Author: FX
Chip Somodevilla The debt ceiling agreement that was reached late Saturday “prevents the worst possible crisis, a default,” President Joe Biden said. The deal is a compromise, he said during a short press briefing on Sunday evening. “Nobody got everything that they want.” The agreement protects key priorities that “Democrats and I have worked long and hard for,” Biden said. “I strongly urge both chambers to pass that agreement,” he added. Earlier on Sunday U.S. House Speaker Kevin McCarthy said he believed that a majority of Republicans would support the agreement. And even before today’s press briefing, President Biden said…
Adam had the earlier breaking events:US President Biden is speaking from the White House now. There is very little of substance so far.Says he spoke with Speaker McCarthy and that they reached a bipartisan agreementGood news for the American peoplethe agreement protects key prioritiesurges COngress, both chambers, to pass the agreementpeople will find he didn’t make too many concessionsdid not make a compromise on debt ceiling, made a compromise on budgetexpects McCarthy has the votes to get it passed in the House of RepresentativesBiden on McCarthy:”He kept his word. He said what he would do. He did what he said…
STAG Industrial goes ex dividend on Tuesday Source link
5/5 © Reuters. Turkish President Tayyip Erdogan attends a rally, ahead of the May 28 presidential runoff vote, in Istanbul, Turkey May 27, 2023. REUTERS/Umit Bektas 2/5 By Can Sezer ISTANBUL (Reuters) -President Tayyip Erdogan claimed victory in Turkey’s presidential election on Sunday, a win that would steer his increasingly authoritarian rule into a third decade. Addressing supporters, Erdogan said voters had given him the responsibility to rule for the next five years. “The only winner is Turkey,” he said, addressing cheering supporters from atop a bus in Istanbul. Final official results have yet to be released. There was no…
Recommended by Daniel Dubrovsky Get Your Free Equities Forecast Global stock market sentiment mostly deteriorated this past week with a few exceptions. On Wall Street the tech-heavy Nasdaq Composite crushed its competition, soaring 2.51% while the blue-chip-oriented Dow Jones sank -1%. Across the Atlantic Ocean, the DAX 40 and FTSE 100 fell -1.79% and -1.67%, respectively. Meanwhile, the Hang Seng Index dropped almost 5%.The vast majority of gains this past week were driven by tech, amplified by a blowout earnings report from Nvidia Corp. The company underscored AI-fueled demand and projected earnings that were far above expectations, causing the stock…
Kristian1108/iStock Unreleased via Getty Images Surf Air Mobility, a Los Angeles-based electric aviation and air travel company, is working with Morgan Stanley and is expected to go ahead with plans to go public through a direct listing. The aviation company plans to file publicly as soon as next week for the listing and to start trading this summer, according to a Bloomberg report late Friday, which cited people familiar. Surf Air said in November that it had confidentially submitted a draft registration with the U.S. Securities and Exchange Commission for a direct listing. The filing came after a deal to…
© Reuters. By Michael Elkins Investing.com — Here is your weekly Pro Recap of the past week’s biggest headlines in the electric vehicle space: a buzzy Ford-Tesla pact; political battles over EVs; a delisting threat at Nikola; and more news out of Stellantis and VinFast. InvestingPro subscribers got these EV headlines at lightning speed. Start your 7-day trial now.Ford’s deal with Tesla, a brand-new electric SUV, and moreFord Motor Company (NYSE:) jumped 6.2% after announcing late Thursday that it struck a major deal with Tesla (NASDAQ:) that will allow Ford-produced electric vehicles to charge at Tesla Supercharger stations in the…
Cryptocurrency exchange Gemini and bankrupt crypto lender Genesis Global Capital have jointly filed for the dismissal of a Securities and Exchange Commission (SEC) lawsuit. The lawsuit claims “Gemini Earn” — which let customers lend crypto assets such as (BTC) to Genesis, with Gemini taking a fee as high as 4.29% — violated securities regulations by offering unregistered securities. The companies’ legal filings contend that Gemini Earn should not be classified as a security. Genesis argued the transactions were essentially loans and requested the court to dismiss the complaint or, alternatively, strike the SEC’s requests for a permanent injunction and disgorgement.Continue…
ssuaphoto/iStock via Getty Images Tensions are rising between Saudi Arabia and Russia, as Russia continues to pump huge volumes of cheaper crude oil into the market and undermining Saudi efforts to boost prices, The Wall Street Journal reported Saturday. Saudi Arabia reportedly has expressed its anger to Russia for not keeping its previous pledge to curb production in response to Western sanctions, ahead of a crucial OPEC+ meeting set for Vienna on June 4. Earlier this week, the Saudi energy minister issued a warning to oil speculators, signaling to the market that a further production cut was possible, but Russia’s…
The debt ceiling charade is all over.This was the 79th time it’s been raised since 1960 and the US still hasn’t defaulted. Remember that next time.The US has averted a major economic crisis by raising its debt ceiling as part of a new two-year budget agreement that echoes the structure of the past three such deals. The agreement keeps non-defense spending roughly flat for the current fiscal year and 2024 and removes budget caps after 2025. The spending levels reached reflect those the Biden administration had negotiated at the end of the last calendar year, thereby averting a potentially catastrophic…