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☆ Global debt stock hit a record $307 trillion in the first half of 2023, top trade body says
▼ + stars: | 2023-09-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The global debt-to-GDP ratio now sits at around 336%, which is up from 334% in the fourth quarter of 2022, the report said. The ratio had experienced seven consecutive quarters of decline, before resuming its upward trajectory in the first half of 2023. The stock of global debt rose $10 trillion in the first half of 2023, bringing it to a new record high of $307 trillion, according to a report by the Institute of International Finance released Tuesday. Worldwide spikes in inflation were the main factor causing the decline in debt ratio, helped by higher borrowing costs and tighter lending standards. Consumer debt meanwhile remains "largely manageable" in mature markets, the IIF said, with the household debt ratio dropping to its lowest level in two decades in the first half of 2023.

Persons: — Organizations: Institute of International Finance, Federal, Group Locations: U.S, Japan, France, China, India, Brazil

Current funding for most U.S. government programs except for the military and Social Security payments expires on Sept. 30. The government would continue to make payments on Treasury bonds and other forms of debt during a shutdown. A government shutdown would prevent the collection and release of key market data including gross domestic product, unemployment figures and inflation data, clouding the ability of central bankers to gauge the strength of the economy, Cantrill said. "The Fed – who has emphasized how data-dependent it currently is – would be flying blind" into the central bank's policy meeting in November, she said. Economists at Capital Economists, meanwhile, said in a note on Monday that the risk of a shutdown is rising but said they expect a quick resolution.

Persons: Kevin Wurm, PIMCO, Libby Cantrill, Goldman Sachs, Kevin McCarthy, Cantrill, There's, David Randall, Ira Iosebashvili, Matthew Lewis Organizations: Capitol, REUTERS, Federal Reserve, Republicans, Social, Goldman, . House, Capital Economists, Thomson Locations: Washington , U.S, shutdowns, New York, London

The financial services trade group said in a report that global debt in dollar terms had risen by $10 trillion in the first half of 2023 and by $100 trillion over the past decade. It said the latest increase has lifted the global debt-to-GDP ratio for a second straight quarter to 336%. Prior to 2023, the debt ratio had been declining for seven quarters. Slower growth, alongside a deceleration in price increases, were behind the debt ratio rise, the report said. "As higher rates and higher debt levels push government interest expenses higher, domestic debt strains are set to increase," the IIF said.

Persons: Florence Lo, Rodrigo Campos, Karin Strohecker, Alexander Smith Organizations: U.S, REUTERS, Institute of International Finance, Reuters, Federal, Thomson Locations: United States, Japan, Britain, France, China, India, Brazil, Korea, Thailand, U.S

The new testimony comes as House Republicans begin an impeachment inquiry into President Joe Biden and his family, potentially undercutting one element of that effort. At issue is an October 2022 meeting between prosecutors and case agents working on the Hunter Biden investigation. But the deal fell apart amid scrutiny from a judge, and Weiss subsequently requested special counsel status. Shapley, a 14-year IRS veteran who oversaw parts of the Hunter Biden probe, alleged in testimony to Congress there was political interference in the investigation. Last week, CNN and others reported on Sobocinski’s testimony, which prompted Shapley’s attorneys to dispute his recollection of the October 2022 meeting.

Persons: Hunter, David Weiss, Weiss, Gary Shapley, General Merrick Garland, Hunter Biden, Joe Biden, Shapley, “, Shapley’s, Garland, ” Shapley, Joseph Ziegler, Department's, Hunter Biden Leah Millis, ” Thomas Sobocinski, ”, Darrell Waldon, Ryeshia Holley, “ Mr, Sobocinski, Mark Lytle, Tristan Leavitt, Justice Department “, ” Waldon, Gary, Waldon, ’, Holley, it’s, Michael Batdorf, CNN they’ve, Mark Daly, Jack Morgan, Suchat Pederson, –, Mathew Graves, Martin Estrada, ” Holley, Batdorf Organizations: Washington CNN, FBI, Internal Revenue, CNN, IRS, House Republicans, Republicans, Republican, DOJ, Justice Department, GOP, Congressional, District of Columbia, Central, Central District of, Mr Locations: Delaware, Baltimore, Washington, DC, Washington ,, California, Washington , DC, Wilmington , Delaware, Central District, Central District of California, Batdorf

CNN —House Republicans are still struggling to reach consensus on a plan to fund the government, with lawmakers going back-and-forth over the issue and leadership forced to delay a planned procedural vote as they work to find agreement within their ranks. House GOP leaders canceled a procedural rule vote on the proposal originally slated for Tuesday morning amid that opposition from hardliners. Amid the impasse in the House GOP conference, there are discussions underway among some Republicans and Democrats about teaming up on a so-called discharge petition to fund the government if the House Republican-brokered plan fails on the floor this week. Five Republicans – most of them from the right flank House Freedom Caucus – voted against the rule, denying House GOP leadership of the 218 votes it needed for passage. Chip Somodevilla/Getty ImagesRep. Ralph Norman, a South Carolina Republican, said he thinks they should work through the weekend until they are able to find agreement among House Republicans on how to keep the government open.

Persons: ”, Nancy Mace, Tom Emmer –, Kevin Hern, Hern, Hakeem Jeffries, Republicans –, Caucus –, McCarthy, Kevin McCarthy, Scott Perry, Bob Good, Virginia, Byron Donalds, Chip Somodevilla, Ralph Norman, Chip Roy, ” Roy, “, haven’t, Roy, ” Donalds, Perry, ” Perry, Matt Gaetz, Norman, Andy Ogles, Dan Bishop of, Andy Biggs of, Tim Burchett, Anna Paulina Luna of, Marjorie Taylor Greene, Matt Rosendale, Victoria Spartz, Eli Crane of, Cory Mills, Wesley Hunt, Wesley Hunt of Texas, Paul Gosar, Burchett, Bishop, Norman –, Ken Buck, Tom Cole of, Cole, ” Cole, “ That’s Organizations: CNN — House Republicans, GOP, Democratic, South Carolina Republican, Republican, “, CNN, Democrats, Politico, House Republicans, Department of Defense, Republicans, Caucus, Freedom Caucus, House Republican, Capitol, Getty, Texas Republican, Florida GOP Rep, Senate, ’, Defense, Ken Buck of Colorado . Locations: Pennsylvania, Florida, Washington ,, Texas, Tennessee, Dan Bishop of North Carolina, Andy Biggs of Arizona, Anna Paulina Luna of Florida, Marjorie Taylor Greene of Georgia, Matt Rosendale of Montana, Victoria, Victoria Spartz of Indiana, Eli Crane of Arizona, Cory Mills of Florida, Wesley Hunt of, Paul Gosar of Arizona, “, Biggs, Rosendale, Ken Buck of Colorado

☆ US housing starts hit three-year low; surge in permits point to underlying strength
▼ + stars: | 2023-09-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The decline in housing starts reported by the Commerce Department on Tuesday was the largest in a year and occurred across the board. Housing starts tumbled 11.3% to a seasonally adjusted annual rate of 1.283 million units last month, the lowest level since June 2020. Data for July was revised lower to show starts accelerating to a rate of 1.447 million units instead of the previously reported 1.452 million units. Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a rate of 941,000 units last month. They were boosted by a 14.8% surge in multi-family housing permits to a rate of 535,000 units.

Persons: Mike Blake, homebuilding, Daniel Vielhaber, Hilary, Freddie Mac, Goldman Sachs, Nancy Vanden Houten, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Federal, Nationwide, Reuters, U.S, Treasury, National Association of Home Builders, Oxford Economics, Realtors, LPL Financial, Thomson Locations: Rancho, San Diego , California, U.S, WASHINGTON, Columbus , Ohio, homebuilding, Northeast, Midwest, Wells Fargo, New York, Charlotte , North Carolina

The shutdown clock is ticking in Congress, after progress was largely stymied last week in both chambers amid conservative opposition. And with less than two weeks to fund the government, finding a path forward will be critical in the days ahead. The deal, brokered by House Freedom Caucus and Main Street Caucus Republicans, would cut spending on domestic agencies by some 8%, sparing the departments of Defense and Veterans Affairs while implementing border policies backed by House Republicans earlier this year. But not long after the deal was announced, a number of House conservatives pledged their opposition to the legislation and reiterated objections to any stopgap measure. The White House has asked Congress for roughly $40 billion in funding for Ukraine, domestic disaster relief and border security.

Persons: Matt Rosendale, Nancy Pelosi’s, Joe Biden’s, ”, Kevin McCarthy, Donald Trump, McCarthy, Volodymyr Zelenskyy, Joe Biden Organizations: House Republicans, Freedom Caucus, Main Street Caucus Republicans, Defense, Veterans Affairs, Montana Republican, Democrat, Republican, White, White House, Capitol, Russia, Republicans, Ukraine, Fox News Locations: Montana, Ukraine, California

☆ China's property price caps have two sharp edges
▼ + stars: | 2023-09-18 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG, Sept 18 (Reuters Breakingviews) - Chinese developers are in trouble. When the mood was bullish, price caps in major cities were far below what people were willing to pay. Scrapping the price caps would be a cleaner fix and officials are weighing up such a move, Reuters reported this month. CONTEXT NEWSChina's Guangzhou city has cancelled price caps on new residential projects, Caixin reported on Sept. 12. Price caps of various kinds were introduced in many Chinese cities from 2016 following the central government’s call for a stable residential market.

Persons: Zhao Youming, Tingshu Wang, Caixin, Price, Una Galani, Thomas Shum Organizations: Gaotie Wellness, REUTERS, Reuters, HK, Bureau of Statistics, Thomson Locations: Tongchuan, Shaanxi, China, HONG KONG, Guangzhou

☆ Matt Gaetz calls reports that he's running for governor 'clickbait' — but he's not denying it and claims 'dozens' of his former colleagues are pushing him to run
▼ + stars: | 2023-09-18 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

On Monday afternoon, NBC News reported that Rep. Matt Gaetz is expected to run for governor. Gaetz told Insider in a statement the report was "overblown clickbait." He said that "dozens" of his former colleagues in the state legislature asked him to run. When Gaetz attended a local GOP event on Sunday evening, he "strongly implied several times he would be running for governor," according to NBC. In a statement to Insider, Gaetz downplayed the report.

Persons: Matt Gaetz, Gaetz, Ron DeSantis, Jack Smith, Biden, Byron Donalds, Jack Smith's, Donald Trump, Donalds Organizations: NBC News, Service, Republican Gov, GOP, NBC, GOP Florida Rep, House Republicans, Republicans, Twitter Locations: Wall, Silicon, Florida, Ukraine

☆ I lost out on 5 houses before finally buying a home, and the experience taught me 5 things I think other buyers should know
▼ + stars: | 2023-09-17 | by ( Laura Grace Tarpley | Stephanie Hallett | Personal Finance Reviews Editor | ) www.businessinsider.com time to read: +6 min

We waived the inspection contingencies in our offers, but we still scheduled pre-offer inspections. Not only did we bring extra cash toward a low appraisal, but we made our earnest money non-refundable. But having low appraisal money in the double digits definitely gave us a leg up. We made our earnest money non-refundableEarnest money is a percentage of your down payment that you make upfront, sort of like a safety deposit. Our earnest money deposit was $10,000, and we marked on our offer letter that we forfeited our earnest money.

Persons: I've Organizations: Service Locations: Wall, Silicon

☆ What Happens When Wall Street Buys Most of the Homes on Your Block?
▼ + stars: | 2023-09-16 | by ( Ronda Kaysen | Ella Koeze | ) www.nytimes.com time to read: +21 min

Alvin and Patricia Maisonet bought their house in Bradfield Farms almost a decade ago. Bradfield Farms fit the bill: It is in an area that, in 2020, was 35 percent Black and 11 percent Latino, according to census data. Tarchia Barber chose to rent in Bradfield Farms because of the neighborhood’s rural feel. The RentersTarchia Barber liked the rural feel of Bradfield Farms, with cul-de-sacs and shady streets surrounded by farmland and woods. A school bus drops off students in Bradfield Farms, a quiet neighborhood where parents say their children often roam freely.

Persons: Ronda Kaysen, Ella Koeze, Logan Cyrus Sept, “, Alvin Maisonet, Maisonet, Patricia Maisonet, Joggers, ”, Alvin, Kelli Enos, Cash, can’t, Laurie Goodman, “ Covid, David Howard, Keith R, Madeline Bankson, They’re, Jessica Moreno, Tarchia Barber, Barber, He’d, Nikki Sloup, Sloup, Becky Johnson, didn’t, Johnson, Jesus ”, Greg McBride, Hall, Brandon Little, Keller Williams, Bradfield, “ We’ve, Jade Rahmani, Keefe, “ It’s, ” Mr, Rahmani, Enos, ” Dana Hartness, James M, Hasty, Ms, Lisa Damas, Kasey, Jim Sylvester, Sylvester, Hartness, —, — she’s, Dana Hartness, She’s Organizations: →, HomeRiver, Investor, Vegas, Kansas City, Antonio, Houston, Investors, New York Times, Homeowners, “, Bradfield Farms, Charlotte Airport, NORTH, NORTH CAROLINA, SOUTH, CAROLINA SOUTH, Bradfield, Housing Finance, Center, Urban Institute, National Rental Home, Rentals, Florida State University, Equity, Bankrate.com, Sheree, Nationwide, Facebook, Mecklenburg Police Locations: Ronda, Charlotte, N.C, Bradfield Farms, Bradfield, Paterson , N.J, United States, ATTOM, Atlanta, Phoenix, Memphis, Birmingham, Ala, Orlando, Fla, Jacksonville, Tampa, Kansas, Mo, NORTH CAROLINA, CAROLINA SOUTH CAROLINA, “, American, North Carolina, New Jersey, Peru

☆ Many older Americans who will need long-term care won't be able to afford insurance
▼ + stars: | 2023-09-16 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +6 min

“Living a long life is something that many of us want and could get,” said Jesse Slome, executive director of the American Association for Long-Term Care Insurance, an insurance education group. “But when we live a long life, the chances of us needing long-term care increase exponentially. Insurance is an option for someLong-term care insurance, a very niche and complex market, has traditionally been an option for those able to buy policies, but it is far from the norm. “The population of seniors who buy long-term care insurance constitutes a segment of the population who are healthier and their longevity is likely different than the nation as a whole,” said Slome. “Our concern is that … it will get even more expensive for those who have had the modest resources to access long-term care insurance to be able to afford it,” she noted.

Persons: ”, Jesse Slome, Jason Hopper, Ramsey Alwin Organizations: CNN, American Association for, Care Insurance, of Health, Human Services, Insurance, HHS, National Council, Aging, Washington Locations: United States, American, Washington, Pennsylvania, California, New York

☆ McCarthy Pulls Back Pentagon Spending Bill, Inching Closer to a Shutdown
▼ + stars: | 2023-09-14 | by ( Carl Hulse | More About Carl Hulse | ) www.nytimes.com time to read: +1 min

An urgent push by Speaker Kevin McCarthy to avert a government shutdown collapsed on Thursday as he bowed to resistance from his most conservative members and abandoned an effort to bring up a Pentagon spending measure this week. The surrender to the far right underscored the difficulties facing Mr. McCarthy as he tries to find a way to advance a series of spending bills and avoid a shutdown in two weeks, all while grasping to hold onto his post amid right-wing threats to oust him. During a closed meeting of House Republicans on Thursday morning, Mr. McCarthy was adamant that Republicans needed to avoid a shutdown, according to those attending. They said he vented at members over the stalemate and issued a profane dare to those who have threatened to try to remove him as speaker if he did not accede to their demands on spending or tried to strike a spending deal with Democrats. He also said he would keep the House in session next week until a spending breakthrough was achieved.

Persons: Kevin McCarthy, McCarthy Organizations: Republican, Democrat, Republicans

☆ Bank of England to raise Bank Rate to 5.50% in September, significant minority expect further hike: Reuters poll
▼ + stars: | 2023-09-14 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +4 min

Nearly all 65 economists in the Sept. 11-13 Reuters poll expected the BoE to hike its Bank Rate by 25 basis points to 5.50% this month, in line with interest rate futures pricing. Survey medians showed the Bank Rate was expected to peak at 5.50%, matching rate futures pricing, and stay there until mid-2024. While 28 economists expected the Bank Rate to peak at 5.75%, two said 6.00%. Nine of 16 gilt-edged Market Makers (GEMMs) that participated in the poll predicted a 5.50% peak rate and seven said 5.75%. A separate Reuters poll showed average house prices in Britain were predicted to fall 4% this year and flatline in 2024 before rising in 2025.

Persons: BoE, Maja Smiejkowska, Ellie Henderson, BoE Governor Andrew Bailey, Catherine Mann, Shaloo Shrivastava, Anitta Sunil, Purujit Arun, Maneesh Kumar, Pranoy, Ross Finley, Hari Kishan, Mark Potter Organizations: Bank of England, REUTERS, Rights, Reuters, HSBC, MPC, Royal Institution, Chartered Surveyors, Thomson Locations: London, Britain, Investec

THE TAKEThe federal government continues to steer toward a partial government shutdown on Oct. 1, as none of the one-dozen appropriations bills have been worked out between the Senate and House of Representatives. It also is unclear if enough House Republicans will support a separate, stopgap spending bill the White House has requested to keep the government operating beyond Sept. 30 when funds expire. CONTEXT* The Senate's bipartisan appropriations bills maintain the spending levels negotiated by House Speaker Kevin McCarthy and President Joe Biden, but a faction of House Republicans have pressed for more cuts. * The House has so far passed only one appropriations bill of the 12 total ahead of the deadline. WHAT'S NEXTThe Senate will hold a vote to pass the package in the next few days.

Persons: Elizabeth Frantz, Kevin McCarthy, Joe Biden, McCarthy, Makini Brice, Chizu Organizations: U.S, Caucus, Capitol, REUTERS, Rights, U.S . Senate, Republicans, White, House Republicans, Thomson Locations: Washington , U.S

☆ Higher gasoline prices lift US retail sales, trend slowing
▼ + stars: | 2023-09-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales rose 0.6% last month. Higher gasoline prices boosted producer prices in August, other data from the Labor Department showed on Thursday. Excluding gasoline stations, retail sales rose 0.2% last month. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.3% after increasing 0.8% in July. Excluding automobiles, gasoline, building materials and food services, retail sales edged up 0.1% in August.

Persons: Mike Blake, Christopher Rupkey, Goldman Sachs, Nancy Vanden Houten, Lucia Mutikani, Chizu Organizations: REUTERS, Commerce Department, Federal Reserve, Reuters, U.S . Energy Information Administration, Labor Department, Treasury, delinquencies, New York Federal Reserve, Gross, Oxford Economics, Thomson Locations: Carlsbad , California, U.S, WASHINGTON, New York

“Threats don’t matter, and sometimes people do those things because of personal things and that’s all fine,” McCarthy told reporters. “Whether or not McCarthy faces a motion to vacate is within his own hands. Alex Wong/Getty ImagesMcCarthy-Gaetz showdown takes center stage againThis is not the first time that McCarthy and Gaetz have squared off. As part of his deal to become speaker, McCarthy gave any single member the power to call for a floor vote on removing him. But after McCarthy cut a deal with Democrats to raise the debt ceiling this summer, the trust and communication between Gaetz and McCarthy broke down – and the rhetoric has gotten personal.

Persons: Kevin McCarthy, don’t, –, McCarthy, ”, ” McCarthy, “, I’ll, “ I’m, Matt Gaetz, Joe Biden, Gaetz, Eli Crane of, Dan Bishop of, Bob Good, Matt Rosendale, Ralph Norman of, Chip Roy, McCarthy’s speakership, “ We’ve, ” Good, Hakeem Jeffries, Gerry Connolly, Alex Wong, Don Bacon of Nebraska, Jim Jordan, Jordan, ” Jordan, Dusty Johnson, ” Johnson, he’s, Tim Burchett, Tony Soprano, Hunter Biden, Matt, I’m, ” Gaetz, Ken Buck, Ken Buck of Colorado, Norman, Andy Biggs, Marjorie Taylor Greene, Anna Moneymaker, wouldn’t, McCarthy’s, Roy, ” Greene, Greene, didn’t Organizations: CNN, ”, GOP, Caucus, Democrat, Republican Conference, Republican, Virginia Democrat, Florida Republican, U.S, Capitol, Biden, Ohio Republican, Tennessee Republican, McCarthy As, Senate, Freedom Caucus, Main, Democratic Locations: Florida, Eli Crane of Arizona, Dan Bishop of North Carolina, Virginia, Matt Rosendale of Montana, Ralph Norman of South Carolina, Texas, Washington , DC, McCarthy’s, Ohio, South Dakota, Gaetz, Ken Buck of, Arizona, Georgia, ”, Marjorie Taylor Greene of Georgia

☆ Disney starts drafting broadcast TV’s grand finale
▼ + stars: | 2023-09-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +9 min

It was pretty much the only way to watch “Gunsmoke” or “Howdy Doody” until cable networks arrived in force in the 1980s, bundled together for a monthly subscription fee. For Disney, ABC represented a watershed moment. Look deeper and the big broadcasters attracted only one in five viewers, while one in three watched cable networks. The TV group, excluding cable networks such as Fox News, generated an EBITDA margin of nearly 12% for the year ending June 30. Assume any deal includes cable networks such as Disney Channel and National Geographic.

Persons: Walt Disney, Bob Iger, ”, Howdy Doody, Fox, Rupert Murdoch, Michael Eisner, Iger, what’s, “ Abbott, Singer, Morgan Stanley, Disney’s, they’re, reckons Morgan Stanley, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav, Oliver Taslic Organizations: Reuters, Magic Kingdom, ABC, Disney, ESPN, Charter Communications, American Broadcasting Company, NBC, CBS, Capital Cities, RJR Nabisco, Paramount Global, Comcast, Warner Bros Discovery, Fox, Paramount, National Football League, NFL, Reuters Graphics Reuters, Bloomberg, Apple, Nielsen, BET, Wall Street Journal, Charter, U.S . Federal Communications Commission, Local, Disney Channel, Geographic, Apollo Global Management, TPG, Walt Disney, Thomson Locations: U.S, United States

The impeachment inquiry comes at a fragile political moment for the president. An impeachment inquiry would give Republicans broad new powers to request documents and testimony about the Bidens. For now, the White House views the situation from a communications standpoint rather than as a legal issue. “Kevin McCarthy, Marjorie Taylor Greene, and MAGA Republicans just launched a beyond ridiculous impeachment inquiry into President Biden,” the fundraising email reads. An element of the White House strategy is keeping him focused on his governing duties, including plans to deliver what the White House has billed as a “major economic address” in Maryland on Thursday.

Persons: Joe Biden, Kevin McCarthy’s, Biden, McCarthy, ” Biden, Biden’s, –, Hunter Biden, Devin Archer, Hunter, Republicans “ can’t, ”, Ian Sams, Sams, Kamala Harris ’, “ Kevin McCarthy, Marjorie Taylor Greene, MAGA, Donald Trump, – Trump, “ McCarthy, Trump, Kevin McCarthy, Bill Clinton, Dick Sauber, Russ Anello, Ammar Moussa, “, Kyle Herrig, it’s, Kamala Harris Organizations: CNN, GOP, Congress, White, Republicans, White House, MAGA Republicans, House Republicans, Democratic National Committee, Wednesday, Biden White, Democratic, Biden, Project, United Nations Locations: Maine, Maryland, New York

☆ The most predictable impeachment investigation in American history
▼ + stars: | 2023-09-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +13 min

CNN —The initiation of an impeachment investigation against a president ought to be an earthshaking moment in the nation’s history. Republicans could use an impeachment investigation of the president to fuel public suspicion over Hunter Biden’s cascading controversies. But the coming impeachment investigation represents a gamble for Republicans since it could cause a backlash in moderate districts that their majority depends on. Ian Sams, a White House spokesman for oversight and investigations, blasted the impeachment investigation as “extreme politics at its worst.”But the strain of an impeachment inquiry is hardly the way the White House would have preferred to prepare for election year. If the impeachment investigation does uncover more direct involvement of Joe Biden, condemnations of McCarthy’s action may have been premature.

Persons: Kevin McCarthy, Joe Biden, McCarthy, –, Biden, thrall, Trump, It’s, “, Hunter, They’ll, McCarthy’s, Joe Biden’s, Ian Sams, Hunter Biden’s, David Ignatius, didn’t, Kamala Harris, Democratic Sen, Dick Durbin, Hunter Biden, Jared Kushner, Nancy Pelosi, Alexander Hamilton, impeachments, ”, it’s, Matt Gaetz, Bill Clinton, Monica Lewinsky, Trump’s, Richard Nixon, David Bateman, Clinton, ” Bateman, there’s, who’s, Chris Christie, CNN’s Jake Tapper, Biden augured, Dan Newhouse, Pelosi, Will, ” McCarthy Organizations: CNN, Republican, GOP, White, Trump, California Republican, Mar, Republicans, Washington Post, Democratic, Representatives, ”, Clinton, Lawmakers, Cornell University, New, Washington, Senate Locations: United States, California, China, Ukraine, –, Florida, New Jersey

☆ Streaming subscribers are ready for added services, new research shows, as companies like Disney and Warner Bros. Discovery race to build bundles
▼ + stars: | 2023-09-13 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

The greatest interest was in shopping discounts (50%); 45% expressed interest in a bundle of more than one streaming service. "There's a way to differentiate yourself by tapping into those opportunities," he said of respondents' interest in other services. Of all countries surveyed, the appetite for streaming bundles was the strongest in the US, with 59% interested in streaming packages that included other streaming services or broadband/internet. Disney offers Disney+, ESPN+, and Hulu for one price and is in the process of migrating Hulu content into Disney+. EY also asked about recent price hikes for streaming services and found rising subscription fees haven't caused widespread cancellations.

Persons: EY, Tom Loozen, Peacock, HBO Max, David Zaslav, They're, Bob Iger, Loozen Organizations: EY Global Telecommunications Leader, Media, Comcast, Warner Bros, Discovery, AMC, Paramount, Walmart, Sky . Disney, Disney, ESPN, HBO, Apple, Hulu, Star, Paramount Global, Showtime Locations: Canada, EU, Asia, Hulu

☆ China 2023 GDP growth forecast cut to 5.0%, 4.5% in 2024 - Reuters poll
▼ + stars: | 2023-09-12 | by ( Vivek Mishra | ) www.reuters.com time to read: +4 min

"The primary culprit is the property sector. This source of growth has now evaporated and won't be coming back," said Julian Evans-Pritchard, head of China economics at Capital Economics in Singapore. The Sept. 4-11 Reuters poll of 76 analysts, based in and outside mainland China, predicted the economy would grow 5.0% this year, lower than 5.5% forecast in a July survey. While recent data showed signs of improvement in the economy, some economists said more policy support was needed for the ailing property sector. A strong majority of economists who answered an additional question said the risks to their 2023 and 2024 GDP growth forecasts were skewed to the downside.

Persons: Julian Evans, Pritchard, Bingnan Ye, Teeuwe Mevissen, Vivek Mishra, Devayani, Anant Chandak, Veronica Khongwir, Jing Wang, Kevin Yao, Ross Finley, Sam Holmes Organizations: Capital Economics, China Merchants Bank, People's Bank of, Rabobank, Thomson Locations: BENGALURU, China, Singapore, Beijing, Hong Kong, People's Bank of China, Netherlands, Bengaluru, Shanghai

☆ White House to send letter to news execs urging outlets to ‘ramp up’ scrutiny of GOP’s Biden impeachment inquiry ‘based on lies’
▼ + stars: | 2023-09-12 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

CNN —The White House plans to send a letter to top US news executives on Wednesday, urging them to intensify their scrutiny of House Republicans after Speaker Kevin McCarthy launched an impeachment inquiry into President Joe Biden, despite having found no evidence of a crime. “It’s time for the media to ramp up its scrutiny of House Republicans for opening an impeachment inquiry based on lies,” Ian Sams, a spokesperson for the White House Counsel’s Office, wrote in the letter, according to a draft copy obtained by CNN. The correspondence comes one day after McCarthy announced that he had directed three House committees to begin an impeachment inquiry into Biden. In its letter Wednesday, the White House will ask news organizations to be more clear-eyed in their coverage of the impeachment inquiry, and not to fall prey to the traps of false equivalency in reporting. The Republican House-led investigations into Biden have yet to provide any direct evidence that the president financially benefited from Hunter Biden’s career overseas.

Persons: Kevin McCarthy, Joe Biden, “, ” Ian Sams, McCarthy, Donald Trump, baselessly, Biden, White, ” Sams, Hunter Biden’s Organizations: CNN, White, Republicans, The New York Times, Fox News, Associated Press, CBS News, White House, Biden . House Republicans, Biden White House, Facebook, Fox, California Republican, Republican, Biden Locations: people’s, California

☆ NY Fed poll finds mostly stable inflation views, more financial worries in August
▼ + stars: | 2023-09-11 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The relative stability of inflation expectations last month came as the survey found respondents predicted accelerating price increases for a range of key categories. At the same time, survey respondents were more downbeat about access to credit and their current and future financial positions. A record number of households reported that credit was harder to get and a rising number of respondents predicted tougher credit access in the months ahead. The New York Fed survey arrives as the Fed moves toward its next rate-setting Federal Open Market Committee meeting, scheduled for September 19-20. Inflation expectations “have been incredibly well behaved, “ New York Fed President John Williams said last Thursday.

Persons: Shannon Stapleton, “, John Williams, we've, Michael S, Chizu Organizations: Federal Reserve Bank of New, REUTERS, New York Fed, “ New York Fed, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, July’s, Central

Black residents of the Hogg Hummock community on Sapelo Island sat mostly silent as McIntosh County commissioners scheduled a Tuesday vote on the proposal. “This plan will be be a giant step in the destruction of the culture of Hogg Hummock,” said Commissioner Roger Lotson, whose district includes Sapelo Island. In 2012, dozens of Hogg Hummock residents and landowners appealed tax increases caused by soaring property values. The current county ordinance limits homes in Hogg Hummock to 1,400 square feet (130 square meters) of heated and air-conditioned space. Hogg Hummock earned a place in 1996 on the National Register of Historic Places, the official list of America’s treasured historic sites.

Persons: Hogg, Hogg Hummock, ”, Roger Lotson, JR Grovner, “ I've, David Stevens, Adam Poppell, Stevens Organizations: ”, Hogg, National Register of Historic Places Locations: DARIEN, Ga, Georgia, McIntosh, Sapelo, Savannah, North Carolina, Florida, Civil, McIntosh County

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