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☆ The Coin, the Constitution, Premium Bonds: The Debt Limit Workarounds
▼ + stars: | 2023-05-09 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Move over, trillion-dollar coin, there is a new debt limit workaround in town — and this one sounds more sophisticated, which some of its proponents have suggested could make it more likely to work. For years, debt limit skeptics have argued that the United States can get around the cap on how much it can borrow by minting a large-denomination coin, depositing it in the government’s account at the Federal Reserve. The maneuver would exploit a quirk in U.S. law, which gives the Treasury secretary wide discretion when it comes to minting platinum coins. The government typically funds itself by issuing debt in the form of financial securities called bonds and bills. Typically, those coupon rates are set near market interest rates.

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.

CNN —Prince Louis, the youngest child of the Prince and Princess of Wales, has undertaken his first royal engagement at the age of five. The Wales family joined the scouts to renovate their scout hut. Prince George, nine, and Princess Charlotte, eight, were seen painting a porch. Prince Louis, dressed in blue shorts and a blue polo shirt, joined his father on a digger and helped fill a wheelbarrow with sand. Prince Louis pushed a loaded wheelbarrow while his mother and sister -- the Princess of Wales and Princess Charlotte -- watched on.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). The Platinum Card® from American Express offers up to $100 in credits at Saks Fifth Avenue each year. The Amex Platinum Saks credit is worth up to $50 at Saks Fifth Avenue from January to June, and another $50 July to December. Here's how to use the Amex Platinum Saks credit for maximum savings. For example, Rakuten occasionally offers up to 15% cash back (or 15 Amex Membership Rewards points per dollar, depending on your earning preferences).

SummarySummary Companies U.S. CPI due on WednesdayPlatinum regaining investors' attention - ANZMay 8 (Reuters) - Gold prices were listless on Monday, as cautious investors awaited a key U.S. inflation data due this week that could influence the Federal Reserve's monetary policy stance. Bullion prices fell more than 2% on Friday after stronger-than-expected U.S. payrolls data tempered expectations of interest rate cuts from the Fed. Gold would be among the "prime beneficiaries" if there are further signs of weakness in the U.S. economy, if the stars align for gold, prices could move to $2,100 sooner rather than later, Waterer said. On the physical front, China held 66.76 million fine troy ounces of gold at the end of April, up from 66.50 million ounces at end-March. "Platinum is regaining investors' attention as fundamentals improve," ANZ wrote in a note.

☆ Gold flat as traders gear up for U.S. inflation data
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: +2 min

A one-kilogram gold bar sits at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold prices were listless on Monday, as cautious investors awaited a key U.S. inflation data due this week that could influence the Federal Reserve's monetary policy stance. Bullion prices fell more than 2% on Friday after stronger-than-expected U.S. payrolls data tempered expectations of interest rate cuts from the Fed. Gold would be among the "prime beneficiaries" if there are further signs of weakness in the U.S. economy, if the stars align for gold, prices could move to $2,100 sooner rather than later, Waterer said. On the physical front, China held 66.76 million fine troy ounces of gold at the end of April, up from 66.50 million ounces at end-March.

☆ Restaurants are prioritizing tables for big spenders and return customers through premium programs with SevenRooms and Resy Global Access
▼ + stars: | 2023-05-07 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Certain credit cardholders and frequent bookers are now the top of lists when it comes to booking restaurant reservations. SevenRooms says it shares data with restaurant clients to identify big spenders and offer premium reservations. Members of Resy's Global Access Dining program have access to exclusive reservations at popular restaurants around the world. Through partnerships with both SevenRooms and Resy's Global Dining Access program, Amex holders have special tables set aside for them. Whether that fish is a walk-in or from the Global Dining Access program," he said.

☆ The Debt Ceiling Could Be Avoided by Issuing Premium Bonds, and That’s Fine. - The New York Times
▼ + stars: | 2023-05-07 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

As I wrote in my last column, this won’t be because investors view U.S. debt as excessive; America in 2023 isn’t Greece in 2009. If it happens, it will be because Republicans in the House are trying to use the debt ceiling to extort policy concessions they would have no chance of enacting through the normal legislative process. In such a situation, it’s natural to consider possible end runs around the debt ceiling that the Biden administration could use to meet U.S. commitments without the cooperation of Congress. There are two main gimmicks that have been widely discussed: premium bonds and platinum coins. Premium bonds are harder to explain, which may make them a more likely route, simply because the platinum coin offers an easier target for false narratives.

London CNN —The coronation of King Charles III on Saturday was a historic day, jam-packed with events – some planned, others not. The crowning eventCharles was hidden from view for the most dramatic part of the service at London’s Westminster Abbey on Saturday. King Charles III sits as he receives The St Edward's Crown during the coronation ceremony at Westminster Abbey, London, Saturday, May 6, 2023. Lady in bluePenny Mordaunt leads King Charles III during his coronation ceremony in Westminster Abbey. Queen Camilla and King Charles III arrive for their coronation at Westminster Abbey.

☆ Restaurants embrace premium reservations to target big spenders
▼ + stars: | 2023-05-06 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

When cities and states rolled back lockdown rules, many implemented new orders for restaurants to help with contact tracing, such as requiring customers to book tables in advance. As a result of those pandemic-fueled changes, restaurants and the companies that help them book their tables are targeting big spenders with premium reservation options to drive higher sales. About two-thirds of SevenRooms' restaurant clients use its software to promote special experiences or sell upgrades when customers book reservations. Page said the move toward premium restaurant reservations can partially explain why it feels like it's so much more competitive to book a table in advance these days. "I kind of don't like the whole 'Disney FastPass line' of restaurant reservations," he said.

☆ King Charles: His life in pictures
▼ + stars: | 2023-05-05 | by ( Jeremy Schultz | ) www.reuters.com time to read: 1 min

Britain's Queen Elizabeth, Prince Charles and Catherine, Duchess of Cambridge, along with Princess Charlotte and Prince Louis appear on the balcony of Buckingham Palace as part of Trooping the Colour parade during the Queen's Platinum Jubilee...moreBritain's Queen Elizabeth, Prince Charles and Catherine, Duchess of Cambridge, along with Princess Charlotte and Prince Louis appear on the balcony of Buckingham Palace as part of Trooping the Colour parade during the Queen's Platinum Jubilee celebrations in London, Britain, June 2, 2022. REUTERS/Hannah McKayClose

☆ Gold flat; set for weekly jump on hopes of Fed pause, banking woes
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices were flat on Friday but are set for their biggest weekly gain in nearly two months, as hopes of a pause in the U.S. Federal Reserve's interest rate hike cycle and banking worries in the country bolstered the safe-haven metal's appeal. Spot gold was little changed at $2,050.63 per ounce as of 0349 GMT, but was up 3% for the week. Mounting risks to the U.S. economy have also supported strong investor demand into gold as they sought haven assets, ANZ said in a note. The dollar index was set for a weekly drop, making gold more attractive for overseas buyers.

☆ Opinion | Why Debt Chicken Is Such a Dangerous Game
▼ + stars: | 2023-05-05 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

He is refusing to negotiate with McCarthy on spending cuts. He’s demanding a “clean” — that is, unconditional — increase of the debt ceiling. Let’s say a default badly damaged the economy. Because the party in the White House tends to do badly when the economy does badly, regardless of the reasons. McCarthy wouldn’t need to say a word about this on Tuesday: Both men know how politics work.

Just 21% say their views on the royal family have gotten more positive over the past decade, with another 41% saying their overall opinion has stayed the same. A CNN poll suggests attitudes towards the British royal family have worsened over the past decade, ahead of the coronation of King Charles III. Prince Harry (right) and Meghan (left) are among those members of the royal family rated most favorably by young people. Jamie Lorriman/AFP/Getty ImagesBut not all members of the royal family are viewed in the same light. The poll was conducted on March 24 through 26 among a random sample of 2,093 UK adults aged 18 and older.

SummarySummary Companies US dollar down 0.2%Powell: Won't rule out mild recessionPlatinum, palladium up 1%May 4 (Reuters) - Gold prices traded near record-high levels on Thursday, as U.S. yields and the dollar dipped after the U.S. Federal Reserve hinted it may pause its rate-hike cycle. Spot gold was up 0.1% at $2,040.46 per ounce by 0249 GMT. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49 scaled in 2020. U.S. gold futures rose 0.6% at $2,050.10. Spot silver rose 0.9% at $25.82 per ounce, platinum gained 1% to $1,060.16 while palladium edged 1.4% higher to $1,443.11.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Whether you're flying or driving, the right credit card can cover you if your trip doesn't go as planned. Note that credit card lenders may use many different variations of credit score models when considering your application. But you can save that $10 to $30 per day if you pay for your rental using a credit card with car rental insurance. Note that credit card lenders may use many different variations of credit score models when considering your application.

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☆ A House That Is as Green as It Gets
▼ + stars: | 2023-05-04 | by ( Zahid Sardar | ) www.nytimes.com time to read: +1 min

This article is part of our Design special section about making the environment a creative partner in the design of beautiful homes. “I really did not want a large house next to a lawn,” said Ms. Liu, who is now 56 and advises for the Nature Conservancy. The couple hired Aidlin Darling Design, a San Francisco firm, to build what the architects would come to call the “House of Earth and Sky.” Joshua Aidlin and Peter Larsen, the principals on the project, had ample experience with LEED, an evolving national standard for green buildings. And the couple wanted, and received, no less than the highest of the four LEED certifications: platinum. Ms. Liu’s desire for a drought-resistant garden was another prominent theme.

☆ Factbox: Key moments in King Charles' coronation
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +4 min

LONDON, May 4 (Reuters) - From the religious symbolism of his anointment to the moment when the crown is placed on his head, what are the highlights to look out for during the coronation of King Charles on Saturday? It has been used at every coronation since King William IV's in 1831 and was first used by George III to travel to the State Opening of Parliament in 1762. "This is often thought to be the most sacred part of the ceremony," Charles Farris, Public Historian At Historic Royal Palaces, said. "The big moment, the big photograph moment, the big moment that everyone's going to be talking about, making memes of, making TikToks of, that's when the king is crowned, when the king has the crown put on his head". While the newly-crowned king and queen will be the centre of attention, all eyes will be on whether Charles' younger son Prince Harry appears.

☆ 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.

☆ 10 Things in Tech: Uber wants to predict your habits, Apple and Google team up, and Lebron James eyes Complex Networks
▼ + stars: | 2023-05-04 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

And minting it could be a solution to avert a major economic catastrophe (here's an explanation of the looming disaster, by the way). This average-looking coin could prevent job losses, steep cuts to retirement savings, and other major financial blows. Shopify employees and experts brace for shakeup. Multiple sources told Insider that his company, SpringHill Co., has internally discussed offering around $100 million to buy Complex from Buzzfeed. Google tells employees to limit publishing AI research.

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.

☆ 5 Minutes That Will Make You Love Herbie Hancock
▼ + stars: | 2023-05-03 | by ( Marcus J. Moore | ) www.nytimes.com time to read: +2 min

Now, we’re turning to Herbie Hancock, the groundbreaking pianist and composer who emerged in jazz as something of a prodigy. His career took off after the trumpeter Donald Byrd asked Hancock to play in his quintet. By the early ’70s, Hancock had all but abandoned jazz for funk and ambient textures, and released challenging music that didn’t fit one box in particular. In 1973, he released his biggest album, “Head Hunters,” a propulsive funk odyssey that went platinum and led to Hancock playing to huge crowds. Below, we asked 11 musicians, writers and critics to share their favorite Hancock songs.

☆ 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.

☆ What King Charles' coronation means for the UK economy
▼ + stars: | 2023-05-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

But the UK economy as a whole could suffer as workers take an extra day’s holiday. John Lewis' Coronation Lewis Bear. John Lewis & PartnersDepartment store John Lewis has had to limit in-store purchases of its Coronation Lewis Bear to two per household, and the teddy is out of stock online. For the coronation, UK luxury brands “have procured unique merchandise at all levels of the economy and we’re seeing people buying it, particularly Americans and EU customers,” she added. (The coronation holiday will be the third holiday Monday this month.)

☆ A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.
▼ + stars: | 2023-05-03 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

One potential solution: Minting a trillion-dollar platinum coin to pay off debts and avert disaster. Some economists say that means it's time for a break-the-glass option: A trillion-dollar coin. The coin — which doesn't need to be bigger than your average purse change, and can be made quickly — is part of a potential debt ceiling loophole. Yes, a trillion-dollar coin is silly, but would Biden "rather not look silly and hurt seniors and hurt Medicare than the other way around?" Yellen has been critical of that route as well, saying in 2021 that she believes it is Congress' job to raise the debt ceiling.

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