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BUCHAREST, Romania (AP) — A two-day summit in Romania began on Wednesday that brings together 12 European Union member states situated between the Baltic, Black and Adriatic Seas, as the grouping of mostly formerly communist countries aim to boost ties and connectivity amid Russia’s war in Ukraine. The Three Seas Initiative, which is being held in the capital, Bucharest, brings together high-ranking officials from EU countries as well as representatives from partner countries and aims to improve interconnectivity in the transportation, energy, and the digital fields. Romanian Foreign Minister Luminita Odobescu tweeted Wednesday that she had “excellent discussions” with the U.S. assistant secretary of state for energy resources, Geoffrey Pyatt, about joint projects that aim to bolster regional energy security. On the sidelines of the event, Moldovan President Maia Sandu met Wednesday with Romanian Prime Minister Marcel Ciolacu. ___Stephen McGrath reported from Sighisoara, Romania.

Persons: Klaus Iohannis, isn’t, Luminita Odobescu, Geoffrey Pyatt, Odobescu, Iohannis, Maia Sandu, Marcel Ciolacu, Sandu, “, John Kerry, ___ Stephen McGrath Organizations: Union, Seas Initiative, U.S, EU, Romanian Locations: BUCHAREST, Romania, Black, Adriatic, Ukraine, Bucharest, Bulgaria, Hungary, Poland, Slovakia, Slovenia, Austria, Estonia, Croatia, Czech Republic, Latvia, Lithuania, Romanian, Moldova, Greece, Moldovan, Sighisoara

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

☆ Opinion | Will Tensions With China Suck the Fun Out of American Movies?
▼ + stars: | 2023-09-04 | by ( Kaj Larsen | ) www.nytimes.com time to read: +2 min

Such films would face a tougher road under the Green amendment. For argument’s sake, let’s say the Green amendment does force American studios to stop editing for China and, as a result, American films are banished from Chinese theaters. How exactly does that advance Mr. Green’s crusade against China — or the cause of free speech? If Chinese audiences can no longer see American movies, the Communist censors have achieved their goal: Less Americana on their screens. At a time of waning patriotism and lower military recruitment, the Green amendment could leave Hollywood less capable of portraying the military accurately and arguably less willing to portray it at all.

Persons: Mr, Green, China, China — Organizations: Department of Defense, Hollywood, China, Communist, U.S, Chinese Communist Party Locations: People’s Republic of China, China, America, India, U.S

USDA’s August corn and soy yields were the season’s highest in three of the last 10 years, most recently in 2022 for both. Looking toward final yields, the August corn yield has a slight tendency to be too high. Final corn yield was lower than in August in six of the last 10 years and in 10 of the last 15 years. The last two times final corn yield was above the August figure were in 2021 and 2017. USDA’s July corn and soy yields were 177.5 and 52 bpa, respectively, and both would be new records.

Persons: maximums, Karen Braun, Matthew Lewis Organizations: Agriculture, USDA, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, Midwest, Nebraska, Kansas, Iowa

But the Crop Watch producers are concerned that this heat could challenge the corn in particular as it continues to fill out kernels. Indiana picked up 2.5 inches last week, western Illinois 2.45 inches, Nebraska up to 1.4 inches, and South Dakota got 1 inch. That ties two other weeks out of the last six for the highest Crop Watch soybean yield prospects of the season so far. Crop Watch producers continue rating both crop conditions and yield potential on 1-to-5 scales. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx.

Persons: Shannon Stapleton, Karen Braun, Matthew Lewis Organizations: REUTERS, Crop Watch, Indiana, South Dakota, Southeastern, . Minnesota, Watch, Crop, Reuters, Thomson Locations: Gideon , Missouri, U.S, NAPERVILLE , Illinois, Iowa, Kansas, Illinois, Nebraska, South, Southeastern Illinois, North Dakota, Ohio, ., Minnesota, South Dakota, government’s, North Dakota , Nebraska, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County

Crop Watch corn and soybean fields were stressed last week under mostly dry conditions, but multiple rounds of rain over the weekend prevented yield expectations from declining. Last week’s Crop Watch rain totals were mostly concentrated over the weekend, though not all areas received the needed soaking. More than 3 inches of rain were observed in South Dakota, Nebraska, western Iowa and western Illinois, and Indiana picked up 2 inches. For example, the western Iowa producer this week described his beans as phenomenal while the Ohio field was said to look incredible. The North Dakota corn is in Griggs County and the soybeans are in Stutsman County.

Persons: Dane Rhys, dews, Karen Braun, Matthew Lewis Organizations: REUTERS, U.S . Crop, Crop Watch, Producers, Crop, Reuters, Thomson Locations: Ravenna , Ohio, U.S, NAPERVILLE , Illinois, Kansas, Nebraska, Illinois, North Dakota, South Dakota , Nebraska, Iowa, Indiana, Ohio , Kansas, Minnesota, North Dakota , Nebraska, government’s, Ohio, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County

☆ A Rising Tide Lifts Many Boats, but So Far Not Biden’s
▼ + stars: | 2023-08-04 | by ( Peter Baker | More About Peter Baker | ) www.nytimes.com time to read: +2 min

It can take a while for the public perspective to catch up with improving conditions. By the time he came up for re-election in 2012, public confidence in the economy had improved and he secured a second term. Wages have begun rising faster than inflation — but only just begun. While illegal border crossings have dropped significantly since last year, they surged again in July. Likewise, gas prices remain below their peak but have inched up lately.

Persons: George H.W, Bush, Clinton, Biden Organizations: Fitch Locations: Siena

☆ One-two punch barely fazes Uncle Sam
▼ + stars: | 2023-08-02 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, U.S., July 7, 2023. Fitch Ratings knocked the U.S. government from its perfect AAA grade, becoming the second major ratings agency to demote the country’s debt. Just minutes later, Donald Trump was indicted for his attempts to overturn the 2020 election. Yet despite the latest one-two punch, a resilient economy and the dollar’s global standing make it hard to bet against Uncle Sam. Former U.S. president Donald Trump was indicted on Aug. 1 for his sweeping efforts to overturn the results of the 2020 presidential election.

Persons: Donald Trump, George Washington’s “, It’s, Treasury Department ., Uncle Sam, Trump, Peter Thal Larsen, Sharon Lam Organizations: U.S, Republican, Reuters, Fitch, AAA, Bank for International, Treasury Department, Treasury Department . Fitch reckons, Former U.S, Trump, Thomson Locations: Bluffs , Iowa, U.S, WASHINGTON, Washington, American

☆ Stocks fall, Treasuries gain after Fitch downgrades US rating
▼ + stars: | 2023-08-02 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-Hoon/file photoHONG KONG, Aug 2 (Reuters) - Asian stocks traded lower while U.S. Treasury yields declined on Wednesday, after ratings agency Fitch unexpectedly downgraded the United States' top-tier sovereign credit rating. Asian stocks were also weighed by declines on Wall Street overnight. Fitch cut the United States by one notch to AA+ from AAA, citing fiscal deterioration, a decision announced after the Wall Street close on Tuesday. U.S. 10-year Treasury yields declined by about 2 basis points to 4.025% in Tokyo. The United States publishes fresh data on jobless claims and unemployment later this week.

Persons: Kim Kyung, Fitch, Hong Kong's, HSI, Manishi Raychaudhuri, counterintuitively, Steven Ricchiuto, Brent, Xie Yu, Sam Holmes Organizations: REUTERS, U.S, Treasury, United, Japan's Nikkei, AAA, Asia, BNP Paribas, Standard, U.S ., Mizuho Securities, West Texas, Thomson Locations: Tokyo, Japan, HONG KONG, United States, Asia, ., U.S, China

☆ Instant View: Fitch downgrades U.S. foreign currency ratings to 'AA+' from 'AAA'
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +9 min

The downgrade follows a debt ceiling agreement in June that came after months of political brinkmanship and ultimately lifted the government's $31.4 trillion debt ceiling. Unless they think that fiscal trajectory suggests risk of a default, which I don't think they say, I don't understand the reason for this." “So I don't think the reaction, it should surprise anyone in the markets because we've been through this before. JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS IN PALM BEACH, FLORIDA"I'm surprised, but I'm not surprised." "It's really the just the troubled negotiations that take place every time we have a debt ceiling or budget negotiation.

Persons: Thomas White, Fitch, STEVEN RICCHIUTO, ” WENDY EDELBERG, I'm, JASON WARE, Fiitch, MICHAEL O’ROURKE, “, ” BERNARD BAUMOHL, Poor’s, ” MICHAEL SCHULMAN, ANGELO KOURKAFAS, EDWARD JONES, ”, MICHAEL K, FARR, That’s, ” KEITH LERNER, ” “ It’s, ERIC WINOGRAD, ALLIANCEBERNSTEIN, QUINCY KROSBY, doesn't, JACK ABLIN, it's Organizations: REUTERS, United, AAA, USA, ., OF, HAMILTON PROJECT, BROOKINGS, WASHINGTON D.C, ALBION, Fitch, AA, PRINCETON, NEW, ST LOUIS, MILLER & WASHINGTON LLC, ADVISORY, Global Finance, Markets, Thomson Locations: United States, U.S, MIZUHO, WASHINGTON, CITY , UTAH, STAMFORD , CONNECTICUT, NEW JERSEY, ATLANTA, CHARLOTTE, NORTH CAROLINA, BEACH , FLORIDA

Crop Watch corn and soybean fields took a relatively large hit over the last week amid hot, humid weather accompanied by scarce rainfall. SCORE REDUCTIONSThe 11-field, average Crop Watch corn condition fell to 3.95 from 4.16 last week, the largest weekly cut in eight weeks. Average Crop Watch corn yield potential fell to 3.84 from 4.02 last week, also slightly lower than at the same point in the last two years. Crop Watch producers have been rating crop conditions and yield potential on 1-to-5 scales. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx.

Persons: Karen Braun, Matthew Lewis Organizations: U.S . Crop, Crop Watch, Watch, Illinois, Crop, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, Indiana, Ohio, Minnesota, Iowa, North, South Dakota, Nebraska , Kansas, Illinois, Southeastern Illinois, North Dakota, Kansas, South Dakota , Nebraska, Minnesota , Nebraska, Nebraska . Western Illinois, Nebraska, government’s, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County

That includes 2021, 2006 and 2005, where severe drought gripped 18-21% of U.S. corn in late July. U.S. corn in drought July 25This same week in 2006 featured the largest moderate drought expanse in the Corn Belt after 2023 at 46% coverage, followed by 38% in 2005 and 36% in 2021. But it is interesting that corn yields landed close to trend in those five years. Some 4% of spring wheat is in severe drought, the first trace of severe drought since April. North Dakota’s spring wheat yield reached a record 50 bpa in 2022 despite fears that delayed planting would be limiting.

Persons: North, Karen Braun, Matthew Lewis Organizations: U.S . Drought Monitor, Agriculture, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, North Dakota, North

NAPERVILLE, Illinois, July 24 (Reuters) - Crop Watch condition scores have somewhat steadied after rising for three straight weeks as the latest week’s dry weather was offset by cooler temperatures. CONDITIONS AND YIELDIn the latest week, corn condition and yield contracted slightly while soybean condition edged upward, and soy yield stayed unchanged. Crop Watch producers have been rating crop conditions and yield potential on 1-to-5 scales. WEATHEROhio was the wettest Crop Watch location last week with around 2.75 inches of rain in two events, one with some damaging hail. Photos of the Crop Watch fields can be tracked on my Twitter feed using handle @kannbwx.

Persons: Karen Braun, Matthew Lewis Organizations: Crop Watch, Producers, Crop, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S, Nebraska, Iowa, Ohio, The Ohio, North Dakota, government’s, Eastern Iowa, Illinois, South Dakota, Kingsbury , South Dakota, Freeborn , Minnesota, Burt , Nebraska, Rice , Kansas, Audubon , Iowa, Cedar , Iowa, Warren , Illinois, Crawford , Illinois, Tippecanoe , Indiana, Fairfield , Ohio, The North Dakota, Griggs County, Stutsman County

Although those factors caused Chicago corn and wheat futures to surge, speculators have held on to their bearish views thus far. In the week ended July 18, money managers reduced their net short position in CBOT corn futures and options to 46,926 contracts from 63,052 a week earlier. Managed money net position in CBOT corn futures and optionsCBOT December corn futures rallied 6.6% through Tuesday, July 18, though the week included a drop to new yearly lows after the Department of Agriculture expanded the U.S. corn crop outlook. Money managers’ net short in CBOT wheat futures and options has barely changed in the latest three weeks despite a 4% decline in most-active futures during the stretch. Money managers increased their net long in CBOT soybean futures and options to a three-week high of 95,814 contracts through July 18 from 82,748 a week earlier.

Persons: Soymeal, Karen Braun, Matthew Lewis Organizations: U.S, Department of Agriculture, Wednesday, Traders, Reuters, Thomson Locations: NAPERVILLE , Illinois, Ukraine, Chicago, U.S, soyoil

☆ Treasury Taps Sanctions Architect to Lead Financial Crimes Team
▼ + stars: | 2023-07-13 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

The Treasury Department said on Thursday that Andrea Gacki, an architect of the Biden administration’s sanctions program, would become the director of the Financial Crimes Enforcement Network in September. Her appointment is expected to bolster an agency that is central to the U.S. government’s efforts to crack down on money laundering and sanctions evasion, particularly given the number of new penalties imposed in the wake of Russia’s invasion of Ukraine. That has led to a vast effort by Russia to evade sanctions using shell companies, foreign exchange transactions and other complex financial maneuvers that the Financial Crimes Enforcement Network, known as FinCEN, is trying to stop. Ms. Gacki is currently the director of the Office of Foreign Assets Control, a unit within the Treasury Department where she has designed and imposed sanctions on countries such as Iran, North Korea and, most recently, Russia. In her new role at FinCEN, she will be leading another division within the Treasury that is responsible for cracking down on money laundering, cybercrime and sanctions evasion.

Persons: Andrea Gacki, Gacki Organizations: Treasury, Biden, Network, United, Foreign Assets Control, Treasury Department Locations: Ukraine, United States, Russia, Iran, North Korea

As of July 3, CBOT December corn futures had plunged nearly 22% off their June 21 high as much-needed rain for U.S. crops started falling and also appeared in forecasts. December corn fell 12% in the four-day week ended July 3, and money managers flipped to a net short in CBOT corn futures and options of 18,209 contracts. Managed money net position in CBOT corn futures and optionsU.S. soybean plantings on June 30 came in well below all trade guesses, causing a surge in November soybeans . CBOT wheat rose more than 1% over the last three sessions on a slower U.S. winter harvest and possible drought concerns for U.S. and Canadian spring wheat. However, open interest in CBOT wheat futures and options is at the lowest mid-year levels since 2005.

Persons: soyoil, Karen Braun, Leslie Adler Organizations: U.S . Department of Agriculture, USDA, Reuters, Thomson Locations: NAPERVILLE , Illinois, Chicago, Minnesota, Iowa , Wisconsin, North Dakota, U.S

☆ SPECIAL REPORT-Inside the subsea cable firm secretly helping America take on China
▼ + stars: | 2023-07-06 | by ( Joe Brock | ) www.reuters.com time to read: +23 min

Reuters is revealing details of the Diego Garcia project and SubCom’s deepening ties with the Pentagon. SubCom’s loyalty is especially important because it is the only major U.S. subsea cable company. Rather, they carefully obscured the U.S. military component within a larger private-sector cable project, according to four subsea cable industry sources with knowledge of the arrangement. That project, known as the Oman Australia Cable, was spearheaded by SUBCO, a Brisbane-based subsea cable investment company owned by Australian entrepreneur Bevan Slattery. Once the Navy project was complete, AT&T’s submarine cable project morphed into a commercial business, the former employees said.

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We’re, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ Inside the subsea cable firm secretly helping American take on China
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +24 min

Persons: Diego Garcia, SubCom, Cerberus, Stephen Feinberg, Donald Trump, Feinberg, Joe Biden, Biden, Eckhard Bruckschen, They’ve, ” Bruckschen, Trump, Brad Smith, –, Mao Ning, ”, Jacob Helberg, Bevan Slattery, SUBCO’s, Richard Payne, Payne, “ We're, ” Payne, Alex Kerska, Catherine Creese, Creese, David Coughlan, Coughlan, Slattery, SubCom’s Coughlan, Rich, Australia West Express –, John Mariano, Anthony Albanese, Albanese, Caesar, Kellee Wicker, ” Wicker, Joe Brock, Mohammad Kawoosa, Edgar Su, Catherine Tai Design, Eve Watling, Marla Dickerson Organizations: CS, SubCom, Google, Microsoft, Meta, ., U.S, Navy, Cerberus Capital Management, U.S . Navy, President’s Intelligence, Board, U.S . Navy’s Pacific Fleet, U.S . Pacific Fleet, U.S ., Pentagon, America Inc, Cable Consultancy, Reuters, Japan’s NEC Corporation, France’s Alcatel Submarine Networks, China’s HMN, U.S . Department of Defense, White, U.S . Department of Justice, Foreign, Oracle, China Economic, Security, Commission, U.S . Department of Transportation, Department of Defense, government’s, Cable Security Fleet, Oman Australia Cable, SUBCO, The, The U.S . Pacific Fleet, SUBCO’s Oman Australia Cable, Facebook, Defense, Intelligence, SubCom’s, London Stock Exchange Group, U.S . Coast Guard, Naval, Cable, Office, Tyco Telecommunications, Australian, Financial, Australia West Express, GoTo Networks, couldn’t, Netflix, AT, Tyco International, Tyco, New, Washington, Science, Technology, Wilson, “ Cables Locations: Diego, Indian, China, New Jersey, United States, U.S, Soviet, Washington, New York, Philippine, South China, Beijing, America, American, Hong Kong, Switzerland, Eatontown , New Jersey, British, Britain, Australian, Australia, Oman, Brisbane, Southeast Asia, The U.S, SUBCO’s Oman, Perth, SubCom, Guam, U.S . Pacific, Republic of Djibouti, of Africa, Djibouti, Sri Lanka, Scotland, Newfoundland

☆ Trump lacked power to declassify secret nuclear arms document, experts say
▼ + stars: | 2023-06-18 | by ( Jonathan Landay | ) www.reuters.com time to read: +5 min

[1/2] Former U.S. President Donald Trump delivers remarks following his arraignment on classified document charges, at Trump National Golf Club, in Bedminster, New Jersey, U.S., June 13, 2023. REUTERS/Amr Alfiky/File PhotoWASHINGTON, June 18 (Reuters) - Even when he was president, Donald Trump lacked the legal authority to declassify a U.S. nuclear weapons-related document that he is charged with illegally possessing, security experts said, contrary to the former U.S. president’s claim. The special status of nuclear-related information further erodes what many legal experts say is a weak defense centered around declassification. “The president is the executive branch and so he can declassify anything that is nuclear information,” he said. And it takes forever,” said Thomas Blanton, director of the National Security Archive.

Persons: Donald Trump, Amr Alfiky, Trump, ”, Steven Aftergood, David Jonas, Elizabeth Goitein, it’s, Thomas Blanton, Jonathan Landay, Don Durfee, Amy Stevens, Cynthia Osterman Organizations: U.S, Trump National Golf Club, REUTERS, WASHINGTON, Atomic Energy, Department of Energy, Department of Defense, Federation of Atomic Scientists, Prosecutors, Trump, Republican, Atomic Energy Act, DOE, Pentagon, AEA, U.S . National Nuclear Security Administration, Brennan Center for Justice, Constitution, DOD, National Security, Thomson Locations: Bedminster , New Jersey, U.S, declassify, declassification, United States, Florida

☆ Tiny tech bank defies US massacre of the minnows
▼ + stars: | 2023-06-08 | by ( John Foley | ) www.reuters.com time to read: +6 min

One example is $1 billion Live Oak Bancshares (LOB.N), which flouts many preconceptions about what it means to be a tiny U.S. bank. But if those failures demonstrated that rapid growth brings escalating risk, Live Oak is a counterexample. Because of the way that programme is structured, around 40% of Live Oak’s lending carries a government guarantee. The company spun out its cloud-based banking software division nCino (NCNO.O) in 2014; that firm is now worth $2.8 billion, more than twice Live Oak’s value. That more earthly valuation might reflect Live Oak’s biggest risk: that it starts to look more like the rest of the pack.

Persons: it’s, Chip Mahan, SVB, It’s, Huntley Garriott, Goldman Sachs, reckons, ’, Keefe, Mahan, Liam Proud, Streisand Neto Organizations: YORK, Reuters, Wachovia, Valley Bank, U.S, Regional, Silvergate, Reuters Graphics Reuters, government’s, Business Administration, SBA, Federal, Truist, PNC Financial Services, redwoods, Twitter, Thomson Locations: United States, North Carolina, U.S

☆ Merck Challenges U.S. Government’s New Powers to Negotiate Drug Prices
▼ + stars: | 2023-06-06 | by ( Joseph Walker | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: merck

☆ Treasury buyers live for the moment, unfortunately
▼ + stars: | 2023-06-01 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

The bill to suspend the so-called debt ceiling, approved by the House of Representatives on Wednesday, solves the most immediate threat to the government’s creditors. The Federal Reserve’s fight against inflation also stands to knock Treasury prices, while pushing up yields. Spending caps and other measures in the debt ceiling deal are projected to save $1.5 trillion over the next decade, the Congressional Budget Office said Tuesday. Treasury Secretary Janet Yellen warned on May 26 that the federal government would be unable to pay its bills on June 5. The U.S. House of Representatives voted 314-117 on May 31 to suspend the debt ceiling, a legislative cap on how much the Treasury can borrow that had been set at $31.4 trillion.

Persons: Goldman Sachs, That’s, Sam, Janet Yellen, Joe Biden’s, John Foley, Sharon Lam, Streisand Neto Organizations: Reuters, Treasury, Reuters Graphics Reuters, Refinitiv, Congressional, U.S . Congress, U.S . House, Senate, U.S, Treasury Department, Thomson Locations: Treasuries, U.S, Washington

☆ Breakingviews: Biden gives little, gets less in debt ceiling deal
▼ + stars: | 2023-05-28 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

WASHINGTON, May 28 (Reuters Breakingviews) - For President Joe Biden, a debt-ceiling victory comes with a bittersweet taste. The White House and top congressional Republican Kevin McCarthy reached a tentative deal for lifting the government’s borrowing limit on Saturday night. After months of negotiation, Biden and McCarthy reached an agreement just nine days before U.S. Treasury Secretary Janet Yellen said the country was expected to run out of cash. The deal lifts the debt ceiling about $4 trillion from its current level of $31.4 trillion, extending the government’s borrowing power for two more years. Follow @BenWinck on TwitterCONTEXT NEWSThe Biden administration and top congressional Republican Kevin McCarthy reached an agreement in principle on May 27 for raising the U.S. government’s debt ceiling.

☆ Debt crisis is a scary white swan for US economy
▼ + stars: | 2023-04-25 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

If Democrats and Republicans can’t agree to lift the government’s borrowing limit, the country could suffer an unprecedented and catastrophic default on its debt. The standoff over the debt ceiling is a white swan, or an entirely predictable, very frequent event that has the potential to be as catastrophic as its darker sibling. That is why, in all past scuffles over government borrowing, Congress ended up raising or suspending the debt ceiling. Uncertainty over the timing of the agreement led to the most volatile week for financial markets since the 2008 financial crisis. Failure to lift the debt ceiling soon can spark a vicious cycle of market anxiety, rising borrowing costs and bank stress.

☆ Inspector General Says U.S. Aid May Be Flowing to the Taliban
▼ + stars: | 2023-04-19 | by ( Karoun Demirjian | ) www.nytimes.com time to read: +2 min

“We used to brief on a regular basis,” Mr. Sopko said of his prior engagements with the State Department, U.S.A.I.D. and the Pentagon, as he lamented a lack of access of records on what he said was over $8 billion in U.S. aid that had been provided to Afghanistan since the evacuation. “Since SIGAR’s inception, U.S.A.I.D. “We are frequently and regularly working with SIGAR on their requests.”A State Department spokesman said that U.S. reconstruction activities in Afghanistan — the centerpiece of Mr. Sopko’s jurisdiction — ceased after the Taliban took over the government in August 2021. The hearing had been billed as a venue to scrutinize the Biden administration’s actions during the withdrawal, a focus that the panel’s top Democrat, Representative Jamie Raskin of Maryland, criticized as “absurdly narrow.”

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