Schumer Says AI Presents Both a ‘Serious Problem’ and an Economic Boon
Artificial intelligence is the next technology that could get support — and new guardrails — from the US government, Senate Majority Leader Chuck Schumer said.
Bloomberg Business
McCarthy Proposes $1.5 Trillion Debt-Limit Increase
US Speaker Kevin McCarthy proposed a bill that would raise the US debt limit for about a year and cut federal spending, ahead of a planned House vote on the Republican proposal next week.
Macron’s Diplomatic Push on Ukraine Threatens Unity, Allies Warn
French President Emmanuel Macron’s push to enlist China’s help to sketch out parameters for possible talks between Russia and Ukraine has drawn criticism from some allies who think that such an effort is premature and fear it could undermine European unity.
BofA, Morgan Stanley Sell $16 Billion in Post-Earnings Bond Rush
Bank of America Corp. and Morgan Stanley on Wednesday sold $16 billion in investment-grade bonds after Wells Fargo & Co. on Monday became the first big bank to come to market following the collapse of Silicon Valley Bank.
Generic Abortion Pill Maker Sues FDA to Protect Access
A generic-mifepristone maker sued the US Food and Drug Administration to protect access to the medical abortion pill amid a welter of litigation stretching from Texas to Washington.
Biden Draws Sharp Contrast With McCarthy on Debt-Limit Approach
President Joe Biden accused Republicans of trying to “squeeze out more of America’s middle class,” painting the debt ceiling and spending cut proposal unveiled Wednesday by House Speaker Kevin McCarthy as lacking detail and benefiting the wealthy.
Eurogroup’s Donohoe Confident on Reaching Deal on Fiscal Rules
The European Union will reach an agreement on the review of its common fiscal rules because “we need to and we have to,” said Paschal Donohoe, president of the Eurogroup which brings together euro-area finance ministers.
Big Business and Labor Unions Flood FTC With 25,000 Comments on Non-Compete Rule
An alliance of 50 unions, consumer advocates and progressive groups threw its support behind the US Federal Trade Commission’s proposed ban on non-compete employment agreements — while business organizations led by the US Chamber of Commerce questioned the agency’s authority to issue the rule.
Mobile Bank Apps Helped Kill SVB and Pose Risk to Others, Regulator Says
Mobile apps that facilitated the rapid withdrawal of billions of dollars of deposits in just hours at Silicon Valley Bank highlight a new risk for banks’ liquidity planning, according to a top US regulator.
Oil Falls the Most in a Month as Slowdown Ignites Demand Fears
Oil fell as the latest economic report revealed the slowdown effects of monetary tightening and pushed demand concerns to the market’s forefront.
