US House Speaker Pelosi (82) is a House DemocratHe announced that he would retire from the top position. Speaking on the floor of the House of Representatives, Pelosi said she would not seek re-election as a Democratic leader in Congress next year. He said he should be open to “new possibilities,” and noted the need for a generational change. Representative Hakeem Jeffries, 52, is expected to lead House Democrats. Here are five news items to keep in mind as you start your day.
To improve relations
Prime Minister Fumio Kishida and Chinese President Xi Jinping are meeting in Bangkok, Thailand on the 17th.had a meeting. It was the first face-to-face meeting between Japanese and Chinese leaders in about three years and the first under the Kishida administration. During the approximately 45 minute meeting, the two leaders confirmed their intention to improve bilateral relations. Xi responded that China is ready to build a relationship with Japan that meets the needs of the new era, and insisted that the importance of Japan-China relations would not change. Prime Minister Kishida said that both countries have a responsibility to protect peace and security, and called on both countries to make efforts to build relations.
St Louis Fed President James Bullard said the Fed would have to push interest rates higher to meet the Fed’s goal of “sufficiently restrictive” policy. “At leastHe said it should be raised to 5-5.25%. “So far, changes in the monetary policy stance appear to have had a limited impact on real inflation,” Bullard said in a speech.
already in recession
Chancellor of the Exchequer Hunt said the country was already in recession and cut his forecast for gross domestic product (GDP) growth next year.It was revised down to minus 1.4%. The previous forecast was an increase of 1.8%. He also lowered his forecast for 2024, citing “global headwinds.” The minister announced £55bn ($90bn) of tax rises and spending cuts. He explained that he will extend the excess profits tax on oil and gas companies and reduce the top tax rate that applies to personal income and dividends. At the same time, it raised the minimum wage and provided targeted support to the vulnerable who were struggling to pay their utility bills.
An opportunity is coming
Howard Marks, co-founder of distressed bond investor Oaktree Capital ManagementWe anticipate that many opportunities will arise. Rising interest rates and a looming recession are putting more companies in trouble. “A year ago, people thought the outlook was all clear,” but now I think we’re getting to a point where investors “think it’s dead. It’s an opportunity to buy a cheap and safe loan at a high yield,” he said.
Advisors in the bankruptcy of FTX, a cryptocurrency exchange led by Sam Bankman-Fried, are struggling to find cash and crypto within the company. It becomes clear how lax the controls and record keeping were inside FTX. “Up to this point in my career, corporate governance has been lacking and we have had no reliable financial support,” said Jon J. Ray, a turnaround and restructuring specialist who became FTX’s new CEO.I have never seen him completely lost,” he said in his affidavit filed in bankruptcy court.
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