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CNN —Target is closing nine stores in four metropolitan areas: the San Francisco Bay Area, Portland, Seattle, and New York. Here are four charts showing what retailers are facing in those areas where Target is closing stores. The six counties where Target is closing stores saw exoduses in high earners larger than the average for similar counties. Census data also shows that the six counties where Target is closing stores had a higher percentage of remote workers compared to their states as a whole. In the markets where Target is closing stores, the shortages persist.

Persons: it’s, David Johnston, Connor O’Brien, ”, O’Brien, ” O’Brien, Johnston Organizations: CNN, Coresight Research, National Retail Federation, Economic, Group, McKinsey, Department of Commerce, of, Labor Locations: San Francisco Bay Area, Portland, Seattle, New York, it’s, O’Brien

☆ ADL leader slams corporation's response to terror attacks on Israel
▼ + stars: | 2023-10-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Anti-Defamation League CEO Jonathan Greenblatt slammed Corporate America’s response to the terror attacks on Israel as “disappointing at best, disastrous at worst.”“We have arguably the most vibrant commercial sector on the planet. Where were you when your Jewish employees needed you?” Greenblatt said of the CEOs. Greenblatt credited JPMorgan Chase CEO Jamie Dimon, Hewlett Packard Enterprise CEO Antonio Neri and other executives who condemned the terror attacks and pledged solidarity with the people of Israel. “In America, your Jewish employees are dealing with something that is qualitatively and quantitatively different than any time in living memory. “This is not just some far-off conflict – though that would be enough for CEOs to speak out,” Greenblatt said.

Persons: Jonathan Greenblatt, ” Greenblatt, “, George Floyd, Izzat, Greenblatt, Chase, Jamie Dimon, Antonio Neri, ” Dimon, ” Kathryn Wylde, Martin Luther King, Jr, ” Organizations: New, New York CNN, Defamation, CNN, ADL, Israeli Defense Forces, Hamas, Wednesday, Hewlett Packard Enterprise, US Chamber of Commerce, Business, “, World Trade, Partnership, Companies, Accenture, Adidas, Eagle, NASCAR, NBA, New York Locations: New York, Israel, Kfar Aza, Israeli, York, New York City, United States, France, United Kingdom

☆ Why America’s strike wave is barely registering on Wall Street
▼ + stars: | 2023-10-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Give in, and companies will be less profitable and at a competitive disadvantage, big business has said. Streaming and entertainment companies (Disney, Amazon, Apple, Netflix, Comcast, Paramount and CNN parent company, Warner Bros. Discovery) saw 2.5% growth in new investors on Public during the writers strike, which began in May and ended in early October. Nothing to sweat for buy-and-hold investors: Even investors who buy index funds and are concerned about the effects of the strike probably can take a deep breath.

Persons: It’s, haven’t, Ford, Ginger Graham, Walgreens, ”, Matt Egan, JPMorgan Chase, Jamie Dimon, Dimon, ” Dimon, Goldman Sachs, ” Goldman Sachs, David Solomon, “ Organizations: CNN Business, Bell, New York CNN — Corporate, Cornell University’s Labor, Public, Ford, GM, Apple, Netflix, Comcast, Paramount, CNN, Warner Bros, Hollywood, Entertainment, Morningstar, General Motors, Walgreens, Pharmacy, JPMorgan, of Commerce, Israel - America Chamber of Commerce Locations: New York, Arizona , Washington , Massachusetts, Oregon, West Coast, Israel, United States

When her husband, a UPS truck driver, nearly died from heatstroke, Theresa Klenk stepped in to help workers negotiate for air conditioning in all UPS trucks. At the time, she said, no UPS drivers wanted to speak up about the increasingly brutal conditions for fear of being reprimanded. According to UPS, drivers stop on average every three minutes — barely enough time for air-conditioning to make a dent. This year’s record heat caused dozens of deaths, filled some hospitals to pandemic levels and prompted government warnings about avoiding extended exposure to heat. It was a bittersweet victory for Jim and Theresa Klenk.

Persons: Jim Klenk, Klenk, Theresa Klenk, hadn’t, Jim, Theresa, Jim didn’t, ”, Zoe Todd, Jim’s, Joe Raedle, Jordan Barab, “, Michael Dwyer, Memphis , Tennessee —, Theresa said, didn’t, weren’t, ” Theresa, Mike Blake, Sean O’Brien, doesn’t, ” — CNN’s Clare Duffy Organizations: New, New York CNN, UPS, Teamsters, “, CNN, Occupational Safety, Health Administration, OSHA, US Chamber of, Bureau of Labor Statistics, US Postal Service, FedEx, Amazon, Kroger, Teamster Locations: New York, Freehold , New Jersey, heatstroke, Miami, Texas, Memphis , Tennessee, Atlanta, ”, L.A

☆ ‘Grief and anger.’ US business groups stand up for Israel after attack
▼ + stars: | 2023-10-09 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Business leaders across the United States have expressed outrage and solidarity with Israel after the deadly surprise attack by Hamas. “This past weekend’s attack on Israel and its people and the resulting war and bloodshed are a terrible tragedy,” Dimon told all employees on Sunday in a memo obtained by CNN. “We stand with our employees, their families and the people of Israel during this time of great suffering and loss,” Dimon said. JPMorgan has about 230 to 240 employees in Israel and has asked staff there to work from home for the near future, a person familiar with the matter told CNN. “We extend our heartfelt condolences to the people of Israel and stand in solidarity with them as they battle the scourge of terrorism,” the Chamber said.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, ” Dimon, “, ” Kathryn Wylde, ” Wylde Organizations: New, New York CNN — Business, JPMorgan, CNN, Bloomberg News, Partnership, “, World Trade, of Commerce, Israel - America Chamber of Commerce Locations: New York, United States, Israel, New York City, York

☆ A majority of Americans in a new poll back the UAW's unprecedented auto strike as GOP union support grows
▼ + stars: | 2023-10-05 | by ( Nora Naughton | Juliana Kaplan | ) www.businessinsider.com time to read: +9 min

It's indicative of a shift in how Americans view the labor movement in the post-COVID-crisis era. In a Reuters-Ipsos poll of Americans, some 58% of respondents said they supported the United Auto Workers union's strike at the Big Three Detroit car manufacturers. AdvertisementAdvertisementAside from this strike, support for labor unions has been increasing on the right. The UAW's strike represents a culmination of issues that have come to a head in the post-COVID-crisis labor movement, labor experts told Insider. Now even some Republican elected officials are showing up to support UAW workers' demands — even if they don't necessarily agree with its leadership.

Persons: Biden, —, Joe Biden, Alice Stewart, John Drake —, Chamber of Commerce —, Shawn Fain, Fain, Sen, Bernie Sanders, Sanders, Kate Andrias, JD Vance, Ford, Christian Sweeney, he'd, Sweeney, Drake, Carolyn Nippa, Nippa, we're, Jason Miller, Andrias Organizations: Service, Reuters, United Auto Workers, Big, Big Three Detroit, Ford, General Motors, Gallup, Metro Detroit, CNN, Chamber of Commerce, Columbia University, Republican, GM, AFL, Bureau of Labor Statistics, UAW, Michigan State University Locations: Big Three, Metro, Detroit, Ohio, China

WASHINGTON (AP) — Lawmakers who had been sitting in stunned silence gasped at the declaration: The office of speaker “is hereby declared vacant. ”For the first time ever, a House speaker had been voted out of the position, plunging Congress into a new degree of turmoil. “Chaos is Speaker McCarthy,” Gaetz said on the floor, suggesting a series of reforms could make Washington work better. “Shocking … just the finality of it," said Rep. Michael McCaul, a Texas Republican who chairs the House Foreign Relations Committee. Republicans will try to coalesce around a new leader after McCarthy ruled out another bid to become speaker.

Persons: gasped, “, Kevin McCarthy, Brian Fitzpatrick, McCarthy, ” McCarthy, Donald Trump, Hakeem Jeffries, “ Kevin McCarthy, ”, Jamie Raskin, Matt Gaetz, ” Gaetz, Republicans —, —, Patrick McHenry of, Michael McCaul, Republicans seething, Abraham Lincoln, Teddy Roosevelt, Democrats —, Mary Claire Jalonick, Farnoush Amiri, Lisa Mascaro, Kevin Freking Organizations: WASHINGTON, — Lawmakers, California Republican, Lawmakers, Republican Party, Republicans, ”, Pennsylvania Republican, Capitol, Democratic, Republican, Texas Republican, Foreign Relations, —, Democrats, Associated Press Locations: California, United States, Washington, Pennsylvania, “ Ukraine, Russia, Maryland, Patrick McHenry of North Carolina, Texas, Gaetz

☆ Corporate America exhales as government shutdown is averted at the last minute
▼ + stars: | 2023-10-02 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Corporate America is breathing a sigh of relief after lawmakers narrowly avoided a chaotic shutdown of the federal government. Business leaders and economists had warned a shutdown would have hurt the economy by causing vast uncertainty, significant disruptions and hurting confidence. But then House Speaker Kevin McCarthy abruptly shifted course and moved to pass a bill with support from Democrats. The Chamber commended lawmakers who voted to keep the government open on a bipartisan basis and called for Congress to finish the job. Gardner noted that there will likely be a move to remove McCarthy as speaker and another potential budget standoff ahead of November 17.

Persons: brinksmanship, ’, Kevin McCarthy, Joe Biden, “, Joshua Bolten, ” Bolten, ”, Brian Gardner, Stifel’s, Gardner, McCarthy, ” Gardner Organizations: New, New York CNN — Corporate, Business, US Chamber of Commerce, Senate Locations: New York, American, Ukraine, Washington —, Washington

☆ Residents alarmed as shoplifting incidents trigger store departures: ‘As a community we can’t allow this to continue’
▼ + stars: | 2023-09-30 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +10 min

“Having Target here helped revitalize East Harlem with hundreds of new jobs, customers and more services to our area. Courtesy Lou MartinsThe retail industry said it is grappling with a particular type of store theft that is more dangerous than petty shoplifting, called “organized retail crime” or ORC. The East River Plaza shopping center in New York City's East Harlem neighborhood. “The East Harlem store could have been doing very high volume in sales but still losing money because of theft,” Cohen said. The Target store in NYC's East Harlem is set to close in October.

Persons: Lou Martins, “ I’ve, ”, Martins, Maria Gonzalez Arrieta, “ We’ve, ” Lou Martins, Alex Abreu, Abreu, “, ” Abreu, it’s, We’ve, Tom Wickman, ” Wickman, “ Abuelitas, ” Xavier Santiago, Santiago Xavier, Santiago, I’ve, Mark Cohen, ” Cohen, Venkatesh Shankar, ” Shankar, Fatih Aktas, Ted Wheeler, ” – CNN’s Matt Egan Organizations: New, New York CNN, Costco, 118th, Target, eBay, Facebook, ”, East Harlem, Blumfeld, The New York Times, New York Police, Walgreens, Business, US Chamber of Commerce, “, Commerce, Community Board, East, Community, Columbia, Texas, Mays Business School, Anadolu Agency, Blumenfeld, CNN, Portland Police Bureau Locations: New York, Manhattan —, New York City, San Francisco, Seattle, Target, Plaza, Harlem, Aldi, Burlington, Pleasant Avenue, East Harlem, NYC's East Harlem, River, Portland

☆ Business community speaks out after Target blames crime for store closures
▼ + stars: | 2023-09-28 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Business leaders are expressing alarm after Target became the latest retailer to blame crime for pulling the plug on stores. Target did not comment on this or provide data on theft at the stores. In addition to stores in Seattle, San Francisco, Oakland and Portland, Target is shutting down its East Harlem location in New York City. The Partnership for New York City, a powerful business alliance that includes major employers, is giving NYC officials some credit for fighting crime. Wylde said retail theft puts workers at risk and costs stores when it comes to security and lost inventory.

Persons: Tom Wickman, “, ”, ” Wickman, ” Kathryn Wylde, Wylde, ” Wylde Organizations: New, New York CNN — Business, US Chamber of Commerce, CNN, ” Target, Commerce, Partnership, Wednesday, The Police Department Locations: New York, Philadelphia, Seattle, San Francisco, Oakland, Portland, Target, Harlem, New York City, York City

☆ Defeating inflation without high unemployment is still unlikely
▼ + stars: | 2023-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

And the US economy’s surprising resilience, despite 11 rate hikes, has raised hopes of a soft landing becoming a reality. “I’ve always thought that the soft landing was a plausible outcome, that there was a path to a soft landing,” he said. But historical records show that a soft landing has only occurred once in the 1990s, or perhaps even a handful of times. The US Commerce Department releases its final estimate of second-quarter gross domestic product. The US Commerce Department releases August data on household income, spending, and the Fed’s preferred inflation gauge.

Persons: it’s, Jerome Powell, Powell, “ I’ve, ”, “, Powell’s, ” “ Jerome Powell, ” Quincy Krosby, Krosby, ” Krosby, Matt Egan, ” Neil Bradley, “ We’ve, Read, Christine Lagarde, Michelle Bowman, Austan Goolsbee, Lisa Cook, John Williams Organizations: CNN Business, Bell, DC CNN, Fed, LPL, CNN, Corporate, US Chamber of Commerce, European Central Bank, Costco, Global, Board, Survey, US Commerce Department, Micron, Nike, US Labor Department, National Association of Realtors, Carnival Corp, University of Michigan, New York Fed, China’s National Bureau of Statistics Locations: Washington

☆ Corporate America to DC: Don’t shut down the government
▼ + stars: | 2023-09-22 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

“Nobody wins in a government shutdown,” said one executive at a business group who requested anonymity to speak candidly. ‘It’s not good for business’A shutdown may not be an especially dramatic event for the stock market or deal a sizable blow to GDP. It’s not good for business – or consumer confidence,” another trade group executive told CNN. It’s unfortunate.”Markets usually don’t careWall Street is not overly worried about the potential damage to the economy at large nor the stock market. During half of those shutdowns, the stock market posted positive returns.

Persons: ” Neil Bradley, “, ”, “ We’ve, ’, Chuck Robbins, Robbins, ‘ It’s, Geoff Freeman, Bradley, it’s, Mitch McConnell, shutdowns, ” Bradley, “ It’s, Keith Lerner, Goldman Sachs, couldn’t Organizations: New York CNN Business, Corporate, US Chamber of Commerce, CNN, Cisco, US Travel Association, US Travel, ”, Federal Reserve, Labor Statistics, Publicly, Democrats, Privately, GOP, House GOP, Republicans, Chamber, Advisory, Commerce Locations: Washington

☆ What industry experts, leaders say about the autoworkers' strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +7 min

SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:"This is more of a symbolic strike than an actual damaging one ... DEMOCRATIC U.S. REPRESENTATIVE ELISSA SLOTKIN OF MICHIGAN:"I'm looking forward to joining our auto workers on the picket line this weekend. DONALD TRUMP, FORMER U.S. PRESIDENT:"The all Electric (car) is a disaster for both the United Auto Workers and the American Consumer. The targeted strike is intended to give UAW flexibility strike fund duration." SUZANNE CLARK, CEO OF US CHAMBER OF COMMERCE"The UAW strike and indeed the 'summer of strikes' is the natural result of the Biden administration's 'whole of government' approach to promoting unionization at all costs."

Persons: MARY BARRA, who's, we've, Shawn, Fain, DAN IVES, KOJI ENDO, LEE JAE, ARTHUR WHEATON, It's, ELISSA SLOTKIN, JAY TIMMONS, MONICA BOSIO, Stellantis, MARTINO, AMBROGGI, DONALD TRUMP, CHRIS MCNALLY, COLIN LANGAN, AT WELLS, PATRICK ANDERSON, JOHN MURPHY, Ford, ROBERT STREDA, DBRS, SUZANNE CLARK, Biden, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Heekyong Yang, Daniel Leussink, Giulio Piovaccari, Mehr Bedi, Medha Singh, Anne Marie Roantree, Jamie Freed, Savio D'Souza, Arun Koyyur Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, CNBC, GM, SBI, EUGENE, South, CORNELL SCHOOL, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, American Consumer, ISI, AT, Detroit, Thomson Locations: Chevrolet Colorado, Detroit, United States, ELISSA SLOTKIN OF MICHIGAN, China, Washington, San Francisco, Seoul, Tokyo, Milan, Bengaluru

☆ How knockoffs took over America
▼ + stars: | 2023-09-14 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +10 min

But these fake products have major financial and societal impacts that can lead to lost sales, jobs, and livelihoods. US Customs and Border Protection officers inspect boxes of counterfeit products at the Los Angeles/Long Beach Seaport complex. Edward Berthelot/GettyWhy sales of counterfeit goods have soaredE-commerce has been a breeding ground for knockoffs. AdvertisementAdvertisementAccording to the US Sentencing Commission , the maximum sentence for selling counterfeit goods is 10 years in prison. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Daniel Shapiro's, Hugo Boss, counterfeiters, Spencer Platt, Getty, Shapiro, Jason Armond, Gabrielle Chanel, Michael Kors, Gucci, Chanel, Zers, Edward Berthelot, Superfakes, They've, Wang Zhao, I'm, counterfeits, It's Organizations: Service, Red, Puma, Fila, eBay, US Department of Homeland Security, International Chamber of Commerce, Frontier Economics, Customs, Border Protection, Los, United States Intellectual, United Nations Office, Drugs, UN, Seaport, Economic Cooperation, Development, US Chamber of Commerce, US Customs, Protection, US, Commission, Nike, Amazon Locations: Wall, Silicon, Manhattan, Los Angeles, Long, Beijing, Europe, China

☆ There are almost no national safety rules protecting US workers exposed to high heat
▼ + stars: | 2023-07-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

The National Weather Service recorded a high temperature of 97 degrees at the Dallas Love Field airport that day. The human body’s primary way to deal with high heat is through sweating, which cools the body when it evaporates. But despite these risks, getting a clear set of rules to protect workers from high heat has proved difficult. OSHA heat safety rulesEven without a specific heat standard, OSHA can fine employers that let heat get unsafe for workers under a “general duty” rule requiring safe work places. “That’s why a heat standard would be much more useful.”OSHA said protecting workers from heat is a major priority.

Persons: ”, Jordan Barab, “, ” Eugene Gates , Jr, Carla Gates, I’m, Kimetra Lewis, Gates, Larry Kenney, Kenney, Barab, Doug Parker, Marc Freedman, Biden, ” –, Angela Fritz Organizations: New, New York CNN, Occupational Safety, Health Administration, Biden, US Chamber of Commerce, AFL, “, Labor Statistics, Lakewood Post, National Weather Service, Dallas Love, US Postal Service, CNN, National Association of, Carriers, Penn State, First Street Foundation, OSHA, Commerce Locations: New York, California, Florida, Lakewood, Dallas, Gates, United States

☆ Despite significant disagreements between China and the US, the world is 'big enough for both countries to thrive': Janet Yellen
▼ + stars: | 2023-07-10 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Treasury Secretary Janet Yellen concluded her trip to China on Sunday with an appeal for both nations to find 'a way to live together.' 'We believe that the world is big enough for both of our countries to thrive,' she said. We believe that the world is big enough for both of our countries to thrive," she said, according to a transcript of her speech on Sunday. John Kerry, the U.S. special envoy for climate change, is slated for a visit to China later this month, per Bloomberg. Despite Yellen's optimism, at least one analyst feels that relations between the US and China remain tenuous.

Persons: Janet Yellen, Yellen, Biden, Yellen's, Antony Blinken's, Xi Jinping, John Kerry, Vishnu Varathan Organizations: Service, US, of Commerce, Eurasia Group, Biden, U.S, Bloomberg, Mizuho Bank's Locations: China, Wall, Silicon, Mizuho Bank's Asia, Oceania

☆ Shein wants to be the next Amazon Marketplace. It's already dealing with counterfeits and copyright issues.
▼ + stars: | 2023-07-06 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

Until recently, Shein has relied on sourcing its products through its on-demand manufacturing model. Last month, the Chinese-owned e-commerce company expanded its marketplace beyond clothing and introduced home appliances, electronics, gardening supplies, and kitchen utensils, among other categories. But to grow its offerings, the company took a page out of Amazon's Marketplace playbook and opened its marketplace to third-party retailers in May. In doing so, it may invite more of the same counterfeit and copyright infringement issues that Amazon's marketplace has faced. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Shein, —, skimpy swimsuits, Ralph Lauren, Oakley, Martens, sneakerheads Organizations: Service, Nike Air, US Customs, US Chamber of Commerce, Amazon, Bloomberg Locations: Europe, China

June 9 (Reuters) - The U.S. Chamber of Commerce on Friday sued the federal government, challenging a new law that for the first time gives Medicare the power to negotiate drug prices with pharmaceutical companies. In a complaint filed in federal court in Dayton, Ohio, the chamber said the pricing program violated drugmakers' due process rights under the U.S. Constitution by giving the government "unfettered discretion" to dictate maximum prices. Other drugmakers have also objected to the pricing program, which is part of last year's Inflation Reduction Act. The chamber also warned that allowing the pricing program would set a bad precedent. The case is Dayton Area Chamber of Commerce et al v Becerra et al, U.S. District Court, Southern District of Ohio, No.

Persons: Biden, Karine Jean, Pierre, Neil Bradley, Becerra, Jonathan Stempel, Bill Berkrot Organizations: U.S . Chamber, Commerce, U.S, U.S . Department of Health, Human Services, Medicare, Medicaid Services, Merck & Co, CMS, Merck, Dayton Area, Court, Southern District of, Thomson Locations: Dayton , Ohio, Washington ,, Dayton, U.S, Southern District, Southern District of Ohio, New York

☆ Homo naledi buried their dead 100,000 years before humans
▼ + stars: | 2023-06-05 | by ( Ashley Strickland | ) edition.cnn.com time to read: +12 min

The study team lays out fossils of Homo naledi at the University of the Witwatersrand's Evolutionary Studies Institute in Johannesburg. One body belonged to an adult Homo naledi, and the other was a juvenile. In 2018, the team began to find evidence that supported the idea that Homo naledi intentionally buried their dead. Carvings on the wallWithin one of the graves is a tool-shaped rock, buried next to the hand of a Homo naledi adult. The "tool shaped rock" was likely buried near or clutched in the hand of a young teenage Homo naledi child buried in the Hill Antechamber.

Persons: naledi, Robert Clark, Homo naledi, Lee Berger, Homo, paleoartist John Gurche, Mark Thiessen, ”, Berger, Tebogo Makhubela, Keneiloe Molopyane, ” Berger, “, John Hawks, Hawks, “ It’s, they’ve, Agustín Fuentes, ” Fuentes, Fuentes, Lee Berger Chris Stringer, ” Stringer Organizations: CNN —, University of, Evolutionary Studies, UNESCO, Geographic, University of Johannesburg, Expedition, University of Wisconsin - Locations: Johannesburg, South Africa, University of Wisconsin - Madison

☆ Premarket stocks: How crypto is dealing with debt ceiling turmoil
▼ + stars: | 2023-05-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s what’s in the debt ceiling dealPresident Biden and Republican House Speaker McCarthy put their long weekend to good use, coming to an agreement to raise the debt ceiling in the hope of avoiding a self imposed default on US government debt. If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time. The debt ceiling bill does that, rescinding $1.4 billion in IRS funding. Corporate America celebrates debt ceiling dealIt appears that US industry is pleased with the debt ceiling deal, and would like Congress to pass it quickly. Leading business groups praised Biden and McCarthy for forging a bipartisan agreement over the weekend, reports my colleague Matt Egan.

☆ Corporate America celebrates debt ceiling deal and urges Congress to quickly pass legislation
▼ + stars: | 2023-05-29 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Leading business groups are praising President Joe Biden and House Speaker Kevin McCarthy for forging a bipartisan agreement to raise the debt ceiling, and they are calling for Congress to pass the legislation before the government suffers a devastating default. “With the US at risk of defaulting in less than 10 days, there is no time to spare. The gravity of this moment cannot be overstated,” said Clark, who added the Chamber will consider this a “key vote” for lawmakers. The National Association of Manufacturers, the largest manufacturing trade group in the nation, congratulated Biden, McCarthy and their lawmakers for reaching an agreement. Party leaders in Washington are working furiously Monday to convince holdouts to back the compromise legislation that would avert default.

☆ US Chamber of Commerce argues invoking 14th Amendment would be as ‘economically calamitous’ as a default
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

Bernie Sanders, Elizabeth Warren and other progressives to urge the White House to use the 14th Amendment to avoid a disastrous default. Bradley argued that invoking the 14th Amendment would send Treasury rates spiking, lifting the cost of borrowing for families and businesses. Experts have warned that invoking the 14th Amendment would likely spark a constitutional crisis and Treasury Secretary Janet Yellen recently cast doubt on the idea. US markets turned negative on Friday on news that debt ceiling negotiations between the White House and House Republicans have hit a snag. “If the rhetoric is dark next week, markets will start to react.

☆ ‘Every family should be concerned’ about debt ceiling, consumer watchdog warns
▼ + stars: | 2023-05-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Every family should be concerned,” Rohit Chopra, director of the Consumer Financial Protection Bureau, told CNN in an interview on Thursday. If Congress fails to address the debt ceiling, the federal government could run out of money as soon as June 1, according to Treasury Secretary Janet Yellen. “A lot of things we assume are part of our financial fabric would get ripped away,” Chopra told CNN. The debt ceiling is very likely to be a focus next week when Yellen is scheduled to meet with leading bank CEOs in Washington at a trade association meeting. Moody’s Analytics on Wednesday increased its probability of a breach of the debt ceiling to 10%, up from 5% previously.

☆ Premarket stocks: Wall Street is strangely calm about the debt ceiling. That could change this month
▼ + stars: | 2023-05-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Dire warnings about the economic chaos and catastrophe that will ensue if the US debt ceiling isn’t lifted soon abound. The debt ceiling crisis of 2011 caused Standard and Poor’s to downgrade US debt for the first time in history. Schwenkler says to expect “a lot more volatility” if debt ceiling issues don’t appear resolved by the last week of the month. By contrast, recovery from a debt-default crisis would likely start the day Congress, belatedly, suspended the debt ceiling,” he added. “A misstep over the debt ceiling would subject businesses and consumers to an economic shockwave,” he added.

☆ It's riskier than ever to be a foreign business in China, as evidenced by a series of recent sanctions, detentions, and an updated anti-espionage law that has watchdogs on edge
▼ + stars: | 2023-05-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

The updated law doesn't clearly define what constitutes China's national security or interests. The new law follows a recent spate of sanctions, probes, and detentions into foreign firms in China. Even now, the terms relating to national security and interest are still "not explicitly defined," the Eurasia Group wrote. The updated law is also particularly concerning because of the recent developments surrounding foreign firms in China. China's recent crackdown on foreign businesses is spurring concernsIn April, Chinese police questioned staff at American consultancy Bain in Shanghai.

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