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☆ This company could take lab-grown meat mainstream thanks to a green light from the FDA
▼ + stars: | 2023-05-19 | by ( Natasha Piñon | ) www.cnbc.com time to read: +14 min

Upside Foods' pivotal moment also comes at a key moment in the alternative meat industry. The cultivated-meat industry could have a wider consumer base than previously introduced alternative meat products, because unlike plant-based meats, it's "real" meat — minus the slaughtered animals. And, accordingly, some traditional meat companies have expressed interest in the burgeoning cultivated-meat industry, which one day could become a competitor. The cultivated-meat industry will need a similar boost if it's ever going to become a grocery store staple, Swartz said. The FDA's clearance was a voluntary premarket consultation, which means the agency has no further questions about the safety of Upside's products.

WASHINGTON, May 17 (Reuters) - President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. Asked by reporters at the Capitol whether it's possible to reach a debt ceiling deal by the time Biden returns from Asia on Sunday, McCarthy replied, "It's doable." On Tuesday, Biden and McCarthy met for about an hour at the White House with Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries. Biden plans a news conference in Hiroshima on Sunday before leaving to return to Washington, a White House official said. WORK REQUIREMENTSNegotiations are continuing over the longevity of any deal, work requirements for aid programs for the poor, including food subsidies, and spending caps.

WASHINGTON, May 17 (Reuters) - President Joe Biden and top U.S. congressional Republican Kevin McCarthy said on Wednesday they aimed to reach a deal by Sunday to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. "We're going to come together because there's no alternative," Biden told reporters at the White House. Asked by reporters at the Capitol whether it's possible to reach a debt ceiling deal by the time Biden returns from a trip to Asia on Sunday, McCarthy replied, "It's doable. On Tuesday, Biden and McCarthy met for about an hour at the White House with Senate Majority Leader Chuck Schumer, Senate Republican leader Mitch McConnell and House Democratic leader Hakeem Jeffries. Asked on CNN if Biden wanted the debt limit agreement to last through 2025, White House spokesperson Karinne Jean-Pierre declined to answer.

☆ U.S. House Speaker McCarthy says he thinks U.S. will not default
▼ + stars: | 2023-05-17 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Speaker of the House Kevin McCarthy (R-CA) speaks at the the New York Stock Exchange (NYSE) in New York City, U.S., April 17, 2023. REUTERS/Brendan McDermid/File PhotoWASHINGTON (Reuters) -House Speaker Kevin McCarthy on Wednesday said he believed the United States will not default on its debt now that congressional leaders and President Joe Biden’s administration are sitting down and negotiating. “I think at the end of the day, we do not have a debt default,” McCarthy said in an interview with CNBC. “The thing I’m confident about is now we have a structure to find a way to come to a conclusion. McCarthy also said there would not be a discussion on taxes in the current negotiations with the White House on raising the U.S. debt ceiling.

☆ Rybakina, Swiatek set to renew rivalry in Rome quarter-final
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

[1/3] Mar 17, 2023; Indian Wells, CA, USA; Iga Swiatek (POL) and Elena Rybakina (KAZ) changes sides in the semi final match in the BNP Paribas Open at the Indian Wells Tennis Garden. But the Kazakh said French Open champion Swiatek would be a completely different prospect in the Rome quarter-final. Rybakina said she was not dwelling too much on the pair's budding rivalry. Poland's Swiatek, who won her first match with Rybakina in Ostrava two years ago, said she would treat their latest meeting like any other match. "For now I don't have any mindset," defending Rome champion Swiatek said.

☆ Lithium has started coming back after a 'freefall' in China. What to know about the investing landscape
▼ + stars: | 2023-05-17 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Investors should focus on the long-term story in the lithium investing landscape, not the volatile price swings seen in recent months. Moves in China are driving changes in the global market for lithium as demand for electric vehicles increases, said Keybanc analyst Aleksey Yefremov. DeYoe reiterated his buy rating on Canadian producer Sigma Lithium earlier this month, calling it "the next big thing in lithium." Among the biggest names: Global X has a Lithium & Battery Tech ETF , Sprott has a Lithium Miners ETF and Horizons Global has a Lithium Producers Index ETF . "That's going to be quite a challenge, if we don't literally right now start digging up and finding sites for lithium," Langan said.

Democrats were not as positive about a quick time frame, but the White House called the meetings "productive and direct." Republicans have refused to vote to lift the debt ceiling past its $31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. Going forward, the talks will be narrowed for more engagement between House Republicans and the White House, McCarthy said. White House adviser Steve Ricchetti and budget director Shalanda Young will lead discussions for the administration. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

☆ Tombs filled with severed hands suggest warriors in ancient Egypt mutilated their enemies to get war trophies
▼ + stars: | 2023-05-16 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +5 min

Experts have analyzed a pile of severed hands found in a 3,500-year-old temple in ancient Egypt. Their study suggests soldiers took the hands of slain enemies and presented them to their ruler. But archaeological records have suggested that severed hands were presented to kings after big battles. The severed hands could prevent the soldiers from fighting in the netherworld, for instance, per Bietak. Hands were likely removed soon after deathA colorised images shows the hands in the soil.

☆ CNBC Daily Open: Markets are playing a waiting game
▼ + stars: | 2023-05-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

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. President Joe Biden, likewise, expressed optimism that a deal with Republicans to raise or suspend the debt ceiling could be reached. Biden will meet congressional leaders today to continue talks about the debt ceiling. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Investors are playing a waiting game
▼ + stars: | 2023-05-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. President Joe Biden, likewise, expressed optimism that a deal with Republicans to raise or suspend the debt ceiling could be reached. The S&P 500 added 0.3%, the Dow Jones Industrial Average gained 0.14% to snap a five-day losing streak and the Nasdaq Composite rose 0.66%. Biden will meet congressional leaders today to continue talks about the debt ceiling. Subscribe here to get this report sent directly to your inbox each morning before markets open.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, have said they will not vote to raise the debt ceiling unless Democrats agree to sharp spending cuts. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans. House Republicans passed legislation in April that pairs a $1.5 trillion debt-ceiling hike with $4.8 trillion in spending cuts, largely achieved by cutting annual discretionary spending by 8% next year and capping growth in the years to come. The White House and Republicans may agree to ease permitting requirements for pipelines and other energy infrastructure - though that would require time to draft into legislation, said Brian Riedl, a fellow at the conservative Manhattan Institute.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, for their part, are not insisting on other conditions that the White House has deemed off limits, such as a repeal of the green-energy incentives in Biden's Inflation Reduction Act of 2022. Biden told reporters on Sunday that he thought both sides wanted to reach a deal. "I still think we're far apart," McCarthy told reporters. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans.

Biden told reporters on Sunday that he thought both sides wanted to reach a deal. Staff from the two camps met through the weekend for talks that White House officials described as constructive. Republicans say there is plenty of time. Biden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with Republicans who control the House of Representatives. The longer the two sides take to reach a deal, the smaller it is likely to be, he said.

Fox Corp. , Disney , Warner Bros. Media executives' messaging to advertisers could center around value this year, particularly as companies continue to offer more content on their streaming services. Cost cuttingWhile media executives will try to convince advertisers to maximize their spending, they'll be pushing that narrative while making fewer shows. The logo of the streaming service Paramount+ on a logo wall at the Paramount+ launch event. Jörg Carstensen | Picture Alliance | Getty ImagesParamount, in particular, has seen a big reliance on franchises, especially for its Paramount+ streaming service.

☆ Egypt sells $121.6 mln stake in state-controlled Telecom Egypt
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

CAIRO, May 14 (Reuters) - Egypt's government sold a 9.5% stake in state-controlled Telecom Egypt (ETEL.CA) for 3.75 billion Egyptian pounds ($121.6 million), the finance ministry said in a statement on Sunday, breathing life into a privatisation programme that had seemingly stalled. The stock exchange said on Sunday the sale of 162.2 million shares of Telecom Egypt had been executed for a total 3.75 billion pounds. Another 0.5% of the shares are now being offered to Telecom Egypt employees until May 25. The two-part sale will reduce the government's stake in Telecom Egypt to 70% from the previous 80%, with the other 20% floating on the Egyptian Exchange. The ministry statement did not say what portion of the shares were sold to local buyers as opposed to non-Egyptians.

☆ Americans in most states will no longer receive Covid exposure notifications on phones
▼ + stars: | 2023-05-12 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Americans in most states will no longer receive Covid exposure notifications on their smartphones now that the U.S. public health emergency has ended. On Thursday, the organization said "the majority of states" stopped using the exposure notification system after the Biden administration ended the public health emergency on May 11. There is no clear tally of how many Americans activated the exposure notification feature on their phones or downloaded apps over the past three years. Despite these benefits, some Americans have been skeptical of the Covid exposure notification tools. State decisions to end Covid exposure notifications are part of a broader shift in how the country responds to the pandemic.

☆ Biden warns of recession unless Republicans back his debt ceiling plan
▼ + stars: | 2023-05-11 | by ( Nandita Bose | ) www.reuters.com time to read: +4 min

We're going to win this fight," Biden said at a flag-bedecked event at Westchester Community College in Valhalla, New York. Republicans are vowing to support raising the debt ceiling only if Biden agrees to retroactive reductions in government spending. Biden wants the debt ceiling lifted without spending cuts attached, but said he wants to negotiate the next budget. White House aides are meeting with congressional leaders' staff in Washington daily before Biden and the leaders meet again on Friday. Democrats view Republican House members who narrowly won election as possibly vulnerable to being pressured into breaking with their party's leadership and voting for a bill to raise the debt ceiling without conditions.

☆ Biden, McCarthy divided over debt ceiling but talks continue
▼ + stars: | 2023-05-10 | by ( Steve Holland | ) www.reuters.com time to read: +5 min

Biden, McCarthy and the three other top congressional leaders were set to meet again on Friday. And he did not rule out eventually invoking the 14th amendment to the U.S. Constitution, an untested approach that would seek to declare the debt limit unconstitutional. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, May 9, 2023. Biden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said. Stalemate in Washington over raising the U.S. debt limit raises the risk of fresh turmoil for markets.

☆ The stocks that may move the most on debt ceiling drama and how to play it with options
▼ + stars: | 2023-05-10 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

This political and economic uncertainty related to the U.S. Congress extending the debt limits may lead to short-term volatility in the financial markets," the Goldman report said. The debt ceiling debate is now front and center in Washington. All three stocks could be hurt by potential cuts or disruptions to government health care spending. One way to play the potential future volatility in these stocks is through an options strategy using so-called straddles. Goldman highlighted the July 21 straddles in the note, which would let investors capture any volatility through most of the projected debt limit stand-off.

☆ The $31 trillion debt-ceiling fiasco could punish markets and it's complicating an already complex economic outlook
▼ + stars: | 2023-05-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In any case, one outcome that many hold with a high degree of certainty is that financial markets are going to feel pain if the "x-date" bell tolls. This $31 trillion debt ceiling argument "comes at the worst possible time," according to Chicago Fed President Austan Goolsbee. "Many past instances of debt limit standoffs have been resolved without significant market fallout," the strategists wrote in a recent note. That's according to LPL chief global strategist Quincy Krosby — she says it boils down to these three reasons. With recession risks climbing, Bank of America analysts slashed their 2023 outlook for oil prices.

☆ Biden, McCarthy divided over debt ceiling but still talking
▼ + stars: | 2023-05-09 | by ( Steve Holland | ) www.reuters.com time to read: +6 min

Biden called the meeting “productive” and reported that McCarthy said during the meeting that the U.S. would not default on its debt. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, May 9, 2023. Biden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said. Prices for short-term Treasury bills fell on Tuesday as investors sold off debt that could come due around the time the U.S. debt limit could be hit. Stalemate in Washington over raising the U.S. debt limit raises the risk of fresh turmoil for markets.

Biden, McCarthy and the other participants were expected to offer their own version of the meeting later on Tuesday. Past debt ceiling fights have typically ended with a hastily arranged agreement in the final hours of negotiations, thus avoiding a default. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, May 9, 2023. Biden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said. Stalemate in Washington over raising the U.S. debt limit raises the risk of fresh turmoil for markets.

☆ Dianne Feinstein set to return to Senate after nearly 3-month absence
▼ + stars: | 2023-05-09 | by ( Garrett Haake | ) www.cnbc.com time to read: +2 min

Senator Diane Feinstein (D-CA), who announced she will not be seeking re-election, leaves the Senate floor after a vote on Capitol Hill in Washington, U.S., February 14, 2023. WASHINGTON — California Sen. Dianne Feinstein is returning to the Senate after a nearly three-month absence due to health problems, according to a spokesperson for the senator. With Democrats holding just a single-seat advantage in the Senate, Feinstein's absence complicated her party's efforts to confirm some of President Joe Biden's nominees. Feinstein later disputed that her absence had in any way limited the number of nominees advanced by the committee. "I'm confident that when I return to the Senate, we will be able to move the remaining qualified nominees out of committee quickly and to the Senate floor for a vote."

☆ Saudi bourse jumps on earnings; Egypt extends losses
▼ + stars: | 2023-05-07 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

May 7 (Reuters) - Saudi Arabia's stock market ended higher on Sunday boosted by a slew of strong earnings, although the Egyptian bourse extended losses. Saudi Arabia's benchmark index (.TASI) gained 1.2%, buoyed by a 6% jump in Saudi British Bank (1060.SE), its biggest intraday gain since Dec. 2021, following a steep rise in first-quarter earnings. The lender reported a quarterly net profit of 1.77 billion riyals ($471.99 million) up from 1 billion riyals year ago. In Qatar, the index (.QSI) added 0.3%, with Qatar Islamic Bank (QISB.QA) climbing 2.7%. However, the index's gains were limited by a 1.1% fall in petrochemical maker Industries Qatar (IQCD.QA) ahead of its earnings announcement.

☆ More than 24,000 people evacuated in Western Canada as 103 wildfires burn
▼ + stars: | 2023-05-06 | by ( Mirna Alsharif | ) www.cnbc.com time to read: +4 min

Over 24,000 residents throughout Western Canada have been ordered to evacuate their homes to escape active wildfires in the province of Alberta. Smith activated the Emergency Management Cabinet Committee in response to the wildfires, which has been meeting daily since Friday. All options are on the table, including declaring a provincial state of emergency, Smith added. Fourteen counties and communities have declared states of local emergency, including Brazeau, Grande Prairie, Parkland and Lac Ste. Anne counties, as well as the Beaver Lake Cree Nation.

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