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☆ Someone may get hurt by China military 'aggressiveness,' White House warns
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, June 5 (Reuters) - The White House said on Monday that actions by China in the Taiwan Strait and South China Sea reflect a "growing aggressiveness" by Beijing's military that raises the risk of an error where someone gets hurt. The U.S. Navy on Sunday released a video of what it called an "unsafe interaction" in the Taiwan Strait, in which a Chinese warship crossed in front of a U.S. destroyer. "It won't be long before somebody gets hurt," White House spokesperson John Kirby told reporters, referring to what he called "unsafe" and "unprofessional" intercepts by China. Kirby said the United States would continue to stand up for the freedom of navigation in the air and sea. Reporting by Andrea Shalal; writing by Jasper Ward; editing by Tim Ahmann and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: John Kirby, Kirby, Heck, it's, It's, Andrea Shalal, Jasper Ward, Tim Ahmann, Alistair Bell Organizations: U.S . Navy, Sunday, aircraft, Thomson Locations: China, Taiwan Strait, South China, U.S, United States, Beijing

☆ Opinion | New York Politicians Are Turning Away From the Housing Crisis
▼ + stars: | 2023-06-04 | by ( Mara Gay | ) www.nytimes.com time to read: +2 min

New York needs that plan, known as the Housing Compact, and hopefully Ms. Hochul can resurrect it over the coming year. In the coming days though, Ms. Hochul, Mr. Heastie and Ms. Stewart-Cousins can at least agree to policies that the governor has called “low-hanging fruit,” some of which could be achieved by executive order. Albany can also remove caps on the size of new residential buildings in New York City, paving the way for the higher density projects the city badly needs. New York City’s municipal government can do this, but it needs Mr. Adams’s help. At the Department of Homeless Services, more and better-trained workers are needed to help shelter residents apply for city housing vouchers, an onerous process that should be streamlined.

Persons: isn’t, Carl Heastie, Andrea Stewart, Cousins, Kathy Hochul, Hochul, Heastie, Stewart, Adams, Adams’s, Dave Giffen Organizations: Gov, City Hall, Legal, Department of Homeless Services, Coalition, Homeless Locations: Albany, New York, New York City

☆ Fresh round of debt ceiling talks kick off as US default worries grow
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +5 min

A failure to lift the debt ceiling would trigger a default that would shake financial markets and drive interest rates higher on everything from car payments to credit cards. Any deal to raise the $31.4 trillion debt limit must pass both chambers of Congress before Biden could sign it into law. A plan passed by the House last month would cut a wide swath of government spending by 8% next year. Biden has said he would consider spending cuts alongside tax adjustments but that Republicans' latest offer was "unacceptable." McCarthy told reporters debt ceiling talks have not included discussions about tax cuts passed under former President Donald Trump, a Republican.

Biden said he would speak to top congressional Republican Kevin McCarthy on his flight home and hoped the speaker of the House of Representatives had been waiting to negotiate with Biden directly. McCarthy, in an interview on Fox News, said he expected to speak with Biden later on Sunday morning. A source familiar with the negotiations said Republicans had proposed an increase in defense spending, while cutting overall spending. The source said the Biden administration had proposed keeping non-defense discretionary spending flat for the next year. Biden stressed that he was open to making spending cuts and said he was not concerned they would lead to a recession, but he could not agree to Republican demands.

WASHINGTON, May 21 (Reuters) - U.S. Treasury Secretary Janet Yellen on Sunday said June 1 remains a "hard deadline" for raising the federal debt limit, with the odds quite low that the government will collect enough revenue to bridge to June 15, when more tax receipts are due. Yellen, speaking on NBC's "Meet the Press" program, said there would be hard choices to make about payments to Americans if Congress failed to raise the $31.4 trillion debt ceiling before Treasury ran out of cash and was forced to default. So I think that that's a hard deadline," she said. U.S. President Joe Biden on Sunday called Republicans' latest offers in talks on lifting the government's debt ceiling "unacceptable," but said he would be willing to cut spending together with tax adjustments to reach a deal. Reporting by Andrea Shalal and Susan Heavey; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Biden said he would speak to top congressional Republican Kevin McCarthy on his flight home and hoped the speaker of the House of Representatives had been waiting to negotiate with Biden directly. "Much of what they've already proposed is simply, quite frankly, unacceptable," Biden said. The source also said House Republicans wanted to extend tax cuts passed under then-President Donald Trump, which would add $3.5 trillion to the federal debt. SPENDING CUTSBiden heads back to Washington on Sunday after truncating his Asia trip to focus on the debt ceiling talks. Biden stressed that he was open to making spending cuts and said he was not concerned they would lead to a recession, but he could not agree to Republican demands.

When asked what message he would share with McCarthy, he declined to comment before talking with McCarthy first. The source also said House Republicans wanted to extend tax cuts passed under then-President Donald Trump, which would add $3.5 trillion to the federal debt. White House officials said they were expecting the call between Biden and McCarthy to take place as Biden flew home on Air Force One from the summit in Hiroshima. Biden heads back to Washington on Sunday after truncating his Asia trip to focus on the debt limit talks. Congressional Republicans voted to raise the debt ceiling three times, with no budget cut pre-conditions, when Republican Trump was in the White House.

HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden on Sunday said he was willing to cut spending but would not agree to a deal with Republicans in Congress on raising the U.S. federal debt limit and cutting the budget solely on their terms. "It's time for Republicans to accept that there is no bipartisan deal to be made solely on their partisan terms. That would trigger a default that could cause chaos in financial markets and spike interest rates. Biden said he still believed he could reach a deal with Republicans, but could not guarantee that Republicans would not force a default by "doing something outrageous." Reporting by Trevor Hunnicutt and Jeff Mason, writing by Andrea Shalal; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

We're looking to de-risk and diversify our relationship with China," Biden told a press conference, adding that G7 nations were more unified than ever in terms of "resisting economic coercion together and countering harmful practices that hurt our workers." Biden suggested a shift in U.S.-China relations could occur soon, echoing his comment to reporters before his departure. "In terms of talking with them, I think you're going to see that thaw very shortly," Biden said. On the issue of tensions between China and Taiwan, Biden said there was a clear understanding among most of the allies that if China were to act unilaterally against Taiwan, there be a response. Biden reiterated that the United States and G7 allies would not trade in materials that would allow China to build weapons of mass destruction, but that was "not a hostile act."

HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden on Sunday said he had received a "flat assurance" from Ukrainian President Volodymyr Zelenskiy that he would not use Western-provided F-16 fighter jets to go into Russian territory. Biden told reporters in Hiroshima, Japan, at the conclusion of a meeting of world leaders that F-16 warplanes could be used "wherever Russian troops are within Ukraine and the area". Biden announced a $375 million package of military aid, including artillery and armoured vehicles, for Ukraine during the final day of a three-day G7 summit. Zelenskiy said on Sunday he was confident Kyiv would receive F-16 fighter jets from the West after months of lobbying for the planes. Biden told reporters he discussed the issue with Zelenskiy during their private meeting.

WASHINGTON, May 19 (Reuters) - A second meeting on Friday between White House and Republican congressional negotiators on raising the federal government's $31.4 trillion debt ceiling broke up with no progress cited by either side and no additional meeting set. "We had a very, very candid discussion talking about where we are, talking about where things need to be," Republican Representative Garret Graves told reporters following a brief meeting in the Capitol with White House officials. He echoed earlier remarks by House of Representatives Speaker Kevin McCarthy that progress needed to be made on changing the "trajectory" of U.S. government deficit spending. A second Republican negotiator, Representative Patrick McHenry, said McCarthy would be briefed on the status of the talks. Senior White House adviser Steve Ricchetti left the meeting room telling reporters that he was "not assessing" the talks.

☆ White House: Biden to discuss Ukraine with Brazil's Lula, India's Modi
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: +3 min

Asked if Biden would pressure or urge the two leaders to toughen their approach on China and Russia, Sullivan said, "I think pressure is just the wrong word. I mean, that's not how President Biden operates with these key leaders with whom he has deep relationships, like President Lula and President Modi." A White House spokesperson responded by accusing him of "parroting Russian and Chinese propaganda". Biden is slated to see Modi as part of a third Quad summit, along with the leaders of Australia and Japan on the sidelines of the G7 summit. Reporting by Trevor Hunnicutt and Jeff Mason; Writing by Andrea Shalal and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ White House says G7 will align on shared 'de-risk, not decouple' approach to China
▼ + stars: | 2023-05-20 | by ( ) www.reuters.com time to read: 1 min

HIROSHIMA, Japan, May 20 (Reuters) - The Group of Seven rich nations will issue a statement on a shared approach on China, White House national security adviser Jake Sullivan said early Saturday, adding that G7 members were looking to "de-risk, not decouple" from China. Sullivan said the G7 leaders planned to outline steps to protect sensitive technology, including outbound investment measures, in their joint statement or communique. "The communique will note that each country has its own independent relationship and approach, but we are united and aligned around a set of common elements," Sullivan said, referring to G7 plans to cooperate with China while addressing significant concern in a range of areas. Reporting by Trevor Hunnicutt and Jeff Mason; writing by Andrea Shalal; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

A White House official confirmed the talks were resuming. "We've got to get movement from the White House and we don't have any movement yet," McCarthy told reporters during the pause in talks. A White House official said: "There are real differences between the parties on budget issues and talks will be difficult. Biden and McCarthy spent most of the year in an impasse with the White House insisting on a "clean" increase in the debt ceiling without conditions. A White House official said a deal remained possible.

☆ Italian Design Brands shares rise on first day of trading
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

MILAN, May 18 (Reuters) - Shares in Italy's Italian Design Brands (IDB) (IDB.MI), a hub of Italian furniture and lighting companies, jumped more than 3% on their Milan bourse debut on Thursday. At around 1000 GMT IDB's shares were up 3.3% from the fixed price set in its initial public offering. The group, which offered newly issued shares worth 70 million euros ($77 million), is aiming to use part of the IPO proceedings for new acquisitions. "We hope to bring in another company by year-end," IDB's Chief Executive Andrea Sasso told journalists. Citigroup and Equita acted as joint global coordinators and joint bookrunners for the IPO.

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.

☆ IMF's Gopinath sees 'sizeable' upside inflation risks, says markets too optimistic
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

2 official said on Wednesday she sees sizeable risks that inflation will remain high or accelerate in many emerging markets and urged central banks to keep monetary policies tight. IMF First Deputy Managing Director Gita Gopinath told a conference hosted by the Central Bank of Brazil that markets were probably "too optimistic" about what it would take to bring down inflation in emerging markets. "Despite encouraging signs, I am worried that price pressures seem entrenched in many economies and that upside inflation risks are sizeable," she said in remarks prepared for the event. That was a lesson learned from the high inflation period of the 1970s and it "very much applies today," Gopinath said. But these countries still faced "considerable downside risks" from monetary policy tightening in advanced economies, and conditions may get "significantly worse," she said.

☆ Reaction to Biden-McCarthy debt ceiling meeting
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +7 min

"There was an overwhelming consensus, I think, in today's meeting with the congressional leaders, that defaulting on the debt is simply not an option. We've got to find a way that we can curb our spending, raise our debt limit and also grow our economy. The president agreed to appoint a couple of people from his administration to sit down and negotiate directly with my team." NEIL BRADLEY, CHIEF POLICY OFFICER, U.S. CHAMBER OF COMMERCE"With just two weeks to go before hitting the debt limit, we are pleased to see the scope and structure of the negotiations narrow. We believe there is a path forward on a bipartisan deal that lifts the debt limit and makes important reforms to improve our nation's fiscal health."

☆ Yellen warns US default could trigger recession, 'break' financial markets
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 16 (Reuters) - Treasury Secretary Janet Yellen on Tuesday warned that a U.S. default on government debt would leave millions of Americans without income payments, potentially triggering a recession that destroys many American jobs and businesses. Yellen told a gathering of community bankers that the unprecedented economic and financial crisis would be exacerbated by possible disruptions to the federal government’s operations, including air traffic control, law enforcement, border security and national defense, and telecommunications systems. She said the accompanying financial crisis could multiply the severity of the downturn, adding, "It is very conceivable that we'd see a number of financial markets break - with worldwide panic triggering margin calls, runs and fire sales." Reporting by Andrea ShalalOur Standards: The Thomson Reuters Trust Principles.

☆ US economy 'hangs in the balance' as debt limit impasse drag on, Yellen says
▼ + stars: | 2023-05-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The standoff over the federal debt limit is already having dire consequences for the U.S. economy, driving borrowing costs higher and adding to the country's debt burden, U.S. Treasury Secretary Janet Yellen is expected to say in prepared remarks on Tuesday. "The U.S. economy hangs in the balance. Congress should address the debt limit as soon as possible." Yellen said the 2011 crisis - when lawmakers raised the debt limit shortly before the government had to stop making payments - showed the serious repercussions of not acting sooner. Investors had already become more reluctant to hold government debt that matures in early June, and the deadlock was increasing the overall debt burden, she said.

[1/2] The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. In her second letter to Congress in two weeks, Treasury Secretary Janet Yellen confirmed that the agency will be unlikely to meet all U.S. government payment obligations by early June, triggering the first-ever U.S. default. The debt ceiling could become binding by June 1, she said. She said she will provide an additional update to Congress next week as more information becomes available. The non-partisan Congressional Budget Office last week said the United States faces a "significant risk" of defaulting on payment obligations within the first two weeks of June without a debt ceiling hike, with payment operations uncertain throughout May.

☆ Yellen hopeful of a solution to 'more difficult' debt ceiling showdown
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

President Joe Biden, a Democrat, insists Congress has a constitutional duty to raise the limit without conditions to fund previously approved spending. POLARISATIONYellen said the first major standoff over the debt ceiling since 2011 reflected continuing U.S. polarisation after the presidency of Donald Trump. "Maybe this time is more difficult, but I'm hopeful that...we will find a solution." Despite the debt ceiling fight, Yellen said she remained convinced that the Biden administration had re-established U.S. leadership in the world and other G7 leaders were grateful they had turned "the dial 180 degrees relative to the Trump administration". "We should be talking about raising the debt ceiling.

☆ UK's Hunt says 'absolutely devastating' if US failed to raise debt ceiling
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

NIIGATA, Japan, May 13 (Reuters) - British finance minister Jeremy Hunt said on Saturday it would be "absolutely devastating" if the United States failed to reach agreement to raise its debt ceiling and had its gross domestic product "knocked off track". A standoff between President Joe Biden and the Republican-controlled House of Representatives, which has raised the prospect of a first-ever U.S. debt default, posed a "very serious threat to the global economy," Hunt said. "It would be absolutely devastating if America, which is one of the biggest motors of the global economy, was to have its GDP knocked off track by not reaching agreement," he said. G7 members also agreed that any country that engages in economic coercion should expect a united response from advanced democracies, but gave no details on what that would entail. Reporting by Andrea Shalal; Writing by Kantaro Komiya; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

While the communique made no mention of the U.S. debt ceiling stalemate, it figured constantly in discussions. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," they added in the communique after the meeting. G7 central bank chiefs vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation. CHINA AND SUPPLY CHAINSSeeking to reassure investors after recent U.S. bank failures, the G7 finance chiefs retained an April assessment that the global financial system was "resilient". In the communique, the finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains.

☆ Yellen expects US regulators to be open to mergers among midsize banks
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

... Read moreNIIGATA, Japan, May 13 (Reuters) - The current banking environment and pressures on earnings of some U.S. regional banks may lead to some concentration in the sector, and regulators will likely be open to such mergers, Treasury Secretary Janet Yellen said on Saturday. Yellen told Reuters she was not seeing evidence of pressure on smaller community banks, which had a large percentage of insured deposits. She expressed confidence that nearly all banks had access to sufficient liquidity to guard against unexpected deposit outflows from uninsured depositors. However, she said a certain degree of consolidation in the regional and midsize banking sector could occur. Yellen noted that pressure on a bank's stock could unsettle uninsured depositors.

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