WASHINGTON-Democrats' efforts to pass trillions of dollars in new spending by the end of September are colliding with a pair of other looming deadlines: keeping the government funded and raising the federal borrowing limit to avoid defaulting on debt payments.
Time is running short against a backdrop of deep partisan disagreements over President Biden's agenda, complicating the path forward on Capitol Hill.
Lithium Booms in the Battle for Electric-Vehicle Batteries
Lithium has a better claim than most commodities to be the "new oil." It even comes with the latest geopolitical baggage.
Prices for the lithium-based chemicals that go into rechargeable batteries have soared this year as electric-vehicle sales have revved up, particularly in China. The average price for lithium carbonate, one of the two key compounds used by battery manufacturers, reached $14,386 a metric ton in August, according to Benchmark Minerals, up from $6,124 in December.
Taliban Reach Out to Shiite Hazara Minority, Seeking Unity and Iran Ties
As the Taliban try to unite all Afghans behind them, one of the biggest obstacles the Sunni Islamist movement faces is how to persuade the Shiite Hazara community, roughly one-fifth of the nation's population, that it has a place under the new regime.
When the Taliban ruled Afghanistan in 1996-2001, they committed a series of massacres against the Hazaras and openly discriminated against the community. Since seizing Kabul on Aug. 15, the Taliban haven't interfered with a Shiite religious festival, and has assured the Hazaras-targeted by a series of Islamic State bombings in recent years-of their safety.
Advent, GIC Affiliate Launch $8.1 Billion Bid for Swedish Drug Company
A consortium that includes global private-equity firm Advent International Corp. on Thursday launched an $8.1 billion takeover bid for Swedish Orphan Biovitrum AB, a Stockholm-based biopharmaceutical company specializing in the treatment of rare diseases.
The drugmaker's board unanimously recommended shareholders accept the offer of 235 Swedish kronor (equivalent to $27.25) a share in cash from Advent and Aurora, an affiliate of Singapore's sovereign-wealth fund GIC Pte. Ltd., which values the issued share capital of the company, known as Sobi, at approximately SEK69.4 billion, or around $8.1 billion.
Russia Threatens Apple and Google Over Alexei Navalny App
MOSCOW-Russia's state censor threatened to fine Apple Inc. and Google and accuse them of interfering in elections if they don't remove an app developed by supporters of jailed opposition leader Alexei Navalny, in what critics say is the latest attempt to stifle criticism ahead of a parliamentary vote next month.
The communications regulator Roskomnadzor said Thursday the app enabled Mr. Navalny's supporters to continue their campaigns after his Anti-Corruption Foundation was designated an extremist organization, banning it from operating in Russia. In August it ordered the tech giants to stop distributing the app on their stores, and said their failure to remove it could be viewed as interference in Russian elections, describing it as "a violation of Russian law."
EU to Return Millions of Doses of J&J's Covid-19 Vaccine Imported From Africa
The European Union will return to Africa millions of doses of Johnson & Johnson's Covid-19 vaccine that it received from a plant in South Africa, following criticism by health activists that the bloc was taking away shots from a continent that has the lowest immunization rate in the world.
Strive Masiyiwa, who heads the African Union's Vaccine Acquisition Task Team, said the decision to return the shots produced at Aspen Pharmacare Holdings Ltd. was made at a meeting between European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa last week. As part of the deal, the EU will also not take doses from the Aspen plant it was expecting in September, Mr. Masiyiwa said.
Facebook's WhatsApp Fined Around $270 Million for EU Privacy Violations
European Union regulators fined Facebook Inc.'s chat service WhatsApp 225 million euros, equivalent to around $266 million, for failing to tell the bloc's residents enough about what it does with their data, ramping up privacy enforcement against U.S. tech companies.
The second large EU privacy fine against a U.S. tech company in two months was issued Thursday by Ireland's Data Protection Commission on behalf of a board representing all of its EU counterparts. It came as part of a decision that found WhatsApp didn't live up to requirements to tell Europeans how their personal information is gathered and used, including regarding the sharing of their information with other Facebook units.
Richard Branson's Virgin Galactic Flight Path Examined by FAA
Aviation regulators are investigating how Virgin Galactic Holdings Inc.'s spacecraft returned to the ground after taking billionaire entrepreneur Richard Branson to the edge of space, a spokesman for the Federal Aviation Administration said.
Virgin Galactic's Unity space vessel deviated from the flight path it agreed to follow as it came back to the Spaceport America facility in New Mexico on July 11, according to the FAA spokesman. Five other crew members were on board with Mr. Branson, Virgin Galactic's founder. The mission, called Unity 22, drew widespread attention.
Apple Cedes Ground as Larger Fights Over App Store Brew in Court, Congress
Even after a week of tweaks to the Apple Inc. App Store, the core fight over the iPhone maker's market power remains for a federal judge and lawmakers in Brussels and Washington to decide.
The moves so far have appeased some. Japan's antitrust enforcer will drop its investigation into Apple as part of a deal announced late Wednesday. The company agreed to allow certain types of companies to include links within their apps for the first time to allow users to sign up on websites. The change makes it possible to bypass its payment system and, in turn, Apple's ability to capture a cut of the revenue. Another proposed deal announced last week to settle a class-action lawsuit by smaller developers would allow apps to communicate with users outside of the app about alternative payment methods for their services.
States Vow to Keep Fighting Purdue Pharma Settlement With Sackler Family
Some attorneys general are vowing to keep fighting the chapter 11 reorganization plan of Purdue Pharma LP and a $4.5 billion settlement with the family that owns the maker of OxyContin, which could force an influential federal appeals court to consider the scope of bankruptcy judges' power to end lawsuits over defective or dangerous products.
Attorneys general for Washington state and Connecticut as well as the attorney general for Washington, D.C. said they would appeal Wednesday's decision by Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y. approving Purdue's chapter 11 plan and the settlement, which shields Sackler family members from opioid lawsuits. The judge's ruling also allows family-owned Purdue to exit chapter 11 after nearly two years as a public benefit company with a new name: Knoa Pharma.
James Simons, Robert Mercer, Others at Renaissance to Pay Up to $7 Billion to Settle Tax Probe
Current and former executives of hedge fund Renaissance Technologies LLC will personally pay as much as $7 billion in back taxes, interest and penalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.
James Simons-the quantitative-investing pioneer who started Renaissance before retiring as the firm's chairman on Jan. 1-will make an additional "settlement payment" of $670 million, according to the firm. Mr. Simons will also pay back taxes related to his gains.
Elizabeth Holmes's Jury Is Selected After Days of Questioning
SAN JOSE, Calif.-Five women and seven men have been selected to serve as jurors for the monthslong trial of Elizabeth Holmes, after days of vetting to determine their impartiality and availability to weigh the fate of the Theranos Inc. founder charged with criminal fraud.
Attorneys for Ms. Holmes and federal prosecutors culled around 200 potential jurors down to the 12 jurors and 5 alternates needed to sit on the trial, which is expected to last until mid-December. The racially diverse jury spans a wide range of ages, with the youngest a recent high-school graduate.
Write to sarka.halas@wsj.com
Expected Major Events for Friday
00:01/IRL: Aug Ireland Services PMI
06:00/ROM: Jul Retail trade
07:00/TUR: Aug CPI
07:00/TUR: Aug PPI
07:00/CZE: 2Q Wages
07:00/HUN: Jul Retail Sales
07:00/SVK: Jul Internal trade, incl Wholesale & Retail
07:00/SVK: 2Q Labour Force Sample Survey: Employment & unemployment
07:00/SVK: 2Q GDP
07:00/SVK: 2Q Average monthly wage of employees
07:15/SPN: Aug Spain Services PMI
07:30/SWE: 2Q Balance of Payments
07:45/ITA: Aug Italy Services PMI
07:50/FRA: Aug France Services PMI
07:55/GER: Aug Germany Services PMI
08:00/EU: Aug Eurozone Services PMI
08:30/UK: Aug UK Official Reserves
08:30/UK: Aug CIPS / Markit Services PMI
08:30/UK: 2Q Bank of England external business stats
09:00/CYP: Aug Registered Unemployed
09:00/EU: Jul Retail trade
10:00/IRL: Aug Irish Live Register latest monthly figures
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
09-03-21 0016ET