Category: Business & Markets

McCarthy: White House, Republican Leaders Reach Debt Ceiling Agreement ‘In Principle’

May 27, 2023
Business & Marketscongressdebt ceilingDemocratseconomic policiesExecutive BranchJoe BidenKevin McCarthyMarketsPoliticsRepublicansUS
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The White House and House Republicans have reached an agreement in principle, House Speaker Kevin McCarthy announced on Saturday evening. “We still have a lot of work to do. But I believe this is an agreement in principle that’s worthy of American people,” McCarthy told reporters on Capitol Hill. “That’s historic reductions in spending, consequential reforms…

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White House, Republican Leaders Reach Debt Ceiling Agreement ‘In Principle’

May 27, 2023
Business & Marketscongressdebt ceilingDemocratseconomic policiesExecutive BranchJoe BidenKevin McCarthyMarketsPoliticsRepublicansUS
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The White House and House Republicans have reached an agreement in principle, House Speaker Kevin McCarthy announced on Saturday evening. “We still have a lot of work to do. But I believe this is an agreement in principle that’s worthy of American people,” McCarthy told reporters on Capitol Hill. “That’s historic reductions in spending, consequential reforms…

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Chip Giant Nvidia Nears Trillion-Dollar Status

May 27, 2023
Business & MarketsCompaniesnvidia
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Nvidia’s stock surged 24 percent on Thursday after the chipmaker forecast a huge jump in revenue, boosting its market value close to $1 trillion. Nvidia CEO Jensen Huang said the company was seeing “surging demand” for its data center products amid the rise of accelerated computing and generative AI, according to its May 24 press…

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China’s Ban on US Chipmaker Micron a Ploy to Divide the US-South Korea Alliance: Experts

May 27, 2023
Asia & PacificBusiness & MarketsChina Business & EconomyChina Newseconomic coercionexport controlsG-7 summitmemory chipMicron TechnologySamsungsemiconductorSK HynixSouth KoreaTechTech NewstechnologyUS-China relationsWorld
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Just after the G-7 summit in Hiroshima, Japan, the Chinese regime announced that it is banning products from U.S. memory chip maker Micron, citing national security risks. The move has put the U.S.-led coalition against Beijing to the test, experts say. Beijing’s move to ban Micron was intended to use the market vacated by Micron…

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150 Ways Biden Has Made It Harder to Produce Oil and Gas: Energy Institute Report

May 27, 2023
Business & MarketseconomyenergyExecutive Branchoil and gas industryPolicies & ImpactsPoliticsU.S. energy indepenenceUS
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The Biden administration has implemented multiple policies that have harmed America’s domestic energy production and weakened the country’s standing internationally leading to gas shortages and the highest-ever prices in the nation’s history. “President Biden and the Democrats in Congress have a plan for American energy: make it harder to produce and more expensive to purchase….

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Soaring Airline Customer Complaints Push Global Legislators to Act

May 27, 2023
airlineBusiness & MarketsCompaniesComplaintcustomerEuropeInternationalWorld
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LONDON/MONTREAL—Nikoleta Dodova is among a growing number of dissatisfied airline customers. Having bought her mother and niece airline tickets from Sweden to Macedonia last year, their flight was cancelled and they ended up at an airport over two hours away. She is still waiting for compensation. Official data from regulatory agencies shows complaints against airlines…

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First Republic Hit With 1,000 Job Cuts After California Bank Was Seized and Sold to JPMorgan

May 27, 2023
Business & MarketsCompaniesfirstJPMorganRepublicSVB Collapse
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NEW YORK—About 1,000 employees of First Republic Bank are being let go about a month after it was seized by regulators and acquired by JP Morgan Chase. The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan, meaning that about 15 percent of the bank’s employees…

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International Securities Watchdog Proposes First Set of Rules for Crypto Sector

May 27, 2023
Business & MarketscryptocurrencyMarkets
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The International Organization of Securities Commissions (IOSCO) has released its recommendations for the first global approach to regulating cryptocurrency-based assets and digital markets. The IOSCO released a report (pdf) on May 23 that includes 18 policy recommendations that aim to incorporate established safeguards from mainstream markets to eliminate conflicts of interest between the different parts…

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IMF Warns of Prolonged High Interest Rates, Urges Fiscal Tightening to Tackle Inflation

May 26, 2023
ArchivedBusiness & MarketseconomyFederal ReserveIMFinflationmonetary policyNewsPolicies & ImpactsrecessionUSUS News
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In a recent statement following its comprehensive assessment of U.S. policies, the International Monetary Fund (IMF) emphasized the need for the United States to maintain higher interest rates for an extended period to curb inflation. Additionally, the IMF urged Washington to adopt stricter fiscal measures to address the country’s mounting federal debt. Despite the U.S….

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