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☆ US investors are searching overseas for opportunities
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Despite the gains in US stocks this year, some investors are looking for opportunities elsewhere. That’s despite what’s been shaping up to be a banner year for the US stock market — at least prior to this week’s US credit rating downgrade (more on that below). But some investors say that cheaper valuations for non-US stocks, compared to their domestic counterparts, are enticing some on Wall Street to look for deals overseas. The S&P 500 index currently trades at about 19.6 times its expected earnings, according to FactSet. That MSCI All Country World ex USA index has risen roughly 9% on a US dollar basis, underperforming the S&P 500.

Persons: Goldman Sachs, That’s, what’s, ”, Adam Turnquist, China’s, Jimmy Lee, bode, Fitch, ” Richard Francis, CNN’s Matt Egan, Francis, “, ” Francis, Janet Yellen, Obama, Jason Furman, Larry Summers, Read, Sam Stovall Organizations: CNN Business, Bell, CNN, Investors, Federal Reserve, LPL, Global, The Wealth Consulting, America, Fitch, Treasury Department, AAA

[1/5] Pope Francis attends a welcome ceremony at Parque Eduardo VII during his apostolic journey to Portugal on the occasion of the XXXVII World Youth Day, in Lisbon, Portugal, August 3, 2023. The crowd, which police said numbered about half a million, was the largest in Lisbon since celebrations in 2016 when Portugal's men won the European soccer championships. Thursday's early evening event was the first of several with the pope for World Youth Day, a gathering that takes place every three years in a different city. One of the young people who addressed the pope before he spoke asked him "to put things right in the Church for a better future". He told the crowd the Church had room for everyone, "including those who make mistakes, who fall or struggle", and led them in a chant of "Todos, todos, todos!"

Persons: Pope Francis, Parque Eduardo VII, Portugal mobbed Pope Francis, Francis, Edward VII, Mariana Moreira, God, Philip Pullella, Kevin Liffey Organizations: Parque, Vatican, Handout, REUTERS, Thomson Locations: Portugal, Lisbon, REUTERS LISBON, Barcelos

The fallout from Fitch’s downgrade continuesStocks appear set to open lower today, after falling yesterday in the wake of Fitch Ratings downgrading the United States’s AAA credit rating. But others have said Fitch’s move, while largely symbolic, still points to long-term troubles for the nation and its fiscal health. “There is no willingness on any side to really tackle the underlying challenges,” Mr. Francis said. But “it doesn’t really matter much,” Jamie Dimon, JPMorgan Chase’s C.E.O., told CNBC yesterday, echoing a common refrain to Fitch’s move. Critics of the move noted that according to criteria laid out last year by Fitch itself, including debt-to-G.D.P.

Persons: Richard Francis, Fitch’s, standoffs, ” Mr, Francis, ” Jamie Dimon, JPMorgan Chase’s, Fitch Organizations: Fitch, United States’s AAA, Wall, U.S, Times, JPMorgan, CNBC Locations: U.S

[1/8] Pope Francis speaks as he meets with authorities, civil society and the diplomatic corps in the Cultural Centre of Belem during his apostolic journey to Portugal on the occasion of the XXXVII World Youth Day, in Lisbon, Portugal, August 2, 2023. REUTERS/Guglielmo MangiapaneLISBON, Aug 2 (Reuters) - Pope Francis promised on Wednesday to continue to "stir things up" in the Catholic Church as he moves on with reforms and changes that could leave a lasting legacy. The 86-year-old pope is making his first trip since intestinal surgery in June and uses a wheelchair and cane. A huge billboard raising awareness of clerical sexual abuse was put up overnight in Lisbon hours before Francis' arrival. Francis will also visit Fatima, the town north of Lisbon where the Church believes that the Virgin Mary appeared to three poor shepherd children in 1917.

Persons: Pope Francis, Guglielmo Mangiapane LISBON, Francis, Marcelo Rebelo de Sousa, Filipa Almeida, Almeida, Coracao Silenciado, Fatima, Virgin Mary, Philip Pullella, Catarina Demony, Patricia Rua, Alexandra Hudson, Alison Williams Organizations: Cultural, Belem, REUTERS, Catholic Church, Sunday, Thomson Locations: Portugal, Lisbon, Rome, Brazil, Ukraine, Europe, Western

Francis was speaking in Lisbon at the start of a five-day visit to the country in which he hopes to energize young Catholics during World Youth Day, the world's largest Catholic festival. The Vatican added the victims were accompanied by some representatives of institutions of the Portuguese Church responsible for the protection of minors. YOUNG CATHOLICS CONVERGE ON LISBONThe pope landed in Lisbon to a sea of young Catholics who have poured into the city from around the globe for the World Youth Day festival, held every two or three years in a different city. In Lisbon, young believers jumped and sang as they proudly waved their country's flag outside the Vatican embassy, where the pope is residing. REUTERS/Guglielmo MangiapaneWorld Youth Day "is a sign of faith and union in which all of us get together for a cause," said 20-year-old Carlos Hernandez.

Persons: Pope, Francis, Pope Francis, Guglielmo Mangiapane, Carlos Hernandez, Australian Andrew De Santos, Marcelo Rebelo de Sousa, Philip Pullella, Catarina Demony, Patricia Rua, Alison Williams, Conor Humphries, Grant McCool Organizations: Catholic, Wednesday, Catholic Church, Vatican, Bishops, Conference, Cultural, Belem, REUTERS, Sunday, Thomson Locations: Portugal, LISBON, Lisbon, Portuguese, Vatican, Australian, Brazil, Rome, Ukraine, Europe

That deterioration, as well as increased polarization in the country’s political climate, was visible in the Jan. 6 insurrection, which the agency highlighted in meetings with the Treasury ahead of the downgrade. "It was something that we highlighted because it just is a reflection of the deterioration in governance, it's one of many," he said. "You have the debt ceiling, you have Jan. 6. The latest debt ceiling suspension, agreed in June, will last until early 2025, when another political debate around the borrowing limit is likely, he added. "That would just highlight the real political polarization and the kind of deterioration in governance that we've already noted ... to have a two-notch downgrade would be pretty harsh."

Persons: Donald Trump, Leah Millis, Fitch, Richard Francis, Francis, Janet Yellen, Jared Bernstein, “, we've, Davide Barbuscia, Megan Davies, Ira Iosebashvili, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Fitch, Reuters, AAA, Republicans, Hearst, Standard, Treasury, CNBC, Thomson Locations: Washington , U.S, States, United States

☆ Yellen calls Fitch downgrade 'entirely unwarranted' amid US economy's strength
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +3 min

U.S. Treasury Secretary Janet Yellen speaks during a climate finance roundtable discussion at the U.S. Embassy in Beijing, Saturday, July 8, 2023. "Fitch's decision is puzzling in light of the economic strength we see in the United States," Yellen said. "I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted." Fitch had cited a deterioration in U.S. governance that started during the prior Trump administration in making its decision, according to U.S. Treasury officials. The company has a contract to develop scanning technology to convert paper documents so that they can be digitally processed.

Persons: Janet Yellen, Mark Schiefelbein, MCLEAN, Biden, Yellen, Joe Biden's, Fitch, Trump, Richard Francis, Donald Trump, Francis, Biden's, David Lawder, Paul Simao Organizations: Treasury, U.S, Embassy, . Treasury, Fitch, Internal Revenue Service, Reuters, U.S . Capitol, AAA, Republicans, Century Technologies, Thomson Locations: Beijing, Virginia, Washington, United States, U.S, McLean , Virginia

That deterioration, as well as increased polarization in the country’s political climate, was visible in the Jan. 6 insurrection, which the agency highlighted in meetings with the Treasury ahead of the downgrade. "You have the debt ceiling, you have Jan. 6. Higher interest rates are also likely to make the country's debt burden heavier to sustain, he added. The latest debt ceiling suspension, agreed in June, will last until early 2025, when another political debate around the borrowing limit is likely, he added. "That would just highlight the real political polarization and the kind of deterioration in governance that we've already noted ... to have a two-notch downgrade would be pretty harsh."

Persons: Donald Trump, Leah Millis, Fitch, Richard Francis, Francis, Janet Yellen, we've, Davide Barbuscia, Megan Davies, Ira Iosebashvili, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Fitch, Reuters, AAA, Republicans, Hearst, Standard, Treasury, Thomson Locations: Washington , U.S, States, United States

☆ The Fitch analyst behind the U.S. downgrade breaks down the decision—and how the country can regain the top rating
▼ + stars: | 2023-08-02 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London, Britain. It's not a growing jobs market, strong U.S. dollar or a resilient economy that will help the U.S. regain the top rating from Fitch. Fitch Ratings cut the United States' long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, sending global stock markets down on Wednesday. "This is a steady deterioration we've seen in the key metrics for the United States for a number of years. That has hindered the U.S. government from coming up with meaningful solutions to deal with growing fiscal issues, particularly around entitlement programs such as Social Security and Medicare, he said.

Persons: It's, Richard Francis, Fitch's, Francis Organizations: Canary, U.S, Fitch, AAA, Democrats, Social Security Locations: London, Britain, United States, Americas

☆ Fitch tells CNN why it downgraded America now
▼ + stars: | 2023-08-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Fitch Ratings is defending its controversial decision to downgrade the US credit rating by pointing to the nation’s mountain of debt. “The numbers speak for themselves,” Richard Francis, the lead analyst on US sovereign ratings at Fitch, told CNN in an interview on Wednesday. Within minutes of Fitch’s downgrade on Tuesday evening, the White House, Treasury Department and some leading economists slammed the move. Whether America slips into a mild recession or narrowly avoids one “just doesn’t move the needle,” Francis told CNN. ‘The center’s fallen apart’Beyond the fiscal mess, Fitch is growing increasingly worried about the political situation in the world’s largest economy.

Persons: New York CNN Business — Fitch, ” Richard Francis, Francis, “, ” Francis, Janet Yellen, Fitch, Obama, Jason Furman, Larry Summers, ”, Donald Trump, there’s, Biden Organizations: New York CNN Business, Fitch, CNN, Treasury Department, Social Security, Office, Democrats, Republicans, Trump Locations: America

☆ Even Pope Francis is calling on Russia to rejoin the Black Sea grain initiative as wheat prices spike
▼ + stars: | 2023-07-31 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Pope Francis called on Russia to restore the Black Sea grain deal Sunday. “I appeal to my brothers, the authorities of the Russian Federation, so that the Black Sea initiative may be resumed and grain may be transported safely,” Francis said. "I appeal to my brothers, the authorities of the Russian Federation, so that the Black Sea initiative may be resumed and grain may be transported safely," Francis said during his weekly Angelus message, delivered to Roman Catholics worldwide. Benchmark wheat prices had their biggest one-day jump in over a decade the week Russia pulled out of the Black Sea grain deal, a United Nations-brokered agreement that had allowed Ukraine to export grains and oilseeds through a safe shipping corridor for the past year. As well as Pope Francis, top policymakers from the UN and European Union have warned that Russia's latest economic assault on the West will make it much more expensive for poorer countries to import grain.

Persons: Pope Francis, Moscow, ” Francis, Francis, Angelus, Pope, António Guterres, Josep Borrell Organizations: UN, Russian Federation, Service, United Nations, Chicago Board of Trade, Kremlin, European Union Locations: Russia, Wall, Silicon, Ukraine, Moscow

☆ Pope urges Russian 'brothers' to restore Black Sea grain deal
▼ + stars: | 2023-07-30 | by ( Alvise Armellini | ) www.reuters.com time to read: +2 min

VATICAN CITY, July 30 (Reuters) - Pope Francis on Sunday called on Russia to reverse its decision to abandon the Black Sea grain deal, under which it had allowed Ukraine to export grain from its seaports despite the ongoing war. "I appeal to my brothers, the authorities of the Russian Federation, so that the Black Sea initiative may be resumed and grain may be transported safely," Francis said during his weekly Angelus message. Global wheat prices have spiked since Russia on July 17 quit the pact, which was brokered by the United Nations and Turkey in July 2022, and began targeting Ukrainian ports and grain infrastructure on the Black Sea and Danube River. Addressing crowds in St Peter's Square, the pope urged the faithful to continue praying "for martyred Ukraine, where war is destroying everything, even grain," calling this "a grave insult to God." Russia walked out of the Black Sea deal after saying its demands to ease sanctions on its own grain and fertilizer exports had not been met.

Persons: Pope Francis, Francis, Angelus, Vladimir Putin, Azali Assoumani, Cardinal Matteo Zuppi, Zuppi, Alvise Armellini, Angus MacSwan, Susan Fenton Organizations: CITY, Russian Federation, United, African Union, Thomson Locations: Russia, Ukraine, United Nations, Turkey, St Peter's, Moscow, Africa, Kyiv, Washington

☆ Pope urges world leaders to do more to tackle climate change
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

VATICAN CITY, July 23 (Reuters) - Pope Francis said on Sunday that recent heat waves across many parts of the world and flooding in countries such as South Korea showed that more urgent action was needed to tackle climate change. "Please, I renew my appeal to world leaders to do something more concrete to limit polluting emissions," the Pope said at the end of his Angelus message to crowds in St. Peter's Square. Francis has called on the world to rapidly ditch fossil fuels and made the protection of the environment a cornerstone of his pontificate. On Sunday, the pope expressed solidarity with those who were suffering from the climate crisis and those helping them. Writing by Keith Weir; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pope Francis, Pope, Angelus, Francis, Keith Weir, Hugh Lawson Organizations: CITY, Thomson Locations: South Korea, St, United States, China, Europe, Italy, Greece, Rhodes

☆ Global heat in ‘uncharted territory’ as scientists warn 2023 could be the hottest year on record
▼ + stars: | 2023-07-08 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

It works like this: As the world burns fossil fuels and pumps out planet-heating pollution, global temperatures are steadily warming. David J. Phillip/APWhile the record temperatures may have been expected, the magnitude by which some have been broken has surprised some scientists. Historically, global heat records tend to topple in El Niño years, and the current record-holder, 2016, coincided with a strong El Niño. The world gets hung up on blockbuster records but “these heat records are not exciting numbers,” she told CNN. CFOTO/Future Publishing/Getty ImagesUnheeded warningsFor climate scientists, this is the “I told you so” moment they never wanted.

Persons: –, Jennifer Francis, ” Carlo Buontempo, Copernicus, “, we’ve, ” Francis, El, ”, Friederike Otto, Andres Matamoros, David J, Phillip, Peter Stott, There’s, Robert Rohde, ” Otto, Prashanth Vishwanathan, Niño, El Niños, ” Stott, Otto said, “ Organizations: CNN, Climate Research, World Meteorological Organization, Grantham Institute, Climate, UK’s Met, ”, Bloomberg, Getty, Publishing Locations: Europe, Antarctica, Pacific, El, Houston, Berkeley, Patna, Bihar, India, Texas, Mexico, China, Beijing, Northern, Zhonghua, Handan, North China's Hebei

Threads is integrated into Instagram, giving it potential access to roughly two billion monthly active users. Threads isn’t available in the European Union, where privacy watchdogs have long been concerned with how Meta handles users’ information. Being big doesn’t run afoul of antitrust law. Leveraging them to enhance the quality of Threads would not in and of itself violate antitrust laws, Mr. Melamed said. “The Threads example shows that big tech companies can also be valuable entrants, bringing new competitive pressure,” Mr. Francis said.

Persons: Nancy Rose, DealBook, ” Ms, Rose, ”, Doug Melamed, Melamed, “, Daniel Francis, Mr, Francis, — Ephrat Livni Organizations: Federal Trade Commission, European Union, Massachusetts Institute of Technology, Twitter, Stanford Law School, Justice Department, New York University, Competition Locations: ’

☆ Pope Francis condemns burning of Koran - UAE newspaper
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 3 (Reuters) - Pope Francis said the burning of the Muslim holy book, the Koran, has made him angry and disgusted and that he condemned and rejected permitting the act as a form of freedom of speech. "Any book considered holy should be respected to respect those who believe in it," the pope said in an interview in the United Arab Emirates newspaper Al Ittihad, published on Monday. "Freedom of speech should never be used as a means to despise others and allowing that is rejected and condemned." While Swedish police have rejected several recent applications for anti-Koran demonstrations, courts have over-ruled those decisions, saying they infringed freedom of speech. Reporting by Maha Eldahan; Editing by Edmund Klamann and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Pope Francis, Al Ittihad, Maha Eldahan, Edmund Klamann, Raju Gopalakrishnan Organizations: United Arab Emirates, Al, NATO, Swedish, Thomson Locations: DUBAI, Sweden's, Stockholm, Turkey, Sweden

☆ Papal envoy says Moscow visit focused on humanitarian issues, not peace plan
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

MILAN, July 2 (Reuters) - Papal envoy Cardinal Matteo Zuppi said on Sunday his mission to Moscow on the Ukraine war was focused on humanitarian issues and had not involved any discussions of a peace plan. Pope Francis had in May asked Zuppi, head of the Italian bishops' conference, to carry out a peace mission to try to help end the war in Ukraine. There is not a peace plan, not a mediation", Zuppi told state broadcaster RAI. On the same day, a Vatican statement said the visit was "aimed at identifying humanitarian initiatives, which could open roads to peace". During his Sunday blessing, Francis called on pilgrims to keep praying for peace, "even during summer time and especially for Ukrainian people".

Persons: Cardinal Matteo Zuppi, Pope Francis, Zuppi, Vladimir Putin's, Yuri Ushakov, Kirill, Volodymyr Zelenskiy, Constantinople, Francis, Gianluca Semeraro, David Holmes Organizations: MILAN, Papal, Russian Orthodox Church, RAI, Thomson Locations: Moscow, Ukraine, Russian

☆ Pope names Argentine bishop, author of kissing book, to top Vatican post
▼ + stars: | 2023-07-01 | by ( Philip Pullella | ) www.reuters.com time to read: +2 min

A Vatican statement on Saturday said Francis had chosen fellow Argentine Archbishop Victor Manuel Fernandez to be the head of the Dicastery for the Doctrine of the Faith (DDF). The powerful post of DDF prefect was held by Cardinal Joseph Ratzinger for 23 years before he became Pope Benedict in 2005. "The kiss is a meeting of the two in a moment in which there is nothing else besides them, and nothing else matters," Fernandez wrote in the book. The Vatican did not mention the book in the partial list of his publications it issued with the appointment announcement. Francis succeeds Cardinal Luis Francisco Ladaria, a Spanish Jesuit, who is at the end of his mandate.

Persons: Pope Francis, Francis, Victor Manuel Fernandez, Fernandez, Cardinal Joseph Ratzinger, Pope Benedict, Cardinal Luis Francisco Ladaria, Philip Pullella, Andrew Cawthorne Organizations: Catholic, Argentine, Pontifical Catholic University of Argentina, Spanish Jesuit, Thomson Locations: Argentine, Spanish

☆ Booking.com to launch trip planner partially powered by tech behind ChatGPT
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Booking.com (BKNG.O) said on Tuesday it would test a trip planner, partially powered by ChatGPT's large language model, on its travel booking app that would allow select travelers in the U.S. to pose queries and create itineraries. "Our new AI Trip Planner provides us with some really exciting possibilities to help our customers plan and search for travel options in a very natural, human way," Booking.com's technology chief Rob Francis said in a statement. The technology, known as generative AI, has taken the tech world by storm and pushed many companies to explore its uses. An early version of the trip planner will become available to some of Booking.com's loyalty program "Genius" members in the United States over the coming weeks. Reporting by Priyamvada C and Shivansh Tiwary in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Rob Francis, Expedia, Priyamvada, Shilpi Majumdar Organizations: Thomson Locations: U.S, San Francisco, United States, Bengaluru

☆ Pope offers prayers to family of 'Vatican girl' who went missing 40 years ago
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pope Francis leads the Angelus prayer from his window at the Vatican, June 25, 2023. Vatican Media/Handout via REUTERSVATICAN CITY, June 25 (Reuters) - Pope Francis on Sunday offered prayers and solidarity to the family of a Vatican schoolgirl who went missing 40 years ago in one of Italy's most enduring mysteries. The case has drawn renewed worldwide attention following the release of the Netflix series "Vatican Girl" late last year. Pietro Orlandi was standing with a group of supporters holding up photographs and banners that called for "truth" and "justice". In April, Pope Francis called the allegations "offensive and unfounded insinuations".

Persons: Pope Francis, Emanuela Orlandi, Francis, Pietro, Pietro Orlandi, ANSA, Pope John Paul II, John Paul II, Alvise Armellini, Emelia Sithole Organizations: Vatican, Handout, REUTERS VATICAN CITY, Netflix, Thomson Locations: Rome, St Peter's, Italian

Rome CNN —Pope Francis was recovering well in a Rome hospital on Thursday, the day after the 86-year-old had abdominal surgery that renewed health fears. “This wasn’t an urgent surgery,” Dr. Sergio Alfieri, the surgeon who operated on Pope Francis, said at a press conference. Pope Francis, seated in a wheelchair, attended a weekly general audience at the Vatican on June 7. Pope’s fragile healthThis operation is the latest in a series of health scares surrounding Pope Francis. Medical sources say that the intervention was likely related to the surgery Francis underwent in 2021, which removed half of his colon.

Persons: Rome, Rome CNN — Pope Francis, “, ”, Matteo Bruni, Francis, ” Dr, Sergio Alfieri, Pope Francis, ” Alfieri, Andreas Solaro, Alfieri, he’s “, –, Cardinal Pietro Parolin, Bruni, Francis ’, Pope Francis now, Annatuli, Carina, State Cardinal Tarcisio Bertone, Tarcisio Bertone, ’ ”, Pope Benedict XVI, Gregory XII, Volodymyr Zelensky Organizations: Rome CNN, Vatican, Gemelli, Reuters, Catholic, Papal, Getty, CNN, Spanish, ABC, State, Catholic Church Locations: Rome, AFP, The Prefecture, Mexico, Myanmar, Iraq, Ukraine

☆ Pope Francis to have abdominal surgery, in latest health concern
▼ + stars: | 2023-06-07 | by ( John Allen | ) edition.cnn.com time to read: +3 min

Rome CNN —Pope Francis will have surgery on his abdomen and remain in a Rome hospital for several days, the Vatican said Wednesday, sparking renewed fears over the 86-year-old’s fragile health. The pope was forced to cancel several work commitments in late May after he was debilitated by a fever. According to medical sources, the intervention is likely related to the surgery Francis experienced in 2021 to remove half of his colon. Should Francis be incapacitated for any length of time, the Vatican could find itself facing something of a constitutional crisis. Francis said he wrote the letter several years ago and gave it to then-Vatican Secretary of State Cardinal Tarcisio Bertone, who resigned in 2013.

Persons: Rome, Rome CNN — Pope Francis, Francis, he’s “, Vatican, Matteo Bruni, ” Francis, Pius XI, ”, Cardinal Pietro Parolin, State Cardinal Tarcisio Bertone, Tarcisio Bertone, ’ ”, Francis ’, Pope Benedict XVI, “, Gregory XII Organizations: Rome CNN, Vatican, Rome’s Clinic, Catholic, Spanish, ABC, State Locations: Rome, St

☆ Fitch warns it could still downgrade America’s credit rating despite debt ceiling resolution
▼ + stars: | 2023-06-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Fitch Ratings is keeping the United States on watch for a potential credit rating downgrade even after Congress passed a last-minute bill to avert a disastrous default. Although the resolution to the debt ceiling fight is a “positive,” Fitch expressed deep concern about the recurring brinksmanship and worsening polarization in Washington. That reasoning is similar to the rationale behind the downgrade by S&P in 2011 – an unprecedented step that occurred after Congress agreed to raise the debt ceiling. The latest debt ceiling battle has prompted more calls for reform or even eliminating the debt ceiling. This isn’t the first time the credit ratings firm has sounded the alarm about the messy state of affairs in America.

Persons: New York CNN — Fitch, Fitch, ” Fitch, “ Fitch, Richard Francis, Francis, Joe Biden, Chris Krueger, ” Krueger, “, James McCormack, Fitch’s, ” McCormack Organizations: New, New York CNN, CNN, Fitch, AAA, House Republicans, Congressional, Cowen’s Washington Research Group, Security, Medicaid, Fed, Treasury Locations: New York, United States, Washington, America

☆ 30-year-old started his business with a website, sewing kit and Pizza Hut salary—now he's a billionaire
▼ + stars: | 2023-05-26 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Ben Francis didn't become wealthy through a family inheritance or business school connections. Originally, Francis and co-founder Lewis Morgan launched Gymshark as a website selling fitness supplements, he told CNBC Make It in 2021. "CEO was not the right role for me when I was in my early 20s," Francis told CNBC Make It. "Just because I'd started a business that had grown very quickly didn't mean I was the most competent chief exec." "I really think Gymshark can be the U.K.'s answer to those brands," Francis told CNBC Make It.

☆ A 30-year-old university dropout and former Pizza Hut delivery driver is now worth $1.1 billion — 3 times more than Ed Sheeran
▼ + stars: | 2023-05-21 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Ben Francis is a university dropout and former Pizza Hut delivery driver who founded Gymshark. The 30-year-old is up seven places to 184th on this year's Sunday Times Rich List. He's now worth £900 million, or $1.1 billion, putting him up seven places to 184th on this year's Sunday Times Rich List. After leaving Aston University in Birmingham, England, Francis cofounded the sportswear company Gymshark. The pair were turning over about £300 a day at that time, Francis wrote.

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