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LG Chem to Invest Over $3 billion to Build Plant in USA

LG Chem of South Korea announced that it plans to spend more than $3 billion to erect a battery cathode factory in Tennessee as part of its ongoing efforts to meet the escalating demand for American electric vehicle components.

This marks one of the first significant EV-related investments made by a South Korean company in the US since a new law was passed in the country in August that disadvantages automakers and battery suppliers who rely heavily on China for sourcing.


Robert Holzmann, a policymaker at the European Central Bank, supported a third consecutive 0.75 percentage point increase in the interest rate for the next rate-setting meeting in December, according to a report from the Financial Times on Tuesday based on an interview with him. According to the report, Holzmann stated that he does not "see signs of core inflation reducing" in the eurozone and added that he anticipates a "mild recession".

The first budget approved by Italy's new right-wing government on Tuesday focuses on lowering sky-high energy costs and lowering taxes for salaried workers and the self-employed starting in 2019. Giorgia Meloni, the prime minister, is hoping the increase in spending will hasten the recovery of the third-largest economy in the euro zone, which the Treasury predicts will contract in the current quarter and the first quarter of 2019.


The U.S. dollar greenback tumbled on Tuesday after an overnight rally that saw investors flock to the safe-haven currency due to concerns about China's COVID outbreaks, but cautious risk sentiment kept the greenback supported. The Dollar Index fell by 0.18% to 107.535.


Gold prices increased on Tuesday morning but remained near two-week lows as the dollar was supported by some Federal Reserve members' hawkish signals, while platinum prices increased on anticipations of a potential supply deficit in 2019. Gold prices rose by 0.24% to $1,743 per ounce.


Tuesday morning saw a slight increase in oil prices as the dollar softened, but sentiment was dampened by worries about the global economic downturn and the impact that China's growing COVID-19 case load would have on demand from the top crude oil importer in the world. Brent crude futures rose by 0.64% to $87.09 a barrel, while West Texas Intermediate crude went up by 0.49% to $79.72 a barrel.


USA: S&P500 -0.39%, Dow Jones Industrial Average -0.13%, Nasdaq Composite -1.06%

Europe: FTSE 100 -0.12%, DAX -0.36%, CAC 40 -0.15%

Asia: Nikkei 225 +0.64%, Hang Seng -1.52%, CSI 300 -0.09%, Nifty 50 +0.30%


IPO of Saudi Aramco's Luberef to Raise up to $1.32 Billion

The base oil division of Saudi Arabia's Aramco expects to raise up to 4.95 billion riyals ($1.32 billion) from its IPO, according to a statement released on Sunday.

According to a statement from Luberef, the company will sell 50.045 million shares, or close to 30% of its issued share capital, for a price ranging between 91 and 99 riyals each.

In stark contrast to the United States and Europe where global banks have been reducing headcount in a dealmaking drought, state-led IPO programs in Saudi Arabia, Abu Dhabi, and Dubai have held equity capital markets in the gulf region.

Amazon to Restart Advertising on Twitter

According to a Platformer report, e-commerce giant Amazon intends to restart advertising on Twitter at a cost of about $100 million per year, subject to some security adjustments to the social media company's ad platform.

Elon Musk, the CEO of Twitter, also claimed that Apple has resumed running advertisements on the service, according to a Bloomberg report, which cited remarks made on Saturday during a Twitter Spaces conversation.

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