The U.K. is set to re-enter the European Union's flagship scientific research program, according to two people familiar with discussions, the biggest step by the U.K. to tighten ties with the bloc since Brexit.

An announcement is expected as early as Thursday morning after months of negotiations between the two sides over how much Britain will pay to participate in the 95.5 billion euro, or about $102 billion, Horizon program, which funds research and innovation projects in the EU and beyond. U.K. and European universities had lobbied hard for Britain's return.


Africa's Vast Solar and Mineral Resources at Risk of Being Left Untapped, IEA Warns

Energy investment in Africa needs to more than double by the end of the decade if the continent is to meet its energy and climate goals. However, high costs are putting off much-needed investment in the region's plentiful clean-energy resources and huge reserves of critical minerals, the International Energy Agency said.

"African countries have huge energy potential, including a spectacular range and quality of renewable-energy resources," said Fatih Birol, executive director of the Paris-based agency in a report published jointly with the African Development Bank on Wednesday. "But these riches are largely untapped and they will remain so without greatly improved access to capital."


Paper Companies Near Big Merger Deal

WestRock is nearing a deal to merge with Europe's Smurfit Kappa in a move that would create a global paper and packaging powerhouse worth some $20 billion.

A deal could be announced next week, assuming the talks don't fall apart, the people said.


China's Microsoft Email Cloud Hack Began With a 2021 Computer Crash

A series of technical missteps by Microsoft, including the hack of a company engineer, gave the Chinese government access to emails of top Biden administration officials, according to new information released by the company Wednesday.

The cyber-espionage attack, which Microsoft disclosed in July, has prompted congressional inquiries because it compromised the unclassified email systems of several State Department officials ahead of a state visit to China. Commerce Secretary Gina Raimondo and the U.S. ambassador to China, R. Nicholas Burns, were among those affected. Email accounts at about 25 organizations were breached in the attack, Microsoft has said.


WeWork Looks to Renegotiate Most of Its Leases as It Fights to Survive

WeWork launched a renegotiation of its office leases globally, testing its leverage against landlords that stand to lose if the embattled co-working space provider goes out of business.

WeWork's current lease liabilities are "dramatically out of step with current market conditions," interim Chief Executive David Tolley said Wednesday. WeWork held calls with landlords to inform them that it would be seeking concessions on its office leases, which account for more than two-thirds of its operating expenses.


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Expected Major Events for Thursday

04:30/NED: Jul Consumer Spending

05:30/FRA: 2Q Job creation

06:00/GER: Jul Industrial Production Index

06:00/DEN: Jul Industrial production & new orders

06:00/NOR: Jul Industrial Production Index

06:00/ROM: 2Q GDP

06:00/UK: Aug Halifax House Price Index

06:30/HUN: Jul Preliminary Industrial Production

06:45/FRA: Jul Foreign trade

06:45/FRA: Jul Balance of payments

07:00/CZE: Jul Retail Trade

07:00/AUT: Aug Wholesale Price Index

07:00/SWI: Aug SNB foreign currency reserves

07:00/AUT: Jun Foreign Trade

07:00/SPN: 2Q Housing Price Index

08:00/ICE: Aug External trade, preliminary figures

08:00/BUL: 2Q GDP - preliminary data

08:00/ITA: Jul Retail Sales

09:00/CYP: Aug CPI

09:00/GRE: Jul External Trade (provisional data)

09:00/EU: 2Q GDP and Main Aggregates Estimate

09:00/EU: 2Q Employment

09:00/GER: Ifo Economic Forecast

10:00/IRL: Aug CPI

23:01/UK: Aug KPMG and REC UK Report on Jobs

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(END) Dow Jones Newswires

09-07-23 0015ET