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☆ Premarket stocks: How crypto is dealing with debt ceiling turmoil
  + stars: | 2023-05-30 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
Here’s what’s in the debt ceiling dealPresident Biden and Republican House Speaker McCarthy put their long weekend to good use, coming to an agreement to raise the debt ceiling in the hope of avoiding a self imposed default on US government debt. If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time. The debt ceiling bill does that, rescinding $1.4 billion in IRS funding. Corporate America celebrates debt ceiling dealIt appears that US industry is pleased with the debt ceiling deal, and would like Congress to pass it quickly. Leading business groups praised Biden and McCarthy for forging a bipartisan agreement over the weekend, reports my colleague Matt Egan.
☆ Corporate America celebrates debt ceiling deal and urges Congress to quickly pass legislation
  + stars: | 2023-05-29 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
New York CNN —Leading business groups are praising President Joe Biden and House Speaker Kevin McCarthy for forging a bipartisan agreement to raise the debt ceiling, and they are calling for Congress to pass the legislation before the government suffers a devastating default. “With the US at risk of defaulting in less than 10 days, there is no time to spare. The gravity of this moment cannot be overstated,” said Clark, who added the Chamber will consider this a “key vote” for lawmakers. The National Association of Manufacturers, the largest manufacturing trade group in the nation, congratulated Biden, McCarthy and their lawmakers for reaching an agreement. Party leaders in Washington are working furiously Monday to convince holdouts to back the compromise legislation that would avert default.
☆ US Chamber of Commerce argues invoking 14th Amendment would be as ‘economically calamitous’ as a default
  + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com   time to read: +2 min
Bernie Sanders, Elizabeth Warren and other progressives to urge the White House to use the 14th Amendment to avoid a disastrous default. Bradley argued that invoking the 14th Amendment would send Treasury rates spiking, lifting the cost of borrowing for families and businesses. Experts have warned that invoking the 14th Amendment would likely spark a constitutional crisis and Treasury Secretary Janet Yellen recently cast doubt on the idea. US markets turned negative on Friday on news that debt ceiling negotiations between the White House and House Republicans have hit a snag. “If the rhetoric is dark next week, markets will start to react.
☆ ‘Every family should be concerned’ about debt ceiling, consumer watchdog warns
  + stars: | 2023-05-12 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
Every family should be concerned,” Rohit Chopra, director of the Consumer Financial Protection Bureau, told CNN in an interview on Thursday. If Congress fails to address the debt ceiling, the federal government could run out of money as soon as June 1, according to Treasury Secretary Janet Yellen. “A lot of things we assume are part of our financial fabric would get ripped away,” Chopra told CNN. The debt ceiling is very likely to be a focus next week when Yellen is scheduled to meet with leading bank CEOs in Washington at a trade association meeting. Moody’s Analytics on Wednesday increased its probability of a breach of the debt ceiling to 10%, up from 5% previously.
☆ Premarket stocks: Wall Street is strangely calm about the debt ceiling. That could change this month
  + stars: | 2023-05-10 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN —Dire warnings about the economic chaos and catastrophe that will ensue if the US debt ceiling isn’t lifted soon abound. The debt ceiling crisis of 2011 caused Standard and Poor’s to downgrade US debt for the first time in history. Schwenkler says to expect “a lot more volatility” if debt ceiling issues don’t appear resolved by the last week of the month. By contrast, recovery from a debt-default crisis would likely start the day Congress, belatedly, suspended the debt ceiling,” he added. “A misstep over the debt ceiling would subject businesses and consumers to an economic shockwave,” he added.
☆ It's riskier than ever to be a foreign business in China, as evidenced by a series of recent sanctions, detentions, and an updated anti-espionage law that has watchdogs on edge
  + stars: | 2023-05-08 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +5 min
The updated law doesn't clearly define what constitutes China's national security or interests. The new law follows a recent spate of sanctions, probes, and detentions into foreign firms in China. Even now, the terms relating to national security and interest are still "not explicitly defined," the Eurasia Group wrote. The updated law is also particularly concerning because of the recent developments surrounding foreign firms in China. China's recent crackdown on foreign businesses is spurring concernsIn April, Chinese police questioned staff at American consultancy Bain in Shanghai.
☆ US Chamber of Commerce warns of major increase in risks for businesses in China
  + stars: | 2023-05-01 | by ( Michelle Toh | ) edition.cnn.com   time to read: +2 min
Hong Kong CNN —The United States Chamber of Commerce has warned that rising scrutiny of American firms in China “dramatically increases” the uncertainties and risks of doing business in the country. “The services these firms provide are fundamental to establishing investor confidence in any market, including China,” the chamber said in a statement, without naming either company. Suzanne Clark, president and chief executive officer of the US Chamber of Commerce, speaking during an event in Ottawa, Canada, in April. The news came a month after Chinese authorities closed the Beijing offices of Mintz, detaining five of its local staff. The news about Bain has spooked the US business community in China, the American Chamber of Commerce in China told CNN last week.
☆ 4 small business owners say a low-cost advertising strategy called 'comarketing' has helped them save time and money, and build more authentic campaigns
  + stars: | 2023-03-21 | by ( Erica Sweeney | ) www.businessinsider.com   time to read: +8 min
This might include cobranded content marketing campaigns, collaborative social media posts, event or content sponsorships, or affiliate marketing. Comarketing offers many benefits to small businessesComarketing can help small businesses save money, stretch their marketing budgets, build a stronger brand identity, and grow customer awareness. Connect with like-minded small businessesAlignment is crucial when choosing other small businesses to partner with, Smith said. When working with other businesses on social media marketing, Boone said everyone agrees on a timeframe. She and Merrell do this by sharing similar topics across their brands' social media channels, but slightly tweaking the messaging to appeal to each audience.
☆ Brexit slammed the UK economy. The Northern Ireland deal gives it hope
  + stars: | 2023-02-28 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +8 min
It delivers “long-lasting solutions” that will work for the people and businesses of Northern Ireland, she added. It also allows the UK government to determine sales tax rates for businesses in Northern Ireland and gives the Northern Ireland government emergency powers to oppose new EU rules on some goods. A boost to BritainBeyond its importance to Northern Ireland, the deal eases the uncertainty Brexit created for Britain. The new Northern Ireland deal opens the door to closer UK-EU cooperation on financial services, energy, immigration and scientific research, according to experts. “You need to address the Protocol before you do anything else,” said Anna Jerzewska, the founder of international trade consultancy Trade & Borders.
☆ Biden's student-loan forgiveness is about to have its day at the Supreme Court. Here's everything you need to know.
  + stars: | 2023-02-25 | by ( Ayelet Sheffey | Oma Seddiq | ) www.businessinsider.com   time to read: +8 min
The Supreme Court will hear two challenges to Biden's student-debt-relief plan on Tuesday. But the Biden administration has defended its legal authority and expressed confidence that the Supreme Court will uphold the plan. Prominent figures in the legal and political worlds have weighed in on the two high-profile Supreme Court cases in dozens of briefs filed to the Supreme Court. More than 170 Republican members of Congress have argued against Biden's relief, along with 17 Republican-led states, the US Chamber of Commerce, and over a dozen conservative-leaning advocacy groups. Millions of student-loan borrowers' financial futures hang in the balance.
☆ Kroger is texting and emailing former staff to try to make them 'boomerang' back after leaving, report says
  + stars: | 2023-02-19 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +2 min
Kroger is texting and emailing ex-workers to encourage their return amid a wider labor shortage. Associated Wholesale Grocers is messaging former workers on Facebook and LinkedIn to get them back. Manufacturer General Mills has a pilot program to bring retirees back to fill staffing gaps. Associated Wholesale Grocers is messaging ex-workers on Facebook and LinkedIn and the average number of rehires has increased four-fold. Kroger, General Mills and Associated Wholesale Grocers didn't immediately respond to requests for comment from Insider made outside normal working hours.
☆ Alphabet set to report fourth-quarter results after the close
  + stars: | 2023-02-02 | by ( Jennifer Elias | ) www.cnbc.com   time to read: +3 min
Google parent Alphabet will report fourth-quarter earnings Thursday after the close of regular trading. Revenue: $76.53 billion, according to Refinitiv estimates. $76.53 billion, according to Refinitiv estimates. $8.25 billion, according to StreetAccount estimates. $7.43 billion, according to StreetAccount estimates.
☆ India, U.S. establish new trade group to bolster supply chains
  + stars: | 2023-01-12 | by ( ) www.reuters.com   time to read: +1 min
[1/2] U.S. Trade Representative Katherine Tai and India's Minister of Commerce and Industry, Piyush Goyal, poses for a picture before the start of their meeting in New Delhi, India, November 22, 2021. REUTERS/Adnan Abidi/PoolNEW DELHI, Jan 12 (Reuters) - India and the United States have established a new working group to build sustainable supply chains and boost bilateral trade, the governments said in a joint statement on Thursday. The United States will also consider India's interest in the restoration of beneficiary status under the U.S. generalized system of preferences program, the statement added. The Trade Policy Forum, revived in 2021 after a gap for four years, will reconvene on a ministerial level before end of 2023. The two countries said they mean to continue to work together on resolving outstanding trade issues.
☆ FAA is years away from upgrading the system that grounded all US flights
  + stars: | 2023-01-12 | by ( Pete Muntean | ) edition.cnn.com   time to read: +2 min
The Notices to Air Missions (NOTAM) database failure triggered the FAA to implement the first nationwide stop of air traffic in more than 20 years. “The core operating system for the database has been around since the 1990s,” the source said. “Regardless of the improvements made to the system in recent years, it still has the heart of an 89-year-old man.”CNN has reached out to the FAA for comment on updates to the NOTAM system to date and its modernization timeline. Late Wednesday, the FAA continued to downplay the possibility of a cyberattack as the root cause of the system failure. “The FAA needs more funding,” Kirby said in an on-stage interview before aviation leaders.
☆ DeSantis is often described as 'Trump without the baggage,' but there are plenty of differences between the two Republicans. How they play up their contrasts will decide who wins in 2024, GOP insiders
  + stars: | 2022-12-24 | by ( Kimberly Leonard | ) www.businessinsider.com   time to read: +20 min
DeSantis could end up running for president in 2024, and he's widely viewed as similar to Trump. He's "Trump without the baggage," "Trump with a brain," Trump "without the drama," and "Trump's Mini Me." The pile on is a problem for both men should DeSantis join Trump in the ring for the 2024 nomination contest. "We know what we get with President Trump," he said. In Florida, DeSantis pushed the legislature to limit ballot collection by non-family members.
☆ Why America’s economy remains surprisingly strong – but you don’t realize it
  + stars: | 2022-12-22 | by ( Christine Romans | ) edition.cnn.com   time to read: +2 min
New York CNN Business —Each week brings head-scratching contradictory news about the economy. This past week was no different, with a batch of economic reports showing that — despite the recession talk — the US economy shows remarkable resilience. Yes, the economy is strong. “The labor market is incredibly strong again,” Federal Reserve Chairman Jerome Powell in a speech last month. That means the next year will no question be a challenge as all that tightening continues to work its way through the economy.
☆ Starbucks is trying to shut down 3 unlicensed Starbucks stores in Iraq that import the company's coffee and merchandise from surrounding countries
  + stars: | 2022-12-22 | by ( Britney Nguyen | ) www.businessinsider.com   time to read: +4 min
Starbucks filed a lawsuit in an attempt to shut down three unlicensed Starbucks stores in Iraq. Starbucks filed a lawsuit to shut down the unlicensed stores, but the case isn't moving forward because the owner of the unlicensed stores allegedly threatened Starbucks' lawyers, the Associated Press reported. Amin Makhsusi, the owner of the unlicensed Starbucks stores, allegedly told lawyers he has "ties to militias and powerful political figures," US officials and Iraqi legal sources told the AP. Makhsusi denied the threats, and told the AP he requested licenses from Starbucks' Middle East agent in Kuwait, but was denied. "I have friendly relations with everyone in Iraq, including the armed factions," Makhsusi told the AP.
☆ 'I needed more in my life': Pandemic spurs women to choose flexibility, freedom over traditional office jobs
  + stars: | 2022-12-05 | by ( Korie Wilkins | ) www.businessinsider.com   time to read: +5 min
Women are choosing freelance work over office jobs. They are all looking for flexible work, with many of them looking for contingent or freelance work." Photo provided by Kimberly HermannA friend told Hermann about Hay There Social Media's training program and she jumped in. Others have the freedom to pursue freelance work because they have a partner or spouse who has a job that includes benefits like healthcare. Cohen said these challenges and changes will likely continue to fuel the shift toward contract or freelance work for women.
☆ The ‘yes, but’ economy. Yes, we’re worried about recession — but the economy remains resilient
  + stars: | 2022-12-02 | by ( Christine Romans | ) edition.cnn.com   time to read: +2 min
New York CNN Business —Each week brings head-scratching contradictory news about the economy. Tthis past week was no different, with a batch of economic reports showing that — despite the recession talk — the US economy shows remarkable resilience. Yes, the economy is strong. Yes, economists are worried about a recession, but the job market is incredibly tight with more than 10 million open jobs and 1.7 jobs available for anyone who’s searching for one (or looking to job hop). That means the next year will no question be a challenge as all that tightening continues to work its way through the economy.
☆ A battle over paid leave is threatening to grind the US economy to a halt
  + stars: | 2022-11-30 | by ( Juliana Kaplan | Hannah Towey | ) www.businessinsider.com   time to read: +7 min
US rail workers are preparing to strike over their latest negotiations with management. Three years of rail workers' negotiations with management over this issue could soon culminate in an economy-disrupting strike, after the latest tentative agreement included just one paid personal day off a year. That's too far from the 15 days of paid sick leave that rail workers pushed for, and which railroads argue would cost them $688 million a year. While praise for essential workers has faded, rail workers still hold a lot of power in the economy. "The stockholders would go absolutely crazy if we were able to strike for one day."
☆ Marco Rubio slams Biden shutting down a rail strike for workers who want more paid sick leave: 'I will not vote to impose a deal that doesn't have the support of the rail workers'
  + stars: | 2022-11-29 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
Rail workers were threatening to strike over lack of paid leave, potentially devastating the economy. "But if Congress is forced to do it,I will not vote to impose a deal that doesn't have the support of the rail workers." Congress is able to vote to step in and impose a deal for rail workers, overruling the normal bargaining process. Workers wanted 15 paid sick days, according to Reuters, but railroad companies agreed to just one paid personal day in the tentative agreement. Michael Paul Lindsey, a locomotive engineer in Idaho and steering committee member for Railroad Workers United, told Insider it was a "blatant betrayal," but he wasn't surprised.
☆ The Trump and COVID eras tanked immigration to the US. Reversing that could help ease a recession risk, sky-high inflation, and a labor crisis.
  + stars: | 2022-10-18 | by ( Ben Winck | Jason Lalljee | ) www.businessinsider.com   time to read: +7 min
More than a third of Americans want less immigration, but more could actually help cool inflation. Letting more people move to and work in the US could close that gap and ease inflation without a severe recession. While many Americans view immigration as a threat to the country's financial well-being, data continually suggests that the opposite is true. There remain some 10.1 million job openings but only about 5.8 million workers available to fill them. Increased immigration, then, provides a rare chance to rebalance the labor market and drag inflation lower without driving millions of Americans out of work.
☆ Meet the 2022 Supreme Court clerks: 38 lawyers who could be tomorrow's politicians, judges, and influential strategists
  + stars: | 2022-10-07 | by ( Jack Newsham | Sindhu Sundar | ) www.businessinsider.com   time to read: +4 min
Justice Ketanji Brown Jackson's ClerksSupreme Court Nominee Judge Ketanji Brown Jackson. In the interim, Murray has had several different jobs, most recently as an associate professor at Columbia University Law School, where he focused on "constitutional law, election law, and race and the law, among other topics." Michael F. QianQian is no stranger to a SCOTUS clerkship, having worked in the chambers of Justice Ruth Bader Ginsburg from 2019 to 2020. She previously worked at the law firm Hogan Lovells, where she was on a team that helped a Colorado prisoner with an appeal to the Supreme Court. Before clerking for Judge Jackson, Salmanowitz clerked for Judge Paul Watford on the Ninth Circuit.
☆ Chamber of Commerce sues Biden administration regulator over an attempt to fight discrimination at financial services companies
  + stars: | 2022-09-28 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN Business —The US Chamber of Commerce and other trade groups filed a lawsuit against the Consumer Financial Protection Bureau over the agency’s recent attempt to examine discrimination in financial services, a move that the groups argue needs congressional approval. The Biden administration recently updated the Unfair, Deceptive, or Abusive Acts or Practices section of the CFPB’s examination manual to include discrimination – specifically whether financial products are offered equally to all customers of different backgrounds. The groups say allegations of discrimination in finance are investigated from other government agencies. Putting CFPB in charge of that could “result in the disappearance of products consumers currently enjoy and benefit from,” they argue. Democratic Sen. Elizabeth Warren and other proponents argue it’s a key watchdog agency working for American consumers.
☆ Senate Republicans want Congress to step in and prevent a nationwide rail strike that could hammer the economy
  + stars: | 2022-09-14 | by ( Juliana Kaplan | Joseph Zeballos-Roig | ) www.businessinsider.com   time to read: +4 min
Two Senate Republicans want Congress to step in and avert a shutdown of the nation's railroads. The US Chamber of Commerce estimates a rail shutdown would cost the economy $2 billion a day. A strike could prove expensive, with the business-friendly US Chamber of Commerce estimating a shutdown would cost the economy $2 billion a day. "We need action immediately to avoid a rail shutdown and the economic impacts that would fall on businesses and consumers," Drake said. "This is an issue that can and should be worked out between the rail companies and the unions, not by Congress.
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