs of Easing
Global supply-chain woes are beginning to recede, but shipping, manufacturing and retail executives say that they don't expect a return to more-normal operations until next year and that cargo will continue to be delayed if Covid-19 outbreaks disrupt key distribution hubs.
In Asia, Covid-related factory closures, energy shortages and port-capacity limits have eased in recent weeks. In the U.S., major retailers say they have imported most of what they need for the holidays. Ocean freight rates have retreated from record levels.
Japan Considering Releasing Oil Reserves Amid Surging Prices
Japan's top government spokesman said Monday that the government is considering releasing oil from its reserves to help curb surging energy prices.
Japan has 242 days worth of reserves. That includes the government's direct holdings, some reserves that oil companies are legally required to set aside and reserves from oil-producing countries, which must be provided to the population on a priority basis in case of supply shocks.
Economy Week Ahead: Home Sales, Consumer Spending, Inflation
Reports on U.S. consumer spending and inflation highlight this holiday-shortened week. Outside of regular data, markets are also waiting for President Biden to announce his nomination for Federal Reserve chairman-a decision is expected this week.
Wide Selection of Stocks Pushes Market Higher
A broad base of stocks has driven the market's recent gains, an encouraging sign for investors wondering how long the year's formidable rally can continue.
The S&P 500 has risen 25% in 2021 and last week notched its 66th record close of the year-more new highs than in any year since 1995. Recent gains have come from a diverse array of stocks. Last week saw record closes from dozens of names, ranging from Estee Lauder Cos. and AutoZone Inc., to Netflix Inc. and Home Depot Inc.
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.
Modern Monetary Theory Isn't the Future. It's Here Now.
The infrastructure act signed into law last week marked a defeat for the faction of progressive economists in ascendancy in 2020. For these advocates of modern monetary theory, the insistence by both political parties that all the $550 billion of new spending be matched by offsetting revenue, known as "payfors," goes against their belief that money is merely a tool for government.
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11-22-21 0617ET
