Tuesday Briefing: U.S. to release oil from reserves

The Reuters Daily Briefing Tuesday, November 23, 2021 by Linda Noakes Sponsored by   Hello Here's what you need to know. The U.S. will release 50 million barrels of oil from reserves, a bus crash in Bulgaria kills 45, and the Turkish lira slides nearly 9% after Erdogan stokes a firesale Today's biggest stories FILE PHOTO: A sign at a gas station in San Diego, California, November, 9, 2021. REUTERS/Mike Blake BUSINESS 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. A view shows the site where a bus caught fire on a highway, near the village of Bosnek, Bulgaria, November 23, 2021. REUTERS/Stoyan Nenov WORLD A bus carrying North Macedonian tourists crashed in flames on a highway in western Bulgaria before daybreak, killing at least 45 people, including 12 children. The cause of the accident was unclear but the bus appeared to have hit a highway barrier either before or after it caught fire, officials said. Germany's health minister called for further restrictions to contain a "dramatic" surge in coronavirus cases as the country's infection rate hit a record high and the United States advised against travel there. China's foreign ministry said that "certain people" should stop the "malicious hyping" and "politicization" regarding tennis star Peng Shuai, as foreign governments and organizations continue to raise questions around her wellbeing. We look at how the Peng case gives a glimpse into the machinery of Beijing's control. The Myanmar shadow government said it raised $6.3 million on the opening day of its inaugural bonds sale, its biggest move yet to generate funds for its "revolution" to topple the ruling military junta. Former South Korean President Chun Doo-hwan, whose iron-fisted rule of the country following a 1979 military coup sparked massive protests, died at the age of 90. A former military commander, Chun presided over the 1980 Gwangju army massacre of pro-democracy demonstrators. U.S. A Georgia jury is set to begin deliberating the fate of three white men who chased and killed Ahmaud Arbery, a Black man who prosecutors say was out for a Sunday afternoon run. We visited the Georgia community on edge ahead of the verdict. The man accused of deliberately driving his car into a Christmas parade near Milwaukee, killing five people and injuring dozens, was out on bail from a domestic abuse case and was suspected in another violent altercation earlier that day, officials said. President Joe Biden intends to run for re-election in 2024, White House spokeswoman Jen Psaki told reporters. Biden, 79, has suffered a dip in his job- approval ratings in recent months, leading some Democrats to wonder whether he might not seek another four-year term. The House of Representatives committee probing the deadly January 6 riot at the Capitol has issued subpoenas to Alex Jones, founder of the right-wing website Infowars, and Roger Stone, an ally of former President Donald Trump. Former New York Governor Andrew Cuomo engaged in "multiple instances of sexual harassment," used state resources for a book and was "not fully transparent" on the number of COVID-19 deaths at nursing homes, state lawmakers said, summarizing the results of an investigation. Quote of the day "We want, damn it, to work together as partners and friends. We don't want to permanently argue about what we actually have agreed" Michael Roth German European Affairs Minister Germany urges Britain to come to its senses on Northern Ireland Video of the day Get Back, again Director Peter Jackson edited over 50 hours of footage, locked in a vault for five decades, into a documentary that shows The Beatles jamming, dancing, joking, experimenting with new songs and working through their differences. And finally… After a century and a half, Ethiopian artifacts return home The items, which include an intricately latticed processional cross, a richly colored triptych depicting Jesus' crucifixion, and an ornate red and brass imperial shield, are part of the largest act of restitution in Ethiopia's history. Sponsored by: Nomura How much debt is too much? 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