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REUTERS/Kevin Lamarque/File PhotoNEW YORK, July 11 (Reuters) - Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. Results for investment banking behemoths will also weaken, with EPS forecast to drop almost 59% at Goldman Sachs (GS.N). That offsets the doldrums in investment banking, where revenues have been depressed by rising interest rates and economic uncertainty. Reuters GraphicsBanking executives have also lowered expectations for the second quarter after mergers, acquisitions and debt offerings plunged in recent months. "We see higher credit risk ahead for lower to middle class families with higher credit card debt that cannot keep pace with higher living costs," Leon added.

Persons: Kevin Lamarque, Goldman Sachs, Morgan Stanley's, David Konrad, Keefe, Goldman, Stephen Biggar, Wells, Morgan Stanley, Betsy Graseck, Kenneth Leon, Leon, Konrad, Nupur Anand, Saeed Azhar, Niket, Lananh Nguyen, Marguerita Choy, Andrea Ricci Organizations: Bank of America, REUTERS, JPMorgan, . Bank of America's, Citigroup, Universal, Argus Research, JPMorgan Chase, Reuters Graphics Banking, Federal Reserve, CFRA Research, Investors, Thomson Locations: Washington, Wells, Refinitiv, Wells Fargo, U.S, New York, Bengaluru

☆ Biden begins three-nation tour with stop in London
▼ + stars: | 2023-07-09 | by ( Steve Holland | ) www.reuters.com time to read: +3 min

[1/3] U.S. President Joe Biden waves as he is escorted to Air Force One, before departing for Britain from Dover, Delaware, U.S., July 9, 2023. Biden will travel on to Vilnius, Lithuania, on Monday night and hold talks with NATO leaders there on Tuesday and Wednesday. Biden and the allies aim to show support for Ukraine and give Ukraine President Volodymyr Zelenskiy a sense of what he will have to do to gain NATO membership at some point in the future. A centerpiece of Biden's visit to Lithuania will be a speech that he will deliver at Vilnius University on Wednesday night. One of Biden's objectives on the trip is to show Americans back home the importance of continuing support for Ukraine as he faces re-election.

Persons: Joe Biden, Kevin Lamarque, Biden's, Rishi Sunak, King Charles ., Biden, Queen Elizabeth, Volodymyr Zelenskiy, Zelenskiy, Jake Sullivan, Steve Holland, Franklin Paul, Andrea Ricci Organizations: Air Force, REUTERS, FORCE, NATO, Russia, Kyiv, British, Downing, Ukraine, CNN, Vilnius University, White House, Reuters, Nordic, Thomson Locations: Britain, Dover , Delaware, U.S, Kevin Lamarque DOVER, Delaware, Lithuania, Ukraine, London, Windsor, Russia, China, Vilnius, Moscow, Helsinki, Finland

☆ Biden warned China's Xi on West's investment after Putin meeting
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque/File PhotoJuly 7 (Reuters) - U.S. President Joe Biden told Chinese President Xi Jinping following his meeting with Russia's Vladimir Putin to "be careful" because Beijing relies on Western investment, according to excerpts from an interview with CNN. "Since Russia went into Ukraine, 600 American corporations have pulled out of Russia. And you have told me that your economy depends on investment from Europe and the United States. Reporting by Costas Pitas; Editing by Sandra Maler and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Russia's Vladimir Putin, Biden, Putin, Xi, Janet Yellen, Costas Pitas, Sandra Maler, Leslie Adler Organizations: REUTERS, CNN, U.S ., Treasury, Thomson Locations: Bali , Indonesia, Beijing, Russia, Ukraine, Europe, United States, China, U.S, Taiwan

☆ Factbox: A look at the US Supreme Court's major rulings this year
▼ + stars: | 2023-06-30 | by ( Industry Insight | Corporate Attorneys Don T Want To Pay Law Firms For Chatgpt When They Could Use It Themselves | Zach Warren | ) www.reuters.com time to read: +7 min

Here is a look at some of the rulings issued by the court this term. STUDENT LOANSThe justices on June 30 blocked President Joe Biden's plan to cancel $430 billion in student loan debt. The court elected not to further roll back protections contained in the Voting Rights Act as it had done in two major rulings in the past decade. The ruling against Republican state legislators stemmed from a legal fight over their map of North Carolina's 14 U.S. House districts. The court ruled that state prosecutors had not shown that he was aware of the "threatening nature" of his statements.

Persons: Kevin Lamarque, Constitution's, Joe Biden's, Donald Trump, Biden, Joseph Percoco, Andrew Cuomo, Louis Ciminelli, John Kruzel, Andrew Chung, Will Dunham Organizations: U.S, Supreme, REUTERS, Harvard University, University of North, Harvard, UNC, Black, Republican, U.S . House, U.S . Environmental Protection Agency, EPA, Biden, Democratic, Postal Service, New, Thomson Locations: Washington , U.S, University of North Carolina, Alabama, U.S, Idaho, Texas, Louisiana, Washington, Colorado

NEW YORK/WASHINGTON, June 29 (Reuters) - President Joe Biden said it would be a mistake to expand the membership of the U.S. Supreme Court after it struck down race-conscious admission considerations on Thursday but thinks the institution is out of touch with basic American values. Liberal Democratic lawmakers have proposed expanding the number of Supreme Court justices, possibly ending its conservative majority, but the plan has not been embraced by the White House and other Democrats. Asked at the White House whether the Supreme Court was a rogue court, Biden paused, then responded, "this is not a normal court." Explaining his comment, Biden later said this Supreme Court has done more to "unravel basic rights and basic decisions than any court in recent history." The White House has been meeting with civil rights organizations, universities, and legal organizations to come up with a contingency plan if the court struck down affirmative action, Jean-Pierre said.

Persons: Joe Biden, Biden, Kevin Lamarque, Karine Jean, Pierre, Jean, Nandita Bose, Jarrett Renshaw, Jonathan Oatis, Alistair Bell Organizations: U.S, Supreme, Harvard University, University of North, MSNBC, Liberal Democratic, White, REUTERS, U.S . Department of Education, House, Thomson Locations: WASHINGTON, University of North Carolina, New York, U.S ., Washington , U.S, America

Biden said he discussed human rights and other democratic values with Modi during their talks in the White House. In reports on human rights and religious freedom, the State Department raised concerns over treatment of Muslims, Hindu Dalits, Christians and other religious minorities in India while also listing a crackdown on journalists. India has become a black-hole for religious minorities," said protester Raqib Hameed Naik, the founder of Hindutva Watch, a group that monitors reports of attacks on Indian minorities. Senator Bernie Sanders said Modi's "aggressive Hindu nationalism" has "left little space for India's religious minorities." The U.N. human rights office described a 2019 citizenship law as "fundamentally discriminatory" for excluding Muslim migrants.

Persons: Narendra Modi, Joe Biden, Kevin Lamarque WASHINGTON, Biden, Modi, MODI'S, Raqib Hameed Naik, Ilhan Omar, Rashida, Alexandria Ocasio, Bernie Sanders, Modi's, Barack Obama, Obama, Kanishka Singh, Jonathan Oatis, Grant McCool Organizations: India’s, U.S, White, REUTERS, Indian, State Department, Rights, Biden's Democratic Party, Bharatiya Janata Party, BJP, Hindutva, U.S . Congress, World Press, 161st, CNN, Thomson Locations: Washington , U.S, India, China, Washington, Cortez, Karnataka

Senator Tommy Tuberville for holding up some 200 Pentagon nominees over a Defense Department abortion policy. I don't remember it happening before, and I've been around," Biden said of the actions of Tuberville at a fundraiser for wealthy donors in California's Silicon Valley. The Alabama senator has called the policy a violation of the Hyde Amendment, which prohibits using federal taxpayer funds for abortion services. Jean-Pierre said the senator's blockade on the nominees was hurting military families and risking "our military readiness by depriving our armed forces of leadership." The Alabama senator is blocking what is usually a speedy process to confirm Pentagon nominees.

Persons: Joe Biden, Lucy Evans, Kevin Lamarque, Tommy Tuberville, I've, Biden, Karine Jean, Pierre, Jean, Lloyd Austin, May, Trevor Hunnicutt, Nandita Bose, Jonathan Oatis Organizations: Interpretive, Preserve, REUTERS, Republican U.S, Defense Department, Pentagon, Alabama, House, U.S, Senate, Defense, Thomson Locations: Palo Alto , California, U.S, Silicon, Tuberville, Alabama, Los Gatos , California, Washington

[1/2] American airlines jets sit at gates at Washington's Reagan National airport in Washington, U.S. April 29, 2020. REUTERS/Kevin LamarqueWASHINGTON, June 12 (Reuters) - U.S. District Judge Leo Sorokin on Monday delayed the effective date of a permanent injunction after ruling American Airlines (AAL.O) and JetBlue Airways (JBLU.O) must end their Northeast Alliance (NEA) they used to coordinate flights and pool revenue. On Friday, the airlines asked Sorokin to allow them to continue mutual frequent flyer recognition and codeshare arrangements. The Justice Department said Sorokin should reject the airlines' "invitation to craft a new 'NEA Lite' on the fly." Separately, the Justice Department filed suit in March aimed at stopping JetBlue from buying discount rival Spirit Airlines (SAVE.N).

Persons: Kevin Lamarque WASHINGTON, Leo Sorokin, Sorokin, David Shepardson, Nick Zieminski Organizations: Reagan, REUTERS, District, American Airlines, JetBlue Airways, Northeast Alliance, NEA, JetBlue, Justice Department, American, JetBlue Boston, U.S, Department, Spirit Airlines, Thomson Locations: Washington , U.S, New York, Boston, Washington, York, JFK, LaGuardia, Newark

☆ Biden administration wants Congress to mandate flight delay compensation
▼ + stars: | 2023-06-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Kevin LamarqueWASHINGTON, June 8 (Reuters) - The Biden administration has submitted draft legislation to Congress that would mandate airlines pay cash compensation for delays of three hours or more when carriers are responsible. Biden in May said the administration was writing new rules to require airlines to compensate passengers with cash for significant flight delays, but legislation from Congress would significantly bolster the administration's legal authority. The Biden administration also wants Congress to write new rules to require transparency for baggage and other ancillary fees when booking a ticket. Most carriers voluntarily committed last August to provide hotels or meals but resisted providing cash compensation for delays. The administration also wants Congress to mandate an increase to the recording time of cockpit voice recorders from the currently 2-hour loop to a proposed 25-hour loop for all future manufactured aircraft.

Persons: Ronald Reagan, Kevin Lamarque WASHINGTON, Biden, May, USDOT, David Shepardson, Leslie Adler, Stephen Coates Organizations: Ronald Reagan Washington National Airport, REUTERS, Reuters, Federal Aviation Administration, FAA, Transportation Department, European Union, Thomson Locations: Ronald, Ronald Reagan Washington, Arlington , Virginia, U.S

☆ Biden trips and falls during graduation ceremony, recovers quickly
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. President Joe Biden addresses the graduation ceremony at the Air Force Academy in Colorado Springs, Colorado, U.S. June 1, 2023. REUTERS/Kevin LamarqueCOLORADO SPRINGS, Colo., June 1 (Reuters) - President Joe Biden tripped and fell after handing out the last diploma at a graduation ceremony at the U.S. Air Force Academy on Thursday, but got up quickly and walked back to his seat. The 80-year-old U.S. president fell forward, caught himself with his hands, then got up on one knee helped by three people. After Biden was helped up, he pointed behind him, seeming to indicate what he tripped over. Biden fell as he was dismounting his bicycle last June, after snaring a foot in a toe clip, but was uninjured.

Persons: Joe Biden, Kevin Lamarque, Biden, Ben LaBolt, Donald Trump, Doctors, Steve Holland, Doina Chiacu, Heather Timmons, Tim Ahmann, David Gregorio Our Organizations: Air Force Academy, REUTERS, U.S . Air Force Academy, White House, Twitter, Republican, Thomson Locations: Colorado Springs , Colorado, U.S, Kevin Lamarque COLORADO SPRINGS, Colo, Russia, China

☆ Biden says Sweden will 'soon' join NATO at U.S. Air Force address
▼ + stars: | 2023-06-01 | by ( Steve Holland | ) www.reuters.com time to read: +3 min

[1/7] U.S. President Joe Biden attends the graduation ceremony at the Air Force Academy in Colorado Springs, Colorado, U.S., June 1, 2023. Biden, in a flag-waving commencement address in Colorado Springs, Colorado, warned graduates they will enter service in an increasingly unstable world, citing challenges from Russia and China. Biden told reporters Erdogan repeated Ankara's desire to buy F-16 fighter jets from the United States, while Biden urged Ankara to drop its objection to Sweden's joining NATO. Biden made clear the United States would not back down from the challenge posed by China amid deep strains in the relationship. China and the United States should be able to work together where we can to solve some global challenges, like climate," he said.

Persons: Joe Biden, Kevin Lamarque, Biden, Recep Tayyip Erdogan, Erdogan, Sweden's, Vladimir Putin's, Antony Blinken, Steve Holland, Caitlin Webber, Heather Timmons, David Gregorio Our Organizations: Air Force Academy, REUTERS, Sweden, NATO, U.S . Air Force Academy, Nordic, F16s, Ukraine, Thomson Locations: Colorado Springs , Colorado, U.S, Kevin Lamarque COLORADO SPRINGS , Colorado, Russia, China, United States, Ankara, Ukraine, Finland, Sweden, Vilnius, Lithuania, Turkey

[1/2] Former U.S. Vice President Mike Pence addresses the National Review Institute's 2023 Ideas Summit in Washington, U.S., March 31, 2023. Christie, who advised Trump's campaign in 2016 only to become a vocal critic of the former president, will formally announce his 2024 campaign on June 6, a person familiar with the matter said. The growing Republican field concerns many Trump opponents inside the Republican Party. Trump has a massive polling lead in a Republican field that now has more than 10 declared or almost-declared candidates. On Wednesday, Pence's polling average in the Republican field was less than 4%, compared to Trump's 53%, according to a RealClearPolitics average of polls.

Persons: Mike Pence, Kevin Lamarque, Chris Christie, Donald Trump, Christie, Trump's, Pence, Doug Burgum, Trump, Ron DeSantis, Tim Scott, Nikki Haley, Donald, Steve Holland, Joseph Ax, Tim Reid, Daniel Wallis Organizations: U.S, REUTERS, New, Reuters, North, Trump, Republican Party, Republican, Florida, Capitol, Christian, Saint Anselm College, Republicans, South Carolina, Thomson Locations: Washington , U.S, New Jersey, North Dakota, Iowa, New Hampshire

☆ Memorial Day across America
▼ + stars: | 2023-05-29 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Soldiers from the 3rd U.S. Infantry Regiment (The Old Guard) take part in the annual "Flags In" mission of placing small American flags in front of more than 260,000 graves in less than four hours for Memorial Day, at Arlington National Cemetery in...moreSoldiers from the 3rd U.S. Infantry Regiment (The Old Guard) take part in the annual "Flags In" mission of placing small American flags in front of more than 260,000 graves in less than four hours for Memorial Day, at Arlington National Cemetery in Arlington, Virginia, May 25. REUTERS/Kevin LamarqueClose

Looking ahead, investors this week will be laser-focused on Washington, as Congress prepares to vote on a bill to raise the U.S. debt ceiling . But the shortened trading week ahead still features some key earnings and economic data. ET: S & P/Case Shiller home price index (March) 10 a.m. ET: Employment report: Non-farm payrolls and jobless rate (May) Looking back Last week, three Club holdings reported earnings. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday, after a "productive" phone call as the president headed back to Washington, the two sides said on Sunday. Staff members from both sides will reconvene for talks at 6 p.m. (1800 GMT) on Sunday. A failure to lift the debt ceiling by that date would trigger a default that would cause chaos in financial markets and spike interest rates. SPENDING CUTSMcCarthy said Republicans backed an increase in the defense budget while cutting overall spending, and that debt ceiling talks have not included discussions about tax cuts passed under former President Donald Trump. McCarthy has said he will give House lawmakers 72 hours to review an agreement before bringing it up for a vote.

☆ Travel news: Summer flights, best beaches and tourist-deterring fences
▼ + stars: | 2023-05-20 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +7 min

CNN —In travel news this week, why this summer could be a record-breaking one for air travel, America’s best beaches and Asian-American fusion cuisine – plus an Austrian village takes an unusual approach to combating unwelcome tourist behavior. Celebrating Asian American heritageGrowing up in North Carolina in the 1980s and ’90s, Kevin Lambert always felt different from his White peers. The United States has long been described as a “melting pot,” and it sure is delicious. 1 beach in the United States, which is on the Gulf of Mexico, has miles of pristine sand. nobleIMAGES/Alamy Stock Photo The best beaches in the United States in 2023 Prev NextHalf of the top 10 beaches in the United States for 2023 are in Florida and Hawaii, according to the latest annual report from coastal scientist “Dr.

With the end of another earnings season in sight, Wall Street's attention has turned to Washington and the debt ceiling deadline. Republican negotiators on Friday walked out of talks on raising the debt limit , abruptly ending a positive week of discussions that appeared to be leading toward a deal. Democrats and the White House have been pushing for a "clean" hike to the debt limit that would push the next deadline past the 2024 presidential election, while Republicans are pressing for spending cuts. Many investors believe this ongoing game of chicken over the debt limit is largely for show, since the U.S. has never defaulted on its debt obligations. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) and other congressional leaders in the Oval Office at the White House in Washington, U.S., May 9, 2023.

☆ The biggest home buyers in America are now selling more property than they're buying
▼ + stars: | 2023-05-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Commercial property headwinds aside, today we're looking at the residential housing market, which is undergoing its own shifts, but not exactly in the same direction. Tell someone that the housing market is so unfavorable right now that the biggest home buyers in the country are actually net sellers now. American Homes 4 Rent, for example, bought 312 single-family homes and sold 666 to start the year. Similarly, Invitation Homes, the largest owner of single-family rentals in the US, bought 194 homes and sold 297 in the first quarter of 2o23. Naturally, the housing market has slowed down for everyday Americans, too, given the steep mortgage rates and lack of affordability.

The justices in a second ruling shielded Twitter Inc from litigation seeking to apply a federal law called the Anti-Terrorism Act. This case marked the first time the Supreme Court had examined Section 230's reach. Many conservatives have said voices on the right are censored by social media companies under the guise of content moderation. Gonzalez's family argued that YouTube provided unlawful assistance to the Islamic State by recommending the militant group's content to users. In the Twitter case, the 9th Circuit did not consider whether Section 230 barred the family's lawsuit.

Kevin Lambert grew up in North Carolina in the 1980s, and first visited his mother's native South Korea in 2000. Courtesy Kevin LambertIt might seem an odd desire given many have never set foot in South Korea. But life in South Korea brings its own challenges – and many eventually return to the US. For Kim, it’s a relief to be back in South Korea, where the safety is “100% better.”“I plan to live (in South Korea) until I die,” he said. “If South Korea today was as impoverished as it was when I left, why would I return?” he said.

☆ Automakers find a tax credit loophole to increase EV leasing and boost sales
▼ + stars: | 2023-05-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Buying a used Ioniq, which is produced in South Korea and Indonesia, wouldn't earn him $7,500 off through a federal tax credit. "I ran the numbers — what it would be without the leasing credit and with the leasing credit — and that kind of put me over the top and that was the main thing of why I went in that direction," he said. For a $50,000 EV and a 36-month lease, Chesbrough estimates the full $7,500 tax credit equates to $222 in monthly savings for a consumer. "It also allows them to level the playing field against competitors who get the full tax credit when purchasing." I wouldn't call it leveling the playing field," Watson said of leasing qualifying for the $7,500 tax credit.

☆ Biden warns of recession unless Republicans back his debt ceiling plan
▼ + stars: | 2023-05-11 | by ( Nandita Bose | ) www.reuters.com time to read: +4 min

We're going to win this fight," Biden said at a flag-bedecked event at Westchester Community College in Valhalla, New York. Republicans are vowing to support raising the debt ceiling only if Biden agrees to retroactive reductions in government spending. Biden wants the debt ceiling lifted without spending cuts attached, but said he wants to negotiate the next budget. White House aides are meeting with congressional leaders' staff in Washington daily before Biden and the leaders meet again on Friday. Democrats view Republican House members who narrowly won election as possibly vulnerable to being pressured into breaking with their party's leadership and voting for a bill to raise the debt ceiling without conditions.

"Right now, the permitting process for clean energy infrastructure, including transmission, is plagued by delays and bottlenecks. The White House is backing a bill by Manchin of West Virginia, who has grown more critical in recent months of the administration's attacks on the fossil fuel industry. The White House released a detailed fact sheet outlining reform measures its seeking, including helping clean energy projects like wind and solar get on the grid faster. Manchin's legislation sets a two-year limit on environmental reviews of major federal energy projects, including ones on fossil fuels and directs the president to designate at least 25 high-level energy projects and prioritize their permitting. The White House said it is using existing authorities to speed permitting of energy projects.

☆ Biden, McCarthy divided over debt ceiling but talks continue
▼ + stars: | 2023-05-10 | by ( Steve Holland | ) www.reuters.com time to read: +5 min

Biden, McCarthy and the three other top congressional leaders were set to meet again on Friday. And he did not rule out eventually invoking the 14th amendment to the U.S. Constitution, an untested approach that would seek to declare the debt limit unconstitutional. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, May 9, 2023. Biden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said. Stalemate in Washington over raising the U.S. debt limit raises the risk of fresh turmoil for markets.

☆ Biden, McCarthy divided over debt ceiling but still talking
▼ + stars: | 2023-05-09 | by ( Steve Holland | ) www.reuters.com time to read: +6 min

Biden called the meeting “productive” and reported that McCarthy said during the meeting that the U.S. would not default on its debt. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, May 9, 2023. Biden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said. Prices for short-term Treasury bills fell on Tuesday as investors sold off debt that could come due around the time the U.S. debt limit could be hit. Stalemate in Washington over raising the U.S. debt limit raises the risk of fresh turmoil for markets.

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