Author: Press Room

President Biden and Speaker Kevin McCarthy emerged from a critical meeting at the White House on Tuesday with no consensus on how to end their impasse over the federal debt and spending just weeks before the nation is set to default on its obligations for the first time.With the economy hanging in the balance, the two leaders stuck to their opening positions, with Mr. Biden demanding that Congress raise the debt ceiling unconditionally to avoid a default and Mr. McCarthy insisting such a move be accompanied by serious spending restraints. But the two agreed to have aides meet later in…

European luxury goods are “on fire.” Despite the economic challenges posed by high inflation and war in Eastern Europe, the local luxury industry found a way to shine in this environment. Asian buyers are desperate to own European brands. But they are not alone. In fact, Americans have the largest share, of about 30% of the market. Luxury goods represent an indulgence rather than a necessity. Most of the industry comprises luxury hospitality, personal luxury goods, or luxury cars. The excess savings during the pandemic poured into European luxury goods. An index of ten European luxury companies (STOXX Europe Luxury…

A senior Federal Reserve official has warned recent US inflation and employment data had not convinced her that price pressures are under control as she left the door open to voting for more rate rises.Michelle Bowman, a voting member on the Fed’s policy-setting committee, said the US central bank’s attempt to tighten financial conditions and damp the economy were having the “desired” effect, but she stopped short of endorsing a pause in rate rises.“In my view, the most recent [consumer price inflation] and employment reports have not provided consistent evidence that inflation is on a downward path,” she said at…

G7 finance ministers have warned of “heightened uncertainty” surrounding the global economy and the need to address regulatory gaps in the banking system in the wake of financial sector turmoil.“The global economy has shown resilience against multiple shocks,” finance ministers of the world’s most advanced economies said in their final communique after a three-day ministerial meeting in Japan on Saturday. “Nevertheless, we need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.” The finance ministers also noted the need to fill “data, supervisory and regulatory gaps” in the banking system…

This week in crypto, the US CPI inflation numbers were released and we looked at what it means for Bitcoin, Tether announced a profit of $1.48 billion for the first quarter of this year, Mike Novogratz’s Galaxy Digital reported a profit of $134 million in Q1, PayPal disclosed it held nearly $1 billion in crypto, mainly BTC and ETH, Goldman Sachs said family offices were ramping up their crypto investments despite the market downturn, and MasterCard, PayPal, and Robinhood were set to facilitate crypto adoption through smoother on-ramps. The Central Bank of Ireland Governor likened unbacked cryptocurrencies to a “Ponzi…

Despite the continuing rise in opioid overdose deaths, one of the most effective treatments for opioid addiction is still drastically underprescribed in the United States, especially for Black patients, according to a large new study.From 2016 through 2019, scarcely more than 20 percent of patients diagnosed with opioid use disorder filled prescriptions for buprenorphine, the medication considered the gold standard in opioid addiction treatment, despite repeated visits to health care providers, according to the study, which was published Wednesday in the New England Journal of Medicine. Within six months following a high-risk event like an overdose, white patients filled buprenorphine…

Andrew Bailey, governor of the Bank of England (BOE), during the Monetary Policy Report news conference at the bank’s headquarters in the City of London, UK, on Thursday, May 11, 2023.Bloomberg | Getty ImagesLONDON — Bank of England Governor Andrew Bailey on Thursday defended an about-turn in the bank’s U.K. growth forecast, saying its “biggest upgrade” ever reflected the rapidly shifting economic landscape.At its policy meeting earlier Thursday, the central bank said it no longer expects the U.K. to enter into recession this year.related investing newsMonths earlier, it had predicted the county would face its longest-ever recession, which it then said…

The LGBTQ community’s effort to redefine the term lesbian to mean “non-men” who love “non-men” is a “travesty,” a lifelong lesbian and TikToker said. “I feel like we’re experiencing an entire new form of domestic abuse, not just against lesbians, but against women in general,” Carol Hatch, 52, told Fox News. “We’ve been told that trans women, which are biological men, are better than women, that we are now cisgender.” “And now we have young ladies who dislike themselves so much that they can’t even say the word ‘woman,’” she added. “They have to call themselves ‘non-men.’”The LGBTQ advocacy group, It Gets…

Jamie Foxx’s daughter says her dad has been out of the hospital for weeks after suffering a health complication last month. Corrine Foxx shared the update on Instagram after reports that Foxx’s condition had worsened surfaced online. On her Instagram story, Corrine shared another account’s Instagram post that had incorrectly reported Foxx’s loved ones were “preparing for the worst.” In an effort to debunk the report, she wrote: “My Dad has been out of the hospital for weeks, recuperating. In fact, he was playing pickleball yesterday! Thanks for everyone’s prayers and support!” The account deleted their incorrect report and Corrine’s story has…

Jimmy Butler scored 24 points, Bam Adebayo added 23 and the Miami Heat are headed back to the Eastern Conference finals after topping the New York Knicks 96-92 on Friday night.Max Strus scored 14 oiubts and Kyle Lowry had 11 points and nine assists for the eighth-seeded Heat, who won the semifinal series 4-2 to go to the conference finals for the 10th time overall and the third time in the last four years.Miami became the second No. 8 seed in NBA history to make the conference finals — joining the Knicks, who pulled it off in 1999. The Heat…