Author: IA PressRoom

The agreement President Biden struck with House Republicans to raise the debt limit aims to avert a catastrophic default on the nation’s debt. But the brinkmanship that brought the United States within days of being unable to pay its bills has renewed calls for the Biden administration to stop the debt ceiling from continuing to be a political tool.After declaring this year that he would not negotiate spending cuts in exchange for raising the debt limit, Mr. Biden did exactly that. The deal includes spending caps and scales back some of the president’s policy priorities in exchange for suspending the…

The official gauge of China’s manufacturing activity fell deeper into contraction in May, signaling further cooling of momentum in the post-pandemic recovery. China’s official manufacturing purchasing managers’ index fell to 48.8 in May, from 49.2 in April, the National Bureau of Statistics said Wednesday. The result was also below the 49.7…

Tara Reade, the former Senate staffer who accused Joe Biden of sexual assault, is now in Russia. She said she moved to Moscow out of fear for her safety, and blasted the US on numerous issues. Reade said she seeks Russian citizenship, but also wants to retain her US passport. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Tara Reade, who in 2020 accused President Joe Biden of sexual assault, has appeared in Russia, and said she plans to become a citizen there.Reade made…

Foxconn forecasts its AI server business will at least double in the second half of this year, making the world’s biggest contract electronics manufacturer — best known for making the iPhone — the latest beneficiary of the rapid rise of generative artificial intelligence systems such as ChatGPT.“We could see triple-digit growth in AI servers in the second half,” said Foxconn chair Young Liu at the company’s annual meeting on Wednesday. Demand for processors in such servers has boosted chip designer Nvidia to become the most valuable semiconductor company, with its market capitalisation briefly breaching the $1tn mark on Tuesday.Liu said…

© Reuters. Investing.com — Most Asian currencies fell on Wednesday, with the Chinese yuan trading at a six-month low on more signs of a slowing economic recovery in the country, while the dollar firmed ahead of a vote to raise the U.S. debt ceiling. The fell 0.3%, crossing the 7.1 level for the first time since late-November, as data showed shrank for a second consecutive month in May, and at a sharper pace than the prior month. The slid 0.4% to 7.1160 against the dollar, indicating weak foreign sentiment towards the Chinese currency. Overall growth in also contracted, indicating that…

CNN  —  The Texas House’s impeachment of state Attorney General Ken Paxton on Saturday was the latest in a string of legal woes that began shortly after the Republican was first elected in 2014. Paxton is a conservative firebrand who has aligned himself with former President Donald Trump. From his perch as Texas’ top prosecutor, he has led legal battles against former President Barack Obama’s Affordable Care Act, the Deferred Action for Childhood Arrivals program and more. He challenged the 2020 election’s results in federal court, and in recent months has targeted Texas hospitals for providing transition-related care for transgender…

Per the terms of the 12-year contract, CAE will build and deliver new full-flight simulators for the CH-47F and UH-60M platforms to meet the U.S. Army Aviation Center of Excellence’s rotary–wing simulation services requirements.In addition to owning and operating the new training devices, CAE will also implement CH-47F and UH–60M software configurations for reconfigurable collective training devices.

Air New Zealand is asking passengers to volunteer to be weighed before boarding.  The airline said the survey is required by New Zealand’s Civil Aviation Authority. “No one can see your weight – not even us! It’s completely anonymous,​” a representative said. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app While it’s customary for airlines to weigh their passengers’ suitcases, weighing the passengers themselves is not typically part of the check-in routine. But that’s exactly what Air New Zealand is asking its passengers to do…

This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekdayGood morning. Any market excitement about the (putative) resolution of the debt ceiling showdown was short lived. US stocks opened strong yesterday and faded to flat. Bond yields fell a bit all across the curve. Is this because the market doesn’t care about the deal, or doesn’t believe it solves anything? Email me: robert.armstrong@ft.com. The low-end theoryLast week I acted as a panel moderator at the FT Business of Luxury Summit in Monaco. It was a lot of…

© Reuters. FILE PHOTO: Italian Economy Minister Giancarlo Giorgetti attends a news conference for the government’s first budget in Rome, Italy November 22, 2022. REUTERS/Remo Casilli/File Photo By Valentina Za and Sara Rossi MILAN (Reuters) -Italy will launch a new bond aimed at retail investors next week, targeting cash held in low-yielding bank accounts as it finds ways to compensate for dwindling European Central Bank debt purchases. Market sources say the sale of new BTP Valore (“BTP Value”) bonds with a four-year term could raise more than 5 billion euros ($5.5 billion). But more competition from the government for savers’…