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☆ ‘His Ability to Do Pretty Much Everything Is Crazy’
▼ + stars: | 2023-06-28 | by ( Tyler Kepner | ) www.nytimes.com time to read: +1 min

In March, Carroll, the centerpiece of the upstart Arizona Diamondbacks, agreed to an eight-year, $111 million contract, with a ninth-year team option. Carroll was terrible the first day, Gardner said, but took about 200 bunts the next day and improved. Carroll finished the 2022 season in the majors, after smashing 24 homers with a .611 slugging percentage in the minors. Over the winter, when he visited the Diamondbacks’ training complex in Scottsdale, Ariz., he asked Gardner if he could bunt some more. They worked together for five or six sessions, hundreds and hundreds of attempts.

Persons: Corbin Carroll, Carroll, Jeff Gardner, Gardner Organizations: Arizona Diamondbacks, Diamondbacks, Class AA Locations: Amarillo , Texas, Scottsdale, Ariz

☆ Morgan Stanley says sell this aluminum giant as sluggish global growth, strong dollar hurt its outlook
▼ + stars: | 2023-06-22 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Alcoa will suffer from weaker global growth, according to Morgan Stanley. AA YTD mountain Alcoa stock has slipped 23.2% from the start of the year. Despite being down year to date, Alcoa shares are up 10% this month. That said, "the global growth outlook remains challenging and will weigh on commodity demand and mining equities." "We would like to see the equities trade at more attractive valuations and/or an acceleration in global growth before turning more optimistic again," the analyst noted.

Persons: Morgan Stanley, Morgan Stanley's, Carlos De Alba, De Alba, — CNBC's Michael Bloom Organizations: Alcoa Locations: China, U.S

"We know you've wanted more storage with Xbox Series S," Xbox chief executive Phil Spencer said during the company's summer gaming showcase. Xbox Series X and Series S have been the fastest-selling generation of Xbox consoles to date, thanks in part to the affordable price of the Series S. If you're hoping to get your hands on the new 1TB Xbox Series S, we've got you covered with full details on how to preorder one now. Where to preorder the Xbox Series S 1TB Carbon Black modelThe Carbon Black 1TB Xbox Series S will be released on September 1, and preorders are available now for $350 at Amazon, Best Buy, Target, Newegg, GameStop, and the Microsoft Store. Is the 1TB Xbox Series S different from the original Xbox Series S? The new Xbox Series S 1TB edition features double the storage space of the original Xbox Series S released in 2020.

Persons: you've, Phil Spencer, we've Organizations: Microsoft, Xbox, GameStop, Target, AA, Seagate, Amazon

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ Earn free AAdvantage miles for your summer concerts through Ticketmaster in 2023
▼ + stars: | 2023-06-09 | by ( Holly Johnson | ) edition.cnn.com time to read: +5 min

Starting earlier this month, American Airlines AAdvantage loyalty members have a brand-new way to earn both airline miles and elite status-qualifying Loyalty Points. How many miles will AAdvantage members earn? Remember, too, that the American AAdvantage program offers several other programs that let members rack up more miles without even flying, including American AAdvantage eShopping and the AAdvantage dining program. The lowest tier of elite status with American, AAdvantage Gold, requires you to earn 40,000 Loyalty Points in a status year. Meanwhile, when it comes to earning redeemable miles, the easiest way to do so quickly is through the several co-branded airline credit cards that earn American AAdvantage miles.

Persons: Taylor, eShopping, now’s Organizations: CNN, American Express, American Airlines, Ticketmaster, AA, Citi, Mastercard

☆ Train review: What it’s like to ride the Venice Simplon-Orient-Express
▼ + stars: | 2023-06-09 | by ( Chris Dwyer | ) www.cnbc.com time to read: +5 min

That's according to Matthieu Ollier, manager of the Venice Simplon-Orient-Express, who said the train's Grand Suites cost 24,000 euros ($25,850) for a one-night trip from Venice to London. A train steward on the Venice Simplon-Orient-Express. The ensuite bathroom in the Venice Simplon-Orient-Express' Budapest Suite. The bar car on board the Venice Simplon-Orient-Express. Source: Venice Simplon-Orient-Express

Persons: Matthieu Ollier, Willy Wonka's, Chris Dwyer, Ollier, John Travolta, Angelina Jolie, Kate Winslet, Wes Anderson, Agatha Christie's, Christie, Champagne —, Austria's Brenner, Chef Jean Imbert, Jean Imbert, —, serenaded Organizations: Orient, Express, Orient Express, Athénée, Venice Locations: Venice, London, Belmond, United States, Paris, Bucharest, Munich, Istanbul, —, Budapest, Murano, Tsar, Austria's, Switzerland, France

☆ S&P spares France from rating downgrade
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

PARIS, June 2 (Reuters) - Ratings agency S&P spared France on Friday the embarrassment of downgrading the country's sovereign debt, but remained cautious about the outlook on account of strained public finances. S&P left the country's AA rating untouched after a regular review and said that the outlook remained negative due to "downside risks to our forecast for France's public finances amid its already elevated general government debt". Finance Minister Bruno Le Maire told weekend newspaper Le Journal du Dimanche that S&P's decision to keep its AA rating was a "positive signal" and that the government's public finance strategy was credible. S&P said that potential triggers for a downgrade could come in the form of prolonged economic slowdown or failure to rein in the public finances, notably by leaving public spending high. Le Maire said that "several billion euros" in budget savings would be detailed later this month after a spending review for which he has asked each ministry to identify cutbacks worth 5% of their budget.

Persons: Fitch, Bruno Le Maire, Le Maire, Leigh Thomas, Diane Craft, Will Dunham Organizations: AA, Finance, Thomson Locations: France

"The risk of a downgrade is exacerbated every time Congress flirts with the debt ceiling," said Calvin Norris, Portfolio Manager & US Rates Strategist at Aegon Asset Management, who sees another downgrade as still a risk. Economic damage from the 2011 and 2013 debt ceiling battles had a chilling impact. Rating agency Fitch and other smaller agencies recently placed the U.S. credit rating under review. Reuters GraphicsCASCADE EFFECTInvestors use credit ratings as one of the metrics to assess the risk profiles of governments and companies. In the 2013 debt ceiling crisis the legislative standoff did not cause a rating downgrade, although Fitch placed its rating under review.

Persons: Kevin McCarthy, Joe Biden, Leah Millis, Calvin Norris, Wendy Edelberg, Edelberg, Fitch, William Foster, ”, Andy Sparks, Olivier d'Assier, Peter Crane, MSCI's Sparks, Davide Barbuscia, Megan Davies, Nick Zieminski Organizations: U.S, White, REUTERS, Senate, Republicans, Aegon Asset Management, AAA, Government, Office, The, Brookings Institution, Moody's, Moody’s Investors Service, Applied Research, Crane, Treasury, Thomson Locations: Washington , U.S, U.S, United States, Washington, APAC, Qontigo

☆ American Airlines aviators reject merger with world's largest pilots' union
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - American Airlines Group's (AAL.O) pilot leaders have rejected efforts to join the Air Line Pilots Association (ALPA), union spokesman for the U.S. carrier's aviators, Dennis Tajer, said on Friday. Support from the Allied Pilots Association (APA) board fell short of the two-thirds needed to start merger talks with fast-growing ALPA, the world's largest pilots' union, which recently joined forces with aviators at Air Canada (AC.TO). Pilots at North American carriers are making workplace gains in new contracts as travel rebounds from the pandemic. Allied, which reached a tentative deal last month that boosts pay by 21% in 2023, agreed in November to create a merger committee to look at joining forces with fast-growing ALPA. The group AA Pilots for ALPA, which supported a merger, said in a statement they were disappointed by the APA board of directors' decision which was made on Thursday afternoon.

Persons: Dennis Tajer, Allison Lampert, Matthew Lewis Organizations: American Airlines, Air Line Pilots Association, U.S, Allied Pilots Association, Air Canada, Pilots, North, AA Pilots, ALPA, APA, Thomson Locations: Montreal

Reflecting investor optimism about passage, the cost of insuring exposure to a U.S. debt default dropped on Tuesday, but some concerns remained because of the tight timeline and opposition from some lawmakers. Last week, credit rating agency Fitch placed its "AAA" rating of U.S. sovereign debt on watch for a possible downgrade, citing downside risks including political brinkmanship and a growing debt burden. In a previous debt ceiling crisis in 2011 rating agency Standard & Poor's cut the U.S. top 'AAA' rating by one notch a few days after a debt ceiling deal, citing political polarization and insufficient steps to right the nation's fiscal outlook. "Even if a U.S. default is averted, a ratings downgrade could still happen," Vishwanath Tirupattur, a strategist at Morgan Stanley, said in a research note on Sunday. Some also fear a debt ceiling resolution could only provide short-term relief to markets because the U.S. Treasury is expected to quickly refill its account with bond sales, sucking out hundreds of billions of dollars of cash from the market.

Persons: Joe Biden, Kevin McCarthy, Fitch, Raymond James, Ed Mills, Alex Anderson, Vishwanath Tirupattur, Morgan Stanley, Spokespeople, Blair Shwedo, Davide Barbuscia, Shankar Ramakrishnan, Pete Schroeder, Megan Davies, David Gregorio Our Organizations: YORK, Democratic, Republican, U.S . Treasury Department, BMO Capital Markets, AAA, Moody's, U.S . Treasury, Thomson Locations: U.S

☆ France in 'very close discussions' with S&P ahead of rating update
▼ + stars: | 2023-05-28 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: French Finance Minister Bruno Le Maire speaks at a joint news conference after his meeting with World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala at WTO headquarters in Geneva, Switzerland, April 1, 2021. REUTERS/Denis Balibouse/Pool//File PhotoPARIS (Reuters) - French Economy Minister Bruno Le Maire is in “very close discussions” with credit ratings agency Standard and Poor’s, which put France on notice in January for a possible downgrade, Prime Minister Elisabeth Borne said on Sunday. “There are very close discussions between Standard and Poor’s and Bruno Le Maire,” Borne told Radio J. “I think there were detailed explanations from Bruno Le Maire to Standard and Poor’s on everything we’re doing to control our public finances and I think that we act in this direction,” she said. Le Maire explained France’s reforms and its objective of cutting the country’s budget deficit to 2.7% of gross domestic product by 2027, she said.

☆ Credit ratings agencies like Moody's decide the US credit rating. Here's what you need to know
▼ + stars: | 2023-05-27 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

CNN —Credit rating agencies are once again in the spotlight amid the ongoing high-stakes debt ceiling negotiations in Washington. What is the purpose of credit rating agencies? Put simply, credit rating agencies provide their opinions and issue a score evaluating the likelihood that a borrower will repay its debt. Rating agencies first rose to prominence over a century ago, but today, the three major agencies dominate the market. Bonsall has studied the effectiveness of credit rating agencies and their possible conflicts of interest.

☆ Debt ceiling crisis: How a US default would ricochet around the world
▼ + stars: | 2023-05-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

But if it does, it could make the 2008 global financial crisis feel like a walk in the park. The consequences are frightful.”The belief that America’s government will pay its creditors on time underpins the smooth functioning of the global financial system. During the 2011 standoff over raising the US debt ceiling, the S&P 500 index of leading US shares plunged more than 15%. “It’s unclear in a Treasury default crisis whether the Fed could do enough even with the types of efforts it deployed in March 2020,” Obstfeld said. “A default would be a message to investors all around the world of eroding confidence in America,” he added.

☆ Top US credit rating under watch
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

Following are some of the actions by the agencies in recent days:Fitch:Fitch earlier this week put the U.S. credit rating on watch for a possible downgrade. Fitch has also placed 11 ratings of U.S. credit-linked notes (CLNs) on ratings watch with negative implications. Moody's currently has an "Aaa" rating for the U.S. government with a stable outlook - its highest creditworthiness evaluation. S&P Global:The agency has not put U.S. ratings on watch yet, but has had its second-highest rating on the country since 2011, in contrast to Fitch and Moody's. That year, S&P took a bold call to cut U.S. rating to "AA-plus" from its highest "AAA" even as a default was narrowly averted.

☆ Here's where Biden and McCarthy stand on debt ceiling talks heading into today's meeting
▼ + stars: | 2023-05-16 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy, R-Calif., in the Oval Office at the White House on May 9, 2023. McCarthy sang a different tune, telling NBC News on Monday outside the Capitol, "I still think we're far apart." The White House has maintained that Biden intends to go to the G-7 summit in Japan later this week, but the president himself has said that could change depending on the debt ceiling talks. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president and prevent default. Treasury Secretary Janet Yellen warned last week failure to hike the debt ceiling would cause an "economic catastrophe."

☆ Good news for markets next week. Everyone agrees the debt ceiling 'X-date' is not here yet
▼ + stars: | 2023-05-12 | by ( Scott Schnipper | ) www.cnbc.com time to read: +6 min

Good news for markets next week: no default, no credit agency downgrade, no apocalypse. Worrying 2011 precedent Recent history tells investors that stocks will move more violently during a debt ceiling standoff. Retail sales update Debt negotiations aside, investors get updates next week on the state of American consumer spending when April retail sales are reported Tuesday alongside earnings from Home Depot. Deutsche Bank estimates that April retail sales expanded month over month by 0.7%, the market consensus. Credit Suisse is less optimistic, forecasting that April retail sales grew by 0.6%, but, excluding vehicles, were unchanged.

In that instance, S&P Global Ratings credit rating agency downgraded the government from AAA to AA+ credit rating. The federal government maintains a perfect credit rating from Fitch and Moody’s, but that could change as the stalemate drags on. Investors care about stability and predictability, so a credit rating downgrade would send a chill down Wall Street’s spine. The broadest economic impact of a US debt default would be a recession that would encompass the global economy, including sharp job losses. And the housing market would not be spared by the “economic calamity” of a US government default, as Yellen once described it.

☆ UK's Smiths Group names Alcoa's Williams as next chair
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - British industrial technology company Smiths Group Plc (SMIN.L) on Wednesday named Steve Williams as its next chairman to succeed George Buckley, who is retiring at the end of the company's annual general meeting in November. UK-born Williams, who is currently chair of U.S. aluminum producer Alcoa Corporation (AA.N), started his career at ExxonMobil. His appointment at Smiths Group is subject to his election as non-executive director at the company's AGM. He will be appointed to the board as an independent non-executive director and as chair designate in September, Smiths Group said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ EU debt’s credibility problem is worsening
▼ + stars: | 2023-05-09 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

BRUSSELS, May 9 (Reuters Breakingviews) - The European Union’s debt credibility is suffering from rising doubts, as well as rising rates. Relative to initial projections, EU borrowing costs are on course to go up by tens of billions of euros. Even so, as of Tuesday, two-year EU bonds were yielding 3.02% compared to 2.79% for France and 2.94% for Spain , with five-year EU bonds at 2.87% against 2.63% for France . EU debt trades as a supranational institution, not a country. Financially, the EU general budget will be able to manage the increase in debt costs using existing measures.

☆ Confused about the debt ceiling? Here's what you need to know
▼ + stars: | 2023-05-09 | by ( Emma Kinery | ) www.cnbc.com time to read: +6 min

What is the debt ceiling? Unlike a credit card, though, the expenses were already approved by Congress, so the debt ceiling does not pertain to new spending. The debt ceiling was last raised in December 2021 by $2.5 trillion, capping the limit at $31.381 trillion. If Congress does not agree to lift the debt ceiling, the government will not have money to pay its bills and will default on its debt. The White House has remained steadfast that it is Congress's responsibility to raise the debt ceiling without conditions, as was done three times under the Trump administration.

JPMorgan is bullish on aluminum producer Alcoa shares as the commodity's outlook becomes more positive. The outlook also looks promising for its proprietary, zero-carbon Elysis smelting technology, which eliminates all scope 1 emissions associated with aluminum smelting, instead emitting pure oxygen as a byproduct," said Peterson. Alcoa shares jumped 2.1% Monday during premarket trading. However, the aluminum producer's shares have declined 20.5% in 2023, and more than 40% over the past 12 months. AA YTD mountain Alcoa shares —CNBC's Michael Bloom contributed to this report.

☆ Morning Bid: Debt ceiling countdown
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +3 min

U.S. Treasury Secretary Janet Yellen didn't pull any punches on Sunday when she said failure to resolve the impasse over the debt ceiling in time could trigger a "constitutional crisis". The last time there was a major showdown over the debt limit in 2011, it cost the United States its prized triple-A credit rating. Scope Ratings, which is seen as the leading European credit rating agency, on Friday said it had placed the United States' AA long-term issuer rating under review for a possible downgrade. Biden, who meets congressional leaders on Tuesday, last week sharply criticized "MAGA" Republicans for their refusal to vote in a higher federal debt ceiling, signalling that there would be little compromise on May 9. Stalemate in Washington over raising the U.S. debt limit raises the risk of fresh turmoil for markets.

☆ Scope Ratings places U.S. credit ratings under review for possible downgrade
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: +2 min

Scope Ratings on Friday placed the United States of America's AA long-term issuer and senior unsecured debt ratings in local and foreign currency under review for a possible downgrade due to longer run risks associated with the misuse of the debt ceiling instrument. Scope also placed United States' S-1+ short-term issuer ratings in local and foreign currency under review for downgrade. Rating agencies Moody's and Fitch both have a triple-A rating for the United States - the highest credit quality status they can assign to a borrower. S&P Global's sovereign rating for the United States is 'AA+', the second highest rating by the agency. Scope Ratings has been in talks with the European Central Bank to become one of its recognized agencies, joining Standard and Poor's, Moody's, Fitch and DBRS.

☆ Scope Ratings places US credit ratings under review for downgrade
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Scope Ratings on Friday placed the United States of America's AA long-term issuer and senior unsecured debt ratings in local and foreign currency under review for a possible downgrade. The review for ratings downgrade reflects the longer-run risk associated with misuse of the debt-ceiling instrument, Scope said adding that the U.S. government faced elevated risks during recurrent debt-ceiling crises. "Recurrent debt-ceiling crises have resulted in phases of debt repayment distress for the federal government and dependence on last-minute congressional action to ensure repayment of the United States’ debt in full and on time", Scope said in a statement. Scope also placed United States' S-1+ short-term issuer ratings in local and foreign currency under review for downgrade. Reporting by Jose Joseph in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

While a debt default doesn't mean all payments would stop, it could unleash economic and fiscal chaos around the world:Financial marketsAmericans' investments would take a direct hit. That's on top of the increased costs Americans are already facing from the Fed's rate hikes. That's because their costs of borrowing money will also rise, which limits the amount of money they can lend out. The economyA debt default could trigger an economic downturn, which would prompt a spike in unemployment. But if the impasse dragged on for six weeks, then more than 7 million jobs would be lost and the unemployment rate would soar above 8%.

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