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HomeAll NewsMost read newsBusiness Leaders Biography
Birthday : 06/28/1971
Place of birth : Pretoria - South Africa
Biography : Founder of 7 different companies, notably: Tesla, Inc., PayPal, Inc. and The Boring Co. Elon Reeve M

EMEA Morning Briefing: Stocks to Open Muted as -2-

11/24/2021 | 12:35am EST

The lawsuit alleges that NSO Group engaged in "concerted efforts in 2021 to target and attack Apple customers, Apple products and servers and Apple through dangerous malware and spyware," and seeks to bar NSO Group from using Apple's products.

Turkish Lira Tumbles After Erdogan Defends Rate Cuts

Turkey's economic crisis entered a tumultuous new phase, with its currency plunging to a fresh record low and President Recep Tayyip Erdogan preparing to meet the leader of a regional rival in search of foreign investment.

The lira slid as much as 18% Tuesday, before easing slightly, threatening to further shake the economy by undermining confidence, making it harder for businesses to pay off foreign-currency debt and increasing the cost of imported goods, especially oil. That would push the inflation rate, currently at around 20%, even higher, further hurting households, analysts say.

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.

Strong Demand, Continued Shortages Push Up Prices in U.S. and Europe

Firms on both sides of the Atlantic reported robust demand in November that, combined with persistent shortages of parts and labor, has led to record price increases.

In the U.S. the lifting of Covid-19 restrictions has boosted business output, particularly in the services sector. Businesses in Europe also reported a pickup in production despite a fresh surge of Covid-19 cases that has prompted fears of new pandemic restrictions.

U.S. Joins With China, Other Nations in Tapping Oil Reserves

WASHINGTON-The U.S. and other countries plan to tap their national strategic petroleum reserves in an attempt to bring down gasoline prices that have become a sore spot with motorists and a big contributor to inflation, President Biden said Tuesday.

Mr. Biden predicted that the added supply would lead to lower prices, but wholesale crude prices on financial markets rose after Tuesday's announcement.

Apple, Amazon Hit With More Than $225 Million of Antitrust Fines in Italy

Italy's competition watchdog issued more than $225 million in fines to Apple Inc. and Amazon.com Inc., saying they colluded to exclude legitimate resellers of Apple and Beats products from Amazon's Italian marketplace.

The Italian Competition Authority, or AGCM, said Tuesday that it was fining Apple 134.5 million euros ($151.1 million) and Amazon 68.7 million euros ($77.2 million), ordering the U.S. technology giants to allow all resellers of genuine Apple and Beats products on amazon.it.

Samsung Picks Texas for $17 Billion Chip-Making Factory

AUSTIN, Texas-Samsung Electronics Co. said Tuesday that it plans to invest roughly $17 billion in a semiconductor-making facility in Taylor, Texas, the latest chip-plant commitment this year amid a global processor shortage.

Samsung said the factory would be its largest U.S. investment and produce high-end chips that are used in smartphones and other devices, as well as for artificial-intelligence applications.

Elon Musk's Tax Bill on Stock Options Fell Along With Tesla's Share Price

Elon Musk already faces a federal tax bill topping $3.5 billion on exercising Tesla Inc. stock options. It would have been bigger if the company's share price hadn't fallen after he tweeted about selling stock.

The stock fluctuations have financial consequences for the U.S. government, Mr. Musk and Tesla. When the share price goes down, it not only reduces how much tax the Tesla chief executive owes the U.S. government in the short term, it also lowers his total potential tax payments linked to those shares if he sells them in the future. Any such later sales also may not be taxed by California because Mr. Musk moved his residence to Texas last year.

Gap's Sales Suffer From Supply-Chain Problems Before Holidays

Gap Inc. joined a growing list of apparel chains still struggling to keep their shelves stocked even as large retailers such as Walmart Inc. say they have been able to snag enough inventory for the holidays.

Gap reported net sales of $3.9 billion for the quarter ended Oct. 30, flat from 2020 and 1% lower than 2019. The company said its brands were unable to meet strong demand from shoppers as continued fallout from Covid-19 outbreaks led to factory closures and clogged ports. Shares dropped 17% in after-hours trading.

HP Sees Office Reopenings Lifting PC Demand Ahead of Promising Holiday Season

HP Inc. reported strong earnings and gave an upbeat outlook, aided by office reopenings and an expectation for healthy consumer demand through the holiday shopping season despite supply shortages.

The PC and printer maker on Tuesday said it generated quarterly sales of $16.7 billion, up 9.3% from the year-ago period, and $3.1 billion in net income, including a one-time $1.78 billion legal settlement. The results beat Wall Street expectations for both sales and earnings.

Bain Capital Targets $1.5 Billion for Second Tech Opportunities Fund

Bain Capital is pitching investors on its second technology-focused fund with a goal of raising $1.5 billion barely a year after wrapping up the strategy's debut fund with $1.25 billion.

The New Mexico State Investment Council committed up to $60 million to the vehicle, Bain Capital Tech Opportunities Fund II LP, according to David Lee, the director of private equity for the council, which manages $34 billion of assets for four permanent funds. Bain Capital is committing $150 million to the fund, Mr. Lee said.

Write to sarka.halas@wsj.com

Write to paul.larkins@dowjones.com

Expected Major Events for Wednesday

00:01/UK: Nov REC JobsOutlook survey

06:00/FIN: Oct PPI

07:45/FRA: Nov Monthly business survey (goods-producing industries)

08:00/CZE: Nov Business cycle survey (consumer/business confidence)

09:00/GER: Nov Ifo Business Climate Index

11:00/UK: Nov CBI Industrial Trends Survey

13:00/POL: Oct Broad money M3

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

(END) Dow Jones Newswires

11-24-21 0034ET