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The Morning Risk Report: Dow Closes at Lowest Level of 2022 as Growth Fears Roil Markets
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Good morning. A wave of selling in financial markets swept across the globe Friday, with nervous investors forced to again confront the specter of recession.
New signs of slowing global growth rocked investments of all sorts. The Dow Jones Industrial Average fell to its lowest level of the year, the dollar surged and short-term Treasury yields jumped.
Investors, mulling stubbornly high inflation and unnerved by Russia’s attempts to escalate the war in Ukraine, have fled for the exits this week, driving a concurrent selloff in stocks and bonds alike. Bond yields remained near their highest levels in more than a decade as prices tumbled.
The Dow on Friday lost 486.27 points, or 1.6%, to 29590.41, its lowest close since November 2020.
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Content from our Sponsor: DELOITTE
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The Emergence of Chief Controls Officers
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TIAA’s Pamela Feldstein leads a new team tasked with understanding and reviewing the firm’s internal controls and processes as it aims to achieve operational excellence and hone customer experience. Read More ›
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WSJ Risk & Compliance Forum
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Sign up for the next WSJ Risk & Compliance Forum on Nov. 16 for discussions on the critical issues facing corporate risk & compliance professionals, including keeping up with sanctions, screening for forced labor, and proposed U.S. rules on climate change and cybersecurity. Register here.
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Commodities giant Glencore PLC is based in Baar, Switzerland. PHOTO: ARND WIEGMANN/REUTERS
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A federal judge has accepted part of a $1.2 billion settlement that commodities giant Glencore PLC entered to resolve criminal probes over its involvement in foreign corruption and market manipulation.
A plea deal that Glencore’s U.S. arm entered with Connecticut federal prosecutors received approval from U.S. District Judge Sarala V. Nagala at a sentencing hearing Friday in New Haven federal court, according to a spokesman for the prosecutors. Friday’s proceeding focused solely on the market manipulation component of the resolution.
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New York City has proposed new rules to implement legislation related to the use of automated tools in hiring, the city’s Department of Consumer and Worker Protection said Friday.
A New York law that comes into effect in January requires employers using artificial intelligence in hiring to audit their systems for bias. Businesses and their service providers said the city had provided little guidance on its audit expectations.
The city has scheduled a public hearing on the proposed rules for Oct. 24.
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A federal judge on Friday ruled U.S. Sugar can proceed with its planned purchase of rival Imperial Sugar, rejecting a Justice Department antitrust challenge to the deal.
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After a crash pushed cryptocurrency lender Celsius Network LLC into bankruptcy this summer, some of amateur investors found unity around a new goal: getting that money back.
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A Connecticut trial related to the conspiracy theorist Alex Jones’s statements on the Sandy Hook school massacre took an unexpected turn Friday as the Infowars founder avoided the witness stand and criticized the proceedings—and the presiding judge—outside the courthouse.
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President Biden speaking during the 77th session of the United Nations General Assembly in New York City on Wednesday. PHOTO: ANNA MONEYMAKER/GETTY IMAGES
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President Biden’s repeated statements that the U.S. would defend Taiwan from a Chinese attack is chipping away at longstanding American policy meant to keep the hostile sides at bay.
Mr. Biden’s recent remarks that the U.S. military would intervene if Beijing attacked Taiwan were the fourth time in just over a year he made such a pledge and appeared to retreat from the policy that leaves U.S. involvement ambiguous. In an interview with CBS’s “60 Minutes” aired Sunday, Mr. Biden also said Taiwan would decide itself about declaring independence—a red line Beijing has said would trigger a military assault.
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National security adviser Jake Sullivan said the U.S. has warned Russia that it would face “catastrophic consequences” if it uses nuclear weapons in Ukraine.
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North Korea fired a short-range ballistic missile off its east coast on Sunday, Seoul and Tokyo officials said, Pyongyang’s first such weapons test in nearly four months as provocations slowed during the country’s Covid-19 outbreak.
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Italians elected a right-wing coalition to lead the country, according to projected results, choosing an untested leader who will confront Europe’s gathering economic downturn and energy crisis resulting from Russia’s invasion of Ukraine.
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A storm system moving across the Caribbean Sea is expected to become a hurricane in the next few days, threatening Cuba and Florida, hurricane forecasters said Sunday.
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Russia’s invasion of Ukraine will cost the global economy $2.8 trillion in lost output by the end of next year—and even more if a severe winter leads to energy rationing in Europe—the Organization for Economic Cooperation and Development said Monday.
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Google’s Mandiant cybersecurity group has seen possible coordination between the Kremlin and online activists. PHOTO: GABBY JONES/BLOOMBERG NEWS
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A growing body of evidence suggests that pro-Russian hackers and online activists are working with the country’s military intelligence agency, according to researchers at Google.
Western officials and security experts are interested in the possible Kremlin links because it would help explain Moscow’s intentions both inside and outside Ukraine despite recent military setbacks that prompted Russian President Vladimir Putin this week to announce a mobilization push.
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Cyber exercises this week in Sweden simulating attacks on internet infrastructure are key to enhancing defenses as the country prepares to join NATO amid the war in Ukraine, organizers said.
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A cyberattack on one of Australia’s largest telecoms companies could have accessed the personal information of as many as 9.8 million customers, in what one lawmaker called the most significant data breach in recent years.
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Beyond Meat executives were tasked with working to achieve cost savings as the company seeks to make some of its products match the price of traditional meat. PHOTO: NAM Y. HUH/ASSOCIATED PRESS
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Beyond Meat Inc.’s chief supply chain officer is stepping down at the end of the month, the company said, days after the plant-based meat company suspended a separate senior executive.
Bernie Adcock notified Beyond on Tuesday that he would leave his position at the end of the month to “pursue another opportunity,” according to a Securities and Exchange Commission filing Friday.
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A Toyota bZ4X EV at an auto show in New York earlier this year. AMIR HAMJA FOR THE WALL STREET JOURNAL
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Toyota Motor Corp. is addressing critics who say it is behind rivals in the race for greener cars, nearly a year after the auto maker pledged to spend billions of dollars expanding its electric-vehicle lineup.
Some investors and environmental groups have said Toyota isn’t committed to fully electric cars.
Toyota has responded by interacting more with its biggest critics and exploring ways to improve its environmental image, people at the company said.
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Thousands of New York City public employees, including NYPD officers, sought exemptions or refused to comply with vaccine mandates last year, announced just before a surge in Omicron variant infections. PHOTO: AMR ALFIKY/REUTERS
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New York City police officers can’t be fired for refusing to get vaccinated against Covid-19, a state judge ruled Friday.
State Supreme Court Justice Lyle Frank, sitting in Manhattan, said officers who were fired or placed on leave as a result of the policy should be reinstated.
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Some U.S. pharmacies and other vaccine providers are offering the new Covid-19 booster shot only from Pfizer Inc. and BioNTech SE, after a manufacturing-quality problem at a contract manufacturer caused a shortage of Moderna Inc.’s new booster shot.
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Covid-19 has killed more than one million people in the U.S. The toll has generated a surge in business for funeral homes, along with challenges that morticians said prompted the industry to become more nimble and responsive.
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