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A bipartisan bill to expand the child tax credit and reinstate a set of business tax breaks has stalled in the Senate after winning overwhelming approval in the House, as Republicans balk at legislation they regard as too generous to low-income families. The delay of the $78 billion tax package has imperiled the measure’s chances and reflects the challenges of passing any major legislation in an election year. Enacting a new tax law would give President Biden and Democrats an achievement to campaign on, something that Republicans may prefer to avoid. The package, which would be in effect through 2025, would expand the child tax credit and restore a set of tax breaks related to business research costs, capital expenses and interest. It would also include a boost to a tax credit encouraging the development of low-income housing, tax relief for disaster victims and tax breaks for Taiwanese workers and companies operating in the United States.
Persons: balk, Biden Organizations: Republican, Senate Locations: United States
Xi is under the spotlight as economic pain has sparked growing frustration within China. Xi has also overseen a political shakeup in his own ranks, further marring the start of the new term. Those challenges may not pose a threat to Xi, who is China’s most powerful and authoritative leader in decades. But the two sessions provide an important platform for China’s notoriously opaque government to broadcast its strategy for economic, social and foreign policies and announce key indicators including China’s economic growth target, its budget deficit limit and military spending for the coming year. Analysts widely expect Li to reveal a relatively ambitious growth target of “around 5%,” showing that policymakers are still focused on economic growth, even as challenges pile up.
Persons: , Xi Jinping, Xi, , Chen Gang, Li Qiang, It’s, Xuezhi Guo, Guo, Wang Yi, Qin Gang, Li Shangfu, Li, Qin, Pedro Pardo, Neil Thomas, Premier Li, Asia Society’s Thomas, Organizations: Beijing CNN —, Communist, National University of Singapore’s East Asian Institute, Getty, of, National People’s, Guilford College, Observers, Washington, Asia Society, Center for Locations: China, Beijing, Chongqing, AFP, Taiwan, China's, Henan, Center for China, Asia
With nine months before Senate Republicans select their new leader to succeed Senator Mitch McConnell, some are acknowledging the shadow of one figure outside Congress who looms over the race: former President Donald J. Trump. “He’s the Republican front-runner; he’s going to have a voice in it,” Senator Mike Rounds, Republican of South Dakota, said on ABC’s “This Week” on Sunday. A third John, Senator John Barrasso of Wyoming, the No. 3 Senate Republican, may also jump into the race. He has maintained close ties to Mr. Trump and positioned himself to the right of Mr. Cornyn and Mr. Thune.
Persons: Mitch McConnell, Donald J, “ He’s, Mike Rounds, , McConnell, , Trump, John Cornyn of, John Thune of, John, John Barrasso of, Cornyn, Thune Organizations: Republicans, Trump, Republican, Mr Locations: South Dakota, United States, John Cornyn of Texas, John Thune of South Dakota, John Barrasso of Wyoming
Senate Republicans on Wednesday appeared ready to block a bill that would establish federal protections for in vitro fertilization and other fertility treatments in the wake of a ruling by the Alabama Supreme Court that frozen embryos should be considered children. Democrats orchestrated the action as they sought to highlight the hypocrisy of Republicans who have rushed to voice support for I.V.F. after the Alabama ruling, even though many of them have sponsored legislation that declares that life begins at the moment of fertilization. “If this is urgent and you care deeply about this as you say you do — like you’ve been saying in the last 72-plus hours since the Alabama Supreme Court ruling — then don’t object. Let this bill pass.” She argued that the bill’s protections were all the more essential since the decision by Alabama’s Republican-majority court.
Persons: Tammy Duckworth, ” Ms, Duckworth, you’ve, , Organizations: Wednesday, Alabama Supreme, Republican, Alabama’s Republican Locations: Illinois, Alabama
Luckin, which already calls itself China’s biggest coffee chain, says it had surpassed Starbucks in mainland China by number of outlets in 2019. By the end of 2023, Luckin had 16,218 stores in China, nearly double its 2022 count of more than 8,200. Starbucks’ outlets in China are entirely company-owned. The number of branded coffee shops in China jumped 58% in the past twelve months, reaching 49,691 outlets, according to a December report by World Coffee Portal. Making a comebackBy 2019, the company had outnumbered Starbucks stores in China, with more than 4,500 outlets, according to the company.
Persons: Luckin, , Jinyi Guo Organizations: Hong Kong CNN, Nasdaq, Starbucks, CNN, International Coffee Organization, Daxue Consulting, Visual China, Centurium, US Securities and Exchange Commission Locations: China, Hong Kong, Singapore, Xiamen, United States, Beijing, New York, American
Read previewHeavy rainfall created a temporary lake in Death Valley National Park, one of Earth's driest locations, prompting travelers to take a potentially once-in-a-lifetime swim. The unexpected phenomenon began earlier this week at Death Valley's Badwater Basin after recent rainstorms battered California. Tourists wading through Death Valley's temporary lake. Tourists paddle boarding and wading in Death Valley's temporary lake. Two tourists sit beside Death Valley's temporary lake.
Persons: , Ty ONeil, Andler, DAVID SWANSON, Heather, Bob Gang, Heather Gang, Guo Yu, hydrometeorology, Tiffany Pereira Organizations: Service, Lake Manly, National Park Services, Business, Associated Press, AP, Tourists, Research, Getty Locations: Death, California, Badwater, Lake, Lake Manley, Southern California
The bureau on Saturday accused Chinese vessels of pumping cyanide into the shoal's waters. AdvertisementThe Philippines' fishing bureau has accused Chinese fishing vessels of using cyanide to destroy the Scarborough Shoal, a fish-rich atoll in the South China Sea contested by both Manila and Beijing. Cyanide fishing is a controversial fishing method that typically involves dumping the highly toxic chemical near coral reefs or in fishing grounds to stun or kill fish so they can be easily captured. Notably, the Philippines' fishing industry was known to use cyanide fishing back in the 1960s to capture live fish for aquariums and restaurants, though the practice has become less common. The Scarborough Shoal is contested by The Philippines, China, and Taiwan.
Persons: , Nazario Briguera, Brigeura, Briguera, hadn't, Jay Tarriela, Guo Shoujing, Hague Organizations: Service, Bureau of Fisheries, Aquatic Resources, The Philippine, Philippine, Scarborough, Philippine Star, ROSA, GMA, Philippine Coast Guard, Conservation, Education Foundation, Global Times, The, TED, Getty, Google, Fisheries, Business Locations: Philippines, China, Scarborough, South, Manila, Beijing, Masinloc, Spanish, Scarborough Shoal, AFP, Bajo de, Cebu, South China, Taiwan, The Philippines, Quezon City, Philippine
Just after dawn on Tuesday, the Senate passed a $95 billion national security package with aid to Ukraine and Israel, setting up a showdown with the House, where Speaker Mike Johnson suggested he would not bring it up for a vote. The bill passed the Senate 70 to 29, with 22 Senate Republicans breaking with their party and joining Democrats in pushing it through. But in the Republican-led House, right-wing opposition, fueled by former President Donald J. Trump, poses a steeper challenge. Many hard-right Republicans have consistently voted against aiding Ukraine, and threatened to oust Mr. Johnson, Republican of Louisiana, if he brought up legislation to do so. In a statement on Monday night in the hours before the bill passed the Senate, Mr. Johnson said the House would “continue to work its own will” on national security and border policies, which Republicans had insisted be a part of the foreign aid package, before killing a bipartisan deal to address them.
Persons: Mike Johnson, Donald J, Trump, Mr, Johnson Organizations: Republicans, Republican Locations: Ukraine, Israel, Louisiana
It was late on a Thursday afternoon in the marbled halls of the Senate, and a small group of negotiators — one Republican, one Democrat and one independent — had just about finished a painstakingly put together border security compromise it took them months to forge. But what should have been a triumphant moment felt more like an ordeal for the lone Republican in the trio. “I feel like the guy standing in the middle of the field in a thunderstorm, holding up the metal stick,” Senator James Lankford, the Oklahoma Republican who was his party’s lead broker of the deal, told reporters last week. The plight of Mr. Lankford, a slim, understated Baptist minister with a neatly combed shock of red hair and a baritone voice that regularly delivers deadpan quips, reflects the extraordinary rise and fall of the border and Ukraine deal that is expected to collapse in a test vote in the Senate on Wednesday — and the political forces within the Republican Party that brought it down.
Persons: , James Lankford, Lankford Organizations: Senate, Republican, Oklahoma Republican, Republican Party Locations: Ukraine
With the final minutes for the vote dwindling, the House watched intently on Tuesday night to see whether any more Republicans would defect on the resolution to impeach Alejandro N. Mayorkas, the homeland security secretary. Three House Republicans had already cast votes against impeaching Mr. Mayorkas, and based on attendance at the previous vote, the G.O.P. Then, like a scene out of a political thriller, Representative Al Green, Democrat of Texas, appeared at the last moment to cast a surprise ballot — from a wheelchair, wearing blue hospital clothing and tan socks. Mr. Green’s vote was decisive. It tied up the measure, 215 to 215, and handed a stunning defeat to Speaker Mike Johnson.
Persons: Alejandro, impeaching Mr, Mayorkas, Al Green, Mike Johnson Organizations: Republicans, Democrat Locations: U.S, Mexico, Texas
HUA HIN, Thailand (AP) — Rising Russian star Diana Shnaider bounced back from a turbulent second set to upend defending champion Zhu Lin of China 6-3, 2-6, 6-1 for her maiden title at the WTA Thailand Open on Sunday. In the second, Zhu mounted a comeback, winning four consecutive games from 2-2, to force a decisive third set. Following a toilet break, Shnaider returned to the court with renewed intensity. As Zhu struggled to maintain focus, Shnaider seized the opportunity to break her opponent three times to clinch the decisive set and claim her first WTA title. Photos You Should See View All 45 ImagesIt was Shnaider’s second WTA final appearance, having previously lost to Ons Jabeur in Ningbo, China last September.
Persons: HUA, Diana Shnaider, Zhu Lin, Zhu, Shnaider, , I’m, ” Shnaider, , Miyu Kato, Aldila, Guo, Xinyu Jiang, ___ Organizations: WTA Thailand, North Carolina State University, WTA Locations: HUA HIN, Thailand, China, Ningbo, Japan, Indonesia, Auckland, Cleveland
The House is expected to give broad bipartisan approval on Wednesday to a $78 billion bill that would expand the child tax credit and restore a set of corporate tax breaks, a rare feat in an election year by a Congress that has labored to legislate. But the measure still faces a fraught path to enactment amid political divides over who should benefit the most. “The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform,” Speaker Mike Johnson said in a statement Wednesday. “This bottom-up process is a good example of how Congress is supposed to make law.”The package would expand the child tax credit — though a version substantially scaled back from its pandemic-era level — and restore a set of business tax breaks related to research and development and capital expenses. It also would bolster the low-income housing tax credit and extend tax benefits to disaster victims and Taiwanese companies and individuals.
Persons: Mike Johnson Organizations: Senate Republicans, Republican, Tax Relief, American Families and Workers
CNN —A decade-long survey of the night sky has revealed a mysterious new type of star astronomers are referring to as an “old smoker.”These previously hidden stellar objects are aging, giant stars located near the heart of the Milky Way galaxy. This illustration shows an eruption occurring in the swirling disk of matter around a newborn star. They help the newborn star in the middle to grow, but make it harder for planets to form. Infrared images show a red giant star, located 30,000 light years away near the center of the Milky Way. Understanding how the old smokers release elements into space could change the way astronomers think about the way such elements are distributed across the universe.
Persons: Philip Lucas, Lucas, , Zhen Guo, Fondecyt, Guo, ” Guo, ” Lucas, Dante Minniti Organizations: CNN, Royal Astronomical Society, Astronomers, Survey, Cerro Paranal Observatory, Southern, University of Hertfordshire, University of Valparaiso, University of Hertfordshire Red, NASA, Andrés Bello University Locations: Chilean Andes, Cerro, Chile
Representative Nancy Pelosi, Democrat of California and the former House speaker, on Sunday called for the F.B.I. to investigate protesters demanding a cease-fire in the Israel-Hamas conflict, suggesting without evidence that some activists may have ties to Russia and President Vladimir V. Putin. I think some of these protesters are spontaneous and organic and sincere. Some, I think, are connected to Russia.”When pressed on whether she believed some of the demonstrators were “Russian plants,” Ms. Pelosi said: “Seeds or plants. to investigate that.”Ms. Pelosi, who was first elected speaker in 2007 and again in 2019, led House Democrats for 20 years before stepping aside for Representative Hakeem Jeffries of New York, the minority leader.
Persons: Nancy Pelosi, Vladimir V, Putin, Ms, Pelosi, , Hakeem Jeffries Organizations: CNN’s, Union, Democrats Locations: California, Israel, Russia, CNN’s “ State, Ukraine, Russian, New York, U.S
Apple's iPhone was the bestselling smartphone in China for the first time last year. Apple had a record market share of 17.3% in 2023, International Data Corporation figures showed. Local competitor Huawei trailed behind Apple's 20% market share in Q4 with 13.9% of the market share in the year's final quarter, per the data. Huawei previously outpaced Apple's iPhone 15 with its Mate 60 Pro smartphone, released just weeks before Apple's new model, Jefferies analysts said. Preliminary data from the IDC Worldwide Quarterly Mobile Phone Tracker showed that China smartphone shipments totaled 271.3 million units in 2023, a decline of 5.0% from 2022.
Persons: , Tim Cook, Arthur Guo, Apple Organizations: Apple, International Data Corporation, Huawei, Service, Local, Apple's, Jefferies, IDC China, IDC, Business Locations: China
After a rough early start to 2024 and lots of analyst negativity, Apple has turned the corner. The iPhone captured a firm-record 17.3% market share in China last year, according to the International Data Corporation's quarterly phone tracker report . 1 spot in China, Apple made the rare move of offering limited-time iPhone 15 discounts there during this month. Last week, IDC crowned Apple as the biggest smartphone maker in the world , dethroning Samsung for the first time ever. And, just about two weeks ago, we reported that the Street hadn't been this cautious on Apple stock in years.
Persons: Apple, Arthur Guo, Piper Sandler, Apple's, Goldman Sachs, we're, Jim Cramer, Tim Cook, Apple —, Jim, that's, Preorders, Jim Cramer's, Berke Bayur Organizations: Huawei, Vivo, Apple, IDC, Samsung, Barclays, Redburn, Club, Microsoft, Bank of America, Big Tech, CNBC, U.S, Getty Images, Anadolu, Getty Locations: China, India, Indonesia, Brazil, ANKARA, TURKIYE, Ankara, Turkiye, Anadolu
Apple's overall smartphone shipments fell 2.2% year-on-year in 2023, while the overall market fell 5%, IDC said. China's smartphone market has been hit because of an uncertain economic environment in the country and weak consumer spending. In 2023, Honor, a spin-off from Chinese company Huawei, held the second spot with 16.8% market share, followed by Vivo, Huawei and then Oppo. Another market research firm called Counterpoint Research also came out with China numbers on Thursday. Counterpoint said it expects the China market to record low single-digit year-on-year growth in 2024, the first year of growth since 2018.
Persons: Tim Cook, Justin Sullivan, Arthur Guo, Apple Organizations: Getty, Apple, International Data Corporation, IDC, Huawei, IDC China, Vivo, Research Locations: Cupertino , California, China
Top Democrats and Republicans in Congress on Tuesday released a $78 billion compromise they have reached to expand the child tax credit and restore three popular expired business tax breaks, but the package faces a challenging road to enactment in an election year. The plan includes $33 billion to partly extend a major expansion of the child tax credit that was initially beefed up for one year as part of the sweeping 2021 pandemic aid law, and another $33 billion to reinstate a set of expired business tax benefits related to research, business and capital deductions. It would also include an increase of a tax credit to encourage the development of low-income housing, tax relief for disaster victims and tax breaks for Taiwanese workers and companies operating in the United States. The package would be financed by reining in the employee retention tax credit, a pandemic-era program to encourage employers to keep workers on payroll that has become a hotbed of abuse. They have led an intensive round of discussions aimed at striking a compromise and pushing it into law in time for the start of tax filing season this month.
Persons: Jason Smith, Ron Wyden Organizations: Republicans, reining, Republican, Democrat, Finance Committee Locations: United States, Missouri, Oregon
In China, Tencent is already doing it. Now it’s betting on Weixin Palm Payment, a biometric system launched in May for users of Weixin Pay, WeChat’s sister app. Last year, JPMorgan cited the opportunity as it announced its own payment authentication software pilot program using palm scanning. “With face scanning technology, people can look a lot like each other — like twins,” he said. The Seattle-based e-commerce giant launched its own palm scanning payment service in 2020, letting users connect their palm prints to credit cards to buy items at the company’s cashier-free stores.
Persons: China that’s, — Tencent, Guo Rizen, , ” Guo, Tencent’s, Guo, , Tencent, “ We’re, Edward Santow, , ” Santow, Kate Xue, wasn’t Organizations: China CNN, CNN, Goode Intelligence, JPMorgan, Fujitsu, University of Technology Locations: China, Shenzhen, Beijing, Seattle, Chinese, Guangdong, Supermonkey, University of Technology Sydney
The study relied on AI's discovery of similarities between different fingers belonging to the same person to argue that each fingerprint is, in fact, not totally unique. Some of the pairs came from two different fingers belonging to the same person, while other pairs were two different people's fingers. The AI system discovered that fingerprints from different fingers belonging to the same person were incredibly similar. Researchers honed in on the angles and curvatures at the center of the fingerprint to find these similarities, Guo told CNN. "I think this study is just the first domino in a huge sequence of these things," Guo told CNN.
Persons: , Gabe Guo, Hod Lipson, Xu, Guo, Christophe Champod, Sarah Fieldhouse Organizations: Service, Columbia University, CNN, Columbia Engineering, University of Buffalo SUNY, Forensics, School of Criminal, University of Lausanne, Staffordshire University, BBC Locations: Switzerland
On a Democratic primary debate stage in Brooklyn in 2016, Senator Bernie Sanders caused a ruckus within his party when he rebuked Hillary Clinton for not mentioning Palestinian rights in a speech she made to a pro-Israel lobbying group. “If we are ever going to bring peace to that region,” Mr. Sanders said in remarks that drew cheers and applause from the audience, “we are going to have to treat the Palestinian people with respect and dignity.” He added, “That does not make me anti-Israel.”The comment delighted liberal critics of Israel’s policies in the occupied West Bank and Gaza and alarmed mainstream Democrats, who were more accustomed to seeing presidential candidates compete to showcase their airtight alignment with the Jewish state. It was an early indication of what would become a profound divide within the Democratic Party over Israel, pitting young progressives and people of color against older, whiter and more pro-Israel voters, and it positioned Mr. Sanders, the progressive icon from Vermont, on the leading edge of it. But years later, amid the latest war in Gaza that began after Hamas attacked Israel on Oct. 7, killing 1,200 civilians and taking around 240 people hostage, Mr. Sanders has found himself at odds with many of the same progressive activists and groups who powered his presidential campaigns and once revered him for his willingness to publicly question the actions of the Jewish state.
Persons: Bernie Sanders, Hillary Clinton, Mr, Sanders, Organizations: Israel, West Bank, Democratic Party Locations: Brooklyn, Israel, Gaza, Vermont
More than three dozen members of Congress have announced they will not seek re-election next year, some to pursue other offices and many others simply to get out of Washington. The wave of lawmakers across chambers and parties announcing they intend to leave Congress comes at a time of breathtaking dysfunction on Capitol Hill, primarily instigated by House Republicans. majority spent the past few months deposing its leader, waging a weekslong internal war to select a new speaker and struggling to keep federal funding flowing. The chaos has Republicans increasingly worried that they could lose their slim House majority next year, a concern that typically prompts a rash of retirements from the party in control. lawmakers who are opting to leave; Democrats, too, are rushing for the exits, with retirements across parties this year outpacing those of the past three election cycles.
Organizations: Congress, House Republicans Locations: United States, Washington
The top 9 AI people in finance
  + stars: | 2023-11-24 | by ( Bianca Chan | Leena Rao | ) www.businessinsider.com   time to read: +1 min
Business Insider's 2023 AI 100 list included several experts from the world of finance. These people blend AI know-how with experience in trading, payments, VC, and other finance sectors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGenerative AI is the hottest venture capital investment theme in at least a decade. Business Insider's 2023 AI 100 list includes several experts who combine AI know-how with experience in areas of finance such as payments, trading, banking, financial data, and startup investing.
Persons: Sarah Guo, Reid Hoffman, Sonya Huang, Organizations: Service, Business
They have voiced their dissenting opinions in internal meetings and grappled with what to say on calls with constituents. There is typically little tolerance on Capitol Hill for harsh criticism of the Jewish state, which some members of Congress — particularly conservative Republicans — almost reflexively brand as antisemitic. “I can’t think of a similar or comparable effort by staff,” said Mr. Slevin, who has worked in various jobs on Capitol Hill for the better part of a decade. “It’s unlike anything we’ve ever seen.”In the last few weeks, hundreds of staff members have signed on to letters calling on members of Congress to endorse a cease-fire. The health ministry in Gaza, which is controlled by Hamas, estimates that 11,000 civilians have been killed there over the last month.
Persons: , , Jeremy Slevin, Ilhan Omar, it’s, Republicans —, Adam Jentleson, John Fetterman of, Mr, Fetterman, Jentleson, ” Mr, Slevin Organizations: Minnesota Democrat, Israel, Capitol, Republicans, Democratic, Mr, Jewish Locations: Minnesota, Israel, Gaza, John Fetterman of Pennsylvania
AdvertisementAdvertisementThe James Webb Space Telescope (JWST) has spotted the most distant example of a galaxy in the universe that looks similar to the Milky Way. The galaxy, named ceers-2112, is more than 11.7 billion years old and is the earliest example of a barred spiral galaxy ever seen. For them, there is little doubt: this picture suggests this is a barred spiral galaxy. Scientists had thought you couldn't find a barred spiral galaxy before the universe was about 6.9 billion years old. The other 95% — about 27% of dark matter and 68% of dark energy — remain huge mysteries in physics.
Persons: James Webb, , JWST, Guo, Alexander de la Vega, Yetli Rosas Guevara, El País, la Vega, Luca Costantin, Space.com, Costantin, Jairo Abreu, Abreu Organizations: Service, James Webb Space, University of California, Spanish Donostia, Physics Center, Centro, Astrobiología, University of La Locations: Riverside, Madrid, University of La Laguna
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