Today’s biggest stories
|FILE PHOTO: A sign at a gas station in San Diego, California, November, 9, 2021. REUTERS/Mike Blake|
The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid- to late-December. The release is being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain
Investors are betting that newly renominated Federal Reserve Chairman Jerome Powell will need to step up the pace at which the central bank is normalizing monetary policy to better grapple with surging consumer prices. Powell is the best person for finance’s worst job, says Breakingviews columnist Gina Chon.
Turkey’s lira nose-dived nearly 9% after President Tayyip Erdogan defended recent sharp rate cuts and vowed to win his “economic war of independence” despite widespread criticism and pleas to reverse course.
Italy’s antitrust authority fined U.S. tech giants Amazon.com and Apple a total of more than $225 million for alleged anti-competitive cooperation in the sale of Apple and Beats products.
Facing scarce year-end inventories and a shortage of workers, retailers are turning ‘Black Friday’ into a month-long event. Walmart, the world’s largest retailer, said it had already started discounts, such as $30 off AirPods and KidKraft dollhouses.