• European stocks are also hit by weaker-than-expected manufacturing and services data for France, Germany and other eurozone countries. Link
    WSJ Europe Mon 23 Sep 2019 14:20

    U.S. stocks edged lower Monday, weighed down by declines among shares of industrial and materials companies.

    The Dow Jones Industrial Average inched down 35 points, or 0.1%, to 26894. The S&P 500 declined less than 0.1%, and the Nasdaq Composite fell 0.1%.

    Data early Monday showed Germany’s manufacturing and services sector weakened more than expected in September, adding to investors’ worries about the health of Europe’s biggest economy.

  • The New York Fed offered to add at least $75 billion daily to the financial system through Oct. 10. as it seeks to relieve funding pressure in money markets. Link
    WSJ Europe Mon 23 Sep 2019 14:00

    The Federal Reserve Bank of New York added $49.7 billion to the financial system Monday, using the market for overnight repurchase agreements, or repo, to relieve funding pressure in money markets.

    Banks asked for $49.7 billion in overnight reserves, offering collateral in the form of U.S. Treasury and mortgage securities. The New York Fed had offered to add at least $75 billion daily to the financial system through Oct. 10.

    Rates...

  • World leaders are set to convene at the United Nations to discuss the next steps in the global effort to slow the warming of the planet Link
    WSJ Europe Mon 23 Sep 2019 13:35

    World leaders are set to convene at the United Nations to discuss the next steps in the global effort to slow the warming of the planet.

    Monday’s climate summit is designed to generate momentum around meeting the goals of the 2015 Paris accord, which aims to limit global temperature increases to less than 2 degrees Celsius (3.6 degrees Fahrenheit).

    Delegates...

  • Germany’s economy is on the brink of recession, reflecting the deepening hit to its factories from the U.S.-China trade war, uncertainty around Brexit and problems in Germany’s key automobile sector Link
    WSJ Europe Mon 23 Sep 2019 12:10

    Germany’s economy is on the brink of recession, reflecting the deepening hit to its factories from the U.S.-China trade war, uncertainty around the U.K.’s departure from the European Union, and problems in its key automobile sector.

    A survey of purchasing managers released Monday showed signs that weakness is spreading to Germany’s services sector, which has seen robust growth over recent quarters even as manufacturing output has declined. That could turn a mild downturn into a deeper and more prolonged contraction, dragging...

  • Antitrust investigation gives competitors chance to air complaints about Facebook’s hardball tactics Link
    WSJ Europe Mon 23 Sep 2019 11:45

    Facebook Inc. for most of the past decade was Silicon Valley’s 800-pound gorilla, squashing rivals, ripping off their best ideas or buying them outright as it cemented its dominance of social media.

    Now the knives are coming out.

    A number of Facebook’s current and former competitors are talking about the company’s hardball tactics to investigators...

  • Iran frees a British-flagged tanker it seized in July, ending a monthslong standoff and potentially easing tensions over Persian Gulf shipping Link
    WSJ Europe Mon 23 Sep 2019 10:30

    U.K. authorities said the Iranian tanker, now called the Adrian Darya 1, was held for carrying oil to Syria in violation of European Union sanctions. Iran denied that, but indicated it would release the Stena Impero only after its own vessel reached its destination. U.S. and U.K. officials have said the Adrian Darya 1 unloaded its crude to Syria despite Iranian assurances. Tehran has said the oil was sold to a third party but gave no details.

    “The legal process has finished and based on that the conditions for letting the oil tanker go free have been fulfilled and the oil tanker can move,” Ali Rabiei, Iran’s government spokesman, said Monday, according to the official IRNA news agency.

    A spokesman for the Swedish owners of the Stena Impero said Iranian authorities hadn’t notified the company that the tanker was free to leave. The “vessel is still being held,” he said.

    The tanker crisis soured relations between Iran and the U.K. as the Trump administration...

  • Grillo and SkyAlert are pushing a digital approach to earthquake alerts, via wireless internet networks, and offering wider coverage through smartphone applications, Twitter and in-home alarms. Link
    WSJ Europe Mon 23 Sep 2019 10:10

    MEXICO CITY—Two years after a devastating earthquake struck Mexico City, killing more than 200 people and damaging thousands of buildings, the city’s government is feuding with private technology startups over who warns residents about approaching temblors.

    Last month, the city issued a new decree that the only entity allowed to send early earthquake warnings was a Mexican nonprofit known as the Center for Seismic Instrumentation and Registry, or Cires.

    ...
  • President Trump is likely to face an uphill battle in mobilizing international support for tough action against Iran during his trip to the United Nations this week Link
    WSJ Europe Mon 23 Sep 2019 09:50

    President Trump is likely to face an uphill battle in mobilizing international pressure against Iran at the United Nations over Tehran’s alleged attack on Saudi oil facilities, Western diplomats and experts said.

    A senior administration official said the U.S. plans to make Iran’s “exploratory violence” a theme of this week’s U.N. General Assembly, following Iran’s alleged strike on the Saudi energy facilities.

    “The...

  • Aramco’s repairs could take months longer than company anticipates, contractors say Link
    WSJ Europe Mon 23 Sep 2019 09:50

    The Saudi Arabian Oil Co. is in emergency talks with equipment makers and service providers, offering to pay premium rates for parts and repair work as it attempts a speedy recovery from missile attacks on its largest oil-processing facilities, Saudi officials and oil contractors said.

    It may take many months—rather than the maximum 10 weeks company executives have promised—to restore operations to full working order, they said.

    Following...

  • The United Auto Workers strike at GM is heading into a second week with unresolved issues that include the use of temporary workers and wages for new workers. Link
    WSJ Europe Mon 23 Sep 2019 09:50

    The United Auto Workers strike at General Motors Co. is heading into its second week as union and company bargainers face unresolved issues ranging from the use of temporary workers to wages for newer hires, according to people close to the talks.

    The strike is already the UAW’s longest nationwide walkout at GM since 1970. It has sent tens of thousands of auto workers to picket lines, and halted work at more than 30 U.S. plants. On Sunday, the union hosted rallies across the country, attended by Democratic presidential candidates Elizabeth Warren in Michigan and Joe Biden in Kansas.

  • Indonesian officials have found design and oversight lapses played a central role in October’s Lion Air crash, said people familiar with the matter Link
    WSJ Europe Mon 23 Sep 2019 09:45

    Indonesian investigators have determined that design and oversight lapses played a central role in the fatal crash of a Boeing 737 MAX jet in October, according to people familiar with the matter, in what is expected to be the first formal government finding of fault.

  • IEX Exchange, of ‘Flash Boys' fame, to exit listings business Link
    WSJ Europe Mon 23 Sep 2019 09:25

    The move means that corporate listings will remain an effective duopoly of the New York Stock Exchange and Nasdaq Inc., despite a long effort to break into the business by IEX, whose founders were the heroes of Michael Lewis’s 2014 book “Flash Boys: A Wall Street Revolt.”

    IEX made the decision after its only listed company, Interactive Brokers Group Inc., decided to switch back to Nasdaq, the people said. The Greenwich, Conn.-based online brokerage is expected to publicly announce the decision to switch its listing exchange soon.

    Representatives of IEX didn’t respond to requests for comment. An Interactive Brokers spokeswoman said she couldn’t immediately comment. Nasdaq declined to comment.

    Interactive Brokers became IEX’s first listed company a year ago. It is now leaving because of concerns about how its shares have traded on IEX, including wider bid-ask spreads, the people said. Such spreads are the difference between the buying and selling price of...

  • Juul Labs tried to win over Washington but the e-cigarette maker alienated regulators, helping thrust the once-soaring startup into a crisis that threatens its future Link
    WSJ Europe Mon 23 Sep 2019 09:00

    But other steps it took backfired and contributed to a perception in Washington that Juul was on the wrong side of a public health crisis.

    “I think Juul put the entire category at risk by pursuing top-line growth and market share without a real eye toward what was going on and who was using them,” said Scott Gottlieb, who as federal Food and Drug Administration commissioner clashed with the startup last year.

    The company flooded the White House with lobbyists and other advocates, making it appear that it was bypassing the FDA, which irked officials in the agency and some in the administration, according to people familiar with the discussions.

    Juul launched an anti-vaping program for schools despite warnings that the effort was reminiscent of one by major tobacco companies years ago that seemed aimed more at luring new smokers than dissuading them. And it made unauthorized claims to children and adults that its products were safer than cigarettes, the FDA...

  • Britain’s Civil Aviation Authority said bringing home Thomas Cook’s stranded British customers will be the largest peacetime repatriation in the country’s history Link
    WSJ Europe Mon 23 Sep 2019 04:40

    Thomas Cook Group PLC said it has entered into compulsory liquidation, canceling all bookings, including flights and vacations.

    The British travel company had said Friday that more than 600,000 customers were vacationing outside the U.K. According to the Associated Press, its four airlines will be grounded, and its 21,000 employees in 16 countries will lose their jobs.

    The...

  • Trump says he discussed Biden in call with Ukraine’s president Link
    WSJ Europe Sun 22 Sep 2019 19:29

    WASHINGTON—President Trump appeared to confirm for the first time that he discussed former Vice President Joe Biden and his son on a July call with Ukraine’s president, as some senior Democrats revived talk of impeachment hearings over reports that the president asked a foreign government to undertake a probe designed to damage his potential opponent in the 2020 election.

    Mr. Trump, speaking to reporters Sunday, suggested that in the July 25 call with Volodymyr Zelensky he characterized Mr. Biden’s anticorruption push in Ukraine while he was vice president as itself corrupt because Mr. Biden’s son had business interests in the country. On Friday, Mr. Trump declined to say what the two leaders had discussed, saying, “It doesn’t matter.”

  • Hurricane Dorian left the Bahamas with 1,300 missing people, 1.5 billion pounds of rubble, an eerie silence and a stench of death. Link
    WSJ Europe Sun 22 Sep 2019 19:09

    GREAT ABACO ISLAND, Bahamas—The storm surges that topped 20 feet have long since receded, and the 220-mile-an-hour wind gusts are gone. But the devastation Hurricane Dorian left behind is staggering.

    On Great Abaco, rubble stretches as far as the eye can see. Some 1.5 billion pounds of debris is strewn across Marsh Harbour alone. In one neighborhood, a deflated basketball, a waterlogged Bible and a sodden teddy bear lay among flattened cinder-block buildings and wood-framed houses. Total property losses have been estimated...

  • Ideas like Medicare for All are embraced by most Democratic voters but could challenge the party in 2020 general election, WSJ/NBC poll finds Link
    WSJ Europe Sun 22 Sep 2019 18:44

    Democratic presidential candidates are presenting policy ideas that are broadly popular with Americans, including tuition-free state colleges, but other proposals—such as Medicare for All—could complicate the party’s prospects next year, the latest Wall Street Journal/NBC News poll shows.

    Two-thirds of registered voters support letting anyone buy into Medicare, similar to an idea that former Vice President Joe Biden and some other Democratic candidates have proposed. Two-thirds say that young adults brought to the U.S. illegally...

  • Some WeWork board members seek to remove Adam Neumann as CEO Link
    WSJ Europe Sun 22 Sep 2019 18:24

    A bloc of WeWork directors is planning to push Adam Neumann to step down as chief executive after a tumultuous week in which his eccentric behavior and drug use came to light and the startup delayed its much-anticipated stock-market listing.

    A group including officials tied to SoftBank Group Corp., the company’s largest investor, wants Mr. Neumann to relinquish his title of CEO of We Co., the parent of the office-sharing company, people familiar with the matter said.

    ...
  • Experts are inspecting GPS systems from a recent strike on Saudi Arabia for evidence of the weapons’ origin, said people familiar with the matter Link
    WSJ Europe Sun 22 Sep 2019 18:04

    BEIRUT—Weapons experts are inspecting GPS systems recovered from the Sept. 14 missile and drone strike on Saudi Arabian oil facilities for evidence that could reveal their origin and flight path, according to people familiar with the investigation.

    Officials in Riyadh and Washington have blamed Iran for the attacks and are searching for “smoking gun” evidence. They say they can’t galvanize world support for their view unless they can draw a clear link back to Tehran, which has denied any role in the attacks.

    ...
  • A short-term funding spike raises hopes for Fed cuts as banks rush to bid in second day of intervention Link
    WSJ Europe Wed 18 Sep 2019 15:30

    The Federal Reserve Bank of New York saw huge demand from banks Wednesday morning, as they rushed to bid on the $75 billion on offer in a second day of intervention to ease a crunch in overnight funding markets.

    Banks bid for $80.05 billion in funding in the auction—$5 billion above the maximum amount offered by the Fed. Tuesday’s auction, the first in a decade, saw banks take $53 billion of the $75 billion on offer. Overnight rates remained elevated before Wednesday’s auction at about 2.8%. Soon after, it dropped to 2.6%...

  • Trump said on Twitter that he has ordered Treasury Secretary Steven Mnuchin to ‘substantially increase’ sanctions on Iran in the wake of attacks on Saudi Arabian oil facilities Link
    WSJ Europe Wed 18 Sep 2019 15:25

    WASHINGTON—President Trump said on Twitter Wednesday that he has ordered Treasury Secretary Steven Mnuchin to “substantially increase” sanctions on Iran in the wake of attacks on Saudi Arabian oil facilities.

    “I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the country of Iran!” he said.

    While Mr....

  • U.S. and Saudi military forces and their elaborate air-defense systems failed to detect the launch of airstrikes aimed at Saudi Arabian oil facilities, U.S. officials said Link
    WSJ Europe Wed 18 Sep 2019 15:05

    WASHINGTON—U.S. and Saudi military forces and their elaborate air-defense systems failed to detect the launch of airstrikes aimed at Saudi Arabian oil facilities, allowing dozens of drones and missiles to hit their targets, U.S. officials said.

    Saudi and U.S. focus had been largely on the kingdom’s southern border with Yemen, where Riyadh has been fighting Iranian-backed Houthi rebels in Yemen’s civil war, the officials said. The attacks, however, originated from Iranian territory in the northern Persian Gulf, people familiar...

  • Israel’s Netanyahu is facing an uphill battle to stay in power after strong election challenge from Gantz Link
    WSJ Europe Wed 18 Sep 2019 14:45

    TEL AVIV—Israel’s Prime Minister Benjamin Netanyahu faced an uphill challenge to remaining in power Wednesday after the country’s voters appeared to deny him a parliamentary majority and likely handed his rival, former Gen. Benny Gantz a chance to become the country’s first new prime minister in a decade.

    Mr. Netanyahu woke up to a dramatically different political landscape after Tuesday’s election, with few secure options for remaining in power. With about 60% of the vote counted in the early afternoon, Israeli media projections...

  • Trump names Robert O'Brien as national security adviser Link
    WSJ Europe Wed 18 Sep 2019 14:45

    WASHINGTON—President Trump named Robert C. O’Brien as his new national security adviser, picking a top hostage-affairs official for the high-profile White House role.

    Mr. Trump tweeted the announcement Wednesday morning, writing “I have worked long & hard with Robert. He will do a great job!”

    Mr. O’Brien takes the job just as Mr. Trump...

  • House subcommittee chairman says Juul hasn’t turned over documents including a list of schools that have received funding from Juul to implement programs meant to prevent teen vaping Link
    WSJ Europe Wed 18 Sep 2019 14:30

    The leader of a House committee investigating Juul Labs Inc. said the e-cigarette maker has failed to turn over documents it requested and warned that the committee could issue a subpoena demanding them.

    Rep. Raja Krishnamoorthi (D., Ill.), chairman of a House subcommittee focused on economic and consumer policy, said in a letter to Juul Chief Executive Kevin Burns that the company hasn’t produced a range of documents that members of the committee requested Juul hand over in June and July.

    A spokesperson for San Francisco-based Juul didn’t immediately respond to a request for comment.

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