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☆ Peloton co-founder and Chief Product Officer Tom Cortese is leaving the company
▼ + stars: | 2023-09-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Peloton co-founder and Chief Product Officer Tom Cortese is leaving the company and will be replaced by longtime Silicon Valley veteran Nick Caldwell, the company announced Tuesday. Cortese, who helped found the connected fitness company alongside former CEO John Foley in 2012, will move into an advisory role beginning Nov. 1, the company said. He'll oversee global product development and will start the new role Nov. 1. "I want to thank Tom for his tireless dedication since launching Peloton nearly 12 years ago as a Co-Founder of the business. "Nick brings impressive engineering, design, and product experience to the Peloton team.

Persons: Tom Cortese, Nick Caldwell, Cortese, John Foley, " Cortese, I'm, Caldwell, He'll, Tom, Barry McCarthy, Nick Organizations: Silicon, Twitter, Google, Microsoft

☆ Next job-market challenge: the Great Unresignation
▼ + stars: | 2023-08-04 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

The U.S. economy has weathered inflation without widespread layoffs so far, but a Great Unresignation could make seemingly healthy job numbers harder to read. But a big input in firms’ hiring plans is “attrition” – the number of workers expected to quit. The so-called quit rate in the finance and insurance sector dropped to 1.1%, well below a peak of 2.4% in April 2022. Wells Fargo flagged “slower than expected” attrition as a driver of higher severance costs during the bank’s July 14 earnings call. The U.S. economy added 187,000 nonfarm payrolls in July, the Bureau of Labor Statistics said on Aug. 4.

Persons: haven’t, Wells, That's, –, John Foley, Sharon Lam Organizations: Reuters, Wall, Bureau of Labor Statistics, Companies, of Labor Statistics, Citigroup, payrolls, Thomson Locations: U.S, United States

☆ How Europe can square the circle on green economy: podcast
▼ + stars: | 2023-08-01 | by ( John Foley | ) www.reuters.com time to read: 1 min

NEW YORK, Aug 1 (Reuters Breakingviews) - Shifting away from fossil fuels is an opportunity for the bloc, argues economy tsar Paolo Gentiloni in this Exchange podcast. But it will have to overcome challenges, such as US competition for investment and the EU’s own narrow set of financial tools. Listen to the podcastFollow @johnsfoley on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Paolo Gentiloni, Oliver Taslic Organizations: Reuters, Twitter, Thomson

☆ Big Tech super regulator would be a super dud
▼ + stars: | 2023-07-27 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

WASHINGTON, July 27 (Reuters Breakingviews) - Two U.S. lawmakers have an idea for reining in Big Tech: get someone else to do it. They include protecting young users of social media, and countering anticompetitive behavior. A new watchdog that sets out to safeguard young users would overlap with some of the Federal Communications Commission’s duties. Instead of spending time and taxpayer dollars on a super-regulator, lawmakers would do better to get their act together, and face Big Tech themselves. The proposal, introduced in the Senate on July 27, would set new rules for tech mergers, data security, and safeguards for young users, according to the essay.

Persons: Elizabeth Warren, Lindsey Graham, Warren, Barack Obama’s, Donald Trump, Joe Biden, Rohit Chopra, John Foley, Sharon Lam Organizations: Reuters, Big Tech, Democratic, Republican, Digital Consumer Protection, of Justice, Federal Trade Commission, Federal Communications, Consumer Financial Protection Bureau, Democratic U.S, New York Times, Thomson

☆ Big Tech super-regulator would be a super-dud
▼ + stars: | 2023-07-27 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

Persons: Elizabeth Warren, Lindsay Graham, Warren, Barack Obama’s, Donald Trump, Joe Biden, Rohit Chopra, John Foley, Sharon Lam Organizations: Reuters, Big Tech, Democratic, Digital Consumer Protection, of Justice, Federal Trade Commission, Federal Communications, Consumer Financial Protection Bureau, Democratic U.S, New York Times, Thomson

☆ Discover dabbles with two types of delinquency
▼ + stars: | 2023-07-21 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, July 21 (Reuters Breakingviews) - In the credit card business, delinquency means not paying on time. Discover Financial Services (DFS.N), a large U.S. credit card issuer, is dabbling with a bit of both, and it’s a double concern for shareholders. But it came alongside the revelation that regulators have proposed serving Discover with a punitive “consent order,” for other undisclosed shortcomings. Discover received a consent order from the Consumer Financial Protection Bureau in 2020, as punishment for disobeying another order from 2015. Some 2.9% of Discover card loans were overdue at the end of June, back where they ended 2019.

Persons: Boss Roger Hochschild, ”, Wells Fargo, There’s, cardholders, Jonathan Guilford, Thomas Shum Organizations: YORK, Reuters, Discover Financial Services, Discover, Consumer Financial, Bank of America’s, JPMorgan, ” Reuters Graphics Reuters, Citigroup, Citi, Federal Reserve, Financial Services, Federal Deposit Insurance Corp, Thomson Locations: U.S

☆ Coinbase is a crypto conundrum, squared
▼ + stars: | 2023-07-20 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +7 min

Shares in Coinbase got a major boost after money management behemoth BlackRock (BLK.N) applied to launch a bitcoin-backed exchange-traded fund this month with Coinbase as its custodian. Coinbase shares are up nearly 54% in July, handily beating the tech-heavy Nasdaq Composite Index (.IXIC), which rose 4%. Price targets range widely: analysts polled by Refinitiv think Coinbase is worth anywhere from $8 billion to nearly $50 billion. Coinbase investors would therefore be unwise to count on a judge delivering Coinbase a win. Given bitcoin’s current $584 billion market capitalization, that suggests $74 billion of ETFs would not be much of a stretch.

Persons: Brian Armstrong, Coinbase, behemoth BlackRock, –, Gary Gensler, there’s, Goldman Sachs, Cowen, Refinitiv, Armstrong, Sam Bankman, Larry Fink, Charles Schwab, doubters, Ripple, John Foley, Streisand Neto Organizations: YORK, Reuters, Securities and Exchange, Nasdaq, SEC, Citigroup, Commodity Futures, BlackRock, Bank, New York Mellon, Interactive, Securities and Exchange Commission, Thomson Locations: Washington, United States, U.S

☆ KKR wins $2 billion bidding war the old-fashioned way
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 30 (Reuters Breakingviews) - KKR (KKR.N) has affirmed a simple lesson: price matters. The private-equity giant made a bumped-up $2 billion offer for valve-maker Circor International (CIR.N) on Thursday that tops an offer from a rival. KKR broke the mold by offering sweeteners other than money – but in the end, it threw in more cash too. Circor’s board says KKR’s offer is more valuable because it can close more quickly. KKR knows that money isn’t the only thing that talks, but it still talks pretty loudly.

Persons: Jonathan Guilford, ’, crouch, John Foley, Streisand Neto Organizations: YORK, Reuters, KKR, Circor, Arcline Investment Management, Twitter, Thomson Locations: China

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ Consumers crack open IPO door
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 29 (Reuters Breakingviews) - The market for U.S. initial public offerings is starting to crack open, but some trends are playing better than others. Shares in thrift store chain Savers Value Village (SVV.N) opened 38% above their IPO price on Thursday even as two other new entrants, Fidelis Insurance (FIHL.N) and energy company Kodiak Gas Services (KGS.N), got a frosty reception. After pricing above its indicated range and then rising further, Savers Value was worth nearly $4 billion in its early hours of trading. It follows Cava (CAVA.N), the Mediterranean lunch chain that by Thursday was worth nearly double the IPO price of $22 it established in mid-June. Meanwhile, Fidelis and Kodiak had to cut their price range, and both debuted below their opening price.

Persons: Fidelis, It’s, Jennifer Saba, ’, crouch, Eli Lilly, John Foley, Sharon Lam Organizations: YORK, Reuters, U.S, Fidelis Insurance, Kodiak Gas Services, Renaissance Capital, Twitter, Thomson Locations: Cava, Fidelis, Kodiak

☆ Tesla vs. Meta cage fight already has a winner
▼ + stars: | 2023-06-23 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

But what if Meta Platforms (META.O) and Tesla (TSLA.O), the companies they run, were pitted in a theoretical brawl? And while Meta is larger by revenue, Tesla is growing faster. Both Tesla and Meta are trying to reshape the world. CONTEXT NEWSTesla Chief Executive Elon Musk tweeted on June 20 that he would be “up for a cage match” with Meta Platforms boss Mark Zuckerberg. Musk made the comments in response to posts about Meta developing a rival social media platform to Twitter, which Musk owns.

Persons: Mark Zuckerberg, Elon Musk, Zuckerberg, Musk, Tesla, John Foley, Katrina Hamlin Organizations: YORK, Reuters, Reuters Graphics Reuters, Refinitiv, buybacks, Meta, Shareholders, Apple, Twitter, Thomson

☆ Credit-card crackdown will net limited rewards
▼ + stars: | 2023-06-22 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 22 (Reuters Breakingviews) - With more than two open accounts for every American, credit cards are practically part of the family. The point of credit cards is to make spending easier, yet in practice their complexity rivals the edgiest financial derivatives. At Capital One, late fees account for a little less than $2 billion of revenue, or roughly 5%, a year. If late fees have raised hackles among U.S. lenders, they’re only a taste of what could lie in store. Currently, issuers can charge $30 for a first late payment and $41 for late payments thereafter if they happen within the following six billing cycles.

Persons: Joe Biden’s, Biden, Banks, don’t, Goldman Sachs, Rohit Chopra, Michael Barr, that’s, There’s, Chase, they’re, –, Joe Biden, Jeffrey Goldfarb, Oliver Taslic Organizations: YORK, Reuters, JPMorgan, Consumer Financial, Bureau, American Bankers Association, Citigroup, Federal Reserve, Securities and Exchange Commission, Discover Financial Services, Bank of America, One, Fed, Biden, University of Michigan, Apple, Chase Sapphire, American Express, Capital, U.S, Consumer Financial Protection Bureau, New York Fed, Thomson Locations: U.S, United Kingdom

☆ Amazon's subscription spat is anything but prime
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 22 (Reuters Breakingviews) - Amazon.com’s (AMZN.O) Prime service is a club that’s hard to quit - literally. Competition cop Lina Khan filed a complaint on Wednesday alleging that the e-commerce giant enrolled U.S. customers in its subscription product unwittingly and made cancellation unlawfully difficult. When it comes to sharp sales practices, other companies have done worse, but the Amazon case could still hurt. Citigroup analysts estimate that Prime subscribers spend up to 2.5 times more than non-subscribers on Amazon’s marketplace. That extra spending matters: Amazon’s North America segment recorded a razor-thin operating profit margin of 1.2% last quarter.

Persons: Lina Khan, Khan, Wells, isn’t, shouldn’t, Jonathan Guilford, John Foley, Katrina Hamlin Organizations: YORK, Reuters, Federal Trade Commission, FTC, Citigroup, Twitter, Intel, Thomson Locations: U.S, America, Cava

☆ 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

☆ Reddit’s golden geese foul up its IPO plans
▼ + stars: | 2023-06-16 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

It’s a wrinkle in Reddit’s plan to go public, and a sign that plan is premature. And unlike counterparts elsewhere, Reddit’s mods are unpaid. Researchers at Northwestern University estimate that Reddit’s mods perform at least $3.4 million worth of labor annually. Some third-party apps using Reddit content make money, which an owner of the still-unprofitable Reddit would probably prefer to share. A bigger target is artificial intelligence companies such as OpenAI that create value by scraping Reddit’s forums to hone their own products.

Persons: Steve Huffman, Willing, Huffman’s, Huffman, John Foley, Streisand Neto Organizations: YORK, Reuters, Northwestern University, Starbucks, Twitter, Thomson

☆ Cava IPO comes in a little too hot
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

The company’s IPO raised $318 million, about $30 million more than it had expected a few days earlier, to fuel its expansion. And just in time for the afternoon lunch rush, its shares opened on the New York Stock Exchange at nearly double its IPO price. That implies Cava’s valuation is close to $5 billion, over twice the amount private investors ascribed it in 2021. Cava is a lot like Sweetgreen – neither are profitable, and both have a similar number of stores. But Cava now trades at more than five times its theoretical annualized sales based on the first quarter, much higher than the 1.4 times Sweetgreen commands.

Persons: Cava, copycats, Anita Ramaswamy, John Foley, Katrina Hamlin Organizations: YORK, Reuters, New York Stock Exchange, Twitter, Corporate, Thomson Locations: Crunchbase, Cava

☆ Oil servicers sweeten the pill
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 15 (Reuters Breakingviews) - The approach of peak oil demand is bad for oil producers, but it’s worse for companies that help dig and service new wells. A $5 billion merger between Patterson-UTI Energy (PTEN.O) and NexTier Oilfield Solutions (NEX.N), two small oil field services firms, offers a way out. Big oil producers are already focusing on returning cash to investors as they face up to the inevitable. The International Energy Agency said on Wednesday that global demand growth is set to nearly halt by 2028, as the use of oil in transport falls from 2026. That trend is one reason Patterson-UTI and NexTier have both delivered negative total shareholder returns since 2018.

Persons: Patterson, Robert Cyran, John Foley, Streisand Neto Organizations: YORK, Reuters, Patterson, UTI Energy, International Energy Agency, Twitter, Thomson Locations: India

☆ JPMorgan fails Jeffrey Epstein stress test
▼ + stars: | 2023-06-15 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +8 min

At least, that’s the impression left by Jamie Dimon’s answers to recent questioning in relation to Jeffrey Epstein, the dead sex-trafficker who was a JPMorgan (JPM.N) client for 15 years. Taken altogether, the case is a sign that the bank is simply too big for one person to manage. Epstein was a JPMorgan client from 1998 until 2013. Epstein killed himself in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. Litigation related to Epstein is still pending between the U.S. Virgin Islands and JPMorgan, as are claims by JPMorgan against its former head of investment banking, Jes Staley.

Persons: Jamie Dimon’s, Jeffrey Epstein, ” Dimon, “, Dimon, Epstein, Stephen Cutler, JPMorgan’s, Jes Staley, Mary Erdoes, Staley, fraudster Bernard Madoff, Cleave, Wells, Morgan Stanley, Jeffrey Epstein’s, John Foley, Streisand Neto Organizations: YORK, Reuters, JPMorgan, U.S, Securities, Exchange Commission, Department of Justice, Federal Reserve, Reuters Graphics, London Whale, Citigroup, U.S ., U.S . Virgin Islands, Thomson Locations: Wall, U.S, U.S . Virgin, Manhattan

☆ What Wheel of Fortune can do, Wall Street can, too
▼ + stars: | 2023-06-14 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, June 13 (Reuters Breakingviews) - “Wheel of Fortune” is finally going to get a new host. The charade that unfolds nightly on traditional American television has similarities to Wall Street. And earlier this year Sajak’s daughter replaced White as the letter-turner for one game where White became a contestant. And while “Wheel of Fortune” fans and behind-the-scenes crew may feel as if the wheels won’t turn in quite the same way without their leading man around, it’s likely that Sajak – and his Wall Street counterparts – can step aside knowing the game will still go on. Follow @thereallsl on TwitterCONTEXT NEWSPat Sajak, host of gameshow "Wheel of Fortune," plans to retire at the end of his upcoming record 41st year, he said on June 12.

Persons: ”, Pat Sajak, He’s, Sajak, Vanna White, Jamie Dimon, Larry Fink, White, –, I've, It's, John Foley, Streisand Neto Organizations: YORK, Reuters, Entertainment, Twitter, Thomson Locations: U.S, gameshow’s

☆ Nasdaq futureproofs itself, but at 2021 prices
▼ + stars: | 2023-06-12 | by ( John Foley | ) www.reuters.com time to read: +3 min

NEW YORK, June 12 (Reuters Breakingviews) - Nasdaq (NDAQ.O) is catapulting itself into the future - but paying yesterday’s high prices to get there. She pursued this one with gusto, though: Adenza wasn’t for sale when Nasdaq started wooing Thoma Bravo, say people familiar with the situation. Little wonder Nasdaq shares plunged over 10% on Monday. The U.S.-based exchange operator would pay just under $5.8 billion in cash and the rest in new Nasdaq shares, leaving Thoma Bravo with a 14.9% stake. Nasdaq shares had fallen 9.4% by 10.00am EST on June 12.

Persons: Thoma, Adena, Friedman, Bob Greifeld, Adenza, Thoma Bravo, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Nasdaq, Thoma Bravo, Calypso Technology, Thomson Locations: U.S

☆ Tiny tech bank defies US massacre of the minnows
▼ + stars: | 2023-06-08 | by ( John Foley | ) www.reuters.com time to read: +6 min

One example is $1 billion Live Oak Bancshares (LOB.N), which flouts many preconceptions about what it means to be a tiny U.S. bank. But if those failures demonstrated that rapid growth brings escalating risk, Live Oak is a counterexample. Because of the way that programme is structured, around 40% of Live Oak’s lending carries a government guarantee. The company spun out its cloud-based banking software division nCino (NCNO.O) in 2014; that firm is now worth $2.8 billion, more than twice Live Oak’s value. That more earthly valuation might reflect Live Oak’s biggest risk: that it starts to look more like the rest of the pack.

Persons: it’s, Chip Mahan, SVB, It’s, Huntley Garriott, Goldman Sachs, reckons, ’, Keefe, Mahan, Liam Proud, Streisand Neto Organizations: YORK, Reuters, Wachovia, Valley Bank, U.S, Regional, Silvergate, Reuters Graphics Reuters, government’s, Business Administration, SBA, Federal, Truist, PNC Financial Services, redwoods, Twitter, Thomson Locations: United States, North Carolina, U.S

☆ Warren Buffett – he invests just like us!
▼ + stars: | 2023-06-07 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

NEW YORK, June 7 (Reuters Breakingviews) - “Do as I say, not as I do” sounds like the kind of pithy thing Warren Buffett might say to his adoring throngs. The conglomerate was an investor for a dozen years, until Buffett got spooked by Freddie Mac’s overly rosy earnings growth projections. The $1.3 billion stake it finished accumulating in 1994 was worth $25 billion last month. A $13 billion stake in IBM (IBM.N) came and went, as did $8 billion of JPMorgan (JPM.N) and almost $3 billion of biopharmaceutical company AbbVie (ABBV.N). Warren Buffett, Berkshire’s chairman and CEO, said that geopolitical tensions contributed to the decision to sell most of the $4.1 billion TSMC stake just a few months after buying it, the Nikkei reported on April 11.

Persons: Warren Buffett, can’t, There’s, Buffett, Freddie Mac, Freddie Mac’s, Coke, Benjamin Moore, TSMC, ”, Wells, ” Buffett, Berkshire Hathaway, John Foley, Sharon Lam Organizations: YORK, Reuters, Berkshire Hathaway, Home Loan Mortgage, U.S ., Berkshire, BNSF, Taiwan Semiconductor Manufacturing, Buffett, ” Morningstar, Treasury, New York Stock Exchange, American Express, IBM, JPMorgan, Activision, Occidental Petroleum, Paramount Global, Oracle, Reuters Graphics Reuters, Nikkei, Thomson Locations: Berkshire, U.S, TSMC . Berkshire, Japan, Taiwan, Omaha, China

☆ President Dimon would be square peg in Oval hole
▼ + stars: | 2023-06-02 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, June 2 (Reuters Breakingviews) - The idea of Jamie Dimon running for U.S. president makes sense in one way: After helming JPMorgan (JPM.N), the biggest bank in the Western world, there aren’t many bigger jobs. There are big reasons, however, why Dimon would be a square peg in an Oval Office. If part of former U.S. President Donald Trump’s appeal rested on empty claims of business savvy, Dimon is the real deal. Trump’s financial failings and Epstein connections didn’t stick, but Dimon probably won’t want to test voters again. Follow @johnsfoley on TwitterCONTEXT NEWSBillionaire fund manager Bill Ackman tweeted on May 31 that JPMorgan CEO Jamie Dimon should run for president in the 2024 elections.

Persons: Jamie Dimon, Bill Ackman, Donald Trump’s, Aubrey Immelman, There’s, Jobs, Jeffrey Epstein, Epstein, Dimon, Joe Biden, Donald Trump, Ron DeSantis, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, U.S, JPMorgan, ” Banking, Congress, Bloomberg, Trump, Florida, Republican, Thomson

☆ Treasury buyers live for the moment, unfortunately
▼ + stars: | 2023-06-01 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

The bill to suspend the so-called debt ceiling, approved by the House of Representatives on Wednesday, solves the most immediate threat to the government’s creditors. The Federal Reserve’s fight against inflation also stands to knock Treasury prices, while pushing up yields. Spending caps and other measures in the debt ceiling deal are projected to save $1.5 trillion over the next decade, the Congressional Budget Office said Tuesday. Treasury Secretary Janet Yellen warned on May 26 that the federal government would be unable to pay its bills on June 5. The U.S. House of Representatives voted 314-117 on May 31 to suspend the debt ceiling, a legislative cap on how much the Treasury can borrow that had been set at $31.4 trillion.

Persons: Goldman Sachs, That’s, Sam, Janet Yellen, Joe Biden’s, John Foley, Sharon Lam, Streisand Neto Organizations: Reuters, Treasury, Reuters Graphics Reuters, Refinitiv, Congressional, U.S . Congress, U.S . House, Senate, U.S, Treasury Department, Thomson Locations: Treasuries, U.S, Washington

☆ Target and Disney trip up on the Pride divide
▼ + stars: | 2023-05-31 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

[1/2] A shopping cart is seen in a Target store in the Brooklyn borough of New York, U.S., November 14, 2017. REUTERS/Brendan McDermid/File PhotoNEW YORK, May 31 (Reuters Breakingviews) - Target (TGT.N) and Walt Disney (DIS.N) are fighting different battles over a similar social issue. Of the two, retailer Target has the harder balancing act. The $62 billion retailer run by Brian Cornell last week decided to pull some items from its 2023 collection celebrating Pride Month. Some of Disney’s employees were upset by the regulation and Iger took a stand on their behalf.

Persons: Brendan McDermid, Walt Disney, Brian Cornell, ”, Bob Iger, Ron DeSantis, Iger, Marjorie Taylor Greene, John Foley, Sharon Lam Organizations: REUTERS, Reuters, Target, Pride, Disney, Sunshine, Cornell, Walt Disney, Fox News, Thomson Locations: Brooklyn, New York, U.S, Florida, Orlando, UK

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