Clariant will reinvest in the business for a 20% stake, allowing it "to further benefit from the improving profitability of the pigments business resulting from the initiated efficiency program," the company said. The deal concludes a divestment program begun in 2018, Chief Executive Conrad Keijzer said.

Italy's Illycaffè Sets Its Sights on the U.S. Coffee Market

Andrea Illy, chairman of Illycaffè SpA, and grandson of the founder, wants more Americans to appreciate his family's coffee. In a bid to build U.S. brand awareness, the Italian-based company plans to add about a dozen Illy Caffès and shops this year to its 20 already in service in the U.S.

There are just a few problems-including American taste in coffee. Most consumers in the U.S. favor giant, sweetened coffee drinks, rather than Illy's signature small cups of espresso.

Israel Gets New Government to End Netanyahu's 12-Year Rule

TEL AVIV-A new Israeli coalition government led by commando-turned-tech entrepreneur Naftali Bennett ended Benjamin Netanyahu's 12-year run in power, but now faces the difficult tasks of reviving an economy battered by the Covid-19 pandemic and preserving a fragile cease-fire with Palestinian militant group Hamas.

Mr. Bennett of the right-wing Yamina party took over as prime minister Sunday after his new, wide-ranging coalition was backed by 60 lawmakers in the 120-member Knesset, ending months of stalemate. Fifty-nine lawmakers voted against his coalition and one abstained.

Ousted From Power, Israel's Netanyahu Plots Comeback

TEL AVIV-Outmaneuvered by rival politicians after 12 years in power, Israeli Prime Minister Benjamin Netanyahu is already plotting a comeback, intending to challenge the new government on matters that could deeply divide the cross-party coalition.

Mr. Netanyahu, who now is expected to lead the opposition, plans to press the new governing coalition, which includes eight parties ranging from an Arab group to conservative forces, on sensitive policy issues such as settlement construction and empowering the country's Arabs.

Biden and Macron Share Affection and Worldview at G-7 Summit

President Biden and French President Emmanuel Macron threw their arms around each other as they walked on the beach. Later the two men shared a tête-à-tête as aides looked on. At one point Mr. Biden asked Mr. Macron to answer a reporter's question for him.

At the summit of the Group of Seven leaders in Cornwall this weekend, the two presidents embraced each other, sometimes literally, as allies on a host of issues-from multilateralism to fighting climate change-after years of volatility between Mr. Macron and former President Donald Trump.

GLOBAL NEWS

Investors Bet Green-Energy Focus Will Push Up Oil Prices

Some investors are wagering that Wall Street's preference for green energy will depress spending on oil extraction, setting the stage for supply shortages and higher fuel prices.

The bets come as money managers line up trillions of dollars for wind, solar and other renewable programs and expenditures on oil projects tumble. The drop in fossil-fuel spending is becoming so severe that energy companies could struggle to quench the world's thirst for oil, some analysts say.

Fed Officials Could Pencil In Earlier Rate Increase at Meeting

WASHINGTON-Federal Reserve officials could signal this week that they anticipate raising interest rates sooner than previously expected following a spate of high inflation readings.

In March, the last time they released quarterly economic forecasts, most officials expected to keep the Fed's benchmark interest rate near zero through 2023 to encourage the economy's recovery from the pandemic. Officials are set to release updated projections Wednesday after a two-day policy meeting.

G-7 Leaders Rally to Biden's Call to Challenge China

CARBIS BAY, England-Leaders of the Group of Seven wealthy democracies called on China to respect human rights but stopped short of an outright condemnation of Beijing, as President Biden sought to build momentum for an international coalition to counter Chinese influence in the world.

A 25-page joint statement released by leaders of the G-7 nations on Sunday-covering issues ranging from pandemic recovery to the global economy, tax, trade and girls' education-asked China "to respect human rights and fundamental freedoms, especially in relation to Xinjiang and those rights, freedoms and high degree of autonomy for Hong Kong." The same section of the statement said the G-7 would continue to consult on how to challenge China's behavior in the global economy.

Economy Week Ahead: The Fed, Factories and Consumers

The Federal Reserve's policy meeting highlights this week's slate of economic news.

Markets Are Leaving Little Room for the Fed to Be Wrong on Inflation

Investors have faith in the Fed. Over the past three months consumer prices, excluding volatile food and energy, have risen 2%, equivalent to a shockingly high annual rate of 8.2%. Rather than panic and dump bonds, investors have piled into Treasurys and pushed 10-year yields back down to where they stood in late February. Confidence in the central bank is absolute.

To be fair, the Fed is probably right: This burst of inflation is probably transitory. The reopening of the economy released a surge of pent-up demand, while supply bottlenecks are restricting production and distribution. As things get back to normal inflation should calm down.

Regulators Tell Banks It Is Time to Stop Using Libor

Regulators are ramping up efforts to end Libor trades by year-end.

The Commodity Futures Trading Commission last week told brokers that facilitate derivatives trading among large banks that they should stop using Libor, or the London interbank offered rate, as a reference rate by July 26. The Tuesday announcement could accelerate the push to phase out the troubled interest-rate benchmark, which underpins trillions of dollars worth of financial contracts. Authorities decided several years ago, after a widespread Libor-rigging scandal, that it should disappear by the end of 2021.

U.S. Fight Against Chinese 5G Efforts Shifts From Threats to Incentives

The U.S. government is ratcheting up pressure on Beijing's 5G ambitions overseas, offering financial incentives and other enticements to countries willing to shun Chinese-made telecom gear.

U.S. foreign-affairs agencies are developing workshops and a handbook that would help policy makers in places like Central and Eastern Europe, and in developing countries elsewhere, to build next-generation 5G cellular networks that don't use equipment from Huawei Technologies Co. and China's ZTE Corp.

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This article is a text version of a Wall Street Journal newsletter published earlier today

(END) Dow Jones Newswires

06-14-21 0613ET