Author: IA PressRoom

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…

Turkish President Recep Tayyip Erdogan has won re-election after a contested vote. A day before the election, Twitter blocked posts by Erdogan critics from being viewed in the country. Erdogan’s increasingly authoritarian rule now extends into its third decade. 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 Turkey President Recep Tayyip Erdogan won reelection Sunday after a runoff vote, extending his increasingly authoritarian rule into a third decade as the country reels from high inflation and the aftermath of an earthquake that leveled entire…

U.S. stocks finished modestly higher Wednesday, with all three major stock benchmarks ending a 3-session skid, as investors picked up shares after a sharp market selloff earlier this week. The Dow Jones Industrial Average DJIA, +1.00% rose about 61 points, or 0.2%, ending near 32,970, while the S&P 500 index SPX, +1.30% closed up 0.3% and the Nasdaq Composite Index COMP, +2.19% advanced 0.4%. Stocks booked modest gains as investors remained focused on the Federal Reserve’s inflation fight and Fed Chairman Jerome Powell’s speech at the Jackson Hole, Wyo. symposium on Friday. Recession worries also were in focus, with pending…

Tens of thousands of public and private sector pension plans would be pooled into “GB superfunds” with assets of up to £500bn each under “extremely radical” proposals to unleash tens of billions for UK business growth.The measures set out in a report from the Tony Blair Institute are aimed at reversing years of capital market decline through the creation of large pension funds, similar in scale to those in Canada and Australia.It found that despite the UK having one of the largest pensions markets in the world, overseas pensions invest 16 times more in British venture capital and private equity…

© Reuters. FILE PHOTO: A worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS BEIJING (Reuters) -Profits at China’s industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery. Profits fell 20.6% in January-April from a year earlier, compared with a 21.4% decline in the first three months, according to data from the National Bureau of Statistics (NBS). In April alone, industrial firms posted…

© 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…

Source: Koshiro/AdobeChinese healthcare and energy sector providers will allow patients and customers to pay with the digital yuan, in new breakthroughs for the nation’s central bank digital currency (CBDC).Per the Chinese media outlet WXRB, both outpatients and hospitalized mental healthcare patients can now use the CBDC to pay for medical treatment.Deposits, medication, and hospitalization fees can be paid via the central bank’s digital yuan app, WXRB explained.Hospital staff said that digital yuan payments were a “safer and more convenient form of smart payment.”They added that digital yuan payments were faster.And they said the CBDC helped mental care facilities “improve the…

Washington CNN  —  Washington Rep. Pramila Jayapal, the chair of the Congressional Progressive Caucus, said Sunday that White House negotiators and Democratic leaders should be concerned about progressive support for the tentative deal to raise the debt ceiling for two years “Yes, they have to worry,” Jayapal told CNN’s Jake Tapper on “State of the Union,” referring to some of the concessions made by the White House to reach the agreement with Republicans. Following the announcement of the deal Saturday night, the White House and Republican leaders in Congress have been mounting an intensive push to consolidate support. But the…

Notable earnings after Monday's close

NEW YORK – JANUARY 22: People walk down Wall Street January 22, 2008 in New York City. Following a … [+] sharp fall in international markets Monday, the Federal Reserve lowered its lending rate by three quarters of a percentage point to 3.50% Tuesday. This is the largest interest rate cut since 1984 and the first intrameeting move since September 11, 2001. Wall Street came back in morning trading after news of the Fed’s significant cuts. (Photo by Spencer Platt/Getty Images)Getty Images What happens in the U.S. financial system doesn’t stay there. Tough financial conditions tend to rollover into the…