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Explainer-US debt ceiling deal’s winding road to passage in Congress

28 May 2023

By Richard Cowan WASHINGTON (Reuters) – Democratic President Joe Biden and top congressional Republican Kevin McCarthy struck a deal on Saturday to suspend the federal government’s $31.4 trillion limit on U.S. government borrowing, in order to avert a catastrophic default as soon as June 5. Their challenge isn’t over. They now have to shepherd it …

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Analysis-Why a US debt deal may only provide short-term relief for markets

28 May 2023

By Shankar Ramakrishnan, Davide Barbuscia, Saeed Azhar and Laura Matthews (Reuters) – Good news of a tentative deal for the U.S. debt ceiling impasse may quickly turn out to be bad news for financial markets. U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Saturday reached a tentative deal to raise the federal …

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Reaction: Biden, McCarthy debt ceiling deal

28 May 2023

WASHINGTON (Reuters) – U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government’s $31.4 trillion debt ceiling, ending a months-long stalemate. Here are some quotes from the announcement and reactions to the news: DEMOCRATIC PRESIDENT JOE BIDEN “Earlier this evening, Speaker McCarthy and I reached …

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Biden sounds hopeful on debt ceiling, Treasury warns of June 5 default

27 May 2023

By Steve Holland, Moira Warburton and Rami Ayyub WASHINGTON (Reuters) -Democratic President Joe Biden and a Republican negotiator said on Friday they were working on a deal to raise the U.S. government’s $31.4 trillion debt ceiling after the Treasury Department warned that a June 5 default loomed without action. The two sides have been negotiating …

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‘Hot labor summer’: Los Angeles unions back Hollywood writers

27 May 2023

By Jorge Garcia LOS ANGELES (Reuters) – Unions representing teachers, truck drivers and other workers who will be headed soon to the bargaining table turned out in downtown Los Angeles on Friday to support Hollywood’s striking film and television writers. The Writers Guild of America (WGA) began a work stoppage on May 2 after failing …

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JPMorgan cutting about 500 jobs this week -source

27 May 2023

(Reuters) -JPMorgan Chase & Co is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters. The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as …

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Treasury’s Yellen says June 5 is last date for debt ceiling to be raised

27 May 2023

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the $31.4 trillion debt ceiling by June 5. Yellen had previously said a default could potentially happen as early as June 1, but is now characterizing June …

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Wall Street indexes end sharply higher on optimism about debt ceiling

26 May 2023

By Noel Randewich and Shristi Achar A (Reuters) – U.S. stocks finished sharply higher on Friday as talks on raising the U.S. debt ceiling progressed, while chip stocks surged for a second straight day on optimism about artificial intelligence. After several rounds of talks, U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared …

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Pfizer, Moderna hit with new Alnylam patent lawsuits over COVID-19 vaccines

26 May 2023

By Blake Brittain (Reuters) – Biotech company Alnylam Pharmaceuticals Inc filed new lawsuits on Friday against Pfizer Inc and Moderna Inc in Delaware federal court, again claiming that the companies’ COVID-19 vaccines infringe its patents. The new lawsuits mark the third time Alnylam has sued Pfizer and Moderna in Delaware for allegedly violating its patent …

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