Author: IA PressRoom

2/2 © Reuters. FILE PHOTO: A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. REUTERS/Lam Yik 2/2 By Engen Tham, Summer Zhen and Selena Li HONG KONG/SHANGHAI (Reuters) – Credit Suisse has scrapped plans to set up a locally incorporated bank in China to avoid a potential regulatory conflict arising as a result of its merger with UBS, said two sources with direct knowledge of the matter. Credit Suisse had been planning over the last few years to set up a wholly owned local bank in China that would…

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House Republican leaders are dismissing the Congressional Budget Office’s (CBO) latest projection that says the debt limit deal struck by President Biden and Speaker Kevin McCarthy, R-Calif., would actually increase the number of people eligible for federal benefits.Tightening access to SNAP and other benefit programs has been touted as a key victory touted by Republican negotiators, part of their overall demand to slash spending in exchange for raising the federal borrowing limit.The bill would raise the upper age limit of single American adults who must fulfill work requirements to get SNAP from 49 to 54, while providing exemptions for the…

While President Joe Biden and House Speaker Kevin McCarthy reached a debt-ceiling deal over the holiday weekend, that doesn’t mean it’s now all smooth sailing. Congress still must give its OK, starting with the Republican-run House of Representatives. Here’s what’s next, as the Treasury Department has called for action by this coming Monday in order to avoid a market-shaking default. House…

Russian leader Vladimir Putin on Tuesday said Moscow’s air defenses have “something to work on.” He said this just after Russia’s defense ministry reported that drone attacks had struck the capital. Putin said defenses were working fine, but promised to bolster their presence in Moscow. 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 Russian leader Vladimir Putin said Moscow’s defenses are working well, but admitted there “is something to work on” after local authorities said a series of drone attacks struck the capital.”Moscow’s air…

© Reuters. FILE PHOTO: Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration TAIPEI (Reuters) – Apple Inc (NASDAQ:) supplier Foxconn said on Wednesday artificial intelligence applications would strongly drive demand for its server business this year but reiterated 2023 overall would be a flat one for the company on global economic woes. Foxconn Chairman Liu Young-way told the company’s annual shareholders meeting the firm remained cautious about this year due to monetary policy tightening, geopolitical tensions and uncertainty over inflation, but servers were a bright spot due to surging interest in AI. “More and more…

© Reuters. Investing.com– Asian stocks sank on Wednesday, with Chinese markets leading declines as manufacturing activity shrank for a second straight month, while broader sentiment remained on edge ahead of a vote to raise the U.S. debt ceiling. China’s and indexes fell 1% and 0.6%, respectively, with the bluchip index at its lowest level in six months. Official data showed that the country’s shrank in May, pulling back overall business activity and pointing to a slowdown in an economic rebound seen earlier in the year. Chinese indexes were also set to close between 3.6% and 6% lower for May, having…

© Reuters. FILE PHOTO: Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo By Stephanie Kelly and Trixie Yap (Reuters) -Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. futures for August delivery fell 28 cents to $73.43 a barrel by 0250 GMT, while U.S. West Texas Intermediate crude (WTI) slipped 26 cents to $69.20 a barrel, with earlier gains reversed after China manufacturing data…

CNN  —  Allies of former New Jersey Gov. Chris Christie have formed a super PAC to support an expected Republican presidential bid. The outside group, Tell It Like It Is, has launched a website boosting Christie’s candidacy and encouraging his presence on the GOP debate stage, saying it would “ensure our party engages in the robust, direct, truth-telling conversation we need to start winning again.” The website lists Republican National Committee member Bill Palatucci, former US Sen. Jeff Chiesa and former US Rep. Susan Brooks as members of the group’s leadership team. According to a source tied to the newly…

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