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☆ Explainer: What is the U.S. debt ceiling?
▼ + stars: | 2023-05-29 | by ( Jason Lange | ) www.reuters.com time to read: +4 min

WHEN WAS THE DEBT CEILING REACHED? IS THE DEBT CEILING GOOD FOR ANYTHING? Few counties in the world have debt ceiling laws and Washington's periodic lifting of the borrowing limit merely allows it to pay for spending Congress has already authorized. Others argue the debt ceiling itself violates the U.S. Constitution. In a 2011 showdown, House Republicans successfully used the debt ceiling to extract sharp limits on discretionary spending from Democratic President Barack Obama.

☆ Gold prices slip on U.S. debt limit deal, Fed rate-hike bets
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +1 min

Gold prices edged lower on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates dampened demand for the non-yielding metal. Spot gold was down 0.1% at $1,944.09 per ounce by 0252 GMT, hovering near two-month lows hit on Friday. Gold, which offers no yield of its own, tends to fall out of favor among investors when interest rates rise. Asian shares and U.S. stock futures rose as the deal to suspend the U.S. government's debt ceiling ended a protracted stalemate. Spot silver fell 0.2% to $23.26 per ounce, platinum edged 0.1% higher to $1,023.83, and palladium rose 0.3% to $1,428.07.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). I opened a new credit card for a single hotel stay largely because I knew it was the best card for my spending. Read Insider's guide to the best travel rewards credit cards. Let's look at how much value I gained simply by opening and using a Hilton credit card — and my earning potential had I not opened a Hilton credit card. What I would have earned without a Hilton credit cardHad I not opened a Hilton credit card, I'd have put my bill on one of my other credit cards.

☆ Stocks making the biggest moves midday: Ford, Marvell Technology, Paramount, Gap and more
▼ + stars: | 2023-05-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Tesla 's stock gained 4.72%. Marvell Technology — The semiconductor stock soared 32.42% after the company's earnings beat analyst expectations. Despite reporting an earnings and revenue beat, shares fell on the company's reduced operating margin outlook for the full year. Paramount — Shares of the media company gained 5.89% after National Amusements, Paramount's majority voting shareholder, announced a $125 million preferred equity investment by BDT Capital Partners. Workday also raised the low end of its full-year subscription revenue guidance and named a new chief financial officer, Zane Rowe.

☆ Strikes, Delays and Lost Luggage: How to Survive Air Travel This Summer
▼ + stars: | 2023-05-25 | by ( Elaine Glusac | The New York Times | ) www.nytimes.com time to read: +27 min

Illustration by Yukai Du Strikes, Delays and Lost Luggage: How to Survive Air Travel This Summer With the travel season in full swing, we compiled a guide to help you navigate the year’s most hectic time in the skies. If you don’t care which beach, shop around.” If you haven’t booked summer flights, do it now. For one, avoiding the airports with the highest levels of delays and cancellations last summer may be a good idea. They’re also getting longer inside airport lounges, longtime havens from the masses clogging the terminals at peak times. Standard membership in Priority Pass, a network of 1,300 airport lounges, starts at $99 a year, with each visit costing $35 at that level.

Persons: Yukai Du, we’ve, haven’t, Hopper, What’s, ”, Laura Lindsay, Ted Rossman, Priceline, Mr, Rossman, Charlotte Douglas, Toronto Pearson, it’s, “, Carter Langston, Rhonda Lawson, C.B.P, you’ve, you’re, You’ll, Lawson, Emmanuel Macron, Tomasz Pawliszyn, Jamie Larounis, Larounis, they’re, SITA —, They’re, Eric Goldmann of Atlanta Organizations: Bureau of Labor Statistics, Google, Miami, JetBlue, Heathrow Airport, Amsterdam Schiphol, Gatwick, Air Canada, Labor, Newark Liberty International, La Guardia Airport, Kennedy Airport, Reagan, Miami International, Orlando International, Boston Logan International, Charlotte Douglas International, Toronto Pearson, Federal Aviation Administration, Washington , D.C, Customs, Western, Gulf, Phoenix, Transportation Security Administration, Global, Border Protection, Clear, PreCheck, Heathrow, Air, SNCF, U.S . State Department, Smart, Union, Travelers, New Tech, Airlines, Lufthansa, Siemens, Alaska Airlines, KLM, U.S . Bureau of Transportation Statistics, Apple, The Department of Transportation, American, Venture, Dallas Fort Worth International, JPMorgan Chase, Club, Chase Sapphire Reserve, Americas Locations: Europe, United States, Asia, San Francisco, Jacksonville, Fla, Miami, London, Amsterdam, U.S, La, New York, Washington, Charlotte, N.C, Newark, Orlando, Toronto, Sydney, Jakarta, Frankfurt, Munich, Heathrow, Washington ,, States, Denver, Seattle, Reno, Nev, Gulf Coast, Atlantic, Houston , New Orleans, Atlanta, Luton, T.S.A, ’, noncitizens, France, Britain, Italy, Germany, Berlin, Dutch, Swiss, Delta, United, Hong Kong, Dallas, Boston, North, Central, South America, Dallas , Newark

☆ Gold hits 2-month low on debt talks progress, rate hike bets
▼ + stars: | 2023-05-25 | by ( ) www.cnbc.com time to read: +2 min

A one kilogram gold bar sits on top of silver bars at London bullion dealers Gold Investments in London, United Kingdom, on April 4, 2013. Gold slid to its lowest in two months on Thursday as optimism around the U.S. debt ceiling talks lowered safe-haven demand for bullion and robust economic data fueled bets of another rate hike by the Federal Reserve. Spot gold was 0.6% down at $1,944.45 per ounce, having hit its lowest since March 22. White House and Republican negotiators made some progress in late-night talks over raising the debt ceiling, top congressional Republican Kevin McCarthy said. "A rather impressive round of economic data suggests this economy is still showing so much resilience ... the argument for possibly delivering another rate hike is gaining steam here," Moya added.

Persons: Gold, Kevin McCarthy, Edward Moya, Moya, Ross Norman Organizations: London, Investments, Federal Reserve, White House, Republican, OANDA, Fed Locations: London, United Kingdom

☆ Gold slips as dollar advances with US debt talks dragging on
▼ + stars: | 2023-05-24 | by ( ) www.cnbc.com time to read: +2 min

Gold slipped as the dollar firmed, cutting some safe- haven flows into bullion from the looming risk of a U.S. debt default as talks entered a critical stretch. "Overwhelmingly, the debt ceiling headlines are at play.... Gold gained in the previous session "despite headwinds from a rising broad dollar, which reveals notable demand behind the scenes." Wall Street's main indexes opened lower as the debt ceiling impasse kept investors on edge. If regional U.S. banking troubles were to subside and agreement reached over the debt ceiling, gold could fall further, said Edward Gardner, commodities economist at Capital Economics.

Persons: Gold, Joe Biden, Kevin McCarthy, Daniel Ghali, TD Securities . Gold, Edward Gardner, Bullion Organizations: Democratic, TD Securities ., Capital Economics Locations: Moscow, U.S

☆ Gold recovers as debt-ceiling talks make little apparent progress
▼ + stars: | 2023-05-23 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rebounded from their earlier losses on Tuesday, as yields fell and the dollar retreated from its highs, while another round of U.S. debt ceiling talks ended without much progress. Spot gold was up 0.3% at $1,975.39 per ounce, after shedding as much as 0.8% earlier. Gold rose from session lows on reports of further negotiations over raising the debt ceiling, said Daniel Pavilonis, senior market strategist at RJO Futures. Wall Street's main indexes fell and the dollar index backed off from its session high, while benchmark 10-year yields fell from a two-month peak. Gold tends to lose appeal when rates rise and push up bond yields, increasing the opportunity cost of holding zero-yield bullion.

Persons: Daniel Pavilonis, Joe Biden, Pavilonis, Bullion, Ole Hansen, Neel Kashkari, Silver Organizations: Futures, Republicans, Saxo Bank ., Tuesday U.S, Investors, Federal

☆ Gold ticks up as traders navigate U.S. debt limit hitch, Fed cues
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on January 9, 2009. Gold prices edged up on Monday as drawn-out discussions around the U.S. debt ceiling and Federal Reserve Chair Jerome Powell's less-hawkish comments added to the safe-haven bullion's appeal. Spot gold was up 0.1% at $1,978.06 per ounce as of 0347 GMT, while U.S. gold futures eased 0.1% to $1,979.40. Markets are now pricing in a 86.2% chance of the Fed standing pat on rates next month, the CME FedWatch tool showed. Spot silver fell 0.2% to $23.77 per ounce, platinum eased 0.1% to $1,061.68 and palladium dipped 0.3% to $1,508.54.

☆ Congress could have as little as 10 days to solve the debt ceiling crisis before Americans might start losing federal benefits and retirement savings
▼ + stars: | 2023-05-22 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

If the US were to breach the debt ceiling, millions of Americans could lose jobs and retirement savings. A breach would also hit Americans in their wallets: A Joint Economic Committee analysis previously found that failure to lift the debt ceiling could cost workers $20,000 in retirement savings. "I think we can solve some of these problems if he understands what we're looking at," McCarthy told reporters on Sunday. Another option that's been gaining steam in Congress is invoking a clause in the 14th Amendment that would declare the debt ceiling unconstitutional, getting rid of the problem forever. But even with potential litigation, some Democratic lawmakers think Biden should do whatever it takes to ensure the US does not default on its debt.

☆ Ford announces key EV minerals deals ahead of crucial capital markets day
▼ + stars: | 2023-05-22 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

A Ford F-150 Lightning Platinum electric truck during the 2022 New York International Auto Show (NYIAS) in New York, U.S., on Thursday, April 14, 2022. The company is set to outline its path to both goals during its capital markets day Monday. EnergySource Minerals said it has agreed to provide Ford with lithium hydroxide from a new site in Imperial Valley, California, expected to be operational in 2025. The project is expected to produce about 20,000 metric tons of lithium annually. Canadian miner Nemaska Lithium has agreed to supply Ford with up to 13,000 tons of lithium hydroxide per year over 11 years.

Ships in the Autonomous Port of Cotonou in Benin, West Africa. Prosper Dagnitche/AFP/Getty ImagesThe stream of used cars heading to West African ports is only expected to increase with the West’s shift to electric vehicles. “It’s not like people want to drive used cars; it’s an affordability issue.”Experts say demand for used cars could explode further as the take up of electric cars in the West increases the supply of used cars to African countries. Those states also have robust port operations, making them an ideal place to ship used cars to Africa. “In terms of where Africa goes, the transition shouldn’t necessarily be from used cars to brand new combustion engines, it should be from used cars to EVs,” Ipke said.

☆ Opinion | Liberals Are Persuading Themselves of a Debt Ceiling Plan That Won’t Work
▼ + stars: | 2023-05-21 | by ( Ezra Klein | ) www.nytimes.com time to read: +2 min

On Friday, 66 progressive Congressional Democrats sent the president their own letter making a similar case. In remarks after a meeting with House Speaker Kevin McCarthy, Biden said he was “considering” the argument that the debt ceiling is unconstitutional. The legality of the debt ceiling or a trillion-dollar platinum coin doesn’t depend on how liberals read the Constitution or the Coinage Act. “For the United States to fail to pay interest or principal on its debt would be financially catastrophic, but it would not affect the validity of the debt,” he wrote. “When borrowers fail to make payments on lawfully incurred debt, this does not question the validity of those debts; their debts are just as valid as before.

☆ How my credit card saved the day when my phone was stolen on a trip abroad
▼ + stars: | 2023-05-19 | by ( Liz Hund | ) edition.cnn.com time to read: +8 min

Why the Chase Freedom Flex saved the day when my phone was stolenMy credit card reimbursed me for my stolen smartphone. Additionally, the Freedom Flex’s cell phone insurance is secondary to any other insurance you have that covers your phone. Credit cards with cell phone insuranceA number of credit cards include cell phone insurance. However, some banks — namely Citi — have removed cell phone insurance as a credit card benefit, even for World Elite Mastercards. Check out CNN Underscored’s full guide to the best credit cards for cell phone insurance for the full list, which includes popular travel credit cards.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In the last two years, my credit cards have saved me over $4,500 on travel — and a lot of hassle. Travel insurance offers peace of mind, but what most people don't realize is that it doesn't have to come at a cost. Here's a detailed look at how my American Express credit cards' travel insurance came to the rescue on two different occasions. Whenever you file a claim, your credit card insurance company will ask for documentation to prove your travel was nonrefundable to approve your claim.

To qualify for the bonus, you must have an eligible account — a Chase personal checking account, Chase personal savings account, or J.P. Mortgage Wealth Management non-retirement account. To be eligible for the $600 checking account bonus, you can't own a Huntington checking account. Banks paying $500 or more to open a business bank accountHuntington Bank: $1,000In addition to its personal checking account cash bonuses, Huntington Bank also has three business checking account promotions. You must be a new business checking account customer to qualify for the Huntington Bank Unlimited Plus Business Checking Account bonus by May 22, 2023. Chase: up to $500Chase also is offering a business bank account bonus of up to $500 for new business customers who open the Chase Business Complete Checking account.

☆ The S&P 500 will crash 30% by December as spending slumps, profits shrink, and banking problems mount, markets guru Larry McDonald warns
▼ + stars: | 2023-05-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The S&P 500 will plunge by almost 30% to around 3,000 points by December, Larry McDonald has warned. He sees less government spending, slimmer corporate profits, and banking pressures as key drivers. McDonald made a similar call in early March, when he declared the stock market could tank 30% within the next 60 days. The prospect of less spending and investment, stricter lending, steeper debt payments, and greater unemployment bodes poorly for corporate profits and stock prices. Instead, he recommended beaten-down, cyclical stocks in sectors such as energy, and hard assets such as gold, silver, and platinum.

☆ I fly dozens of times a year, and save hundreds of dollars on airfare with a simple trick airlines don't want you to know about
▼ + stars: | 2023-05-19 | by ( Joseph Hostetler | Jasmin Baron | Credit Cards Reporter | ) www.businessinsider.com time to read: +25 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Read Insider's guide to the best travel rewards credit cards. There are even a handful of no-annual-fee travel credit cards that waive foreign transaction fees, such as the Capital One VentureOne Rewards Credit Card. Even if you travel just once or twice per year, you should have at least one travel rewards credit card. Note that credit card lenders may use many different variations of credit score models when considering your application.

We'll compare the Amex Green Card, Amex Gold Card, and the Amex Platinum Card, highlighting similarities and differences to help you decide which is best for your lifestyle. Amex Green vs Gold vs Platinum: Which American Express Card Is Worth It for You? The Platinum Card, Amex Gold Card, and Amex Green Card are all good choices if you want to earn Amex points. Insider's valuations peg Amex Membership Rewards points as worth 1.8 cents each, on average, in travel. You can read our Amex Green card review for a full breakdown of the card, and our comparison of the Amex Gold and Amex Green for a closer look at the differences.

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

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

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). The Good Brigade/Getty ImagesThe Platinum Card® from American Express offers up to $240 in annual digital entertainment credits. More Information Earn 80,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. $300 SoulCycle At-Home Bike Credit: Get a $300 statement credit for the purchase of a SoulCycle at-home bike with your Platinum Card®. Amex Platinum Entertainment Credit Frequently Asked Questions (FAQ)Which streaming services can I use with the Amex Platinum digital entertainment credits?

☆ Gold listless as U.S. debt talks dominate market mood
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: +2 min

Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. Gold prices were little changed on Thursday as the dollar held firm and optimism over U.S. debt-ceiling talks chipped away at the metal's safe-haven appeal. The dollar index traded near a seven-week high reached in the previous session, making gold less affordable for overseas investors. U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The decline in silver so far this month "could be closer to some tentative stabilization," Wong added.

Alyssa Powell/Business InsiderThe American Express® Green Card just got a refresh, with a record-high welcome bonus offer and improved benefits. The travel statement credit isn't as straightforward as it sounds, but it's a great deal if you can use it. Plus, if you max out the travel statement credit, you'll offset the entire annual fee (and then some) for the first year. Amex Green Card benefitsThe Amex Green Card already comes with statement credits that can help offset the annual fee, though they're not the sole reason to open the card. But there are other Amex Green card benefits that are appealing to travelers that don't require signing up for a subscription.

To help you see if Bank of America or TD Bank is right for you, we're comparing each institution's bank accounts. Compare TD Bank and Bank of America TD BankBank of America Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. See the best bank account bonuses right now>>Winner: TD Bank The TD Bank Convenience Checking Account has a lower minimum opening deposit and minimum balance requirement than the Bank of America Advantage Plus Checking Account. Winner: TD Bank TD Bank will likely be a better choice for CDs, particularly, if you like to open a special type of CD or a CD with a low initial deposit. TD Bank vs. Bank of America: Frequently Asked QuestionsIs Bank of America better, or TD Bank?

Capital One Spark Miles Select for Business RewardsWhat is the Capital One Spark Miles Select for Business welcome bonus? How to earn rewards from Capital One Spark Miles SelectThe Spark Miles Select Business Card has a very straightforward earning structure. Read our review Read Our Review A looong arrow, pointing rightCapital One Spark Miles Select for Business Annual Fee and Other CostsThe Spark Miles Select Business Card doesn't charge an annual fee, so it's free to keep and use year after year. What's the difference between the Capital One Spark Miles and Spark Miles Select? Methodology: How we reviewed the Capital One Spark Miles Select for BusinessWe evaluated the Capital One Spark Miles Select for Business in relation to Capital One's other small-business cards, as well as competing no-annual-fee business cards from other banks.

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