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President Joe Biden announces new actions on June 30, 2023 to protect borrowers after the Supreme Court struck down his student loan forgiveness plan. Biden had hoped to move quickly canceling people's student debt, promising people the relief within six weeks of them completing their paperwork. Unlike Biden's first attempt to forgive student debt quickly through an executive order, this time he's turning to the rulemaking process. It's unlikely that Biden's Plan B for student loan forgiveness will be successful, Kantrowitz said. He expects the president's second attempt at forgiving student debt to be met by many of the same lawsuits as the first.
Persons: Joe Biden, Chip Somodevilla, overreach, John Roberts, Roberts, Biden, Lyndon B, Johnson, Chuck Schumer, didn't Biden, Herrine, Trump, Biden's, Kantrowitz, Luke Herrine Organizations: U.S . Department of Education, Republican, Supreme, GOP, South Carolina —, Job, Network Foundation, Biden, . Nebraska, Education Department, Higher, University of Alabama Locations: delinquencies, — Nebraska , Missouri , Arkansas , Iowa , Kansas, South Carolina, .
(Reuters) - A new Missouri securities rule offers a template for Republican U.S. state officials who want to advance an “anti-woke” business agenda even as such ideas struggle for legislative backing. Ashcroft acted after Republican lawmakers failed to pass a similar measure during the state’s legislative session that ended on May 12, amid infighting over which bills should be prioritized. Concerns over costs, bureaucracy and economic fallout led to bills stalling or passing in weakened form even in so-called red states, where Republicans dominate state government. Several corporate attorneys said other Republican officials may adopt Ashcroft’s playbook and act on their own. According to a spokesperson, Ashcroft initiated the rulemaking before the legislative session began, essentially as a backup plan in case lawmakers did not act on the same idea introduced in January.
Persons: Shannon Stapleton, John “ Jay ” Ashcroft, Ashcroft, , ” overreach, Ashcroft’s, , Beth I.Z, Boland, Lardner, Larry Fink, ’ Ashcroft, ” Ashcroft, can’t, Dan Mehan, Lance Dial, Chuck Gray, West, Ron DeSantis, Walt Disney Organizations: Reuters, Republican U.S, REUTERS, Merriam, Webster, Strategy, , Foley, Republicans, Morningstar, BlackRock, state’s, Representatives, Republican, Missouri Chamber of Commerce, Missouri, Florida Locations: Missouri, Appleton City , Missouri, U.S, Boston, Wyoming, ESG
Ashcroft acted after Republican lawmakers failed to pass a similar measure during the state's legislative session that ended on May 12, amid infighting over which bills should be prioritized. Concerns over costs, bureaucracy and economic fallout led to bills stalling or passing in weakened form even in so-called red states, where Republicans dominate state government. Several corporate attorneys said other Republican officials may adopt Ashcroft's playbook and act on their own. According to a spokesperson, Ashcroft initiated the rulemaking before the legislative session began, essentially as a backup plan in case lawmakers did not act on the same idea introduced in January. EXTRA ARROWSFinancial executives who so far have avoided the strongest laws worry that the possibility of executive or administrative actions, as in Missouri, gives state officials flexibility to keep up the pressure.
Persons: Shannon Stapleton, Walt Disney, Missouri's, John " Jay, Ashcroft, Ashcroft's, Beth I.Z, Boland, Lardner, Larry Fink, Dan Mehan, Lance Dial, Chuck Gray, West, Ron DeSantis, Ross Kerber, Greg Roumeliotis, Anna Driver, Matthew Lewis Organizations: REUTERS, Walt, Republican U.S, Merriam, Webster, Strategy, Foley, Republicans, Morningstar, BlackRock, Reuters Graphics, Reuters, state's, Representatives, Republican, Missouri Chamber of Commerce, Missouri, Florida, Thomson Locations: Appleton City , Missouri, U.S, Missouri, Boston, BLK.N, Wyoming, ESG
[1/9] An aerial view shows protesters taking part in a demonstration against Israeli Prime Minister Benjamin Netanyahu and his nationalist coalition government's judicial overhaul, in Tel Aviv, Israel July 8, 2023. REUTERS/Oren AlonJERUSALEM, July 9 (Reuters) - Israeli Prime Minister Benjamin Netanyahu signalled impatience on Sunday with disruptions caused by resurgent demonstrations against his judicial overhaul plans, summoning his attorney-general for a cabinet discussion of police counter-measures. The opposition casts the bill as a step toward curbing judicial independence that would eventually subordinate the Supreme Court to politicians. Street protests that had subsided are flaring anew, with protesters planning to converge on Israel's main airport on Monday. Cabinet minister Itamar Ben-Gvir said he would boycott Big unless it retracted what he deemed political "bullying" by a business.
Persons: Benjamin Netanyahu, Oren Alon JERUSALEM, Netanyahu, Gali, Itamar Ben, Gvir, Ami Eshed, Steven Scheer, Dan Williams, Maayan Organizations: Israeli, REUTERS, Ben Gurion, Attorney, Shopping, Tel, Thomson Locations: Tel Aviv, Israel, overreach, Israel's, Gali Baharav
That initiative follows a visit to Japan by NATO Secretary General Jens Stoltenberg in January when he said the lessons China was learning from Ukraine could influence its decisions. NATO documents have begun to reflect concern about China, East Asia and the Indo-Pacific, but Japan needs to deepen its awareness of those issues, a Japanese official involved in discussions about NATO ties said. Diplomats from two European NATO countries who spoke to Reuters said unease in the alliance about a Tokyo office went beyond France. Another Japanese official involved in preparations for Kishida's NATO visit said the idea of a NATO office in Japan had nothing to do with China, but that is how it became framed, and each NATO country has its own relations with China. Under Yoon, South Korea has set up a liaison office with NATO in Brussels and has embraced a call for unity among like-minded countries.
Persons: Fumio Kishida, , Michito Tsuruoka, Kishida, Jens Stoltenberg, Emmanuel Macron's, Yoon Suk Yeol, Yoon, Anthony Albanese, We’ll, Albanese, Sakura Murakami, Tim Kelly, John Irish, Josh Smith, Praveen Menon Organizations: NATO, Atlantic Treaty Organization, Keio University, NATO's, Diplomats, Reuters, Japanese, SYDNEY South, Australian, Asia Pacific, Ukraine, Sky News, Thomson Locations: TOKYO, Lithuania, Ukraine, Asia, Japan, South Korea, Australia, New Zealand, U.S, Europe, Russia, NATO, East Asia, China, Taiwan, North Korea, Lithuania's, Vilnius, Tokyo, France, Brussels, Danish, SEOUL, Poland, Paris, Seoul, Sydney
Compare Sapphire Preferred and Ink Business Preferred Chase Sapphire Preferred® CardInk Business Preferred® Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Here's a detailed look at the biggest differences between the Chase Sapphire Preferred® Card and the Ink Business Preferred® Credit Card. The other major difference is that the Ink Business Preferred® Credit Card offers cell phone protection against theft or damage. Chase Sapphire Preferred Compared to Ink Business PreferredThough similar — each charges a $95 annual fee that is not waived the first year — the Sapphire Preferred and Ink Business Preferred® Credit Card have different welcome bonus requirements and bonus spending categories. If you're thinking of getting both cards, apply for the Ink Business Preferred® Credit Card first.
Persons: Chase, We're, Chase Sapphire, Eric Rosen Eric Rosen, you'll, Condé Organizations: Chase, Sapphire, Chevron, Target, Walmart, Reading Chevron, Chase Sapphire, Travel Shipping, Ink, Apple, Lingus AerClub Air Canada Aeroplan Air France, KLM Flying Blue British Airways Executive Club Emirates, JetBlue, Singapore Airlines, Southwest Airlines Rapid, United, Virgin Atlantic Flying, Hyatt Travel, Card, Business, Chase Travel, National Geographic, Bloomberg Locations: Iberia, Los Angeles, Australia, Kenya, Laos
"I would like to see interest payments suspended during this time, especially during that 12-month ramp-up period," Ocasio-Cortez said. People should not be incurring interest during this 12-month on-ramp period, so I highly urge the administration to consider suspending those interest payments." "Of course, we still believe in pursuing student-loan cancellation and acting faster than that 12-month period wherever possible," she added. Biden has not yet commented on those requests, but the Education Department recommends borrowers make payments because interest is set to accrue a month before payments begin again in October. "However, the Secretary has directed his staff to explore policy options for debt relief that will help as many people as possible."
Persons: Alexandria Ocasio, Cortez, Biden, , Joe Biden's, Cortez isn't, Ro Khanna, it's Organizations: Service, Supreme Court, CNN, ABC News, Higher, Education, Department, Federal Locations: Rep, Alexandria, California
JERUSALEM, July 4 (Reuters) - Israeli lawmakers on Tuesday gave an initial nod to a bill that limits Supreme Court power to rule against the government after Prime Minister Benjamin Netanyahu announced he would press on with contentious changes to the justice system. In a stormy session broadcast live, Parliament's constitution committee, dominated by Netanyahu's nationalist-religious ruling coalition, voted in favour of the bill that limits "reasonableness" as a standard of judicial review. At present, the Supreme Court can rule against government and elected officials' decisions if they are deemed unreasonable. After the committee vote, the shekel weakened by 0.3% against the dollar. Netanyahu has defended the changes as restoring balance between branches of government and redressing what his coalition allies see as judicial overreach.
Persons: Benjamin Netanyahu, Bezalel Smotrich, Netanyahu, Yair Lapid, Benny Gantz, Critics, Steven Scheer, William Maclean, Alexandra Hudson Organizations: Netanyahu's, Israel's Ben, Washington, Alexandra Hudson Our, Thomson Locations: Israel's, Israel's Ben Gurion
The cases involve what has come to be known as the "administrative state," the agency bureaucracy that interprets laws, crafts federal rules and implements executive action. It also could overturn a decades-old precedent that helps federal agencies defend their regulatory actions in court. The case involves a lawsuit by trade groups representing the payday loan industry against the agency that enforces consumer financial laws. The companies asked the court to overturn its own precedent that calls for judges to defer to federal agency interpretation of U.S. laws, a doctrine called "Chevron deference." The court's embrace of the "major questions" doctrine has provided a seismic shift in its approach toward agency power.
Persons: Brianne Gorod, Jonathan Adler, Joe Biden's, Sarah Harris, Elena Kagan, Thomas McGarity, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S, Supreme, Environmental Protection Agency, Constitutional, Center, Consumer Financial Protection Bureau, Securities and Exchange Commission, SEC, Case Western Reserve University School of Law, University of Texas, Thomson Locations: WASHINGTON, Cleveland, New Jersey, New York, Washington
HAIFA, Israel July 3 (Reuters) - Demonstrators briefly shut off access to a major Israeli seaport on Monday ahead of a planned mass convergence on the country's main airport, as a half-year-long crisis over the government's judicial overhaul again builds up steam. Prime Minister Benjamin Netanyahu had doused some of the protests during compromise talks with the opposition but they proved fruitless. People take part in a demonstration against Israeli Prime Minister Benjamin Netanyahu and his nationalist coalition government's judicial overhaul, in Tel Aviv, Israel July 1, 2023. REUTERS/Nir Elias/File PhotoProtest leaders called for a similar shut-down of Ben Gurion Airport, Israel's main international gateway, in the afternoon. Washington has urged Netanyahu to seek broad consensus rather than rapidly push through unilateral changes it said could undermine Israeli democracy.
Persons: Benjamin Netanyahu, Nir Elias, Ben Gurion, Netanyahu, Dan Williams, Gareth Jones Organizations: Israeli, REUTERS, Thomson Locations: HAIFA, Israel, Haifa, Tel Aviv, Ben Gurion, Washington
After the Supreme Court struck down Biden's first student-debt relief plan, he announced he'll be trying again. He started the process to use the Higher Education Act of 1965, but it will take longer this time. On Friday, the high court struck down Biden's first plan to cancel up to $20,000 in student debt for federal borrowers using the HEROES Act of 2003. While Republican lawmakers lauded the Supreme Court decision, Democratic lawmakers celebrated Biden's effort to try again under the Higher Education Act. The President has the clear legal authority to cancel student debt under the Higher Education Act.
Persons: he'll, Biden, , Joe Biden, Miguel Cardona, they'll, Cardona, Bharat Ramamurti, Ramamurti, they're, Warren Organizations: Service, Friday's, Supreme Court, Education, Higher, National Economic Council, Republican, Democratic, Twitter
Opinion: Supreme Court drops the H-bomb and D-bomb
  + stars: | 2023-07-02 | by ( Richard Galant | ) edition.cnn.com   time to read: +15 min
We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Graduates of Harvard and other Ivy League schools earn significantly more than most college graduates –— the credential opens doors. Maybe the best confirmation of that is that eight out of the nine Supreme Court justices went to law school at either Harvard or its Ivy rival, Yale. “The court’s decision Thursday is consistent with its view that race-based preferences should and would have a limited shelf life. And the Supreme Court has just guaranteed that this will be the case for many years to come.”“The court made the right decision,” wrote Ilya Somin, a law professor at George Mason University.
Persons: Harvard College Dean Rakesh Khurana, , Harvard isn’t, , Michael Gerhardt, Roe, Wade, Donald, Trump, Bill Bramhall, Tan, ” Ana Fernandez, Richard Kahlenberg, Harvard …, Lanhee Chen, Peniel, Joseph, Joe Biden’s, Rachel Clark, , Ilya Somin, Biden, ” Clay Jones, Somin, Leah Litman, isn’t, aren’t, Timothy Holbrook, Nicole Hemmer, Drew Sheneman, Phil Hands, Julian Zelizer, Yorkers, Walt Handelsman, Jill Filipovic, , Patrick T, Brown, DeSantis, Duncan Hosie, Ken Ballen, Trump Jack Ohman, Jennifer Martin, ” Martin, Vladimir Putin’s, Yevgeny Prigozhin, Wagner, Prigozhin, David A, Putin, Jade McGlynn, CNN’s Chris Good, it’s, Frida Ghitis, Keir Giles, Victory, Don’t, Agency Dean Obeidallah, Keith Magee, France Kara Alaimo, Vicki Shabo, Leroy Chiao, Abdullah, Billy Lezra, MonaLisa Leung Beckford, Timothy Naftali, David Horsey, It’s, Blake Moore, Marc Veasey, Hershel “ Woody ” Williams, Moore, Veasey, “ Williams, Williams, Hershel ‘ Woody ’, Abraham Lincoln, ” Moore, Lincoln Organizations: CNN, Harvard, Harvard College, Wall Street Journal, of Harvard, Ivy League, Yale, Supreme Court, University of North, University of North Carolina —, Wellesley College, Blacks, , George Mason University, , University of Michigan, Democratic, Agency, Trump, New Yorker, American Academy of Sleep, Soviet Union —, RFK, Republican, Utah Republican, Texas Democrat, Marines Locations: Boston, University of North Carolina, California, , Chicago, Detroit, Great, Bedminster, New Jersey, New, Iran, Ukraine, Russia, Soviet Union, Moscow, France, Hong Kong, China, America, Utah, Texas, Iwo Jima, Lincoln
On Friday, the Supreme Court decided in a 6-3 ruling that Biden's plan to cancel up to $20,000 in student debt cannot move forward. The majority ruled that the states had standing to involve MOHELA in their case, and the law Biden used to cancel student debt demonstrated an overreach of authority. "I believe that the Court's decision to strike down our student debt relief plan is wrong," he added. "Despite this legally unsound Supreme Court decision, the President has the clear authority under the Higher Education Act of 1965 to cancel student debt. "The President has additional legal tools to cancel student debt — and he should use them.
Persons: , Joe Biden's, it's, Friday's, Brown, Biden, John Roberts, Vermont Sen, Bernie Sanders, Sanders, Massachusetts Sen, Elizabeth Warren, Warren, What's, Mr, Virginia Foxx, Ayanna Pressley, Miguel Cardona, Pressley, Cardona Organizations: Biden, Service, Supreme, US Department of Education, . Nebraska, Administration, Department, Higher, Biden Administration, Democratic, Legal Services Center of Harvard Law School, Massachusetts, Education Department, Republican, Education Locations: ., Vermont, Massachusetts
Supreme Court blocks Biden student loan forgiveness
  + stars: | 2023-06-30 | by ( John Kruzel | ) www.reuters.com   time to read: +6 min
Biden plans to announce new actions to protect student loan borrowers in the wake of the ruling, a White House source said, speaking on condition of anonymity. Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina challenged Biden's debt relief. The court's conservative justices had previously used the "major questions" doctrine to invalidate major Biden policies deemed lacking clear congressional authorization. Both Biden and his Republican predecessor Donald Trump relied upon the HEROES Act beginning in 2020 to repeatedly pause student loan payments and halt interest from accruing to alleviate financial strain on student loan borrowers during the COVID-19 pandemic. During the arguments, a Justice Department lawyer portrayed the debt relief as a benefits program rather than an assertion of regulatory power not authorized by Congress.
Persons: Joe Biden, Biden, John Roberts, Roberts, Education Miguel Cardona, Pell, Biden's, Elena Kagan, Kagan, Donald Trump, John Kruzel, Steve Holland, Will Dunham Organizations: U.S Supreme Court, Biden, Democratic, Education, Congress, Higher Education, Act, U.S . Centers for Disease Control, Liberal, Republican, Justice Department, Reuters, Thomson Locations: Arkansas , Iowa , Kansas , Missouri , Nebraska, South Carolina, U.S
WASHINGTON, June 30 (Reuters) - The U.S Supreme Court on Friday was set to rule on the legality of President Joe Biden's plan to cancel $430 billion in student loan debt - a move intended to benefit up to 43 million Americans and fulfill a campaign promise. Both Biden, a Democrat, and his Republican predecessor Donald Trump relied upon the HEROES Act beginning in 2020 to repeatedly pause student loan payments and halt interest from accruing to alleviate financial strain on student loan borrowers during the COVID-19 pandemic. During the arguments, a Justice Department lawyer portrayed the debt relief as a benefits program rather than an assertion of regulatory power not authorized by Congress. Circuit Court of Appeals found that at least one of the states, Missouri, had proper standing. Some 53% of Americans said they support Biden's debt relief, with 45% opposed, according to a Reuters/Ipsos poll from March, with respondents dividing sharply along partisan lines with Democrats broadly supportive and Republicans generally opposed.
Persons: Joe Biden's, Biden, Biden's, Pell, Donald Trump, Myra Brown, Alexander Taylor, John Kruzel, Will Dunham Organizations: U.S Supreme, Higher Education, Act, Democrat, Republican, Justice Department, Congress, Circuit, Appeals, Biden, Reuters, Thomson Locations: Arkansas , Iowa , Kansas , Missouri , Nebraska, South Carolina, U.S, Missouri, Louis, Texas, New Orleans
He's beginning the process of using the Higher Education Act of 1965 for relief. On Friday morning, the Supreme Court ruled Biden's initial plan to cancel up to $20,000 in student debt was an overreach of authority under the HEROES Act of 2003. The Education Department filed a notice on Friday to begin the regulatory process of using the Higher Education Act of 1965 to cancel student debt, which does not require relying on a national emergency. The Higher Education Act states that the Education Department can "enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand" related to federal student debt. "Despite this legally unsound Supreme Court decision, the President has the clear authority under the Higher Education Act of 1965 to cancel student debt.
Persons: Biden, , Joe Biden, I'm, Vermont Sen, Bernie Sanders Organizations: Higher, Service, Education Department, Democratic, Biden Administration Locations: Vermont
The Supreme Court ruled on Friday to strike down President Joe Biden's student-loan-forgiveness plan. Republicans, who had said the plan was unfair and unconstitutional, immediately celebrated. Republican lawmakers — many of whom had been outspoken critics of the plan — were happy to see it. Rep. Virginia Foxx, the GOP chair of the Education and Workforce Committee and an outspoken opponent of Biden's plan, wished "good riddance" to Biden's "illegal, economically disastrous taxpayer-funded bailout for the wealthy." Other Republicans took aim at the plan's constitutionality and claims that the relief was unfair, talking points that the GOP seized upon after Biden first introduced the plan.
Persons: Joe Biden's, , Bill Cassidy, Cassidy, Brown, Biden, Virginia Foxx, Biden's, Foxx, Kevin McCarthy, Nancy Pelosi's, McCarthy, Rep, Pfluger, John Thune, Thune, Eric Schmitt, shouldn't, Schmitt Organizations: Republicans, Service, Republican, Health, Education, Labor, Pensions, Biden, US Department of Education, . Nebraska, GOP, MOHELA, Workforce Committee, Twitter, White Locations: ., Rep, Texas, South Dakota, Missouri
Supporters of student debt forgiveness demonstrate outside the US Supreme Court on June 30, 2023, in Washington, DC. Olivier Douliery | AFP | Getty Images"Under the Secretary's plan, roughly half of all federal borrowers would have their loans completely discharged," Roberts wrote. How student loan forgiveness got to the Supreme CourtSupreme Court justices listen to arguments. watch nowTwo of those legal challenges made it to the Supreme Court: one brought by six GOP-led states — Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina — and another backed by the Job Creators Network Foundation, a conservative advocacy organization. While the justices' decision largely matched the predictions of many legal experts, some saw it going another way, especially after the Supreme Court heard oral arguments for the two challenges to the president's plan at the end of February.
Persons: Olivier Douliery, Roberts, Persis Yu, who'd, Biden, Bill Hennessey, he'd, Grant, overreach, Jed Shugerman, Elizabeth Prelogar Organizations: AFP, Getty, U.S . Department of Education, Consumer, Student, Protection, Supreme, U.S . Department of Justice, Heroes, Republican, GOP, South Carolina —, Job, Network Foundation Locations: Washington ,, Missouri, delinquencies, U.S, — Nebraska , Missouri , Arkansas , Iowa , Kansas, South Carolina, Fordham
Moms for Liberty emerge as a force in the 2024 race
  + stars: | 2023-06-30 | by ( James Oliphant | ) www.reuters.com   time to read: +6 min
The Republican candidates' courting of the group's members signifies its arrival as a major conservative player in national politics. Volunteers sporting shirts with the group’s logo could be seen working recently at DeSantis’ presidential campaign events in Iowa. COURTING MOMSOther Republican candidates also are cozying up to Moms for Liberty, which now claims 120,000 members in 44 states. Advocacy groups such as People For the American Way, ACT UP, Defense of Democracy and a Facebook-based effort called STOP Moms for Liberty organized protests in Philadelphia ahead of the Moms for Liberty conference. She said Moms for Liberty remains largely concerned with learning loss connected to school closures from the pandemic and that its opposition is driven by politics.
Persons: Robin Steenman, Judith, Brett Craig, Read, Donald Trump, Ron DeSantis, , , Tina Descovich, Tim Scott, Mike Pence, Nikki Haley, Descovich, DeSantis, Jazmyn Henderson, ” Bryan Griffin, Griffin, Nathan Layne, Colleen Jenkins, Alistair Bell Organizations: Liberty, Republican, Heritage Foundation, Leadership Institute, Trump, Iowa, Former South Carolina, Southern Poverty Law Center, Reuters, Way, ACT UP, Defense of Democracy, Twitter, Thomson Locations: Philadelphia, Florida, Iowa, U.S, South Carolina
In the student loan case, the 6-3 conservative majority, including Barrett, concluded that the student loan law in question did not give the secretary of education the power to cancel broad swaths of loans. “Though this grant of apple-purchasing authority sounds unqualified, a reasonable clerk would know that there are limits,” she wrote. “For example, if the grocer usually keeps 200 apples on hand, the clerk does not have actual authority to buy 1,000 – the grocer would have spoken more directly if she meant to authorize such an out-of-the-ordinary purchase,” Barrett wrote. “In my view, the major questions doctrine grows out of these same commonsense principles of communication,” Barrett wrote. ““The broadly worded ‘waive or modify; delegation IS the HEROES Act, not some tucked away ancillary provision,” Kagan wrote, referring to the relevant student loan program statute.
Persons: Amy Coney Barrett, Joe Biden’s, , Barrett, , , ” Barrett, ” “, Justice Elena Kagan, Kagan, ” Kagan, BARRETT, BARRETT’s Organizations: CNN, Supreme Court
Visitors with signs regarding student loan payments outside of the US Supreme Court in Washington, DC, US, on Tuesday, June 27, 2023. Al Drago | Bloomberg | Getty ImagesWhat's at stake in loan forgiveness decisionThe justices' ruling will determine whether the Biden administration can move forward with its plan to wipe out more than a quarter of the country's $1.7 trillion in outstanding federal student debt. Roughly 14 million people would have their student debt entirely cleared by the program, according to an estimate by higher education expert Mark Kantrowitz. Justices consider executive authority to cancel debtIn the cases, the justices examined whether Biden has the power to forgive so much student debt without authorization from Congress. The country was operating under an emergency declaration due to Covid-19 when the president rolled out his forgiveness plan.
Persons: Al Drago, Biden, Mark Kantrowitz, Grant, overreach Organizations: US, Bloomberg, Getty, Republican, Supreme, GOP, South Carolina —, Job, Network Foundation Locations: Washington , DC, — Arkansas, Iowa , Kansas , Missouri , Nebraska, South Carolina
LVMH reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. Luxury goods spending bounced back more quickly than any other sector in the first quarter. Although the economic momentum has lost steam in the past couple of months, growth in luxury goods sales has accelerated. China was one of the world’s largest luxury goods markets before Covid hit. Bain & Co. estimated earlier this year that Chinese consumer spending accounted for around 17% of the global luxury market in 2022.
Persons: Hong Kong CNN — Bernard Arnault, Elon Musk, Morgan, Jamie Dimon, Musk, Caijing, Christian Dior, LVMH didn’t, LVMH, , Jean, Jacques Guiony, , Li Qiang, ” Li Organizations: Hong Kong CNN, LVMH, WF, CNN, Consumers, Bain & Co Locations: Hong Kong, China, Beijing, ” Beijing
The US-China trade war has impacted manufacturing exports, particularly in the semiconductor industry. Opening Plenary with Li Qiang, Premier of the People's Republic of China World Economic Forum/Benedikt von LoebellWhy does de-risking matter? According to the Peterson Institute for International Economics, the trade war of 2018-19 devastated US exports to China. A big sticking point for the two nations is the US manufacturing exports to China. "Prior to the trade war, manufacturing was 44 percent of total US goods and services exports to China — the largest component of pre-trade war commerce.
Persons: Li Qiang, Li, , Ursula von der Leyen, Benedikt von Loebell, Trump, Morgan, JP Morgan Organizations: Service, European, Economic, Peterson Institute for International Economics, Peterson Institute, Semiconductor Industry Association Locations: China, West, Davos, Tianjin, decouple, People's Republic of China, China —, East Asia, Taiwan, South Korea
JSR's market capitalisation was 677 billion yen ($4.71 billion) at Friday's market close. JIC would spend about 1 trillion yen on the acquisition, the Nikkei newspaper reported, injecting 500 billion yen into a new company to make the purchase and borrowing 400 billion yen from Mizuho Bank. JSR is a top supplier of photoresists, which are light-sensitive chemicals used to print patterns on wafers, to global chipmakers. JSR, which was set up in 1957 as a government-backed producer of synthetic rubber, reported a 20% jump in sales to 408.9 billion yen in the year ended March, while operating profit declined 33% to 29.4 billion yen. Shares in JSR, which unusually for a Japanese company has a foreign-born CEO, have gained 25% year-to-date.
Persons: JIC, Travis Lundy, Sam Nussey, Jamie Freed Organizations: JSR, Japan Investment Corp, Nikkei, Mizuho Bank, JIC, Quiddity Advisors, Thomson Locations: TOKYO, China, United States, Japan, Tokyo
Two recent Supreme Court rulings have struck down cases due to a lack of states' standing to sue. In February, the Supreme Court heard oral arguments in the two lawsuits that paused the implementation of Biden's plan to cancel up to $20,000 in student debt for federal borrowers. And that's what the Supreme Court has done with two recent rulings. "In Justice Barrett's own words, the ruling for student debt relief should be 'open and shut' in favor of mostly low-income families burdened with the crushing weight of student debt." Student loan borrowers and advocates gather for the People's Rally To Cancel Student Debt During The Supreme Court Hearings On Student Debt Relief on February 28, 2023 in Washington, DC.
Persons: , Joe Biden's, Brown, Biden, they'd, Amy Coney Barrett, Barrett, Brett Kavanaugh, Kavanaugh, Braxton Brewington, Barrett's, Countess, MOHELA, James Campbell Organizations: GOP, Service, US Department of Education, Republican, Indian Child Welfare, . Texas, Department of Homeland Security, Supreme, Relief, Getty, Nebraska who's Locations: . Nebraska, Texas, States, ., Louisiana, Washington ,, United States, scrutinizing, Missouri
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