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☆ US Senate panel to vote on key Biden telecom board nominee
▼ + stars: | 2023-07-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, July 6 (Reuters) - The U.S. Senate Commerce Committee plans to vote next week on President Joe Biden's nominee for a key fifth seat on the U.S. Federal Communications Commission (FCC). In July 2021, Biden signed an executive order encouraging the FCC to reinstate net neutrality rules adopted under Democratic then-President Barack Obama in 2015. Biden's first nominee for the open seat, former FCC official Gigi Sohn, withdrew in March after three hearings. The FCC has raised mounting concerns about Chinese telecom companies which had won permission to operate in the United States decades ago. In 2019, the FCC voted to deny state-owned Chinese telecom firm China Mobile Ltd (0941.HK) the right to provide U.S. services and later withdrew U.S. authorizations for several other Chinese telecom carriers, including China Telecom Corp (0728.HK).

Persons: Joe Biden's, Anna Gomez, Gomez, Brendan Carr, Geoffrey Starks, Donald Trump, Biden, Barack Obama, Biden's, Gigi Sohn, Sohn, David Shepardson Organizations: U.S, Senate, U.S . Federal Communications Commission, Democratic, State Department's Bureau, Cyberspace, Digital, Radio Conference, FCC, Republican, China Mobile Ltd, HK, China Telecom Corp, Thomson Locations: U.S, United States, United

☆ Stock Market Today: Dow Futures Fall; Meta Stock Rises Premarket
▼ + stars: | 2023-07-06 | by ( ) www.wsj.com time to read: +1 min

Government-bond yields rose in the U.S. and Europe, reflecting recent statements by major central banks that they will keep raising interest rates to curtail inflation. Weakening activity in the services sector is a big reason for the pressure on global markets today, said Samy Chaar, chief economist at Lombard Odier. U.S. stock futures fell. Government-bond yields rose. Yields rose in Germany, the U.K. and France, too.

Persons: Samy Chaar, ”, Dow, Hang Seng Organizations: Services, Lombard, Nasdaq, Overseas, Nikkei Locations: Government, U.S, Europe, Shanghai, Germany, France, Brent, Iran

U.S. Bankruptcy Judge Jeffrey Graham in Indianapolis had dismissed Aearo Technologies' bankruptcy on Friday, finding that it was "fatally premature." Despite the "staggering" number of earplug lawsuits, Aearo has significant financial support from 3M and enjoys a "greater degree of financial security than warrants bankruptcy protection," Graham ruled. 3M and Aearo had argued that the earplug litigation had spiraled out of control and could be resolved only in bankruptcy. The case is Aearo Technologies LLC, U.S. Bankruptcy Court for the Southern District of Indiana, No. Read more:US judge rejects 3M effort to resolve earplug lawsuits in bankruptcy3M foes act fast to capitalize on J&J’s talc bankruptcy defeat3M earplug bankruptcy creates "corrosive" tension with other courts, attorney saysBankruptcy as MDL escape hatch?

Persons: Jeffrey Graham, Aearo, Graham, Chad Husnick, Kirkland & Ellis, Melanie Cyganowski, Bryan Aylstock, Christopher Seeger, Seeger Weiss, David Molton, Brown Rudnick, Michael Tuchin, Kevin Maclay, Read, Dietrich Knauth Organizations: Aearo Technologies, 3M, Bankruptcy, Southern, Southern District of, Kirkland &, KTBS, Caplin, Drysdale, Thomson Locations: U.S, Indianapolis, Pensacola , Florida, Southern District, Southern District of Indiana, Kirkland, Witkin

☆ The message top corporate CFOs are sending directly to Fed presidents isn't a bullish one
▼ + stars: | 2023-06-13 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +9 min

The Fed remains focused on the labor market and cooling wage growth while raising unemployment as the key to bringing hot services inflation down. "I shared with him [a regional Fed president] that they should stop, not pause," said another CFO on the call. "The consumer is being smart," the CFO said, but the Fed focus on bringing unemployment up can break the consumer. "I gave this message to him [a Fed president]: we can manage through this with unemployment below 4%." CFOs said the labor market remains tight and the wage gains, while slowing, have created a higher wage base which can't be turned back.

Persons: Jerome Powell, Drew Angerer, That's, Wall, Randy Kroszner, CFOs, Sara Eisen, Kroszner, it's Organizations: Federal Reserve, Federal, Market, Fed, CNBC, CNBC Fed Survey, Chatham House, Corporations, University of Chicago Booth School of Business Locations: Washington ,

There are about 900 U.S. personnel deployed to Syria, most of them in the east, as part of a mission fighting the remnants of the Islamic State. In March, 25 U.S. troops were wounded in strikes and counter-strikes in Syria, which also killed one U.S. contractor and injured another. U.S. forces first deployed into Syria during the Obama administration's campaign against Islamic State, partnering with a Kurdish-led group called the Syrian Democratic Forces. Thousands of other Islamic State fighters are in detention facilities guarded by Kurdish-led Syrian Democratic Forces, America's key ally in the country. U.S. officials say that Islamic State could still regenerate into a major threat.

Persons: Obama, Bashar al, Assad, Phil Stewart, Kanjyik Ghosh, Kim Coghill, Gerry Doyle Organizations: U.S, military's, Command, U.S . Central Command, Islamic State, Syrian Democratic Forces, Islamic, Thomson Locations: Syria, U.S, Islamic State, Iran, Kurdish, State, Iraq, Russia, Iranian, Washington, Bengaluru

☆ Twenty-two U.S. troops wounded in Syria helicopter mishap, U.S. says
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +2 min

The U.S.-backed Syrian Democratic Forces, which control swathes of northeast Syria, referred questions to the U.S.-led coalition under which American troops are deployed in the zone. In March, 25 U.S. troops were wounded in strikes and counter-strikes in Syria, which also killed one U.S. contractor and injured another. U.S. forces first deployed into Syria during the Obama administration's campaign against Islamic State, partnering with a Kurdish-led group called the Syrian Democratic Forces. Thousands of other Islamic State fighters are in detention facilities guarded by Kurdish-led Syrian Democratic Forces, America's key ally in the country. U.S. officials say that Islamic State could still regenerate into a major threat.

Persons: Obama, Bashar al, Assad Organizations: U.S, military's, Command, U.S . Central Command, Syrian Democratic Forces, Islamic State, Islamic Locations: Syria, U.S, Kurdish, Damascus, Islamic State, Iran, State, Iraq, Russia, Iranian

☆ US judge rejects 3M effort to resolve earplug lawsuits in bankruptcy
▼ + stars: | 2023-06-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

NEW YORK (Reuters) -A U.S. judge on Friday dismissed the bankruptcy of 3M subsidiary Aearo Technologies, rejecting an effort to resolve nearly 260,000 lawsuits alleging that 3M military earplugs caused hearing loss for veterans and U.S. service members. 3M and Aearo had argued that the earplug litigation had spiraled out of control and could be resolved only in bankruptcy. Graham acknowledged that the earplug litigation was “staggering,” representing 30% of all cases currently pending in the federal district courts. Those appeals could “fundamentally change the trajectory” of the earplug lawsuits, 3M said. 3M’s bankruptcy strategy mirrors a similar effort by Johnson & Johnson, which has attempted to resolve lawsuits through the bankruptcy of a newly created subsidiary, LTL Management.

Persons: Brendan McDermid, Jeffrey Graham, Aearo, Graham, Bryan Aylstock, Chris Seeger, ” “, ” Aylstock, Seeger, Johnson, J, LTL Organizations: YORK, Aearo Technologies, New York Stock Exchange, REUTERS, 3M, Aearo, U.S, Circuit, Johnson, LTL Management Locations: U.S, New York City, Indianapolis, Pensacola , Florida, Florida

☆ Morning Bid: Nervy markets back on central bank watch
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. Throwing markets a slight curveball on Tuesday, Australia's central bank raised rates, dashing expectations that they'd stand pat and sending the Aussie dollar higher. For the U.S. rates outlook, CME FedWatch tool shows that the probability of the Fed standing pat at the June 13-14 meeting is now at 82%. Elsewhere in Asia, Hong Kong-listed China property stocks surged on hopes that Beijing would roll out supportive measures soon to bolster the embattled sector. The dollar remained on the backfoot after U.S. service sector activity unexpectedly softened, setting the stage for a mixed European open.

Persons: Steven Saphore, Ankur Banerjee, Christine Lagarde, Binance, Changpeng Zhao, bitcoin, Bitcoin, Tim Cook, Sam Holmes Organizations: Reserve Bank of Australia, REUTERS, Ankur, Federal Reserve, ECB, Apple, Meta, Hollywood, Reuters Graphics Reuters, PMI, Thomson Locations: Sydney, Australia, Australia's, Asia, Hong Kong, China, Beijing, Japan, U.S, Netherlands, Germany, Singapore

"For the first time in history, the State Department has agreed to allow Congress to view a dissent channel cable," McCaul said in a statement. A State Department spokesperson said the department continues to believe its accommodations had been sufficient. But it said the department would let additional committee members see it. "To bring this matter to resolution, we will permit additional Members of the Committee to view the cable at the State Department," the spokesperson said in a statement. The channel allows State Department officials to air concerns to supervisors.

Persons: Antony Blinken, Michael McCaul, McCaul, Blinken, Gregory Meeks, Patricia Zengerle, Bill Berkrot Organizations: . House, Republican, House Foreign Affairs, State Department, Republicans, Wall, Thomson Locations: Afghanistan, U.S, Kabul's, McCaul, Kabul

☆ US services sector softens, factory orders boosted by defense
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +5 min

"Momentum had been very strong in the services sector since the reopening process began, but the sector is clearly cooling down now," Thomas Simons, U.S. economist at Jefferies, wrote in a note. The services sector is at the center of the battle against inflation, as services prices tend to be stickier and less responsive to rate hikes. ISM services PMISome economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation. Excluding the defense sector, orders were down 0.4%, and excluding transportation orders - where military orders again had the largest footprint - bookings were down 0.2%. With consumer spending shifting more toward services, consumer goods orders slid for a third straight month to their lowest level since February 2022.

Persons: Thomas Simons, Simons, Lucia Mutikani, Dan Burns, Chizu Nomiyama, Paul Simao Organizations: Federal, Institute for Supply Management, Reuters, PMI, ISM, Fed, Jefferies, U.S, Services, Commerce Department, Factory, Thomson Locations: U.S

☆ Morning Bid: Jobs glow, crude pops, dollar lifts
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets retained a warm afterglow from Friday's shining U.S. employment reading, with only minor gains in crude oil prices on Saudi Arabia's output cut clouding the picture. While Brent crude oil prices popped up about $1 per barrel on the Saudi output cut plans, the move was limited and year-on-year crude losses continue to clock some 35%. May U.S. service sector readings dominate the Monday diary, as does the likely start of Treasury rebuilding its depleted coffers with 3- and 6-month bill auctions. Soundings from China's service sector earlier helped partly to offset fears that dour factory readings questioned its post-COVID recovery. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Russell, Morgan, Mehmet Simsek, Christine Lagarde, Loretta Mester, Sharon Singleton Organizations: Federal, Nasdaq, Big Tech, Apple, Brent, Treasury, Wall Street, Global, Central Bank, Cleveland Federal, Reuters, Thomson Locations: U.S, Saudi, Asia

May 31 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. Asian market focus on Wednesday turns to Chinese purchasing managers index figures, which will give the first insight into factory and service sector activity in the world's second largest economy in May. Asian markets on Wednesday might also get some relief from the dollar's slip on Tuesday in line with U.S. bond yields. China's PMI figures for May are expected to show another contraction in manufacturing activity. Service sector activity has been expanding since January, however, and it will be the extent to which that accelerates or slows that markets will be most attuned to.

Persons: Jamie McGeever, China PMIs Organizations: Congress, Relief, Nasdaq, Treasury, PMI, Service, Thomson, Reuters Locations: Washington, Hong Kong, China, Australia, Japan

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☆ JPMorgan is developing a ChatGPT-like A.I. service that gives investment advice
▼ + stars: | 2023-05-25 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

JPMorgan Chase is developing a ChatGPT-like software service that leans on a disruptive form of artificial intelligence to select investments for customers, CNBC has learned. IndexGPT will tap "cloud computing software using artificial intelligence" for "analyzing and selecting securities tailored to customer needs," according to the filing. The viral success of OpenAI's ChatGPT technology last year has forced entire industries to grapple with the arrival of artificial intelligence. Banks including Goldman Sachs and Morgan Stanley have already begun testing it for internal use. That includes ways to help Goldman engineers create code or answer Morgan Stanley financial advisors' queries.

“Please note, however, that the subpoena remains in full force and effect, and the acceptance of this accommodation does not waive any of the Committee’s rights regarding the subpoena," McCaul wrote. McCaul had scheduled a committee meeting next week to consider a contempt of Congress charge against Blinken over his refusal to release the cable despite the subpoena. In his letter, McCaul said he still wanted every member of the foreign affairs committee to be able to view the cable, something the State Department has resisted to protect the integrity of its dissent channel system. McCaul is investigating the withdrawal from Afghanistan. The State Department did not immediately respond to a request for comment on McCaul's letter.

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☆ 3 Hilton credit cards are offering whopper welcome bonuses of up to 150,000 points plus a free night at nearly any Hilton hotel (even the fanciest resorts)
▼ + stars: | 2023-05-11 | by ( Joseph Hostetler | Jasmin Baron | Sarah Silbert | ) www.businessinsider.com time to read: +31 min

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WASHINGTON, May 8 (Reuters) - The Republican chairman of the U.S. House of Representatives Foreign Affairs Committee threatened Secretary of State Antony Blinken with contempt of Congress if he does not comply with a subpoena seeking a classified cable related to the August 2021 U.S. withdrawal from Afghanistan. The "dissent channel" allows State Department officials to communicate directly with senior officials. A Wall Street Journal article in August 2021 said the cable warned top officials of the potential collapse of Kabul soon after the withdrawal of U.S. troops. The State Department has said some information can only be shared with senior officials to protect the identity of those expressing dissent. Asked for comment about McCaul's letter, a spokesperson said the department would provide Congress information needed to do its job while protecting the ability of State Department employees to do theirs.

☆ Dogs (and Cats) on a Plane
▼ + stars: | 2023-05-04 | by ( Christine Chung | ) www.nytimes.com time to read: +1 min

Last Friday evening, as drizzle fell on the tarmac, 10 passengers boarded a Gulfstream G4 headed from Teterboro Airport in New Jersey to Farnborough Airport, just southwest of London. They didn’t seem to notice the plush leather seats or the treats nestled in champagne flutes in the armrests. The passenger manifest included nine dogs, mostly on the larger side, and one sphinx cat, as well as 10 humans. All had one thing in common: an aversion to putting their pets in the cargo hold. Pet owners seeking to transport their pets on commercial flights must navigate a patchwork of rules that vary by airline.

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☆ Taliban Said to Kill Islamic State Militant Behind Attack That Killed 13 Americans
▼ + stars: | 2023-04-26 | by ( Gordon Lubold | William Mauldin | ) www.wsj.com time to read: 1 min

An image from a video shows U.S. Marines near Abbey Gate at Kabul’s airport following a suicide attack in 2021. Photo: Department of Defense/Associated PressWASHINGTON—Taliban fighters in Afghanistan recently killed an Islamic State militant who U.S. officials believe was responsible for the August 2021 suicide attack at the Kabul airport that killed 13 U.S. service members. The attack at the airport’s Abbey Gate, during the chaotic withdrawal of American forces from Afghanistan that summer, also killed at least 170 Afghans and injured 40 other U.S. troops, according to U.S. officials.

☆ FBI working with U.S. companies to collect war crime evidence in Ukraine
▼ + stars: | 2023-04-26 | by ( Zeba Siddiqui | ) www.reuters.com time to read: +2 min

SAN FRANCISCO, April 25 (Reuters) - Ukraine is working with the U.S. Federal Bureau of Investigation and American companies to collect evidence of war crimes by Russians, such as geolocation and cellphone information, senior officials said on Tuesday. "Collection of that data, analysis of that data, working through that data is something the FBI has experience working through," Kobzanets said at the RSA cybersecurity conference in San Francisco. "The next step is working with national U.S. service providers, and transferring that information...obtaining subscriber information, obtaining geolocation information, where possible," Kobzanets added. "It’s very important for us to get as much information about Russian cybercriminals...because we collect all this information and put it into our criminal cases." “We do believe that this case about cyber war crimes is something new,” he added.

☆ Apple's new financial product reinforces its ecosystem
▼ + stars: | 2023-04-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

Apple 's (AAPL) latest banking offering — a savings account with a 4.15% annual percentage yield — bolsters the Club's own-it, don't-trade-it mantra. Apple's high-yield savings account is available Monday for users of its Goldman Sachs (GS)-backed credit card. The savings account is unlikely to have a material impact on Apple's profit-and-loss statement — but that's not its fundamental purpose. Like Apple's other financial services — including Apple Pay — the savings account is largely about boosting the long-term attractiveness of owning an iPhone, the crown jewel of its hardware lineup. As a result, investors are willing to pay up for services revenue, which in practice translates into a higher price-to-earnings multiple (P/E) on Apple's stock.

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A different report containing classified material will be shared with members of Congress, which comes in response to requests from congressional committees, the White House said. "President Biden's choices for how to execute a withdrawal from Afghanistan were severely constrained by conditions created by his predecessor," the report said. But the Trump administration "provided no plans for how to conduct the final withdrawal or to evacuate Americans and Afghan allies," the White House said. "No agency predicted a Taliban takeover in nine days," Kirby told reporters at the White House press briefing. Many critics of the withdrawal — including lawmakers from both parties — faulted the Biden administration for how it handled the pullout.

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