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Asia, US Stock Futures Climb After Fed Rate Pause: Markets Wrap
Asia, US Stock Futures Climb After Fed Rate Pause: Markets Wrap
Stocks in Asia are poised for muted gains after US equities inched higher after the Federal Reserve paused
2023-06-15 06:46
Nintendo ends online sales of games in Russia
Nintendo ends online sales of games in Russia
Nintendo has said it will no longer sell games in Russia through its online store as the Japanese giant winds down operations...
2023-06-01 15:49
South Africa to host US-Africa trade summit despite Russia spat
South Africa to host US-Africa trade summit despite Russia spat
JOHANNESBURG South Africa will host a U.S.-Africa trade summit in November despite an earlier call by U.S. lawmakers
2023-09-21 01:53
Climate protesters dragged from Shell shareholder meeting as they rush stage
Climate protesters dragged from Shell shareholder meeting as they rush stage
Climate change protesters have been dragged away as they tried to storm the stage at Shell’s shareholder meeting
2023-05-23 21:53
Senate passes debt limit bill after marathon 11 amendment votes to avoid default
Senate passes debt limit bill after marathon 11 amendment votes to avoid default
The Senate voted late on Thursday night to raise the debt limit and avoid allowing the United States to default on its debt for the first time in history after having an all-night marathon session of votes to assuage Republican concerns. The legislation passed 63 to 36 after senators held 11 votes on amendments —10 from Republicans and 1 from Democrats — to address concerns about the bill. All but five Senators in the Democratic caucus--Sens Bernie Sanders (I-VT), Elizabeth Warren (D-MA), Ed Markey (D-MA), John Fetterman (D-PA) and Jeff Merkley (D-OR)--voted for the legislation while 31 Republican Senators opposed it. “America can breathe a sigh of relief because in this process we are avoiding,” Senate Majority Leader Chuck Schumer said before the votes began on Thursday evening. The vote came after the House passed the legislation on Wednesday that was the result of bipartisan negotiations between the House and the White House. The bill will now head to President before 5 June, the date that Treasury Secretary Janet Yellen had warned that the United States would default on its debt. Republicans raised concerns about some of the restraints on defence spending, which is capped at $886bn. “Well, my message is, I'm a Reagan Republican,” Sen Lindsey Graham (R-SC) told The Independent. “And you do military budgets based on threats and you want to fight over the role of the Republican Party on national defence, I welcome the fight.” Mr Graham expressed concern that it would lead to the United States not being able to support Ukraine in its war against Russia. “And if you want to avoid conflict, you better stand up to aggression,” he said. Sen Susan Collins (R-ME) echoed those concerns in a floor speech. “It would trigger an automatic meat an indiscriminate across-the-board cut in our already inadequate defence budget and in the domestic discretionary non-defence funding,” Sen Susan Collins (R-ME) said in a floor speech. “This would happen automatically if in fact all 12 appropriations bills have not been passed.” Ms Collins said that such a problem could be remedied through a defence supplemental package, which other Senators have also discussed. “It was important for some of our members to have folks on the record, acknowledging that there clearly could be a need will be a need for additional assistance for our national security interests,” Senate Minority Whip John Thune (R-SD) told The Independent. But some Republicans said they still opposed the debt limit increase. “Trade deficit with China,” Sen Josh Hawley (R-MO) told The Independent about why he opposed the bill. “Not gonna do anything about it.” Before the votes began, the Senate went into overtime with negotiations, with Sen Kyrsten Sinema (I-AZ) serving as an intermediary between Democrats and Republicans. “The President took too long but he had his own process and we got to save the country from having to fall,” Sen Mitt Romney (R-UT) told The Independent. “Speaker McCarthy has been underestimated and he's proven that he could get something done.” Conversely, Sen Tim Kaine (D-VA) proposed an amendment to strike a provision to expedite the completion of the Mountain Valley Pipeline, a natural gas pipeline that spans from West Virginia to Virginia, that ultimately failed 30 to 69. The pipeline is a top priority for Sen Joe Manchin (D-WV). Mr Manchin celebrated the inclusion of the pipeline in the agreement. “It’s important for our country, very much important,” Mr Manchin told The Independent. The approval of the pipeline triggered Sen Ed Markey (D-MA), an outspoken advocate for combating climate change, from opposing the legislation. But Sen Brian Schatz (D-HI), another climate hawk, said he would vote for it. “The agreement is the agreement we're going to have to vote for it,” he told The Independent. Other Democrats criticised the fact the bill imposed work requirements for the Supplemental Nutrition Assistance Program, known as SNAP and formerly called food stamps, for adults between the ages of 50 and 54 who do not have children and do not have disabilities. “I did not agree to these SNAP restrictions, and I won’t give Republicans an opening to try and take food from more food insecure Americans in Farm Bill negotiations later this year,” Mr Fetterman said in a statement after the vote. “As I communicated to leadership and the White House, I would have voted to avoid default if it would have made the difference. All in all, this was a tough vote and an ugly situation manufactured by extortionists. While we avoided a catastrophe this time around, we should never put the country in this situation again.” Mr Fetterman said Mr Biden should have invoked the 14th amendment to the US Constitution to avoid a default on the nation’s debt. The vote signals the end to a drawn-out fight between the Republican-controlled House on one end and a Democratic-controlled Senate and the White House on the other. Mr Schumer said the quick passage of the legislation showed the willingness to the Senate to avoid a catastrophic default. Read More 'Shrink the room:' How Biden and McCarthy struck a debt-limit deal and staved off a catastrophe Underestimated McCarthy emerges from debt deal empowered as speaker, still threatened by far right Biden and McCarthy’s debt limit deal went through – but there are winners and losers 'Shrink the room:' How Biden and McCarthy struck a debt-limit deal and staved off a catastrophe Biden and McCarthy’s debt limit deal went through – but there are winners and losers What’s next for Biden-McCarthy debt limit deal as Senate races to beat default?
2023-06-02 11:29
European Parliament votes on curbs for ChatGPT and other AI
European Parliament votes on curbs for ChatGPT and other AI
EU lawmakers hold a crucial vote Thursday towards setting restrictions on how AI such as ChatGPT can be used...
2023-05-11 11:20
UK Firms Say Wages Add to Inflation Pressures Despite Slowdown
UK Firms Say Wages Add to Inflation Pressures Despite Slowdown
British businesses said staff shortages that are forcing them to drive up wages are adding to the cost
2023-06-23 16:46
Ex-Goldman Banker Ng in Malaysia for 1MDB Probe, Bernama Says
Ex-Goldman Banker Ng in Malaysia for 1MDB Probe, Bernama Says
Former Goldman Sachs banker Roger Ng arrived in Malaysia to assist in the nation’s 1MDB probe after his
2023-10-08 16:50
Minneapolis mayor vetoes measure for minimum wage to Uber and Lyft drivers
Minneapolis mayor vetoes measure for minimum wage to Uber and Lyft drivers
Minneapolis' mayor has vetoed a minimum wage for Uber, Lyft and other ride-hailing drivers in the city
2023-08-23 07:27
Thai central bank to hike rates by 25 bps on Aug. 2, ending tightening cycle - Reuters poll
Thai central bank to hike rates by 25 bps on Aug. 2, ending tightening cycle - Reuters poll
By Anant Chandak BENGALURU The Bank of Thailand (BOT) will deliver a final 25-basis-point interest rate increase on
2023-07-27 09:17
Crunch time for Brazil ports as coffee flow hit, sugar faces delays
Crunch time for Brazil ports as coffee flow hit, sugar faces delays
By Marcelo Teixeira Brazil's commodities export hubs are strained with record volumes of soy, corn and sugar to
2023-10-19 19:17
Imagine making shadowy data brokers erase your personal info. Californians may soon live the dream
Imagine making shadowy data brokers erase your personal info. Californians may soon live the dream
California has some of the strongest digital privacy laws in the U.S. and is on the verge of handing consumers a major new tool to combat the sale and secret use of personal information they may never have agreed to share
2023-09-15 11:47