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☆ Debt-ceiling talks are more theater than substance
▼ + stars: | 2023-05-16 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

U.S. President Joe Biden will meet with congressional leaders including House Speaker Kevin McCarthy on Tuesday to attempt to make progress on talks to raise the debt ceiling. The two efforts would raise $33 billion over the next decade, the Congressional Budget Office estimated last month. Biden also signaled openness to a two-year limit on government spending, Roll Call reported last week, which would raise an estimated $331 billion. loadingComing to terms on these pieces likely means both sides agree to raise the debt limit and push a new budget through. Failure to raise the debt ceiling could leave the government unable to pay its bills and trigger a historic sovereign default.

☆ My dog sensed all 4 of my pregnancies before I did. Vets say this is not uncommon.
▼ + stars: | 2023-05-12 | by ( Kate Watson | ) www.businessinsider.com time to read: +8 min

When my dog started behaving protective around me, I wondered what was going on. Winston started choosing me to cuddle with, hopping on to our couch and sitting on my feet to keep them warm. When this dog started jumping on another colleague's lap and settling in for long snuggles, its owner had a strong hunch about why. How to help prepare your dog for your new babyYour dog may or may not be aware of an impending arrival. She also tells dog owners to be mindful that an owner's pregnancy can be a stressful time for dogs and that they may require extra attention and care whenever you can give it.

☆ Russian diamonds could soon be sanctioned — potentially disrupting the global jewelry market
▼ + stars: | 2023-05-12 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The seven most advanced economies in the world, the G-7, are discussing imposing sanctions on Russian diamond exports — a complicated measure that could potentially hike prices for the luxury commodity. Russia's diamond exports have largely been spared from international sanctions following Moscow's full-scale invasion of Ukraine in February last year. In 2021, Russia raked in roughly $4.7 billion from diamond exports, according to data from the Observatory of Economic Complexity. Diamonds are not commonly traded like oil or gold, but they represent a large market that goes beyond jewelry. Some countries — such as Belgium, which buys a significant amount of Russian diamonds — want a "global approach" to Russian exports, as opposed to an EU-specific measure, to ensure the sanctions do not disproportionately hurt them.

For PIF, the Lucid (LCID.O) bet is proving challenging. "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade. "Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.

☆ MSG: The world's most misunderstood ingredient
▼ + stars: | 2023-05-10 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +12 min

Case in point – he has the letters “MSG” tattooed on his arm, and his restaurant’s menu includes a signature drink called the MSG Martini. “Things just taste better with MSG, whether it’s Western food or Cantonese food,” the chef tells CNN. You’ve probably been playing with glutamate, inosinate and guanylate in your own cooking without even realizing it. We season our food with MSG a little bit – it’s different from heating water and adding MSG and serving it with noodles,” he says. “Our mission from the very beginning was to show people what Cantonese food is and what Cantonese food can be – it’s always going to be playful, fun and approachable,” says Eng.

☆ J.D. Power ranked airlines across 3 fare classes according to its annual customer satisfaction survey — see the results
▼ + stars: | 2023-05-10 | by ( Taylor Rains | ) www.businessinsider.com time to read: +5 min

JetBlue Airways, Delta Air Lines, and Southwest Airlines scored the highest among 11 North American carriers. Of the 11 carriers ranked, JetBlue Airways, Delta Air Lines, and Southwest Airlines earned the top spot for each respective category. Courtesy of JetBlueJetBlue Airways (893) Delta Air Lines (865) United Airlines (848) Alaska Airlines (833) Air Canada (830) American Airlines (826)Segment Average: 846Premium EconomyDelta Premium Select. Delta Air LinesDelta Air Lines (848) JetBlue Airways (840) Alaska Airlines (823) American Airlines (821) Air Canada (797) United Airlines (784)Segment Average: 820Economy/Basic EconomySouthwest Airlines cabin. Jimmy Rooney/ShutterstockSouthwest Airlines (827) Delta Air Lines (801) JetBlue Airways (800) Alaska Airlines (781) WestJet (777) Allegiant Air (775) United Airlines (770) Air Canada (765) American Airlines (764) Spirit Airlines (727) Frontier Airlines (705)Segment Average: 782

☆ Possible meteorite crashes through the roof of a New Jersey home, lands in bedroom still warm
▼ + stars: | 2023-05-10 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +3 min

A grapefruit-sized metallic object fell through the roof of a New Jersey home and dented the floor. Police who responded to the incident in Hopewell, New Jersey, believe the falling object may be a meteorite, possibly from the Eta Aquarids meteor shower, which peaked this weekend. The offending falling object, beside a dent it cracked in the hardwood floor. It's rare for these falling space rocks to hit buildings or people. He added that this falling object could be as old as the solar system: 4 to 5 billion years old.

☆ Gold holds ground as investors brace for U.S. inflation data
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: +2 min

A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Gold prices flitted in a narrow range on Tuesday ahead of U.S. inflation data, which investors will scrutinize for clues on the Federal Reserve's policy path. If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai. Besides economic data, market participants are also monitoring developments surrounding the U.S. banking sector and debt ceiling. "If there is news of further stress in the banking sector, we will see gold move towards the $2,100 level," Kedia added.

Spot gold was little changed at $2,023.41 per ounce, as of 0232 GMT. If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai. Bullion is considered an inflation hedge, but higher rates dent the non-yielding asset's appeal. Besides economic data, market participants are also monitoring developments surrounding the U.S. banking sector and debt ceiling. "If there is news of further stress in the banking sector, we will see gold move towards the $2,100 level," Kedia added.

☆ The CEO of this edtech company says A.I. can help unlock growth in the space. Here’s how
▼ + stars: | 2023-05-09 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +4 min

PWSC YTD mountain PowerSchool shares have fallen sharply since January, when they traded as high as $26.05. "For us, it's not a disruption from a negative perspective, it's actually phenomenal," he said, of the advancements in generative AI. Gulati expects generative AI will make it possible for PowerSchool to accelerate its goals to offer personalized learning plans. Still, PowerSchool shares are down 27% since the start of the year. Generative AI systems must be "trained" on data.

Trump was found liable for sexual abuse in a civil trial after a years-long legal battle with E. Jean Carroll. Carroll's trial was the first time Trump has confronted sexual misconduct allegations at trial. "In the general, it would repel swing voters," Roe predicted, though he declined to weigh the potential damage because the election remains 18 months away. When it comes to hitting Trump on the verdict, Roe said 2024 candidate and former Arkansas Gov. Whereas he suspects that others like Trump administration alumni Nikki Haley "still want Trump voters to come their way," so they'll be less inclined to alienate MAGA supporters.

☆ Fox posts quarterly loss on Dominion settlement despite boost from Super Bowl, Tubi
▼ + stars: | 2023-05-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The News Corporation headquarters, which is also home to Fox News, stands in Manhattan on April 18, 2023 in New York City. Fox Corp. reported a quarterly net loss on Tuesday due to the costs related to its settlement with Dominion Voting Systems, despite revenue that was lifted by the Super Bowl and its fast ad-supported streaming service Tubi. Fox notched $4.08 billion in quarterly revenue, up 18% from the same period last year. The company also saw a boost after airing more NFL games during the season and from increased viewership for Tubi. Fox is the top-rated cable news channel, even as prime-time ratings in Carlson's slot have slid since his departure.

☆ Russia-Ukraine War: Live Updates
▼ + stars: | 2023-05-05 | by ( Matthew Mpoke Bigg | ) www.nytimes.com time to read: +5 min

Smoke rises from the side of the Ilsky Oil Refinery manufacturing complex in the Krasnodar region in southern Russia. For the past several days, Russian infrastructure near Ukraine’s border and in Russian-controlled Crimea has been targeted repeatedly. But it has usually maintained ambiguity about involvement in attacks on Russian territory. Russian officials reported strikes on train lines in Russia’s Bryansk region on Monday and Tuesday. Four drones also attacked storage facilities on Thursday at one of the largest oil refineries in southern Russia’s Krasnodar Territory, according to Tass, the Russian state news agency.

☆ HSBC faces down protests on strategy, climate at annual meeting
▼ + stars: | 2023-05-05 | by ( Lawrence White | ) www.reuters.com time to read: +3 min

BIRMINGHAM, England, May 5 (Reuters) - HSBC (HSBA.L) faced down opposition to its strategy and climate policy at a fractious annual investor meeting in Birmingham in England on Friday, including a shareholder proposal to spin-off its lucrative Asia business backed by major investor Ping An. Shareholder Lui questioned HSBC's board directly at the meeting on Friday, prompting the bank's chairman Mark Tucker to say criticism of the bank's performance showed "a fundamental misunderstanding of HSBC's business." HSBC's Tucker told the meeting that any break-up of the bank would undermine its global strategy and dent its revenue, repeating the bank's argument that it would be risky and costly. "So it would not be in shareholders' interests to split the bank," Tucker said. Like Barclays' investor meeting earlier this week, HSBC's event was repeatedly interrupted by climate campaigners singing songs, while one protester stood up at the front of the hall with a banner reading 'No more dirty coal'.

☆ Regional bank stocks rebound on Friday, but still headed for steep losses on the week
▼ + stars: | 2023-05-05 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Regional bank stocks were poised to bounce back on Friday, but the beaten down sector was still on track for steep losses for the week after the failure of First Republic. PacWest entered down more than 68% for the week and closed at just $3.17 per share on Thursday. Analysts at JPMorgan Chase upgraded Western Alliance, Zions and Comerica to overweight on Friday, saying the bank stocks "appear substantially mispriced to us." Many on Wall Street are looking to Washington for regulatory changes to calm the banking system, such as potentially expanding deposit insurance rules. Some have raised the possibility of temporarily banning short-selling on bank stocks.

☆ Novo Nordisk cuts some US supply of obesity drug Wegovy to cope with demand
▼ + stars: | 2023-05-04 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +3 min

SummarySummary Companies Novo halves supply of Wegovy starter doses in U.S. "To safeguard continuity of care, the supply of the lower Wegovy dose strengths in the US will be reduced temporarily," Novo said in a statement. Novo has faced supply constraints for its hugely popular Wegovy drug as a result of overwhelming demand, and has invested massively in increasing supply. Supply of starter doses in the U.S. would be cut by around 50% for "some months," Jorgensen added. Credit Suisse analysts said they were not surprised by the move, given the level of demand for the drug.

☆ Dollar falls after Fed signals pause; banking woes dent confidence
▼ + stars: | 2023-05-04 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

"Additional tightening may be needed ... but the FOMC does not appear to be pre-committing to another rate hike on June 14." The U.S. dollar index was last 0.12% lower at 101.11, after dropping more than 0.6% in the previous session. "There are a lot of concerns in the U.S. around the banking sector and the crunch on credit. "So I think central banks, including the Fed, are at or very near the peak in their cash rates." The European Central Bank (ECB) comes under the spotlight next, where expectations are for ECB policymakers to raise interest rates for the seventh meeting in a row later on Thursday.

U.S. West Texas Intermediate crude (WTI) fell $1, or 1.5%, to $67.60 a barrel. WTI in early trading on Thursday fell to a session low of $63.64 a barrel, the lowest since December 2021. On Wednesday afternoon, the Fed raised interest rates by a quarter of a percentage point. The move weighed on oil prices, as higher rates could slow economic growth and hit energy consumption. Investors awaited developments from the European Central Bank, which is set to raise interest rates for the seventh meeting in a row on Thursday as its long fight against stubborn inflation continues.

☆ This digital nomad worked in 20 countries in 5 years. Here are her best money tips
▼ + stars: | 2023-05-04 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

Daniella Pashuk decided to be a digital nomad 5 years ago, even before the pandemic when she was just 19. But Daniella Pashuk became a digital nomad five years ago, well before the pandemic when she was just 19. "I got to be wherever I want to be and do whatever I want to do in different countries. Daniella Pashuk digital nomadNow 24, Pashuk has traveled to over 20 countries in five years. Daniella Pashuk Digital nomad

☆ The White House warned that a debt ceiling crisis could be just as bad as the Great Recession — and there'd be no way for the government to help anyone out
▼ + stars: | 2023-05-04 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The US could run out of money to pay its obligations as soon as June 1, as the debt ceiling looms. The White House is warning that a protracted default could be as bad as the Great Recession. Even though Speaker of the House Kevin McCarthy's bill passed the House last week, it faces a highly likely rejection in the Democratic-controlled Senate and White House. As Insider previously reported, there are some options on the table to avert a debt ceiling crisis while avoiding congressional drama. Another option would be invoking a clause in the 14th amendment that would declare the debt ceiling unconstitutional.

☆ Podcast: What we know about the explosion over the Kremlin
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

Follow on Apple, Google or Spotify. Moscow claims Ukraine tried to kill President Putin with a drone attack on the Kremlin. We unpack what we know so far. And one of the biggest raids in mafia history – will it make a dent in Italy’s biggest crime clan? Our Standards: The Thomson Reuters Trust Principles.

Bunge reaffirmed its full-year 2023 outlook of adjusted earnings of $11 per share, citing likely weaker results from its Agribusiness and Milling divisions but improved profits in its Refined and Specialty Oils unit. Bunge and other supply chain middlemen, including Archer-Daniels-Midland Co (ADM.N) and Cargill Inc (CARG.UL), have generally benefited from strong global crop demand and tightening supplies, with record profits last year. The worst drought in decades has slashed grain and soy harvests in Argentina, depriving Bunge of the crops it needs to process. First-quarter adjusted profit in Bunge's Agribusiness unit, its largest in terms of revenue and volumes, dropped 18% on the year. Bunge said results were strong in all regions in its Refined and Specialty Oils division, with notable strength in North America and South America, reflecting favorable food and fuel demand trends.

☆ Car Insurance Rates Are Going Up Again
▼ + stars: | 2023-05-03 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

The rate increase comes amid inflation, higher claims costs and rising prices for auto parts, insurers say. Photo: patrick t. fallon/Agence France-Presse/Getty ImagesAllstate and Progressive , two of the nation’s biggest car insurers, say inflation continues to hurt their auto-insurance businesses, and are pushing ahead with additional premium-rate increases for vehicle owners. The two giants, and many other big car insurers, say higher claims costs continue to dent their results, despite slowing inflation. Prices continue to rise for auto parts, they say, and vehicles are taking longer to be repaired than in past years due to shortages of workers. Those delays, in turn, lead to extended rental-car use by policyholders, at the insurers’ expense.

☆ Gold hovers above $2,000 as Fed rate decision looms
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate decision due later in the day. The Fed's rate decision will be announced at 1800 GMT. Bullion is known as a hedge against inflation and economic turbulence, but higher rates tend to dent zero-yielding asset's appeal. On the physical front, Perth Mint's April gold product sales slipped more than 6% month-on-month, while silver sales hit a six-month peak. Analysts have cut their forecasts for palladium after a 60% price fall, but rising vehicle production should limit any sell-off, a Reuters poll showed.

SummarySummary Companies Fed rate decision due at 1800 GMTU.S. job openings drop in MarchMay 3 (Reuters) - Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve's interest rate-hike verdict due later in the day. The market mostly expects the U.S. central bank to raise interest rates by 25 basis points. "If the Fed were to surprise with a pause, this would suggest a deepening banking crisis and would likely send gold higher," said Clifford Bennett, chief economist at ACY Securities. Bullion is known as a hedge against inflation and economic turbulence, but higher rates tend to dent zero-yielding asset's appeal. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

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