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☆ Justice Dept. pushes back on Hunter Biden’s efforts to dismiss charges, mirroring fights between Trump and prosecutors
▼ + stars: | 2024-03-08 | by ( Holmes Lybrand | Hannah Rabinowitz | ) edition.cnn.com time to read: +3 min

CNN —Special counsel David Weiss ridiculed efforts by Hunter Biden, son of President Joe Biden, to dismiss tax charges against him as legally baseless and steeped in a “conspiracy theory,” in court filings Friday. The arguments between Weiss and Hunter Biden’s attorneys mirror arguments put forth by Donald Trump in his own special counsel cases. Their similarities underscore how cases brought by a special counsel – no matter who the defendant is – are often fought through similar, and sometimes political, playbooks. Like Trump, Hunter Biden has argued the special counsel overseeing his criminal cases was unlawfully appointed. Both Weiss and Smith pushed back in the same way, arguing that Garland has the authority to appoint whoever he wants as special counsel.

Persons: David Weiss, Hunter Biden, Joe Biden, Hunter Biden’s, Weiss, Hunter, Donald Trump, –, Trump, Merrick Garland, Jack Smith, Garland, Smith, ” Weiss, “, ” Organizations: CNN, Trump, Justice Department Locations: California, Delaware

☆ US Army under increasing pressure as it foots bill for Ukraine support
▼ + stars: | 2024-02-19 | by ( Haley Britzky | Natasha Bertrand | ) edition.cnn.com time to read: +7 min

“We’re basically taking it out of hide in the Army,” a senior Army official told CNN. That includes not only the operations related to Ukraine support — training and ferrying weapons and equipment to Poland and Ukraine — but other operations for the US command throughout Europe and Africa. Those operations include training exercises for Army forces in Europe and Africa and equipment moving into the theater. Last week, the Senate voted to advance a $95.3 billion foreign aid bill, including $60 billion in support for Ukraine. So far in fiscal year 2024, the Army has spent $39.7 million on ground transportation, the first senior Army official told CNN.

Persons: “ We’re, ”, hasn’t, Christine Wormuth —, —, Peter, Paul, I’m, ” Wormuth, Martin O’Donnell, Mike Johnson, it’s, Daniel Hokanson, that’s, ” Hokanson, Sabrina Singh, ” Singh, “ Organizations: CNN, Ukraine, US Army, Army, Africa Command, Congress, ”, Morris Air National Guard Base, Ukraine Security Assistance Initiative, US, Lawmakers, Capitol, National Guard Bureau, Pentagon, DOD Locations: Russia, Europe, Ukraine, Poland, Africa, Army Europe, US Army Europe, Germany, Arizona

Speaking at the Munich Security Conference, Harris offered a broad defense of the Biden administration’s approach to global challenges, especially in leading international support for Ukraine in its war with Russia. Her comments came as the Ukraine risks losing U.S. support due to congressional dysfunction and positions taken by Trump and many of his supporters. Harris sounded many of the same concerns and her comments were peppered with blunt criticism of Trump and his allies. Earlier this month, Trump sent shivers through Europe when he said he would not come to the defense of NATO allies that do not meet defense spending commitments. Harris said the Biden administration’s “sacred commitment to NATO remains ironclad.”“Imagine if America turned our back on Ukraine and abandoned our NATO allies and abandoned our treaty commitments.

Persons: Kamala Harris, Donald Trump’s, Harris, Biden, Alexei Navalny, “, ”, ” Harris, U.N, Antonio Guterres, ” Guterres, Trump, shivers, Vladimir, Putin Organizations: —, NATO, Munich Security, Ukraine, Trump, Hamas, America Locations: MUNICH, Russia, Ukraine, United States, America, Gaza, Israel, Rafah, Europe

☆ What I got wrong about loyalty at work
▼ + stars: | 2024-02-12 | by ( Aki Ito | ) www.businessinsider.com time to read: +8 min

In the story, I wrote that people seem to divide into two groups when it comes to the decline of workplace loyalty . To my surprise, a lot of older readers took issue with getting lumped into the pro-loyalty camp. Someone else wrote, more gently, "While I feel you're spot on with most of your facts you've got gen x all wrong." They added: "My generation leads in workplace dissatisfaction and realized 2 decades ago that there was no more corporate loyalty." There isn't a generational divide over workplace loyalty, these readers were telling me.

Persons: Gen Xers, Gen Zers, I'd, Readers, X, Gabriel, he'd, I'm, they've, I've, —, Gen, isn't, Aki Ito Organizations: Business Locations: American, America, TikTok

☆ Who can rein in Elon Musk? Someone you’ve probably never heard of
▼ + stars: | 2024-01-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

But this week, a Delaware state judge handed down a message that Musk and other powerful men in America seldom hear: Nope. The outcome of Musk’s pay package dispute is the latest instance of a towering, brash business leader getting put in his place by the one institution powerful enough to do so: US courts. Kathaleen McCormick struck down Elon Musk’s 2018 Tesla pay package after an investor challenged it as excessive. Kathleen Flynn/ReutersAmong the threads connecting Musk, Trump and McMahon is a history of evading negative consequences. “And if that’s the case, let that be a message to other people: The litigation system actually does work.”The pay package dispute wasn’t McCormick’s first rodeo with Musk.

Persons: CNN Business ’, New York CNN — Elon Musk, Kathaleen McCormick, who’d, Donald Trump, Trump, Vince McMahon, McMahon, Elon, Kathleen Flynn, Eric Talley, Talley, ”, Musk, McCormick, McCormick didn’t, “ We’ve, ‘, ’ ” Talley, “, Katie McCormick Organizations: CNN Business, New York CNN, Bloomberg, World Wrestling Entertainment, Reuters, Trump, Columbia, Twitter Locations: New York, Delaware, America

☆ One activist investor is taking on BP, urging the oil giant to scale back green pledges
▼ + stars: | 2024-01-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

And on that front, we are not asking BP to renege on its strategy, but to adapt its strategy to the reality." Auchincloss has since been appointed as permanent CEO of the British oil and gas major. In response to the publication of the letter, a spokesperson for BP said the company "welcomes constructive engagement" with its shareholders. We continue to make significant progress, remain focused on delivery, and are confident the strategy will grow the value of bp and deliver sustainable long-term value for shareholders," BP said. Bivona declined to disclose Bluebell's stake in BP, saying that it was below a reporting threshold.

Persons: Giuseppe Bivona, Bivona, CNBC's, Bivone, Marco Taricco, Helge Lund, Murray Auchincloss, Auchincloss Organizations: Capital Partners, BP, Financial, Danone Locations: Bluebell, London

☆ Yes, it can suck to work for 'The Man.' But so can working for yourself!
▼ + stars: | 2023-12-10 | by ( Henry Blodget | ) www.businessinsider.com time to read: +5 min

Read previewI gather that some Gen Zers are so appalled by the working woes of millennials that they've sworn off working for "The Man" and, instead, plan to go into business for themselves. AdvertisementI started a company, Business Insider, 16 years ago — and, before that, for many years, I worked "for myself," as a freelancer, blogger, and consultant. In fact, there's no better way to appreciate the joys of a steady paycheck from "The Man" than going into business for yourself. Put it that way, and working for The Man doesn't sound so bad! This includes both working for yourself and working for The Man.

Persons: —, they've, Slack, you've, Elon Musk, Jensen Huang, Elon, Jensen Organizations: Service, Business, Nvidia

According to Fain, workers at some nonunion plants, including the electric vehicle sales leader, Tesla, have contacted the UAW about joining the union, which hasn't even begun its organizing efforts. Fain declined to say which nonunion companies the UAW would target first. The union, Fain says, also will have to organize Detroit automakers' EV battery plants, which are joint ventures with South Korean companies. He noted the concessions the UAW agreed to in 2008 to help the automakers survive dire financial problems. This time, he said, union members negotiated for themselves but also won raises for nonunion workers in the South who would have received nothing without the UAW.

Persons: Shawn Fain, —, Fain, Stellantis, Tesla, hasn't, ”, “, ” Fain, Elon Musk, ” Musk, Ford, Jim Farley, haven't, He'd Organizations: DETROIT, —, United Auto Workers, U.S, Toyota, Associated Press, UAW, Honda, Hyundai, Nissan, General Motors, Ford, SpaceX, Detroit, EV, South, GM Locations: Detroit, Mexico, Kentucky, Tennessee, Michigan, Canada, U.S

U.S. Secretary of State Antony Blinken speaks during a press conference, in Tel Aviv, Israel October 12, 2023. The question of Iranian access to the funds has been in the spotlight since Iran-backed Palestinian Hamas militants attacked Israel on Saturday, killing more than 1,300 people and taking scores of hostages back to the Palestinian Gaza Strip. "Iran will not be able to access the funds for the foreseeable future," a senior U.S. official, speaking on condition of anonymity, told Reuters. Several U.S. media outlets reported on Thursday that the United States and Qatar had agreed to stop Iran from accessing the money. It did not respond to a request for comment on whether Iran had yet tried to access the funds.

Persons: Antony Blinken, Jacquelyn Martin, Blinken, Ayatollah Ali Khamenei, Iran's U.N, Donald Trump, John Kirby, Kirby, Parisa Hafezi, Andrew Mills, Michelle Nichols, Howard Goller Organizations: REUTERS Acquire, TEL, United, Washington, Reuters, U.S, U.S . Treasury, U.S ., Government, United Nations, Qatar's, Media, White House, Thomson Locations: Tel Aviv, Israel, TEL AVIV, WASHINGTON, United States, Iran, Qatar, Palestinian, U.S, Tehran, South Korea, Seoul after Washington, Islamic Republic of Iran, New York, Qatari

☆ House Speaker Kevin McCarthy planted the seeds of his own downfall in his January 2023 concessions
▼ + stars: | 2023-10-03 | by ( Madison Hall | ) www.businessinsider.com time to read: +4 min

To become speaker of the House, Kevin McCarthy was forced to make several concessions. He agreed to change House rules to allow any member to bring a motion to vacate the speakership. In January, just a few short months after an election where Republicans just barely gained majority control of the House of Representatives, McCarthy had emerged as the frontrunner to become the next House speaker. Traditionally, it only takes one ballot and less than one day to elect a speaker, and the victor only needs a simple majority vote to ascend to the speakership. If a simple majority of House members vote in favor, McCarthy will be removed from the post and replaced with a temporary, unknown speaker to preside over the chamber until a new speaker is formally elected.

Persons: Kevin McCarthy, —, Kevin McCarthy's, McCarthy, Nancy Pelosi, Matt Gaetz, renege Organizations: Service, Republican, Congress, Republicans, Democrats, GOP, Democratic

WASHINGTON (AP) — With a government shutdown five days away, Congress is moving into crisis mode as Speaker Kevin McCarthy faces an insurgency from hard-right Republicans eager to slash spending even if it means curtailing federal services for millions of Americans. Against the mounting chaos, President Joe Biden warned the Republican conservatives off their hardline tactics, saying funding the federal government is “one of the most basic fundamental responsibilities of Congress." Political Cartoons View All 1179 Images“We made a deal, we shook hands, and said this is what we’re going to do. With five days to go before Saturday's deadline, the turmoil is unfolding as House Republicans hold their first Biden impeachment inquiry hearing this week probing the business dealings of his son, Hunter Biden. With just days remaining before a shutdown, several of the holdouts say they will never vote for any stopgap measure to fund the government as they push for Congress to engage in the full-scale debate.

Persons: Kevin McCarthy, it's, McCarthy, Joe Biden, Biden, reneging, ” Biden, “, ”, Donald Trump, retakes, Hunter Biden, ” Trump, ” McCarthy, Let’s, Marjorie Taylor Greene, Trump, Ken Buck, Buck, he's, ” Buck, Volodymyr Zelenskyy, Matt Gaetz, ” Gatez, “ I’m, McCarthy “, Seung Min Kim, Kevin Freking, Mary Clare Jalonick Organizations: WASHINGTON, Senate, Republicans, Trump, Biden, Capitol, Defense, Homeland Security, Agriculture, Foreign, Republican, Democratic, Ukraine, Washington, Russia, Fox, White, Office of Management, Budget, Associated Press Locations: Ukraine, U.S, “, State, Florida

Part of the order essentially directed the environmental, health and transportation officials to continue doing what they are doing to make sure Norfolk Southern fulfills its responsibilities and report on the progress. Norfolk Southern has also promised to pay for upgrading East Palestine's parks and water treatment center. Norfolk Southern has also said it will establish funds to pay for lost home values, any long-term health concerns and water contamination issues that result from the derailment. “From the beginning, Norfolk Southern has committed to making it right in East Palestine and covering all costs associated with the clean-up. “This is an overdue but welcomed step to support the people of East Palestine,” said Brown.

Persons: Joe Biden, Biden, Mike DeWine, Dan Tierney, “, Jessica Conard, Jami Wallace, Sen, Sherrod Brown, ”, Brown, aren't, Patrick Orsagos Organizations: Norfolk Southern, FEMA, Federal Emergency Management Agency, Ohio Gov, Southern, Norfolk, Ohio, East, East Palestine Unity Council, Norfolk Southern ., Associated Press Locations: Ohio, Pennsylvania, East Palestine, Norfolk Southern, Palestine, Norfolk, Atlanta, Norfolk Southern . U.S, Columbus , Ohio

☆ Inside the crucial final hours as American diplomats tackled last minute obstacles to bring five Americans imprisoned in Iran home
▼ + stars: | 2023-09-21 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +7 min

Senior State Department officials spoke to CNN about what happened on the condition of anonymity to discuss the sensitive details. The Iranians even threatened not to include all five of the Americans in the release unless the US did more, the officials told CNN. “We held our line and the Iranians backed down and we made it work,” a senior State Department official said. But the Qatari officials, in a smooth diplomatic maneuver, countered that they would be offended if everyone did not eat while on board the Qatari plane and an agonizing final delay was avoided. ET, the US plane carrying the seven Americans, Carstens, Paley and other US officials departed Doha en route to the US.

Persons: Iran Abram Paley, Hostage Affairs Roger Carstens, “, ”, didn’t, “ They’re, “ We’ve, “ couldn’t, Morad, Emad Shargi, Effie, Vida, Siamak, Karim Jaafar, Carstens, Paley, Antony Blinken, Blinken, Joe Biden, ” Shargi Organizations: CNN, Senior State Department, Hostage Affairs, Qatari, Swiss, State Department, Central Bank, Doha International Airport, Getty, Defense, “ CNN Locations: United States, Iran, Tehran, Doha, South Korea, Qatar, Emad Sharqi, AFP, Washington, DC, Fort Belvoir , Virginia, PISA, Fort Belvoir

☆ Recruiters say Flexport CEO's decision to rescind dozens of job offers days before some were due to start is 'sick' and 'lousy'
▼ + stars: | 2023-09-10 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Flexport's CEO Ryan Petersen said on X that it's rescinding dozens of job offers. Recruiters point out that rescinding job offers is not uncommon – and not illegal. Roman later told Insider that Flexport's decision might also set a new precedent for how people think about job offers. He also noted that rescinded offers have been among the "most challenging" situations he's had to deal with in his professional life. In June 2022, cryptocurrency platform Coinbase rescinded job offers via mass emails — a decision that at least one recipient denounced as "unprofessional."

Persons: Ryan Petersen, Nick Roman, Roman, I'm, Olivier, Schreiber, Philipp Slappnig, he's, Petersen, Flexport, we've, shakeup, Dave Clark, Clark, Flexport's Organizations: Service, LinkedIn, Amazon Locations: Wall, Silicon

Thailand has been under a caretaker government since March and its new parliament has been deadlocked for weeks after anti-establishment election winners Move Forward were blocked by conservative lawmakers, leaving populist heavyweight Pheu Thai to lead a new effort. Srettha said on Monday Pheu Thai had failed to secure the outright majority it had targeted, so its only chance of governing was in partnership with some rivals it had vowed not to work with. Still, he seems determined and confident to follow through this time, however, with widespread speculation that Pheu Thai's alliance with its enemies is part of a behind-the-scenes deal Thaksin may have struck to allow his return. Pheu Thai has denied Thaksin's involvement in its bid to form a government and the former leader has for months denied conspiring with the generals who led coups against him and sister Yingluck Shinawatra in 2006 and 2014. "Tomorrow, at 9 a.m., I want permission to come back to live on Thai soil and breathe the air with other Thai people," Thaksin said on social media platform X, formerly Twitter.

Persons: Srettha Thavisin, Athit, Pheu, Thaksin, Thaksin Shinawatra, Srettha, Thai, upstarts, Yingluck Shinawatra, Martin Petty, Mark Heinrich Our Organizations: REUTERS, Ex, Thai Party, English Premier League football, Thaksin, Thomson Locations: Bangkok, Thailand, BANGKOK

☆ Hunter Biden Says Prosecutors Reneged on Major Part of Plea Deal
▼ + stars: | 2023-08-14 | by ( Michael S. Schmidt | More About Michael S. Schmidt | ) www.nytimes.com time to read: +1 min

Hunter Biden told a federal judge late Sunday that the Justice Department was trying to renege on a major part of his deal with the government — his agreement to enroll in a diversion program for gun offenders — that he signed and granted him broad immunity from future federal prosecutions. The move, included in a court filing by Mr. Biden’s lawyer, Christopher Clark, is the latest salvo in the back and forth between Mr. Biden and David C. Weiss, a Trump appointee who is leading the long-running investigation into the president’s son’s conduct. Shortly after Attorney General Merrick B. Garland elevated Mr. Weiss to special counsel, government lawyers said in court papers on Friday that they and Mr. Biden were at an impasse over plea negotiations and that no agreement had been reached. Under the deal, Mr. Biden would plead guilty to two tax misdemeanors and enroll in the diversion program, which would have allowed him to avert prosecution on a gun charge. But in the filing late Sunday, Mr. Biden rebutted prosecutors’ claim, saying that he had signed the agreement in court last month and that he planned to abide by it.

Persons: Hunter Biden, Biden’s, Christopher Clark, Biden, David C, Weiss, General Merrick B, Garland Organizations: Justice Department, Trump

☆ Hunter Biden lawyers say feds reneged on tax plea deal, but gun agreement still valid
▼ + stars: | 2023-08-14 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Hunter Biden, son of U.S. President Joe Biden, departs federal court after a plea hearing on two misdemeanor charges of willfully failing to pay income taxes in Wilmington, Delaware, July 26, 2023. But Hunter Biden's lawyers also said in a new Delaware federal court filing that a second agreement with prosecutors that would allow him to escape conviction for a gun-related crime is "valid and binding." Lawyers for Hunter Biden told a judge that federal prosecutors on Friday decided to "renege" on a previously agreed deal in which the son of President Joe Biden would plea guilty to tax crimes in exchange for a recommended no-jail sentence. A key sticking point for the judge was the requirement that she, not the U.S. Department of Justice, be the one to decide if Hunter Biden violates the gun agreement over a two-year period. After Noreika said she would give prosecutors and defense lawyers more time to answer her questions, Hunter Biden pleaded not guilty to the tax crimes.

Persons: Hunter Biden, Joe Biden, Noreika, Maryellen Noreika, Delaware David Weiss, Hunter, Weiss, General Merrick Garland, Hunter Biden's, Chris Clark, Donald Trump, renege Organizations: U.S, Attorney, D.C, U.S . Department of Justice Locations: Wilmington , Delaware, Delaware, California, Washington, United States

U.S. officials have repeatedly denied that they reached any nuclear “deal” with Iran after indirect talks held in Oman earlier this year. Two senior Israeli defense officials said the deal involving the prisoners and the frozen funds is part of the broader understandings reached in Oman. Mr. Rome said the Biden administration likely hopes that formal nuclear talks organized by the European Union could restart later this year. The negotiations, aimed at restoring the 2015 Iran nuclear deal from which President Donald J. Trump withdrew in 2018, collapsed last summer amid what U.S. officials called unacceptable Iranian demands. But Mr. Rome added the Biden administration was unlikely to want a new nuclear agreement ahead of the 2024 election, given the issue’s political volatility.

Persons: Rome, Biden, Donald J, Trump, renege Organizations: U.S, European Union Locations: Iran, United States, Iraq, Syria, Oman, Russia, Ukraine, Moscow, European

☆ Why are far-right parties on the march across Europe?
▼ + stars: | 2023-07-22 | by ( Christian Edwards | ) edition.cnn.com time to read: +14 min

Far-right parties are propping up coalitions in Finland and Sweden. Afraid of losing voters to UKIP (and other far-right parties), the governing Conservatives ended up adopting many of its positions. Chesnot/Getty Images Europe/Getty ImagesConversely, far-right parties have attempted to sanitize some of their rhetoric, hoping to appear a more credible electoral prospect. Leon Neal/Getty ImagesA different type of populismAnd so the recent successes of far-right parties cannot be explained by dramatic shifts in public opinion. A lot depends on the ability of mainstream parties – particularly on the left – to build tents big enough to accommodate their differences, rather than compromising with far-right parties to prop up their coalitions.

Persons: Donald Trump, –, Emmanuel Macron, Angela Merkel’s, Mario Draghi, Jaroslaw Kaczynski, Viktor Orban, Andrej Babis, Czech Michael Bloomberg, Czech Donald Trump, Meloni, Mussolini, Nigel Farage, Jack Taylor, Farage, Jean, Marie Le Pen, Marine, Lionel Jospin, Jacques Chirac, Petteri Orpo, Sanna Marin, Vilhelm Junnila, Ulif Kristersson, Mark Rutte’s, Pen, Chesnot, Philippe Marlier, ” Le, Matteo Salvini, Vladimir Putin, Tino Chrupalla, Alice Weidel, Thomas Lohnes, Omer Messinger, Larry Bartels, Boris Johnson, Leon Neal, Giorgia Meloni, Odd Andersen, Orban, Kaczynski, Rutte’s, Pedro Sanchez Organizations: CNN, White, Channel, European Central Bank, Italy’s, Vox, UK Independence Party, UKIP, European Union, EU, Conservatives, National, Socialist, Socialists, Finns Party, Swedish, Sweden Democrats, Rassemblement National, University College London, Lega, Ukraine, Russia, Former British, Italy's, NATO, Getty, Spain’s Locations: United Kingdom, United States, Europe, Brussels, Spain, Poland, Hungary, Germany, Czech, France, Finland, Sweden, Austria, European, Netherlands, Russian, Oxfordshire, Vilnius

☆ Elon Musk's Twitter sues top law firm Wachtell over $90 million fee for work under prior ownership
▼ + stars: | 2023-07-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Attorneys for Elon Musk filed suit this week against the law firm that represented Twitter when Musk was trying to take the company private last year, claiming the firm charged too much for its work. The lawsuit says Wachtell, Lipton, Rosen, and Katz, which was Twitter's firm prior to Musk's acquisition, racked up a $90 million "last minute" legal bill. Wachtell represented Twitter after Musk reneged on his initial offer to take Twitter private for $44 billion. The law firm helped close the deal in November 2022, and was paid that $90 million fee for its work securing the transaction, which was tendered at a significant premium to Twitter's public market valuation. Twitter sued Musk for not honoring his commitment to the company's shareholders, and Musk eventually relented, purchasing Twitter at the agreed upon price.

Persons: Elon Musk, Musk, Wachtell, Lipton, Rosen, Katz, Reid Collins, Tsai, It's, Ben Roth, — CNBC's Lora Kolodny Organizations: Tesla Inc, Elon, Twitter, X Corp, San Francisco, Google, Rosen Locations: San Francisco , California, Austin , Texas, Delaware, California, San Francisco

☆ Opinion: It’s not over yet in Russia, not by a long shot
▼ + stars: | 2023-06-26 | by ( David A. Andelman | ) edition.cnn.com time to read: +7 min

Halted indeed was the immediate crisis, but not the underlying foundations that Prigozhin and Putin had laid long before. “The oligarchic clan that rules Russia needed the war,” Prigozhin said. Now, in theory, though he is beyond the long arm of Putin’s justice system, he could still be brandishing a powerful cell phone and laptop. Indeed, Prigozhin’s Wagner Group seems to be the only force that’s winning at all methodically in Ukraine these days. Russia is not winning this war that was supposed to be over in a matter of days or weeks more than a year ago.

Persons: David A, Yevgeny Prigozhin, Wagner, Vladimir Putin —, Prigozhin, Alexander Lukashenko, Putin, ”, ” Prigozhin, scumbags, Konstantin Dolgov, renege, Prigozhin’s Wagner, Lukashenko, Dmitry Peskov, Antony Blinken, Dana Bash, “, Volodymyr Zelensky Organizations: CNN, French Legion of, The New York Times, CBS News, Kremlin, Putin, Twitter, Facebook Locations: Russia, Moscow, Belarus, Ukraine, Russian, Bakhmut, Kyiv, “ State

☆ KKR takes private markets right up to the checkout
▼ + stars: | 2023-06-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

It’s a cozy arrangement for all involved, and marks another step in private lenders’ encroachment into traditional financiers’ turf. KKR will now purchase and hold up to 3 billion euros of PayPal’s BNPL loans, originated in five European countries and typically a few months in duration. KKR can pump up its returns using leverage – the deal is funded partly from loans made by its own credit funds. Follow @JMAGuilford on TwitterCONTEXT NEWSFinancial technology firm PayPal announced on June 20 that it had signed a multi-year 3 billion euro replenishing loan agreement with asset manager KKR. The deal will see KKR purchase up to 40 billion euros of PayPal’s short-term buy-now-pay-later loans now and in the future.

Persons: Joe, Banks, John Foley, Katrina Hamlin Organizations: YORK, Reuters, Joe Public, KKR, PayPal, Citi, Thomson

☆ U.S. House Republicans target deeper spending cuts, raising shutdown threat
▼ + stars: | 2023-06-15 | by ( David Morgan | ) www.reuters.com time to read: +2 min

That is about $120 billion below the $1.59 trillion set out in the debt ceiling bill negotiated by Biden and McCarthy. The targets would maintain defense spending at the $866 billion level agreed in the debt ceiling legislation. "The debt ceiling bill set a ceiling, not a floor, for fiscal year 2024 bills. Lower spending levels could make it harder for the House to reach agreement with the Democratic-led Senate. Federal agencies could have to shut down if the two chambers are unable to agree to spending levels by October.

Persons: Kevin McCarthy, Joe Biden, Biden, McCarthy, Kay Granger, Rosa DeLauro, Democratic appropriator, Steve Womack, David Morgan, Andy Sullivan, Alistair Bell Organizations: Democratic, Republicans, Food and Drug Administration, Reuters, Republican, Thomson Locations: China

☆ The Big Part of the Debt Ceiling Deal Congress Isn’t Talking About
▼ + stars: | 2023-05-31 | by ( Margot Sanger-Katz | Alicia Parlapiano | ) www.nytimes.com time to read: +10 min

Annual deficit projections $3 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. bill passed in April $2 trillion $1 trillion 2023 2028 2033 Annual deficit projections $3 trillion $2 trillion $1 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. But negotiators are confident enough in the agreement that they are moving forward with the debt limit bill this week. The debt limit deal scenarios assume that after budget caps lift in 2026, Congress will increase spending in line with inflation. It's also possible that the entire deal holds, and the next Congress will still make vastly different spending choices.

Persons: Kevin McCarthy, Biden, “, It's Organizations: House Republicans, White, New York Times, Congressional, Republicans, Office, SNAP, Internal Revenue Service, Social Security, Medicare, Savings, Energy, Biden, Medicaid, of Commerce, Federal Locations: That’s, G.O.P, Washington

Sunak has tried to end years of wrangling over Brexit by revisiting one of the trickiest parts of the negotiations - to ensure smooth trade to Northern Ireland without creating a hard border with Britain or with European Union-member Ireland. "I welcome parliament voting today to support the Windsor Framework," Britain's Northern Ireland minister Chris Heaton-Harris said on Twitter. "This measure lies at the very heart of the Windsor Framework which offers the best deal for Northern Ireland, safeguarding its place in the Union and addressing the democratic deficit." Sunak hailed securing the deal last month as a "decisive breakthrough" but by alienating the DUP he has failed in restoring the power-sharing government in Northern Ireland. DUP leader Jeffrey Donaldson told parliament his party could not return to Northern Ireland's power-sharing government "at this stage".

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