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☆ Analysis: US debt-ceiling deal dooms Biden's revolutionary tax plans
▼ + stars: | 2023-06-01 | by ( David Lawder | ) www.reuters.com time to read: +6 min

Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire. TAX CHANGES ARE TOUGHBiden's unrealized campaign tax pledges illustrate the political difficulty of changing the U.S. tax code, barring a commanding majority in Congress. "House Republicans have successfully blocked every penny of President Biden’s tax hikes on families, farmers, and small businesses in the debt ceiling deal and protected the 2017 Tax Cuts and Jobs Act from repeal," said U.S. House Ways and Means Chairman Jason Smith. The Missouri Republican added that Americans want Congress to build on the Trump tax cuts "with more tax relief." Republicans will argue for making the 2017 individual tax cuts permanent, said John Gimigliano, KPMG's head of federal tax legislative and regulatory services.

Persons: Joe Biden's, Biden, That's, William McBride, Joe Manchin, Kyrsten Sinema, Jason Smith, Michael Kikukawa, Kikukawa, John Gimigliano, Gimigliano, Steve Rosenthal, Rosenthal, David Lawder, Heather Timmons, Matthew Lewis Organizations: Saturday, Revenue Service, Trump, White, Tax Foundation, Democratic, Republican, Republicans, IRS, House, The, The Missouri Republican, Economic Co, Congressional, Brookings Tax, Center, Thomson Locations: Washington, The Missouri

The Labor Department reported that U.S. job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation. Futures traders raised to 70% the probability of a 25 basis points hike at the Fed's June 13-14 policy meeting. FEDWATCHFed Governor and vice chair nominee Philip Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. The Labor Department's closely watched May unemployment report, due on Friday, could decide whether a rate hike occurs. Intel was the biggest gainer on the S&P 500 as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast.

Persons: Brendan McDermid, Joe Biden, it's, Brad Conger, Callaghan, Conger, FEDWATCH, Philip Jefferson, Patrick Harker, Tim Ghriskey, we've, Nvidia Corp's, Herbert Lash, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Senate, Co, Labor Department, Philadelphia Fed, Inverness, Labor, Dow Jones, Nasdaq, Technology, Federal Deposit Insurance Corporation, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, Intel, Thomson Locations: New York City, U.S, Conshohocken , Pennsylvania, New York, Bengaluru

[1/2] Fearless Girl is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. The S&P 500 was set to end the month flat, while the Dow shed 3.8%. The S&P 500 financial sector index (.SPSY) fell 1.7%, while banks (.SPXBK) dropped 2.7%. Advance Auto Parts Inc (AAP.N) plunged 33.9%, falling the most on the S&P 500, after the auto parts retailer cut its full-year forecasts. Declining issues outnumbered advancers for a 2.21-to-1 ratio on the NYSE and for a 2.02-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Joe Saluzzi, Phil Blancato, Nvidia Corp's, advancers, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Senate, Themis, Labor, Survey, Traders, Asset Management, Dow Jones, Technology, Federal Deposit Insurance Corporation, Advance, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ Japan April factory output unexpectedly falls on weaker machinery orders
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Issei KatoTOKYO, May 31 (Reuters) - Japan's factory output unexpectedly fell in April, government data showed on Wednesday, as production machinery orders slowed amid weakening global demand, casting doubts about recovery in the world's third-largest economy. Factory output fell 0.4% in April from the previous month on a seasonally adjusted basis. Output of semiconductor-manufacturing equipment fell 24.6% while flat panel manufacturing equipment dropped 66.6%. A METI official said U.S. export controls to China were not a factor in the decline in chip-making equipment shipments. Still, the METI official said there is a risk of downward adjustment in production plans due to overseas weakness.

Persons: Issei Kato TOKYO, Kota Suzuki, Satoshi Sugiyama, Chang, Ran Kim, Christian Schmollinger, Sam Holmes Organizations: REUTERS, Ministry, Economy, Trade, Industry Official, Manufacturers, Daiwa Securities, Thomson Locations: Kawasaki, Japan, China

Reflecting investor optimism about passage, the cost of insuring exposure to a U.S. debt default dropped on Tuesday, but some concerns remained because of the tight timeline and opposition from some lawmakers. Last week, credit rating agency Fitch placed its "AAA" rating of U.S. sovereign debt on watch for a possible downgrade, citing downside risks including political brinkmanship and a growing debt burden. In a previous debt ceiling crisis in 2011 rating agency Standard & Poor's cut the U.S. top 'AAA' rating by one notch a few days after a debt ceiling deal, citing political polarization and insufficient steps to right the nation's fiscal outlook. "Even if a U.S. default is averted, a ratings downgrade could still happen," Vishwanath Tirupattur, a strategist at Morgan Stanley, said in a research note on Sunday. Some also fear a debt ceiling resolution could only provide short-term relief to markets because the U.S. Treasury is expected to quickly refill its account with bond sales, sucking out hundreds of billions of dollars of cash from the market.

Persons: Joe Biden, Kevin McCarthy, Fitch, Raymond James, Ed Mills, Alex Anderson, Vishwanath Tirupattur, Morgan Stanley, Spokespeople, Blair Shwedo, Davide Barbuscia, Shankar Ramakrishnan, Pete Schroeder, Megan Davies, David Gregorio Our Organizations: YORK, Democratic, Republican, U.S . Treasury Department, BMO Capital Markets, AAA, Moody's, U.S . Treasury, Thomson Locations: U.S

☆ Markets on edge as US debt ceiling talks approach crunch time
▼ + stars: | 2023-05-22 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

A failure to lift the debt ceiling would trigger a default, sparking chaos in financial markets and a spike in interest rates. In early trade on Monday, S&P 500 futures lost 0.1% while Nasdaq futures were flat. On Friday, reports that debt ceiling negotiations had reached an impasse rattled markets even as Federal Reserve Chairman Jerome Powell said U.S. interest rates might not need to rise as much given the tighter credit conditions from the banking crisis. In Asia, China is expected to keep its key lending rates unchanged on Monday even as the ongoing economic recovery disappointed. U.S. crude futures were up 0.1% to $71.6 per barrel, while Brent crude futures rose 0.2% to $75.75 per barrel.

China's chip stocks rallied on Monday morning following Beijing's announcement to bar some purchases of products from U.S. memory chipmaker Micron . China's Cyberspace Administration barred operators of "critical information infrastructure" in China from buying products from the U.S. chip giant following a security review conducted by the Cyberspace Administration of China. Chinese authorities said Micron products have failed its network security review, and cited "serious potential network security issues." The firm poses a "major security risk" to China's critical information infrastructure supply chain and affects [its] national security," a statement said. Shares of Chinese chipmakers largely rose on Monday following the move: Hong Kong-listed Hua Hong Semiconductor rose as much as 3.14% on Monday, while SMIC rose 2.64%.

☆ Gold set for biggest weekly fall since Feb on U.S. debt deal hopes
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +1 min

Gold prices ticked up on Friday but were on course for their biggest weekly drop in 3-1/2 months as hopes of a resolution in the U.S. debt ceiling negotiations and fading expectations of a rate cut by year-end took some shine off bullion. Spot gold was up 0.3% to $1,963.39 per ounce by 0418 GMT, but on track for a 2.4% weekly drop — its biggest since early February. U.S. gold futures rose 0.2% to $1,964.60. Spot silver rose 0.6% to $23.64 per ounce, but was set for a second weekly fall. Investors are increasing their bullish bets in platinum with strong auto sales also boding well for platinum group metals, ANZ said in a note.

☆ Factbox: Why does the US want to ban TikTok? The allegations against it
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +4 min

Members of Congress in March complained that the Chinese government has a "golden share" in ByteDance, giving it power over TikTok. He asserted the TikTok platform could enable sweeping influence operations because TikTok could proactively influence users and could also "turn off the message." TikTok says it "does not permit any government to influence or change its recommendation model." -TikTok will hand American's data over to Chinese government officialsLawmakers have alleged that the Chinese government, under a 2017 National Intelligence law, can force ByteDance to share TikTok user data. "-TikTok spies on journalistsIn December, ByteDance said some employees improperly accessed TikTok user data of two journalists.

☆ Watchdogs Upbraid U.S. Attorney Rachael Rollins, in Blow to White House
▼ + stars: | 2023-05-17 | by ( Sadie Gurman | C. Ryan Barber | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/watchdogs-upbraid-u-s-attorney-rachael-rollins-in-blow-to-white-house-307ce14

Companies Hyatt Hotels Corp FollowNEW YORK, May 16 (Reuters) - Texas Attorney General Ken Paxton filed a lawsuit on Monday against Hyatt Hotels Corp (H.N) for allegedly violating Texas consumer protection laws by misleading consumers with marketing and charging hidden fees. In a petition filed in district court, Paxton said U.S.-based Hyatt did not include mandatory fees in advertised room rates to stop comparison shopping, amounting to millions of dollars in fraudulent charges. "I will not stand by while Texas consumers are taken advantage of by Hyatt, or by any hotel chain that tries to get away with charging illegal hidden fees," Paxton said in a press release. The company did not immediately respond to a request for comment on Paxton's lawsuit. Reporting by Doyinsola Oladipo in New York; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Two dozen National Guard troops quickly set about stretching coils of barbed wire across the cement base of the bridge where the migrants had been. Under the order known as Title 42, U.S. authorities could quickly turn back migrants without giving them a chance to seek asylum. Homeland Security Secretary Alejandro Mayorkas on Sunday said the number of migrants crossing the border fell by half since the end of Title 42. A Dominican couple under the bridge told Reuters they had just reached Ciudad Juarez and had not heard of it. Reporting by Daina Beth Solomon and Jose Luis Gonzalez in Ciudad Juarez, Mexico Editing by Stephen Eisenhammer and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

The scenes come as Title 42 is set to expire just before midnight on Thursday. But Brandon Judd, president of the National Border Patrol Council representing U.S. border agents, confirmed that agents distributed the handouts. Judd said border officials were working to process as many migrants as possible before Title 42 ends. The flyer also said migrants must report to border authorities before accessing El Paso shelters, an assertion advocates said was not true. But hours later, after seeing other migrants return with U.S. paperwork, he lined up at a border patrol station.

The U.S. Department of Transportation did not specify how much cash it aims to require airlines to pay passengers for significant delays. But it asked carriers last year whether they would agree to pay at least $100 for delays of at least three hours caused by airlines. A July 2021 proposal to require airlines to refund consumers fees for baggage that is delayed, or onboard service like Wi-Fi that do not work, are still not finalized. The Transportation Department said it plans to write regulations that will require airlines to cover expenses such as meals and hotels if carriers are responsible for stranding passengers. In October, Reuters first reported major U.S. airlines opposed Transportation Department plans to update its dashboard to show whether carriers would voluntarily compensate passengers for lengthy delays within airlines' control.

It is the latest in a series of moves by the Biden administration to crack down on airlines and bolster passenger consumer protections. "When an airline causes a flight cancellation or delay, passengers should not foot the bill,” U.S. Transportation Secretary (USDOT) Pete Buttigieg said in a statement. Most carriers voluntarily committed in August 2022 to providing hotels or meals but resisted providing cash compensation for delays. The Biden administration has sparred with U.S. airlines over who was to blame for hundreds of thousands of flight disruptions last year. In October, Reuters first reported major U.S. airlines opposed USDOT plans to update its dashboard to show whether carriers would voluntarily compensate passengers for lengthy delays within airlines' control.

☆ Biden to reassure Philippines' Marcos as China tensions flare
▼ + stars: | 2023-05-01 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

[1/2] U.S. President Joe Biden listens during the annual White House Correspondents Association Dinner in Washington, U.S., April 29, 2023. Marcos, who became president last year, has sought warm relations with both the United States and China, who are vying for influence in the Asia-Pacific region. "Some of the steps that China have taken have concerned (Marcos), probably even surprised him," said one senior Biden administration official. Experts say the United States considers the Philippines a potential location for rockets, missiles and artillery systems to counter a Chinese amphibious assault. "We're standing shoulder to shoulder in the South China Sea, where our alignment has never been stronger," said one U.S. official.

TOKYO, April 28 (Reuters) - Oil prices gained about 2% on Friday after U.S. data showed crude output was declining while fuel demand was growing. Brent crude futures rose $1.16, or 1.5%, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7%, to $76.75. "But, today there were headlines showing there may be a solution to First Republic's problems and data pointing to a rise in oil demand and a decline in output," Flynn said. In the same report, the EIA said U.S. product supplied of crude and petroleum products - a proxy for oil demand - rose to nearly 20 million bpd and finished motor gasoline rose to 8.7 million bpd in February, the highest for both since November 2022. Oil companies like Exxon Mobil Corp(XOM.N), meanwhile, are riding a wave of strong demand and have held the line on cost-cutting implemented when fuel demand collapsed during COVID-19 lockdowns.

☆ Canada and U.S. agree to trace guns intercepted at border
▼ + stars: | 2023-04-28 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

"Canada and the United States have agreed to strengthen the bilateral cooperation to reduce gun violence," Mendicino said. The United States traces guns by requiring firearm dealers to record the serial numbers of the guns they sell and who purchased them. "Data and information sharing are powerful tools in the fight against gun violence," said U.S. Attorney General Merrick Garland, who was also present. Previously, gun tracing in Canada has been inconsistent. Canada traced only 6-10% of guns involved in crimes, according to 2019 data from the Royal Canadian Mounted Police (RCMP), a federal agency.

☆ Louisiana's carbon well permitting application heads to Federal Register
▼ + stars: | 2023-04-28 | by ( Liz Hampton | ) www.reuters.com time to read: +1 min

April 28 (Reuters) - Louisiana's application to obtain enforcement authority over carbon capture wells has gone to the Federal Register for public comment, the Environmental Protection Agency (EPA) said on Friday, a key step in receiving "so-called" primacy and speeding up the permitting process. The EPA currently manages permitting for most Class VI wells across the United States, which are used to store carbon dioxide. Carbon capture and sequestration is viewed by many as a critical technology in helping reduce emissions and slow global warming. States that have received primacy over Class VI wells - so far just North Dakota and Wyoming - have been able to cut the permitting process to months from years. Several major oil and gas companies, including Talos Energy (TALO.N) and Occidental Petroleum (OXY.N), have carbon capture and sequestration projects planned for Louisiana.

☆ U.S. confirms second American death in Sudan, seeks extended ceasefire
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 26 (Reuters) - A second American has died in Sudan, the White House said on Wednesday, adding that it was helping a small number of U.S. citizens seeking to leave the country amid ongoing clashes even as overall violence appeared significantly down. "We urge both military factions" to abide by the ceasefire "and to further extend it," Kirby told reporters, adding that the violence "levels... generally appear to have gone significantly down." "The levels are down, but we want to see the levels at zero," he added. Some U.S. citizens had arrived at Port Sudan to evacuate and were being supported, and the United States was continuing to support other limited evacuation efforts, he added. USAID has deployed teams in the region and is prepared to help provide humanitarian assistance but any ceasefire would have to remain in place and be extended, Kirby told reporters.

WASHINGTON, April 24(Reuters) - The U.S. Supreme Court on Monday declined to hear a challenge by computer scientist Stephen Thaler to the U.S. Patent and Trademark Office's refusal to issue patents for inventions his artificial intelligence system created. According to Thaler, his DABUS system, short for Device for the Autonomous Bootstrapping of Unified Sentience, created unique prototypes for a beverage holder and emergency light beacon entirely on its own. The U.S. Patent and Trademark Office and a federal judge in Virginia rejected his patent applications for the inventions on the grounds that DABUS is not a person. Thaler has also applied for DABUS patents in other countries including the United Kingdom, South Africa, Australia and Saudi Arabia with limited success. The UK's Supreme Court heard Thaler's appeal of his loss there in March.

[1/6] Tundra trucks and Sequoia SUV's exit the assembly line as finished products at Toyota's truck plant in San Antonio, Texas, U.S. April 17, 2023. TOYOTA'S PAST SUCCESSWashington's push to accelerate the shift to battery-electric vehicles amplifies the threat posed by Tesla to Toyota's position as the world's largest automaker. Toyota San Antonio has weathered a series of challenges since it built its first truck in 2006. The future for factories like Toyota San Antonio will play out across the next several years. Reporting by Norihiko Shirouzu in San Antonio, Texas, Joseph White in Detroit and David Shepardson in Washington Written by Joseph White Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

3M and Aearo say the earplug litigation has spiraled out of control. But attorney Adam Silverstein, who represents veterans suing 3M over hearing loss, said at a court hearing in Indianapolis that filing for bankruptcy, like "pulling a fire alarm," should be reserved for urgent threats. Aearo was not in need of emergency rescue, because it had filed for bankruptcy solely as "a strategic alternative to managing 3M's litigation," Silverstein said. Aearo, which made the combat arms earplugs, filed for bankruptcy last July, with 3M pledging $1 billion to fund its liabilities stemming from the lawsuits that accuse both Aearo and 3M of misrepresenting the earplugs' effectiveness, leading to hearing damage. Aearo should be allowed to proactively resolve the growing problem of earplug lawsuits through a bankruptcy settlement, Husnick said.

NEW YORK, April 18 (Reuters) - Burger King is banking on its viral "Whopper Whopper" jingle to lift sales as part of the flagging fast-food chain's turnaround plan, as broader economic uncertainty pushed two big franchisees into bankruptcy. "I'm optimistic about the trajectory of sales in 2023," said U.S. and Canada Burger King president Tom Curtis in an interview, adding that the jingle's fervent success was "unanticipated." Unlike other fast-food chains like Subway that are consolidating restaurant ownership among fewer franchisees, Burger King is expanding the number of owners in its system. This year, two large U.S. Burger King franchisees that run more than 200 locations across at least 10 states have filed for bankruptcy, citing poor sales atop surging costs for labor and goods. "We don't want to diminish the importance of this crisis, but we also will leverage it to bring in new operators," Curtis said.

☆ Gold off one-year highs as investors weigh rate hike prospects
▼ + stars: | 2023-04-17 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold prices biased for a grind higher - analystsMarkets pricing in Fed 25-bps rate hike in MayU.S. dollar up 0.1%April 17 (Reuters) - Gold prices inched higher on Monday but were off one-year highs reached late last week as mixed economic data prompted investors to reassess the U.S. Federal Reserve's rate hike trajectory and boosted the dollar. Spot gold was up 0.1% at $2,004.74 per ounce, as of 0353 GMT. The dollar index was 0.1% higher, making bullion expensive for overseas buyers. Other data showed households expected inflation to rise over the next 12 months. The CME FedWatch tool shows markets are pricing in a 80.9% chance of a 25 basis point hike in May.

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