LONDON-HSBC Holdings PLC's chief financial officer decided to leave the company after becoming impatient with the timetable for the chief executive job to open up, according to people familiar with the matter.
Ewen Stevenson, 56 years old, in recent months told board members he wanted to be HSBC's CEO and didn't want to wait too long, the people familiar with the matter said. The board was unwilling to provide timing for a change or an assurance that Mr. Stevenson would get the job, the people said. CEO Noel Quinn has said he plans to stay for several more years.
Ukraine Races to Restore Electricity, Water Supplies After Russian Strikes
Utility crews across Ukraine were working to restore water and electricity supplies after a barrage of Russian missiles a day earlier knocked out service to hundreds of thousands of people, while Russian authorities expanded the movement of civilians out of the southern Kherson region.
Kyiv Mayor Vitali Klitschko said the water supply in the city was fully restored and the electricity system had been repaired, but added that rolling blackouts would continue Tuesday. Ukrenergo, Ukraine's electricity-transmission-system operator, said the supply of electricity would be limited in seven regions, including Kyiv and the northeastern Kharkiv region.
GLOBAL NEWS
Fed Meeting to Focus on Interest Rates' Coming Path
Wall Street analysts will be focused Wednesday on what Federal Reserve Chairman Jerome Powell says about whether the central bank might slow down interest-rate rises at its next policy meeting in December.
Fed officials have already indicated that they are likely to raise their benchmark federal-funds rate by 0.75 percentage point this week to a range between 3.75% and 4%. That would mark their fourth consecutive increase of that size as they seek to reduce inflation by slowing the economy. Some of the officials recently began signaling their desire to start reducing the size of increases after this week and to potentially stop lifting rates early next year so they can see the effects of their moves.
China PBOC Governor Pledges to Keep Yuan Stable
China will aim to keep the yuan's exchange rate stable at a reasonable and balanced level and for the economy's potential growth rate to be in a reasonable range, said People's Bank of China Gov. Yi Gang.
The remarks by the central bank governor came as the Chinese currency has faced mounting downward pressure against the U.S. dollar in recent months, while the economy remains pressured by a prolonged property-sector slump and a stringent Covid-19 policy.
HKEX Suspends Trading Due to Typhoon Signal
The Wednesday afternoon trading session in Hong Kong has been canceled due to a typhoon alert issued by the government.
"Trading in the securities market, including Stock Connect trading, and derivatives markets will be suspended at 13:55," the city's exchange operator, Hong Kong Exchanges and Clearing Ltd., said in a statement.
North Korea Brackets the South With a Barrage of Missiles
SEOUL-North Korea unleashed its biggest barrage in years, firing more than a dozen missiles, including one that flew south of its disputed maritime border and so close to a South Korean island that it triggered an air-raid warning.
The Kim Jong Un regime, which lashed out in recent days over U.S.-South Korean military drills, launched ballistic missiles from at least eight different locations off its eastern and western coasts. The alert-triggering missile landed about 16 miles south of the Northern Limit Line, a disputed inter-Korean border, after flying in the direction of the South's Ulleung Island. The missile landed close to South Korea's territorial waters.
Biden Warns GOP Would Slash Social Security, Medicare, in Pitch to Older Voters
WASHINGTON-Democrats are pushing an economic message in an 11th-hour pitch to older voters in next week's elections: Republicans will put entitlements at risk if they take control of Congress.
President Biden made that argument on Tuesday outside Fort Lauderdale, Fla. describing the programs as under siege by the GOP. Republicans in the House and the Senate have called for a range of changes to Medicare and Social Security, which they say would ensure the programs' future and curb federal spending.
Brazil President Jair Bolsonaro Pledges to Respect Constitution After Election Loss
SÃO PAULO-Brazil's President Jair Bolsonaro on Tuesday vowed to respect the constitution after he lost the presidential election to Luiz Inácio Lula da Silva, ending a tense silence of 45 hours in which he had refused to acknowledge the results even as his allies urged him to do so.
Mr. Bolsonaro didn't comment on his loss in Sunday's runoff vote in a press conference in Brasília, the capital. His chief of staff, Ciro Nogueira, flanking Mr. Bolsonaro in the briefing, told reporters that the president had authorized him to begin the transition process that would end with Mr. da Silva's inauguration on Jan. 1.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
11-02-22 0620ET
