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Watch live coverage of the House vote to choose a new speaker, following the ouster of Rep. Kevin McCarthy. WASHINGTON—Republican speaker nominee Rep. Jim Jordan fell short again in a third round of voting Friday morning, losing ground in his struggle to win over GOP colleagues and leaving the House at a fresh impasse. The final vote was 194 for Jordan, 210 for Democratic nominee Hakeem Jeffries of New York, and 25 for Republicans other than Jordan. A speaker would need to win a majority of members present and voting for a candidate.

Persons: Kevin McCarthy, WASHINGTON, Jim Jordan, Hakeem Jeffries, Jordan Organizations: GOP, Democratic, Republicans Locations: Jordan, New York

Rep. Jim Jordan of Ohio was removed as GOP nominee for speaker in a secret ballot after he lost his third bid on Friday. Rep. Kevin McCarthy, the previous speaker, was ousted more than two weeks ago. Jim Jordan withdrew his bid to become House speaker after the fiery conservative lost both a public and private vote Friday, sending divided House Republicans back to the starting line in their weekslong quest to elect a leader and pass urgent legislation. Jordan’s defeat marked the latest fallout from the ouster earlier this month of Speaker Kevin McCarthy (R., Calif.), with House Majority Leader Steve Scalise (R., La.) and now Jordan winning the party’s nod only to fall short of the gavel because of internal GOP opposition.

Persons: Jim Jordan of, Kevin McCarthy, Valerie Plesch, Jim Jordan, Steve Scalise Organizations: Bloomberg WASHINGTON — Rep, Republicans, Jordan Locations: Jim Jordan of Ohio, Calif, Israel, Ukraine

☆ China weighs options to blunt U.S. sanctions in a Taiwan conflict
▼ + stars: | 2023-10-20 | by ( Eduardo Baptista | ) www.reuters.com time to read: +10 min

"In the context of intensified Sino-U.S. strategic competition and the Taiwan Strait conflict, we should be wary of the U.S. replicating this financial sanction model against China," wrote Chen Hongxiang, a researcher at a branch of the People's Bank of China (PBOC) in eastern Jiangsu province. Wang and several PBOC researchers wrote in articles that if the U.S. implemented Russia-style sanctions on China, Beijing should freeze U.S. investment and pension funds and seize the assets of U.S. companies. ENERGY AND ALLIANCESBesides financial sanctions, Russia's response to Western pressure on its oil, gas, metals, and chips industry has given food for thought to Chinese researchers. Chinese researchers also suggested Beijing exploit cracks within the European Union and between the U.S. and its allies. "The mutual penetration of the Chinese and American economies will inevitably weaken the willingness to impose financial sanctions," he wrote.

Persons: Thomas Peter, Chen Hongxiang, Xi Jinping, Yu Yongding, Yu, PBOC, Wang Yongli, Wang, Sun, Mou Lingzhi, Xia Fan, Ye Yan, Martin Chorzempa, Chorzempa, Chen, Eduardo Baptista, David Crawshaw Organizations: REUTERS, Rights, U.S, Moscow, China, People's Bank of China, Reuters, Senior U.S, People's Liberation Army, China National Knowledge Infrastructure, China International Futures, U.S ., China Center for International Economic, Shanghai Academy of Social Sciences, China Minmetals Corporation, London Metals Exchange, Oil and Gas Exploration, Development Company, European Union, Peterson Institute for International Economics, EU, Thomson Locations: Fuzhou, Taiwan, Matsu, China, Rights BEIJING, Russia, Ukraine, Jiangsu, Beijing, Russian, U.S, Hainan, Washington, United States

Patrick McHenry and Jim Jordan consulted on speaker talks in the House Wednesday. Photo: Tom Williams/Zuma PressWASHINGTON—GOP speaker designee Jim Jordan is throwing his support behind a plan to put caretaker speaker Patrick McHenry in charge of the House until January, according to a person familiar with the matter, a plan that could reopen the House after a two-week impasse. Rank-and-file GOP lawmakers had started to lose patience with the Ohio Republican’s efforts to continue his campaign after losses on two consecutive ballots. There will be no third vote Thursday, but Jordan plans to stay in the race. The plan would give him several months to build support for his bid while allowing the House to move forward with key votes expected on Israel and Ukraine aid and keeping the government funded.

Persons: Patrick McHenry, Jim Jordan, Tom Williams, Jordan Organizations: Zuma Press WASHINGTON, GOP Locations: Ohio, Israel, Ukraine

Rep. Jim Jordan (R., Ohio) has scuffled in his efforts to become the next House speaker. Photo: Chip Somodevilla/Getty ImagesWASHINGTON—Struggling Republican speaker nominee Rep. Jim Jordan postponed to Friday morning a third floor vote after a plan to temporarily put caretaker speaker Rep. Patrick McHenry in charge of the House ran into sharp objections from conservatives. Jordan’s push to have a third vote on his candidacy Thursday fell apart as the Ohio conservative met continued resistance from his opponents during a meeting in a House office. As some trickled out, there was no sign he had managed to change their minds.

Persons: Jim Jordan, Chip Somodevilla, Patrick McHenry Organizations: Getty, WASHINGTON — Locations: , Ohio, Ohio

Reps. Patrick McHenry and Jim Jordan consulted on speaker talks in the House Wednesday. Photo: Tom Williams/Zuma PressWASHINGTON—Republican speaker nominee Rep. Jim Jordan said he would embark on a third floor vote after a plan to temporarily put caretaker speaker Rep. Patrick McHenry in charge of the House ran into sharp objections from conservatives. “I am still running for speaker and I plan to go to the floor and get the votes and win this race,” Jordan said after leaving a heated closed-door meeting of House Republicans. He said that he first wanted to talk to the GOP lawmakers who voted against him, and that a pitch to elect a temporary speaker didn’t have the support of the conference.

Persons: Patrick McHenry, Jim Jordan, Tom Williams, “, ” Jordan Organizations: Zuma Press WASHINGTON, House Republicans

☆ Israeli soldiers could end up fighting through an 'underground nightmare' in an invasion of Gaza, home to Hamas' infamous 'metro' of tunnels
▼ + stars: | 2023-10-19 | by ( Jake Epstein | ) www.businessinsider.com time to read: +9 min

Hamas' infamous network of tunnels await Israeli forces should they invade the Gaza Strip. A former US Army infantry soldier said Hamas can use tunnels for defensive and offensive maneuvers, challenging an invading force. Photo by Yousef Masoud/SOPA Images/LightRocket via Getty ImagesMuch of the tunnel network is narrow, and some portions have been discovered to be over 200 feet deep. AdvertisementAdvertisementOffensively, the tunnels give Hamas the ability to conduct surprise attacks on IDF forces, Spencer said. The tunnel issue, of course, is not the only challenge that Israeli soldiers will face in an invasion of Gaza.

Persons: —, John Spencer, Din, Yousef Masoud, Scott Peterson, Spencer, Ashraf Amra, it's, — that's Organizations: US, Service, Israel Defense Forces, West, Institute, IDF, Hamas, Getty, Israel, US Marines, Cu Chi, American, Islamic, Ordnance Air, ISIS, Combat Engineering Corps, Unit, Al, Quds Brigades, Islamic Jihad Movement, Anadolu Agency, United Nations Locations: Gaza, Israel, Egypt, Iwo Jima, Vietnam, Cu, Islamic State, Iraq, Afghanistan, Quds, Israeli, Gaza City

The House of Representatives failed to elect Rep. Jim Jordan as speaker on Tuesday after 20 Republicans voted against him. Photo: Jonathan Ernst/ReutersWASHINGTON—Rep. Jim Jordan (R., Ohio) appeared likely to again fall short of the votes needed to be elected House speaker in a second ballot Wednesday, prompting lawmakers to more seriously consider other avenues for breaking the impasse that has paralyzed the chamber. More than two weeks after former House speaker Kevin McCarthy (R., Calif.) was ousted, Republicans remained gripped in a fierce internal struggle over who to elect to lead them. Jordan, a favorite of the party’s populist wing but viewed skeptically by centrist and GOP establishment lawmakers, lost 20 Republican votes in the first ballot Tuesday afternoon, exceeding the handful of defections he can afford in the narrowly divided House with all Democrats opposed.

Persons: Jim Jordan, Jonathan Ernst, Kevin McCarthy Organizations: Reuters WASHINGTON — Rep, Republicans, GOP, Republican Locations: , Ohio, Calif, Jordan

Watch live coverage of the House vote to choose a new speaker, following the ouster of Rep. Kevin McCarthy. WASHINGTON—Rep. Jim Jordan (R., Ohio) appeared likely to again fall short of the votes needed to be elected House speaker in a second ballot Wednesday, prompting lawmakers to more seriously consider other avenues for breaking the impasse that has paralyzed the chamber. More than two weeks after former House speaker Kevin McCarthy (R., Calif.) was ousted, Republicans remained gripped in a fierce internal struggle over who to elect to lead them. Jordan, a favorite of the party’s populist wing but viewed skeptically by centrist and GOP establishment lawmakers, lost 20 Republican votes in the first ballot Tuesday afternoon, exceeding the handful of defections he can afford in the narrowly divided House with all Democrats opposed.

Persons: Kevin McCarthy, Jim Jordan Organizations: WASHINGTON — Rep, Republicans, GOP, Republican Locations: , Ohio, Calif, Jordan

Rep. Jim Jordan failed a second attempt at being elected speaker after 22 Republicans voted against him. Photo: Jim Lo Scalzo/ShutterstockWASHINGTON—GOP Rep. Jim Jordan failed again to win enough votes to be elected House speaker, as divisions hardened for House Republicans, with some lawmakers pursuing new paths to break the impasse that has paralyzed the chamber. More than two weeks after former House Speaker Kevin McCarthy (R., Calif.) was ousted, Republicans remained gripped in a fierce internal struggle over his successor. Jordan said he would keep up his campaign, but pushed off any further voting until Thursday at the earliest as mounting GOP defections on his second ballot left Republicans snarled into warring factions over what should happen next.

Persons: Jim Jordan, Jim Lo Scalzo, Kevin McCarthy, Jordan, snarled Organizations: WASHINGTON, GOP, House Republicans, Republicans Locations: Calif

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Persons: Dow Jones, jim, jordan

Persons: Dow Jones, jim, jordan

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis.

Persons: Andrew Kelly, Peter Praet, Praet, Sophia Drossos, Daniel Ivascyn, Claudio Borio, Olivier Blanchard, Ray Dalio, Janet Yellen's, Yellen, Jim Leaviss, Giancarlo Giorgetti, Daleep Singh, Joe Biden, Britain's, Yellen's, Jonathan Portes, Clare Lombardelli, Moritz Kraemer, Yoruk Bahceli, Maria Martinez, Leigh Thomas, Giuseppe Fonte, Nell Mackenzie, Naomi Rovnick, William Schomberg, Jan Strupczewski, Dan Burns, Elisa Martinuzzi, Riddhima Talwani, Jayaram, Emelia Sithole Organizations: Financial, of, REUTERS, Institute of International Finance, Reuters, European Central Bank, ECB, Bank for International, Peterson Institute for International Economics, Associates, U.S . Treasury, Wall, Economy, Britain's Treasury, Congressional, Britain's, Institution, Reuters Graphics ACT, King's College London, Labour Party, OECD, Graphics, Thomson Locations: of Manhattan , New York City, U.S, Italy, Britain, United States, Europe, Ukraine, Berlin, Paris, Rome, London, Brussels, Washington, Marrakech

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis. Not enough reforms are being implemented, OECD chief economist Clare Lombardelli warned.

☆ House Republicans Pursue New Speaker Plans After Steve Scalise Exits Race
▼ + stars: | 2023-10-13 | by ( Siobhan Hughes | Kristina Peterson | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

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Persons: Dow Jones

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Persons: Dow Jones

☆ JPMorgan says this struggling clean energy play may have finally bottomed, sees nearly 60% upside
▼ + stars: | 2023-10-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Hydrogen fuel cell company Plug Power is on pace for meaningful upside with several near-term catalysts ahead, according to JPMorgan. Analyst Bill Peterson added Plug Power to its positive catalyst watch list for the near term in a Thursday note, in addition to reiterating its overweight rating on the stock. Plug Power lowered its 2023 revenue forecast to account for a disappointing third quarter, but Peterson said he had anticipated this would occur. On Friday, the Biden administration is expected to announce $7 billion in hydrogen hub grants, from which Peterson thinks Plug Power is well-positioned to benefit. Plug Power could see further tailwinds from a positive resolution with the U.S. Department of the Treasury on the Inflation Reduction Act's clean hydrogen production tax credits.

Persons: Bill Peterson, Peterson, Biden, — CNBC's Michael Bloom Organizations: JPMorgan, U.S . Department of, Treasury, U.S . Department of Energy Locations: Wednesday's, company's Georgia

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/republican-speaker-vote-jim-jordan-stevescalise-2419cbf6

Persons: Dow Jones, jordan

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Persons: Dow Jones, steve, jordan

☆ Temporary Speaker Patrick McHenry Steers House on the Fly
▼ + stars: | 2023-10-06 | by ( Kristina Peterson | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, mchenry Organizations: patrick

[1/2] A view shows the entrance of the venue for the upcoming meetings of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco October 1, 2023. Reuters GraphicsThe yield on the 30-year U.S. Treasury bond this week pierced 5% for the first time since 2007. Long-term U.S. yields have climbed roughly 1 percentage point in the past three months compared with a single quarter-percentage-point Fed rate hike during that period. Keeping the world's largest economy out of recession provides steadier demand for other countries' exports, as well as more certainty as Fed rate hikes hit a stopping point. The fallout depends on "how much further, and how quickly, bond yields rise," they said.

Persons: Abdelhak, China's, Goldman Sachs, Gene Tannuzzo, Tannuzzo, Karen Dynan, it's, Howard Schneider, Dan Burns, Paul Simao Organizations: International Monetary Fund, World Bank, REUTERS, Rights, U.S ., Treasuries, Reuters, Treasury, Federal Reserve, Columbia Threadneedle, Harvard University, Peterson Institute for International Economics, Capital Economics, Valley Bank, Thomson Locations: Marrakech, Morocco, U.S, Washington, California

Seoul/Hong Kong CNN —When Hwang Ji-sun, 52, first joined the assembly line at South Korean carmaker Hyundai 22 years ago, women like her had it tough. A wider problemDespite the incremental improvements, South Korea still has widespread problems of gender-based exclusion and low pay, researchers say. Gita Gopinath, first deputy managing director of the International Monetary Fund (IMF), has proposed South Korea adopt new measures to help keep women in the workforce. Making childcare more affordable, lowering the number of working hours or allowing more flexible arrangements is key, she told a South Korean forum last September. In a culturally conservative society like South Korea, much more needs to be done to change perceptions about women in male-dominated professions, according to Hwang.

Persons: Hong Kong CNN —, Hwang Ji, Hwang —, ”, Jung Sungmi, Hwang, Yasuyoshi Chiba, PIIE, Gita Gopinath, Roh Helena, “ Organizations: Hong Kong CNN, Hyundai, Korea Metal Workers ’ Union, CNN, ”, Economic Co, Development, Korean Women’s Development, Getty, US Bureau of Labor Statistics, country’s Ministry of Employment, Labor, Peterson Institute for International Economics, International Monetary Fund, South, “, Korean Women Workers Association, Hyundai Motor Locations: Seoul, Hong Kong, South Korea, Ulsan, United States, Turkey, India, Indonesia, AFP, South, Korea, South Korean

☆ China plans to ease one of the biggest hurdles for foreign business
▼ + stars: | 2023-10-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones. But foreign businesses have found it difficult to comply — if not operate — due to vague wording on terms such as "important data." The country's top executive body, the State Council, in August revealed a 24-point plan for supporting foreign business operations in the country. The text included a call to reduce the frequency of random inspections for companies with low credit risk, and promoting data flows with "green channels" for certain foreign businesses. When U.S. Commerce Secretary Gina Raimondo visited China in August, she called for more action to improve predictability for U.S. businesses in China.

Persons: Reva Goujon, Goujon, Gabriel Wildau, Gina Raimondo, Martin Chorzempa, Samm Sacks, Yale Law School Paul, Chorzempa, Sacks, Beijing's Organizations: China News Service, Getty, Cyberspace Administration of China, Government, European Union Chamber of Commerce, CNBC, EU, State, China Corporate, CAC, State Council, Commerce, Peterson Institute for International Economics, Yale Law School, Yale Law School Paul Tsai China Center and New, Baidu Locations: Chongqing, BEIJING, China, Beijing, Covid, U.S, Yale Law School Paul Tsai China Center and New America

☆ With Social Security trust funds 'rapidly heading to zero,' some ask whether the money should be invested in equities
▼ + stars: | 2023-10-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The trust funds that Social Security relies on to pay benefits are "rapidly heading to zero," according to the Center for Retirement Research at Boston College. Those funds, which are typically invested in Treasury securities, are projected to run out in 2034, at which point just 80% of benefits may be payable. As that date draws closer, that has prompted more discussion as to whether that money should also be invested in stocks. "Theoretically, yes," said Anqi Chen, senior research economist and assistant director of savings research at the Center for Retirement Research, which recently published research addressing the question. More from Personal Finance:Here's what happens to Social Security benefits after you dieAs student loan bills resume, how economy may be shakenHow Congress may fix looming Social Security benefit shortfallBut the real-world answer is not necessarily clear-cut, Chen and other experts say.

Persons: Anqi Chen, Chen, Peter G Organizations: Social, Center for Retirement Research, Boston College, Finance, Social Security, Security, Peterson Foundation Locations: New York

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