Rio Tinto, the world's second-largest miner by market value, last week said it had taken on "100% of the capacity and governance" of the QAL refinery after sanctions from the Australian government aimed at gumming up Russia's mammoth aluminum industry.
Ukraine's Economy to Shrink by 45% Because of War, World Bank Says
The war in Ukraine and the resulting sanctions on Russia are taking a toll on the global economy, and will have a devastating economic impact on Ukraine itself, according to an update released by the World Bank on Sunday.
Ukraine's economy is expected to shrink by 45.1% this year, the bank said, though the depth of the decline may vary depending on the duration of the war. "The Russian invasion is delivering a massive blow to Ukraine's economy and it has inflicted enormous damage to infrastructure, " said Anna Bjerde, World Bank vice president for the Europe and Central Asia region, in a release.
Israel's 'War Between the Wars' With Iran Expands Across Middle East
TEL AVIV-The Israeli military says it has carried out more than 400 airstrikes in Syria and other parts of the Middle East since 2017 as part of a wide-ranging campaign targeting Iran and its allies, offering its fullest picture yet of its undeclared war with Tehran.
Israeli leaders refer to the campaign as the "war between the wars," which they say is aimed at deterring Iran and weakening Tehran's ability to hit Israel in the event of an open war between the two regional adversaries.
France's Macron and Far-Right Le Pen Lead in First Round of Presidential Election
PARIS-President Emmanuel Macron and far-right leader Marine Le Pen led the first round of France's presidential election, according to projections, setting the stage for a closely contested runoff amid public frustration over high-inflation and immigration.
Mr. Macron garnered 28.2% of the estimated vote ahead of Ms. Le Pen with 22.9%. The two will now face off in an April 24 rematch of the 2017 election that will test whether Mr. Macron can rekindle the coalition of disaffected socialists and conservatives that fueled his landslide victory five years ago.
Citigroup Claws Its Way Back Into Saudi Arabia
RIYADH, Saudi Arabia-When Citigroup Inc. shut down operations in Saudi Arabia after Sept. 11, 2001, government officials here felt betrayed. For years after, the Saudis snubbed Citi as executives realized they had made a mistake and tried to rebuild their business.
Two decades later, the third-biggest U.S. bank has again found favor in the kingdom as one of the foreign lenders helping Crown Prince Mohammed bin Salman modernize its oil-heavy economy.
Elon Musk Reverses Decision to Join Twitter's Board, CEO Says
Twitter Inc. CEO Parag Agrawal on Sunday night tweeted that billionaire Elon Musk has decided he will no longer join the company's board of directors.
The reversal comes after Mr. Musk spent a weekend tweeting criticism about the social-media company.
China's Auto Sales Drop More than 10% as Covid Restrictions Hit
China's car sales fell more than 10% in March, as car makers grappled with extended manufacturing halts and the country's strict Covid-19 lockdowns disrupted supply chains.
Passenger-car sales dropped 10.5% year over year in March to 1.58 million vehicles, as the shutdowns in cities affected auto production and consumer purchases, the China Passenger Car Association said Monday. Quarterly sales were also affected, falling 4.5% from a year earlier to 4.92 million vehicles, the association said.
Cnooc to Raise at Least $4.4 Billion in Shanghai Offer
One of China's biggest oil companies, Cnooc Ltd., plans to raise $4.41 billion from a Shanghai listing, after its shares were delisted from the New York Stock Exchange.
The state-owned company is selling a total of 2.6 billion shares for 10.80 yuan (US$1.70) a share, it said Monday.
Write to sarka.halas@wsj.com
Expected Major Events for Monday
04:30/NED: Feb International trade
06:00/DEN: Feb External trade (provisional figures)
06:00/DEN: Feb Balance of payments (provisional figures)
06:00/NOR: Mar PPI
06:00/NOR: Mar CPI
06:00/ROM: Feb International trade
06:00/DEN: Mar CPI
06:00/UK: Feb UK trade
06:00/UK: Feb Index of Production
06:00/UK: Feb Index of services
06:00/UK: Feb Monthly GDP estimates
07:00/SVK: Feb Industrial production
07:00/TUR: Feb Employment / Unemployment
07:00/TUR: Feb Balance of Payments
07:00/CZE: Mar CPI
07:00/CZE: Feb Import & export price indices
09:00/MLT: Feb International Trade
09:00/CYP: Feb Foreign Trade (provisional)
10:00/FRA: Feb OECD Composite Leading Indicators
11:30/UK: Mar NIESR Monthly GDP Tracker
23:01/UK: Mar BRC-KPMG Retail Sales Monitor
All times in GMT. Powered by Kantar Media and Dow Jones.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
04-11-22 0059ET
