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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.

☆ Nigeria's Buhari defends election outcome, economic record
▼ + stars: | 2023-05-28 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, May 28 (Reuters) - Nigeria's President Muhammadu Buhari on Sunday defended his record on the economy and the outcome of a disputed presidential election, saying he was leaving a legacy of credible and fair votes, a day before he hands over power to his successor. Buhari first came to office in 2015 after promising to reboot the economy and end corruption and insecurity, but many Nigerians say these issues have worsened under his watch. Incoming President Bola Tinubu's victory is being challenged by his two closest opposition rivals, and on Tuesday a tribunal will begin to hear the main arguments in the election petition. Tinubu is inheriting anaemic economic growth, record debt and shrinking oil output. Life is tough for Nigerians, and a tangle of protectionist economic policies and foreign currency interventions have caused dollar shortages and spooked investors.

☆ Biden and McCarthy reportedly have agreed to debt ceiling deal
▼ + stars: | 2023-05-27 | by ( ) www.cnbc.com time to read: +4 min

Speaker of the House Kevin McCarthy, R-Calif., talks with reporters about the debt ceiling negotiations in the U.S. Capitol's Statuary Hall on Wednesday, May 24, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate, Punchbowl News reported on Saturday. "House Republicans have an agreement in principle with the White House on a debt-limit deal. Exact details of the final deal were not immediately available, but negotiators have agreed to cap non-defense discretionary spending at 2023 levels for two years, in exchange for a debt ceiling increase over a similar period, sources told Reuters earlier. McCarthy has vowed to give House members 72 hours to read the legislation before bringing it to the floor for a vote.

Persons: Kevin McCarthy, Joe Biden, Biden, McCarthy Organizations: Punchbowl News, Republicans, White, Twitter, Treasury Department, Internal Revenue Service, Reuters, Democratic, Republican, Congress, Democrat Locations: U.S, United States, Washington

☆ Microsoft paused raises and cut bonuses to 'invest in the AI wave,' exec tells employees in internal message
▼ + stars: | 2023-05-24 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +6 min

One exec explained a reason for the change is "wanting to invest in the AI wave." A Microsoft executive said a reason behind the company's decision to halt raises and cut bonuses and stock awards this year is "wanting to invest in the AI wave," an internal message viewed by Insider read. "The most important lever for almost all our employees' compensation upside is the stock price," Capossela wrote in the message. Some Microsoft employees have been vocal about the blow to morale from pay changes and recent layoffs, saying in internal messages directed at executives and viewed by Insider. That might be true if we were a private company perhaps like a private law firm, but for publicly traded companies like Microsoft, investors become a critical stakeholder.

Persons: Satya Nadella, Chris Capossela, Capossela, I've, Ashley Stewart Organizations: Microsoft, OpenAI, Activision, Companies

☆ From bears to sharks to orcas, here's what to do if you find yourself up against these apex predators
▼ + stars: | 2023-05-22 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +9 min

Here's what to do if you run into a bear, a shark, an orca, or other potentially dangerous mammals. Here's what you should do if you encounter any of these apex predators and how you can avoid an attack. REUTERS/Jim UrquhartThere are two kinds of bears you're likely to run into while outdoors in North America, depending on where you are: grizzly bears and black bears. The park service says you should try to find a safe place like a car or building. Bison have injured more people in Yellowstone, one of the country's most visited national parks, than any other animal, according to the National Park Service.

☆ CNBC Daily Open: Debt ceiling detours and divisiveness
▼ + stars: | 2023-05-22 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

The good news: Biden will meet McCarthy in person later today to discuss the debt ceiling, after a pause in negotiations over the weekend. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Writers Guild of America may be on strike now, but we don't lack gripping drama — in the form of the U.S. debt ceiling negotiations. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Debt ceiling detours
▼ + stars: | 2023-05-22 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Section Four of 14th Amendment, adopted after the 1861-1865 Civil War, states that the "validity of the public debt of the United States ... shall not be questioned." WHERE DOES THE WHITE HOUSE STAND ON THE 14TH AMENDMENT? HOW WOULD MARKETS REACT IF BIDEN USES THE 14TH AMENDMENT? Administration officials and economists have said that a default triggered by a debt-ceiling breach would roil the world financial system and plunge the United States into recession. That immediate catastrophe might be avoided if Biden invoked the 14th Amendment.

☆ Oil slips as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent and U.S. crude nonetheless notched their first weekly gains in a month, with the both benchmarks rising about 2%. "It doesn't look they are going to get the debt deal done today... the chance of a 25 basis point (rate) increase in the June meeting is rising by the day... Following reports of the paused debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil edges lower as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. The less active U.S. crude contract for May , due to expire on Monday, eased 46 cents, or 0.6%, to $71.4. "It doesn't look they are going to get the debt deal done today.., the chances of a 25 basis point (rate hike) increase in the June meeting is rising by the day... Following reports of the debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.

☆ Our conviction in Morgan Stanley remains solid, despite the CEO's planned departure
▼ + stars: | 2023-05-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.

☆ Janet Yellen told bank CEOs more mergers may be necessary, sources say
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN. However, sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs. Yellen echoed remarks from US regulators who have said there may be bank mergers in the current environment, one person familiar with the matter said. Yet earlier this month, regulators allowed JPMorgan Chase, the nation’s largest bank, to buy most of First Republic, the second-largest bank to fail in US history. Michael Hsu, acting comptroller of the currency, told lawmakers earlier this week that his agency would be willing to quickly consider bank mergers.

☆ China’s Tech Giants Signal the First Steps in a Bumpy Recovery
▼ + stars: | 2023-05-19 | by ( Chang Che | ) www.nytimes.com time to read: +1 min

Eight months ago, the future of China’s largest internet companies looked grim. Covid-era lockdowns crushed sales and Beijing’s harsh tech regulations had spooked even audacious China investors. With China’s economy now reopen, the tech giants this week released earnings reports that showed initial signs of recovery. Revenue rose 10 percent at Baidu, which said on Tuesday that strong digital advertising sales had continued into the current quarter. Tencent, China’s dominant video game company, also benefited from easing restrictions on gaming licenses last year after a nine-month freeze.

☆ This Summer We’re Helping Scientists Track Birds. Join In.
▼ + stars: | 2023-05-18 | by ( The New York Times | ) www.nytimes.com time to read: +21 min

This Summer We’re Helping Scientists Track Birds. This data will help scientists understand better how birds are affected by forces like climate change and habitat loss. We’re obviously a little bit biased here, so I’m going to recommend the Merlin Bird ID app. Nearly half of all bird species worldwide are known or suspected to be in decline, and climate change could accelerate this trend. Look up past reports of that species on the eBird Species Map and zoom in on your city.

Persons: Mike McQuade, We’ll, Michelle Mildenberg Daryln Brewer Hoffstot, phoebe, Hoffstot, Indigo Goodson, “, Kirsten Luce, Alli Smith, Merlin, —, It’s, That’s, Andrew Spear, ”, Tom Auer, Mr, Auer, birders, James T, Tanner, Steven C, Latta, Chris Elphick, . Latta, Michaels, et, Christine Schuldheisz, Richard O ., Ivory, they’d, Mark, Elphick, there’s, ” Dr, eBird, I’m Organizations: Birds, Cornell, of Ornithology, The New York Times, New York Times, University of Connecticut, Credit, United States Fish and Wildlife Service, Yale, Times, Cornell Lab, Walmart Locations: Pennsylvania, North America, Virginia, South America, Canada, Alaska, Louisiana, Pittsburgh, United States, Cuba, Arkansas, eBird

☆ Analysis: Amgen's antitrust woes spur wider pharmaceutical deal fears
▼ + stars: | 2023-05-17 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

Even shares of drug companies that do not have pending deals but are seen by analysts and investors as potential acquisition targets were hit. FTC officials did not respond to a request for comment on whether they planned to challenge any other pharmaceutical acquisitions. "We could see similar challenges to the Pfizer/Seagen deal" BMO analysts wrote in a note, arguing that the FTC could target other major drug companies with the resources to engage in bundling. UNDER THE RADARConversely, investors and analysts are hoping that smaller pharmaceutical acquisitions will continue to fly under the radar of regulators. Reporting by David Carnevali in New York; Editing by Greg Roumeliotis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ UBS says it was rushed into unwanted Credit Suisse rescue merger
▼ + stars: | 2023-05-17 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

The wave of deposit outflows and a major share-price drop prompted Switzerland's central bank on March 15 to offer Credit Suisse liquidity assistance. The next day, UBS and Credit Suisse signed a confidentiality agreement upon which the former began due diligence, the UBS filing showed. By then, Credit Suisse was experiencing deposit and net asset outflows at levels substantially exceeding rates of the July-September quarter, UBS said. In early December, UBS management undertook a preliminary assessment of the consequences of a Credit Suisse purchase, which it presented to the Strategy Committee on Dec. 19. From December to mid-January, Credit Suisse executives had also been discussing with the government about its options including a merger with UBS, the UBS filing showed.

☆ A bright spot in the economy is at risk as 30 million Americans face student loan payments for the first time since the pandemic
▼ + stars: | 2023-05-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

More than 43 million Americans together owe $1.6 trillion in student loans. That additional load could weigh on consumer spending, and eventually increase delinquencies on other payments like credit cards and personal loans, strategists said. "We view the resumption of student loan debt payments as an incremental headwind for borrowers and consumer finance companies," BofA said. This, in other words, means the odds of the hotly-anticipated recession are about to go up as consumers divert cash back to student loan payments. Do you have student loans?

☆ Default Fears Rattle Main Street Investors
▼ + stars: | 2023-05-16 | by ( Matt Grossman | ) www.wsj.com time to read: 1 min

Benjamin Samuels, a 31-year-old cybersecurity auditor from Los Angeles, started shifting his emergency cash into Treasurys last year, attracted by rising interest rates. He hadn’t expected the U.S. government—thought to be the world’s safest borrower—to find itself two weeks from default. Mr. Samuels had set up his Treasury holdings to reinvest automatically as bills mature, but he logged on to the Treasury Department’s website last week to reverse that setting. Now he is holding more cash, spooked by the approaching deadline for Congress and President Biden to raise the government’s borrowing limit to avoid an unprecedented U.S. borrowing snafu.

☆ 'Big Short' Michael Burry is long on China's Alibaba and JD.com — these stocks are now a fifth of his portfolio
▼ + stars: | 2023-05-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

"Big Short" investor Michael Burry has been accumulating Alibaba and JD.com shares. Scion held $10.2 million worth of Alibaba shares and $11 million worth of JD.com shares as of March 31. "Big Short" investor Michael Burry is long on China's Alibaba and JD.com. Scion Asset Management held 100,000 Alibaba shares worth $10.2 million and 250,000 JD.com shares worth nearly $11 million as of March 31. The hedge fund's holdings in both Chinese tech companies increased from December 31, when it held 50,000 Alibaba shares and 75,000 JD.com shares, according to the regulatory filing.

☆ South African rand regains some ground against the dollar
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, May 15 (Reuters) - South Africa's rand firmed on Monday, recovering from an all-time low hit against the dollar last week as investors were spooked by possible sanctions amid U.S. allegations, rejected by Pretoria, that South Africa had shipped arms to Russia. At 1543 GMT, the rand traded at 19.0325 against the dollar , 1.54% stronger than its previous close. South African officials swiftly rejected the U.S. claims and said the country had not approved any arms shipment to Russia in December. "Investors, it seems, simply do not see value in South African economy, and we do not think this situation will change until there is material progress towards resolving energy or fiscal issues," Barclays said. South Africa's benchmark 2030 government bond was stronger in afternoon deals, with the yield down 19.5 basis points at 10.745%.

☆ Twitter's new CEO Linda Yaccarino is so influential at work that some loyal staffers mimicked her fashion sense and mannerisms, new report says
▼ + stars: | 2023-05-15 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Twitter's new CEO has a reputation for being influential at work, former coworkers told Fortune. Twitter's newest CEO Linda Yaccarino is so influential in the workplace that her fashion choices and mannerisms are adopted by the most loyal staffers around her, Fortune reported Sunday. One unnamed source said that she is so influential that some employees around her adopt her fashion style and mannerisms. She stood up to a lot of men," one unnamed source told Fortune. "There was chemistry there," Lou Paskalis, CEO of marketing consultancy firm AJL Advisory, told Fortune.

☆ This couple quit city life to take up a dream job as caretakers of a remote Irish island
▼ + stars: | 2023-05-13 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

A couple quit their jobs in London to become caretakers of a remote Irish island. Dan Regan and Emily Campbell run a coffee shop and cottages on Great Blasket Island. At the start of April, Emily Campbell and her husband Dan Regan became caretakers of Great Blasket Island, a 1,100-acre island off the West coast of Ireland. With no running water or electricity, and sometimes difficult visitors, they've faced a steep learning curve. They do all these tasks on an island with no hot running water or conventional electricity.

May 12 (Reuters) - Elon Musk has named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO, as the company tries to reverse a plunge in ad revenue. "I am excited to welcome Linda Yaccarino as the new CEO of Twitter!" Last month, NBC parent Comcast said NBCUniversal CEO Jeff Shell was leaving after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation. Musk, the CEO of electric-vehicle maker Tesla Inc (TSLA.O), completed his purchase of Twitter in October for $44 billion. On Thursday, Musk tweeted that he had found a CEO without identifying Yaccarino.

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