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Midday European briefing: lower profits in the United States -2-

 


ISTANBUL-Turkey has postponed a key meeting with Sweden and Finland that aimed to iron out differences over their membership in the North Atlantic Treaty Organization, Turkish officials said on Tuesday, intensifying the standoff over the expansion of the alliance in response to Russia’s invasion of Ukraine. .

The move is the latest setback for Sweden and Finland in a diplomatic row that has unfolded since last May, when Turkish President Recep Tayyip Erdogan first threatened to veto the countries’ membership in NATO because of their alleged links with Kurdish militant groups.

   
 
 

Ukraine pushes back Russian forces in the east

Ukrainian forces repelled Russian attempts to advance in the east of the country, the country’s military said, while air raid sirens across the country raised fears of possible Russian missile attacks.

Sirens wailed across Ukraine just after 9 a.m. Wednesday, including in the capital, Kyiv. The alert was lifted around 11 a.m. Ukraine’s military has warned of a “high threat” from Russian air and missile attacks.

   
 
 

Ukrainian Zelensky fires top officials in bid to contain corruption scandals

Ukrainian President Volodymyr Zelensky has sacked nearly a dozen top officials as he tries to contain a series of corruption scandals and bolster Western confidence in his administration at a critical time in the war.

Although the scandals are small compared to those of previous Ukrainian governments – some of which have been accused of stealing billions of public funds – they are nonetheless a blow for Mr Zelensky, who has drawn praise at home and abroad for his leadership of the country during the invasion of Russia.

   
 
 

Russians mourn Ukrainians killed in war in front of statue of Ukrainian poet in Moscow

MOSCOW — Every few minutes, mourners came, alone, in couples or in families, to a statue of a Ukrainian writer standing in the center of the Russian capital, laying flowers and soft toys at its bronze feet.

Some said a prayer and left quickly. Others were crying. Still others sat for hours on nearby benches, silently watching a small but steady stream of people visit what has become a makeshift memorial to the victims of Russia’s invasion of Ukraine.

   
 
 

International Paper reaches agreement to divest Russian pulp business

International Paper Co. said it has reached an agreement to divest itself of a lucrative Russian pulp company, the latest US company to leave Russia since Moscow invaded Ukraine.

IP said it would sell its 50% stake in Ilim Group to its Russian joint venture partners for $484 million. The Memphis, Tenn.-based company said those partners, led by Ilim chairman Zakhar Smushkin, have also indicated they want to buy IP’s stake in a related company for $24 million. IP has stated that it intends to sell this stake and any residual interest in Ilim.

   
 
 
   
 
 

WORLD NEWS

Nervous Investors Turn to Silver to Chase Yield

The Wall Street cash rush is back.

Investors added about $135 billion to global money market funds in the past four weeks, according to EPFR data through Jan. 18. This is the best time since the four-week period ended in May 2020, when these funds saw around $175 billion in net inflows.

   
 
 

Joe Manchin to introduce bill to delay electric vehicle tax credits

WASHINGTON-Sen. Joe Manchin (D., W.Va.) said he would introduce legislation on Wednesday that would delay the implementation of new tax credits for electric vehicles due to disagreements with the Treasury Department over how to implement the program, a component of the Inflation Reduction Act.

Tax credits of up to $7,500 per vehicle have come under fire from European and Asian allies who say the rules aimed at boosting domestic vehicle and battery production are unfair to foreign manufacturers.

   
 
 

Switching to mined graphite over artificial graphite increases the risk of shortages for electric vehicles

Mining companies are increasing their supplies of critical minerals for rechargeable batteries such as lithium, cobalt and nickel. Graphite, a key battery component, has been largely overlooked.

That’s about to change. Some of the world’s biggest auto and battery makers and the US government are racing to secure graphite supplies amid looming signs of shortages of the battery-friendly mineral. So far, graphite prices have not reflected the limited supply.

   
 
 

McCarthy expels two Democrats from House intelligence panel

WASHINGTON — House Speaker Kevin McCarthy on Tuesday barred Democratic Representatives Adam Schiff and Eric Swalwell from serving on the Intelligence Committee, a decision he can make unilaterally because the panel is controlled by his office.

Mr. McCarthy (R., Calif.) stated that Messrs. Schiff and Swalwell did not deserve the positions. Mr McCarthy said Mr Schiff used his position as panel chairman when Democrats controlled the chamber for political purposes. He alleged Mr Swalwell was targeted by a suspected Chinese spy almost a decade ago.

   
 
 

Joe Biden, Chuck Schumer and Hakeem Jeffries plan to project unity before spending fights

WASHINGTON — President Biden met with Democratic congressional leaders on Tuesday as the party tries to project a united front on the economy and the upcoming fight to lift the debt ceiling.

At the start of the meeting, Mr. Biden warned that newly empowered House Republican lawmakers could cut Social Security and Medicare, and he criticized a proposal pushed by some GOP members to impose a tax of national sale. “I have no intention of letting Republicans destroy our economy,” he said.

   
 
 

Classified documents found at Mike Pence’s home in Indiana

WASHINGTON-Lawyers for former Vice President Mike Pence discovered classified documents at his private home, according to a letter his representative sent to the National Archives.

Lawyers hired by the former vice president recently discovered “a small number of documents bearing classified marks that were boxed and inadvertently transported” to Mr. Pence’s home, according to a Jan. 18 letter to the National Archives. of Gregory Jacob, who oversees Mr. Pence’s records. Mr Pence was unaware of the existence of the documents, the letter says.

   
 
 

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

 

(END) Dow Jones Newswire

January 25, 2023 05:53 ET (10:53 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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