President-elect Joe Biden has officially announced his economic team: Heading the Treasury is Obama-era Fed chair Janet Yellen, and Obama Foundation head Wally Adeyemo will serve as her deputy. BlackRock exec Brian Deese was tapped to head the National Economic Council while ex-Hillary Clinton aide Neera Tanden was appointed budget director. The FT and Reuters have more.

Turkey withdrew its seismic exploration vessel Oruc Reis from disputed waters yesterday ahead of the EU summit where the bloc will discuss potential sanctions on Ankara’s hydrocarbon exploration field later this month, according to Reuters. Greece and Turkey were meant to begin talks in September to ease tensions, but Turkey failed to agree with the precondition to remove all its vessels from the contested East Mediterreanean waters.

Also worth knowing this morning:

• Fighting in Ethiopia appears to be ongoing, with the leader of Tigray rebel forces telling Reuters he is closing in on the Tigrayan capital, contradicting Prime Minister Abiy Ahmed’s proclamation of military victory.
• Gulf states denounce assassination of Iranian scientist: The UAE, Bahrain and Kuwait have condemned the recent killing of an Iranian nuclear scientist as a provocative threat to regional stability, Bloomberg reports. Both the UAE and Bahrain this year normalized relations with Israel, which Iran has blamed for the attack.