Window to lift debt limit is narrowing, think tank warns
Window to lift debt limit is narrowing, think tank warns
The United States faces a default between Dec. 21 and Jan. 28 if Congress does not act to raise or suspend the debt ceiling, a Washington think tank warned Friday. The projection from the nonpartisan Bipartisan Policy Center suggested that the actual deadline could be toward the earlier end of that range. Republicans continue to publicly insist that Democrats must act alone to address the issue, while Democrats have countered that raising the borrowing cap is a shared responsibility. In testimony this week before the Senate Banking Committee, Treasury Secretary Janet Yellen warned: “I cannot overstate how critical it is that Congress address this issue.”
Didi sends a signal: China no longer needs Wall Street
The decadeslong, trillion-dollar love affair between China and Wall Street is coming to an end. Didi Chuxing, a $39 billion company that is China’s answer to Uber, said Friday that it would delist its shares from the New York Stock Exchange. Just six months ago, Didi was a Wall Street darling, raising billions of dollars from U.S. pension funds and international investors in a splashy initial public offering. Didi’s abrupt decision to leave brings home a stark truth for Wall Street: China doesn’t need it anymore. The world’s No. 2 economy has plenty of its own money and few problems attracting more from elsewhere.
Trump media partner says it has lined up $1B in capital
Donald Trump’s new social media company and its special purpose acquisition company partner say the partner has agreements for $1 billion in capital from institutional investors. Trump Media &Technology Group, launched in October, plans to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp., a special purpose acquisition company whose sole purpose is to acquire a private company and take it public. Digital World said in a Saturday release that the $1 billion is above the $293 million (minus expenses) that it may invest.
Treasury department declined to label any country a currency manipulator
The Treasury Department said Friday that it would not label any country a currency manipulator but that it was keeping Taiwan, Vietnam and Switzerland on notice over their currency practices. In its biannual foreign exchange report, the department also criticized China’s lack of transparency in its currency practices and said it had significant concerns about the impact of China’s actions on U.S. companies and workers. Being labeled a currency manipulator requires a trading partner to enter into negotiations with the United States and the International Monetary Fund to address the situation. The blemish is somewhat symbolic but can lead to tariffs or other retaliation.
By wire sources
