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…
White House, Republican Leaders Reach Debt Ceiling Agreement ‘In Principle’
May 27, 2023
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Business & Marketscongressdebt ceilingDemocratseconomic policiesExecutive BranchJoe BidenKevin McCarthyMarketsPoliticsRepublicansUS
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Major Update on Debt Ceiling Talks
May 27, 2023
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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…
Lloyd’s Becomes Latest Firm to Exit UN’s Net-Zero Alliance
May 27, 2023
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Business & MarketsCompanieseconomic policiesenvironmental social and governance (ESG) policiesEuropenet zero insurance allianceUKWorld
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Insurance company Lloyd’s of London has announced its exit from a net-zero alliance for insurers—the sixth such organization to have pulled out from the initiative within a week. The Net-Zero Insurance Alliance (NZIA), convened by the United Nations, seeks to commit group members, composed of the world’s leading insurers and reinsurers, to fighting climate change….
ANALYSIS: Politics, Finance Merge as Banks Become Fewer in Number, More Aligned With Government
May 26, 2023
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Bank of AmericaBusiness & MarketsCompaniesDodd-Frank Acteconomic policiesFirst Republic BankJPMorgan Chasepersonal financePoliticsSVB CollapseUS
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The absorption of First Republic Bank by JPMorgan Chase on May 1 was just the latest step in a relentless march of consolidation among U.S. banks, as America’s banking industry becomes both more concentrated and more closely entwined with the federal government. Since the “Great Financial Crisis” of 2008, federal regulators have become comfortable with…
IN-DEPTH: ‘No Remediation’: A Broken Turbine in Kansas Shows how Wind Companies Evade Responsibility
May 26, 2023
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Business & Marketseconomic policiesenergyKansasPolicies & ImpactsRegional & State NewsState NewsUSwind energywind turbine
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For Kansas state Rep. Carrie Barth, the broken turbine in Marshall County and its fiberglass debris scattered across farmland has confirmed one of the many loopholes industrial wind companies have to distance themselves from responsibilities to the residents who live in their shadow. “We have all of these bureaucracies to deal with health and environment,…
Federal Reserve’s Key Inflation Gauge Unexpectedly Comes in Hotter
The Federal Reserve’s preferred inflation gauge unexpectedly climbed in April, leading to concerns that the U.S. central bank could raise interest rates for the 11th straight month in June. In April, the annual personal consumption expenditure (PCE) price index rose to 4.4 percent, up from 4.2 percent, according to the Bureau of Economic Analysis (BEA)….
Inflation Rose in April Fueled by Jump in Consumer Spending
The Federal Reserve’s preferred inflation gauge unexpectedly climbed in April, leading to concerns that the U.S. central bank could raise interest rates for the 11th straight month in June. In April, the annual personal consumption expenditure (PCE) price index rose to 4.4 percent, up from 4.2 percent, according to the Bureau of Economic Analysis (BEA)….
Wall Street Opens Higher on Hopes of Debt Deal Breakthrough
Wall Street’s main indexes opened higher on Friday, buoyed by progress in negotiations over raising the U.S. debt ceiling, though data pointing to slightly hotter-than-expected inflation capped gains. The Dow Jones Industrial Average rose 30.85 points, or 0.09 percent, at the open to 32,795.50. The S&P 500 opened higher by 4.88 points, or 0.12 percent,…
Opposition Leader Calls on Australian Government to Put More Gas on the Grid
May 26, 2023
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anthony albaneseAustraliaBusiness & Marketseconomic policieseconomyenergyenergy pricesPeter DuttonRichard MarlesWorld
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Opposition Leader Peter Dutton has urged the Labor government to add more gas to Australia’s power grid to reduce energy bills for households and businesses. This comes after The Australian Energy Regulator (AER) released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in New…
Dollar Set for 3rd Week of Gains as US Debt Talks Loom Large
LONDON—The dollar eased on Friday but stayed on track for a third straight weekly gain, as markets raised bets on higher-for-longer interest rates to curb sticky inflation and nervously awaited resolution of last-ditch talks on the U.S. debt ceiling. Apparent progress on Thursday in the talks between President Joe Biden and top congressional Republican Kevin…
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