DIRS.INFO The most relevant business & tech news

☆ GOP Sen. Mike Rounds praises presidential candidate Tim Scott as 'the closest to a Ronald Reagan' in the 2024 race: 'None of us are ever going to be ashamed of supporting him'
▼ + stars: | 2023-06-17 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Sen. Mike Rounds praised Sen. Tim Scott as "the closest to a Ronald Reagan" in the 2024 GOP WH race. Rounds recalled comparing Scott to the GOP icon during an interview with The Washington Post. Rounds and Sen. John Thune, both of South Dakota, are supporting Scott's presidential campaign. "I think he's the right guy for the job, positive," Rounds said of Scott during a conversation with Thune. "He's the closest to a [new] Ronald Reagan, in terms of his excitement, his ability to communicate, his forward-thinking, his understanding of defense issues, his understanding of business."

Persons: Sen, Mike Rounds, Tim Scott, Ronald Reagan, Rounds, Scott, John Thune, —, John Thune of, Scott —, Thune, Donald Trump, Ron DeSantis Organizations: GOP, Washington Post, Service, South, Republican, Senate Banking Committee, Senate Finance, Republicans Locations: South Dakota, South Carolina, John Thune of South Dakota, Florida

☆ Opinion | Republicans Keep Failing the Same Test
▼ + stars: | 2023-06-13 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +2 min

The only notable Congressional Republican to really condemn Trump was Senator Mitt Romney of Utah. With vanishingly few exceptions, Republicans are unwilling either to discipline Trump, withdraw their support for his political leadership or even just criticize him for his actions. The most we’ve seen, Romney aside, is a nod to the fact that these are serious charges. The first concerns something that exists wherever there is a relationship between an individual and an institution. Loyalty makes it less likely that a dissenter just ups and walks away, especially when there isn’t a plausible alternative.

Persons: Trump, Mitt Romney, ”, “ Mr, Romney, Tim Scott of, What’s, A.O, Hirschman Organizations: Congressional Republican, Justice Department, Trump Locations: Utah, Tim Scott of South Carolina

☆ Who Is Jack Smith, the Special Counsel Who Indicted Trump?
▼ + stars: | 2023-06-08 | by ( Glenn Thrush | ) www.nytimes.com time to read: +1 min

Jack Smith, appointed in November to investigate former President Donald J. Trump, is a hard-driving, flinty former prosecutor chosen for his experience in bringing high-stakes cases against politicians in the United States and abroad. Attorney General Merrick B. Garland tasked him with overseeing two investigations into Mr. Trump: one into his attempt to overturn the 2020 election, including the lead-up to the Jan. 6, 2021, attack on the Capitol, and the other into Mr. Trump’s retention of classified materials at his residence in Florida. “The right choice to complete these matters in an evenhanded and urgent manner,” Mr. Garland said in announcing the appointment of Mr. Smith, who had been serving as the top prosecutor investigating war crimes in Kosovo at the International Criminal Court in The Hague. Mr. Trump and congressional Republicans have accused the Justice Department of pursuing a politically motivated investigation intended to destroy Mr. Trump’s chances of retaking the White House, including by leaking details of the case. But department officials have said Mr. Smith, 54, is intent on conducting a fair investigation in secrecy — and Mr. Smith has refused to even acknowledge the questions of reporters who have approached him outside his office in northeast Washington.

Persons: Jack Smith, Donald J, Trump, General Merrick B, Garland, Trump’s, “, Mr, Smith Organizations: Capitol, Criminal, Mr, Justice Department Locations: United States, Florida, Kosovo, The Hague, Washington

☆ US venture capital titan Sequoia to split off China business amid tension with Beijing
▼ + stars: | 2023-06-06 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Venture capital titan Sequoia is splitting its business into three independent partnerships, each with separate brands. Sequoia Capital executives briefed investors Tuesday about the plans, which are expected to be completed by March 2024. The firm’s operations in Europe and the United States will retain the current name, Sequoia Capital. Its Chinese unit, Sequoia China, will use its current Chinese name, HongShan. The company’s business operations in India and Southeast Asia will be spun off into a partnership named Peak XV Partners.

Persons: hyping, Roelof Botha, Neil Shen, Shailendra Singh, Biden, TikTok Organizations: DC CNN — Venture, Sequoia Capital, XV Partners, Apple, Sequoia, Republicans, US, Street Journal Locations: Washington, China, Beijing, Europe, United States, Sequoia China, India, Southeast Asia, Montana

WASHINGTON, June 1 (Reuters) - The bipartisan debt-ceiling deal that could clear Congress as soon as Thursday would stave off an imminent U.S. default, but might deliver less budget savings than Republicans have hoped for, according to nonpartisan budget analysts. The agreement ensures that President Joe Biden will not have to grapple with another debt-ceiling showdown until after the November 2024 election. That is less than the $4.8 trillion Republicans had initially sought, but still the largest deficit-reduction package since a 2011 deal that emerged from a similar debt-ceiling showdown. That would put more $1 trillion of the deal's anticipated savings at risk, according to the Penn Wharton Budget Model, a research group. The deal increases spending on defense and veterans' care, even as it aims to clamp down on other discretionary programs.

Persons: Joe Biden, Kevin McCarthy, MacGuineas, Biden, Veronique de Rugy, George Mason University's, Penn Wharton, McCarthy, Emily Gee, Andy Sullivan, Scott Malone, Alistair Bell Organizations: Penn Wharton Budget, White, Internal, Service, Office, Republican, SNAP, Social Security, Center for American, Thomson Locations: U.S, Washington

☆ Asia stocks slump to monthly loss as China data disappoints
▼ + stars: | 2023-05-31 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The Australian dollar is sliding towards a fourth consecutive monthly loss and at $0.6492 is barely above last week's seven-month lows. Aussie stocks (.AXJO) are eying their worst month since February with a 2.4% drop. Based on these factors, we raise our end-2023 targets for Japanese stocks, to 2,300 for TOPIX and 32,500 for the Nikkei 225." Benchmark 10-year yields dropped 12.4 basis points overnight and fell another 1.5 bps on Wednesday in Asian trade to 3.6808%. The drop in yields put a pause in what looks to be the U.S. dollar's best monthly rally since February.

Persons: stockmarkets, Carol Kong, Masashi Akutsu, Joe Biden, Treasuries, Philip Lowe, Sam Holmes Organizations: Nikkei, Commonwealth Bank of Australia, of America, Republican, Brent, Thomson Locations: China, Asia, Japan, SINGAPORE, Pacific, U.S, United States

☆ The Big Part of the Debt Ceiling Deal Congress Isn’t Talking About
▼ + stars: | 2023-05-31 | by ( Margot Sanger-Katz | Alicia Parlapiano | ) www.nytimes.com time to read: +10 min

Annual deficit projections $3 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. bill passed in April $2 trillion $1 trillion 2023 2028 2033 Annual deficit projections $3 trillion $2 trillion $1 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. But negotiators are confident enough in the agreement that they are moving forward with the debt limit bill this week. The debt limit deal scenarios assume that after budget caps lift in 2026, Congress will increase spending in line with inflation. It's also possible that the entire deal holds, and the next Congress will still make vastly different spending choices.

Persons: Kevin McCarthy, Biden, “, It's Organizations: House Republicans, White, New York Times, Congressional, Republicans, Office, SNAP, Internal Revenue Service, Social Security, Medicare, Savings, Energy, Biden, Medicaid, of Commerce, Federal Locations: That’s, G.O.P, Washington

☆ Debt deal sacrifices $140 bln return on investment
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

The budget deal agreed to by President Joe Biden and top congressional Republican Kevin McCarthy would move $20 billion away from the Internal Revenue Service over the next two years. The change shores up cash for other agencies, but projections suggest the IRS funding would’ve made a significant step toward closing the government’s $925 billion budget gap. Biden approved $80 billion of new cash for the IRS in 2021, arguing the funding would strengthen enforcement and increase revenue collected by Uncle Sam. The CBO estimated in 2021 that for every $1 increase to IRS funding the government would recoup $6.40 to $7.10. The $20 billion being diverted from the agency could therefore raise as much as $142 billion through 2031.

Persons: Joe Biden, Kevin McCarthy, would’ve, Biden, Uncle Sam, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Internal Revenue Service, Office, CBO, IRS, White, Twitter, Toyota, Lufthansa, Thomson Locations: Saudi, East, Italy

☆ Manchin's Mountain Valley Pipeline would get the green light debt ceiling deal
▼ + stars: | 2023-05-31 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

The conservative Democrat from West Virginia, who has been critical of the Biden administration’s environmental goals, praised the White House and congressional Republicans this week. “All of a sudden, [the White House] did their job, they negotiated. Manchin has been critical of Biden's climate goals, but praised the White House and congressional Republicans this week for their work on the debt ceiling deal. White House officials backed Manchin’s effort last year, and climate and energy officials – including White House senior adviser John Podesta and Energy Secretary Jennifer Granholm – voiced support for approving the pipeline more recently. A Hail Mary effort to remove itThere could be a last-ditch effort to undo the pipeline piece of the debt ceiling bill.

Persons: CNN — Sen, Joe Manchin’s, Virginia –, Manchin, Kevin McCarthy, ” Manchin, “, Joe Biden’s, Justin Pearson, Kent Nishimura, Biden, ”, Abdullah Hasan, West Virginia’s Marcellus, James Van Nostrand, John Podesta, Jennifer Granholm –, Chuck Schumer, Mary, Sen, Tim Kaine, “ Sen, Kaine Organizations: CNN, Democratic, Democrat, Biden, White, Republicans, West, Appeals, Fourth Circuit, Keck, Environmental, Los Angeles Times, West Virginia University, White House, Energy, DC, Senate, Virginia Democrats, House, Republican, Kaine Locations: West Virginia, Virginia, Tennessee, clawing, West, Utica, Texas

☆ Oil edges up after steep losses ahead of U.S. debt ceiling vote
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short-sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Kevin McCarthy, hardliner, Abdulaziz bin Salman, Alexander Novak Organizations: Rosneft Oil, Brent, U.S, West Texas, Republican, of, Petroleum, Traders, Saudi Arabian Energy, OPEC, Reuters Locations: Tuapse, Russia, U.S, OPEC, Saudi Arabia

McCarthy called the bill the "most conservative deal we've ever had." The pair, Representatives Chip Roy and Ralph Norman, said they may vote against it if it is not changed to their liking. "I think it's important to keep in mind the debt limit bill itself does not spend money," he wrote on Twitter. A successful vote there would set up a vote by the full House on Wednesday. The debt-ceiling standoff prompted ratings agencies to warn that they might downgrade U.S. debt, which underpins the global financial system.

Persons: Joe Biden, Kevin McCarthy, Calif, Jacquelyn Martin, McCarthy, we've, Chip Roy, Ralph Norman, Roy, MASSIE, Thomas Massie, Biden, Hakeem Jeffries, Jeffries, Republican Mike Lee, White, Moira Warburton, David Morgan, Richard Cowan, Gram Slattery, Andy Sullivan, Scott Malone, Matthew Lewis, Mark Porter Organizations: Capitol, WASHINGTON, Republican, Democratic, U.S . Treasury Department, Republicans, Twitter, Top, Internal Revenue Service, Thomson Locations: Washington

☆ Dollar eases as deal over US debt ceiling lifts risk appetite
▼ + stars: | 2023-05-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States' $31.4 trillion debt ceiling. "Still, a higher debt ceiling and some reduction in spending in the FY24 budget are the middle ground." "Outside of any volatility generated by the debt ceiling issues, expectations for Fed rate hikes are likely to keep the dollar bid in the near term." Longer-dated U.S. Treasuries rallied in Asia on Tuesday on the debt ceiling deal. Until then, higher U.S. Treasury yields and weak expectations for BoJ tightening can push USD/JPY higher."

☆ Dollar eases as deal over U.S. debt ceiling lifts risk appetite
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +3 min

Florida Governor Ron DeSantis, a candidate for the Republican 2024 presidential nomination, said the deal does not do enough to change the fiscal trajectory. "After this deal, our country will still be careening toward bankruptcy," he said on Fox News. There's no question about that," said Republican Representative Dusty Johnson, who said he had talked to dozens of fellow lawmakers. Some $4 trillion in debt for - at best - a two-year spending freeze and no serious substantive policy reforms," Roy wrote on Twitter. McCarthy has predicted it will draw the support of most of his fellow Republicans, who control the House 222-213.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 26, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt. The deal is expected to provide only short-term relief for markets, as worries linger about inflation and further rate increases. European stock indexes initially opened higher, then faltered, with Europe's STOXX 600 down 0.1% on the day (.STOXX). If the debt ceiling deal passes through Congress, then market attention will return to the U.S. Federal Reserve's plans for rates, according to Samy Chaar, chief economist at Lombard Odier.

☆ Explainer: What is the U.S. debt ceiling?
▼ + stars: | 2023-05-29 | by ( Jason Lange | ) www.reuters.com time to read: +4 min

WHEN WAS THE DEBT CEILING REACHED? IS THE DEBT CEILING GOOD FOR ANYTHING? Few counties in the world have debt ceiling laws and Washington's periodic lifting of the borrowing limit merely allows it to pay for spending Congress has already authorized. Others argue the debt ceiling itself violates the U.S. Constitution. In a 2011 showdown, House Republicans successfully used the debt ceiling to extract sharp limits on discretionary spending from Democratic President Barack Obama.

☆ Stocks rise on US debt ceiling deal but China drags
▼ + stars: | 2023-05-29 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

S&P 500 futures rose 0.3% while Nasdaq futures firmed 0.5%. After weeks of negotiations, congressional Republican McCarthy and Biden agreed on Saturday to avert an economically destabilising default by suspending the $31.4 trillion debt ceiling until 2025. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.2%, with falls in Chinese and Hong Kong shares offsetting gains seen elsewhere. U.S. shares rallied at the end of last week on hopes of a debt ceiling deal and bets on artificial intelligence firms. Elsewhere in the currency markets, the dollar index - a measure of the greenback against its major peers - was a touch lower at 104.17 as risk-sensitive currencies staged a rebound.

☆ Asian shares, US futures rise on debt ceiling deal
▼ + stars: | 2023-05-29 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The positive news lifted S&P 500 futures 0.2% in Asia while Nasdaq futures firmed 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 0.3%, after a 1.1% drop the previous week. Two-year yields hit a 2-1/2 month high of 4.6390% on Friday on markets bets of higher Federal Reserve rates for longer. U.S. shares rallied at the end of last week on hopes of a debt ceiling deal and on optimism about artificial intelligence. However, it is still not too far from a two month high hit on Friday.

☆ Republicans speak out against U.S. debt-ceiling deal, in sign of rocky road ahead
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +5 min

Florida Governor Ron DeSantis, a candidate for the Republican 2024 presidential nomination, said the deal does not do enough to change the fiscal trajectory. "After this deal, our country will still be careening toward bankruptcy," he said on Fox News. There's no question about that," said Republican Representative Dusty Johnson, who said he had talked to dozens of fellow lawmakers. McCarthy has predicted it will draw the support of most of his fellow Republicans, who control the House 222-213. Most of the savings would come by capping spending on domestic programs like housing, border control, scientific research and other forms of "discretionary" spending.

☆ Explainer: US debt ceiling deal's winding road to passage in Congress
▼ + stars: | 2023-05-28 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

Then, McCarthy has vowed to give House members 72 hours to read it, and passage through the House and Senate will each take several more days. House Democrats have backed this idea but could not succeed unless enough of the Republican majority joined them. SENATE FOLLOWSIf passed by the House, the legislation goes to the Senate where Democrats hold a 51-49 majority over Republicans. If there were to be a 50-50 tie in the Senate, Vice President Kamala Harris can cast the vote to win 51-50 passage. Upon passage by the House and Senate, the deal would go to the White House for Biden to sign into law.

May 28 (Reuters) - Good news of a tentative deal for the U.S. debt ceiling impasse may quickly turn out to be bad news for financial markets. "That's where the debt ceiling matters." In that case, "the impact on broader financial markets would likely be relatively muted," Daniel Krieter, director of fixed income strategy, BMO Capital Markets, said in a report. Some bankers said they fear financial markets may not have accounted for the risk of a liquidity drain from banks' reserves. Bankers put it to hope that the debt ceiling impasse would be resolved without significant dislocation to markets, but warn that's a risky strategy.

WASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to suspend the federal government's $31.4 trillion debt ceiling on Saturday evening, ending a months-long stalemate. Biden and McCarthy held a 90-minute phone call earlier on Saturday evening to discuss the deal, McCarthy briefed his members later in the evening, and the White House and the House leader spoke afterward. [1/6] General view of the U.S. Capitol after U.S. House Speaker Kevin McCarthy (R-CA) reached a tentative deal with President Joe Biden to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 27, 2023. The long standoff on raising the debt ceiling spooked financial markets, weighing on stocks and forcing the United States to pay record-high interest rates in some bond sales. The work to raise the debt ceiling is far from done.

☆ ANALYST VIEW Investors react to tentative US debt ceiling deal
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +3 min

Where there were the most distortions from the uncertainty was in the credit markets and in the Treasury bill market... And so, I think Treasury bond yields will stay high for a while that supply is absorbed. "As far as the dollar goes, I'm inclined to think that it could strengthen the dollar a little bit because it will weaken the argument for de-dollarization. But not by much just a little bit more, because the dollar has already strengthened in the last few weeks quite a bit." Or whether those matters are going also going to be resolved with a long-term deal.

☆ Reaction: Biden, McCarthy debt ceiling deal
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate. DEMOCRATIC REPRESENTATIVE TED LIU"Tonight, I have been informed that there is an agreement in principle between the White House and House Republicans. This was a House Republican manufactured crisis. REPUBLICAN REPRESENTATIVE BOB GOOD "I am hearing the 'deal' is for a $4 trillion increase in the debt limit. "If we didn't reach a deal … the average American person would clearly see a hit ... we had to reach some kind of conclusion here."

☆ Breakingviews: Biden gives little, gets less in debt ceiling deal
▼ + stars: | 2023-05-28 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

WASHINGTON, May 28 (Reuters Breakingviews) - For President Joe Biden, a debt-ceiling victory comes with a bittersweet taste. The White House and top congressional Republican Kevin McCarthy reached a tentative deal for lifting the government’s borrowing limit on Saturday night. After months of negotiation, Biden and McCarthy reached an agreement just nine days before U.S. Treasury Secretary Janet Yellen said the country was expected to run out of cash. The deal lifts the debt ceiling about $4 trillion from its current level of $31.4 trillion, extending the government’s borrowing power for two more years. Follow @BenWinck on TwitterCONTEXT NEWSThe Biden administration and top congressional Republican Kevin McCarthy reached an agreement in principle on May 27 for raising the U.S. government’s debt ceiling.

Search resuls for: "Congressional Republican"

25 mentions found