Senate Minority Whip John Thune (R., S.D.) said at a press conference Wednesday that Democratic plans to advance President Biden's $4 trillion agenda could prompt Republicans to oppose a debt-limit increase, echoing comments Senate Minority Leader Mitch McConnell (R., Ky.) made earlier to the media outlet Punchbowl News.

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Singapore's GIC Sees Green Shoots in Uncertain Global Environment

Singapore's sovereign-wealth fund GIC Private Ltd. remains cautious on uncertainty related to the pandemic and inflation concerns, but sees new growth opportunities emerging in areas including technology, sustainability and the reconfiguration of global supply chains.

GIC said in its annual report Friday that it expects global economic recovery to continue amid fiscal stimulus and monetary-policy support, albeit at different rates and with a wide range of potential outcomes over the medium- and long-term.

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Western Wildfires Lift Lumber Prices

Lumber prices finally cooled off. Now come the fires.

Forest fires raging in the West are threatening an important swath of the U.S.'s wood supply, pinching output that has been under pressure since the Covid-19 pandemic touched off home buying and remodeling booms and sent lumber prices soaring.

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China Rejects WHO Proposal for Second Phase of Covid-19 Origins Probe

TAIPEI-China rejects the World Health Organization's proposal for a second phase of investigation into Covid-19's origins, including a potential laboratory leak, and has put forward its own proposal to seek evidence in other countries, a top Chinese official said.

WHO chief Tedros Adhanom Ghebreyesus presented member states last week with a plan for further study that would include audits of laboratories and markets in Wuhan, the Chinese city where the first cases were identified. He also called for greater transparency from Beijing.

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New Aid Planned for Mortgage Borrowers at Risk of Foreclosure

The Biden administration on Friday plans to expand assistance programs for borrowers who fell behind on their mortgages during the Covid-19 pandemic and continue to face economic hardship, a bid to prevent a sharp rise in foreclosures over the coming months.

New modification options will be offered for borrowers with Federal Housing Administration loans and other federally guaranteed mortgages, administration officials said. The changes would aim to extend the length of their mortgages and lock in lower monthly principal and interest payments to keep more borrowers in their homes.

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Democrats Unify Behind Climate Corps, Vague on Details

A NEW CIVILIAN CLIMATE CORPS has become a central progressive demand for the Democrats' budget reconciliation package, and party leaders seem poised to go along. Climate groups and elected officials alike see it as a combination of several top priorities: a tangible response to climate change, a broad-based jobs program aimed especially at young people and people of color, and a test case for Franklin Delano Roosevelt-style populism that President Biden is so eagerly trying to emulate. Like the Depression-era Civilian Conservation Corps, it would employ Americans on climate-focused public-works projects like reforestation.

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North Miami Beach's Crestview Evacuees Struggle With Weeks of Displacement

NORTH MIAMI BEACH, Fla.-The city's closure of the 156-unit Crestview Towers Condominium on July 2 displaced dozens of families overnight. Three weeks later, they remain in a housing limbo made worse by financial struggles and complicated medical conditions.

Ligia Mora is staying at a Motel 6 near Miami International Airport while caring for her two sons, one of whom is autistic, and an elderly aunt with diabetes. She doesn't have a kitchen to cook meals, and her aunt needs help bathing. Her autistic son is missing his therapy sessions. On the weekends, the hallways smell of marijuana, she says.

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Tokyo Olympics Opening Ceremony to Skip Usual Razzle-Dazzle

TOKYO-The opening ceremony of the Olympics on Friday is set to look and feel very different from the bustling celebrations that opened previous Games, with no crowd, no special effects and no stadium-wide synchronized dancing.

Only about half the athletes competing at the Games will be there.

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Companies Face Growing Legal Risks Over Ransomware Data Leaks

A cancer patient in Ireland is suing a hospital in Cork after his data was exposed online following a ransomware attack on the country's healthcare system. The suit reflects the legal and financial risks for organizations hit in such cyberattacks.

Legal fallout from ransomware attacks heightens the pain that victim organizations experience after potentially suffering interruptions to business, losing access to data and taking a reputational hit, according to experts. In addition, some companies suffer financial losses and might pay hackers a ransom fee and face regulatory fines for privacy and security violations.

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U.S. Vaccine Panel Signals Preliminary Support for Covid-19 Booster Shots

A panel of health experts advising the U.S. government on vaccines expressed preliminary support for giving Covid-19 boosters to immunocompromised people, but said they were waiting for regulatory action before making a formal recommendation.

A work group of the Advisory Committee on Immunization Practices panel also on Thursday endorsed the continued use of J&J's vaccine, despite a recent warning about a low risk of a rare neurological disorder among people taking the shot.

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Write to sarka.halas@wsj.com

TODAY IN CANADA

Earnings:

Air Canada (AC.T) 2Q

Economic Indicators (ET):

0830 May Retail trade

Stocks to Watch:

Magna to Acquire Veoneer in Bid to Strengthen Driver Assistance Tech Business

Magna International Inc. is planning to acquire automotive-safety-technology company Veoneer Inc. at an enterprise value of $3.3 billion, in a bid to expand its advanced driver assistance systems business, including in Asia.

As part of the agreement, Magna will acquire all of the issued and outstanding shares of Veoneer for $31.25 per share in cash, Magna said Thursday.

This represents an equity value of $3.8 billion.

"Veoneer's complementary technology offerings, customer base, and geographic footprint make it an excellent fit with our ADAS business, and the acquisition strengthens our global engineering and software development talent base," Magna Chief Executive Swamy Kotagiri said.

The transaction has been unanimously approved by the boards of Magna and Veoneer. The deal is expected to close near the end of 2021, subject to approval by Veoneer stockholders and certain regulatory approvals.

"This is a compelling transaction for all stakeholders," said Jan Carlso, Veoneer's chairman, president and chief executive.

Aecon Outlook for 2021 Remains 'Positive

"Aecon's overall outlook for 2021 remains positive as construction continues on a number of projects that ramped up in 2019 and 2020, backed by the level of backlog and new awards achieved during the first half of 2021 and the strong demand environment for Aecon's services going forward, including recurring revenue programs."

During the second quarter, new awards resulted from strong demand for Aecon's services across Canada in smaller and medium-sized projects, it said, and also incorporated a number of multiyear projects in the nuclear, civil operations and urban transportation systems, and industrial sectors.

Aecon said it is also pre-qualified on a number of large project bids due to be awarded over the next 12 to 18 months.

Recurring revenue is expected to continue to grow in both the utilities sector, the company said, "based on the capital investment plans of a number of key clients, particularly in telecommunications and power-related work, and the

Concessions segment as airport traffic in Bermuda continues its recovery from the impact of the COVID-19 pandemic."

Other News:

No items published

Market Talk:

No items published

Expected Major Events for Friday

06:00/UK: Jun UK monthly retail sales figures

07:15/FRA: Jul France Flash PMI

07:30/GER: Jul Germany Flash PMI

08:30/UK: Jul Flash UK PMI

12:30/CAN: May Retail trade

13:45/US: Jul US Flash Manufacturing PMI

13:45/US: Jul US Flash Services PMI

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Friday

1st Constitution Bancorp (FCCY) is expected to report $0.50 for 2Q.

ASA Gold & Precious Metals Ltd (ASA) is expected to report for 2Q.

Air Canada (AC.T) is expected to report $-2.72 for 2Q.

Altra Industrial Motion Corp (AIMC) is expected to report $0.56 for 2Q.

American Express Co (AXP) is expected to report $1.63 for 2Q.

Ames National (ATLO) is expected to report for 2Q.

Atlantic Capital Bancshares Inc (ACBI) is expected to report $0.52 for 2Q.

Bank of Commerce Holdings (BOCH) is expected to report $0.31 for 2Q.

Bank of the James Financial Group Inc (BOTJ) is expected to report for 2Q.

Camber Energy Inc (CEI) is expected to report for 4Q.

Camber Energy Inc (CEI) is expected to report for 1Q.

Carter's Inc (CRI) is expected to report $0.86 for 2Q.

Civista Bancshares (CIVB) is expected to report $0.55 for 2Q.

Esquire Financial Holdings Inc (ESQ) is expected to report $0.56 for 2Q.

First Hawaiian Inc (FHB) is expected to report $0.47 for 2Q.

Gentex Corp (GNTX) is expected to report $0.43 for 2Q.

Greene County Bancorp (GCBC) is expected to report for 4Q.

Honeywell International Inc (HON) is expected to report $1.93 for 2Q.

InnovAge Holding Corp (INNV) is expected to report for 4Q.

KS Bancorp Inc (KSBI) is expected to report for 2Q.

Kimberly-Clark Corp (KMB) is expected to report $1.71 for 2Q.

Mission Produce Inc (AVO) is expected to report for 2Q.

NextEra Energy (NEE) is expected to report $0.69 for 2Q.

Provident Bancorp Inc (PVBC) is expected to report for 2Q.

(MORE TO FOLLOW) Dow Jones Newswires

07-23-21 0610ET