Newsletter May 15, 2023

Quick Six

Biden warns of 'catastrophic' consequences of debt default
President Joe Biden's administration again warned Sunday of "catastrophic" consequences for the US economy if the country defaults, as negotiations with Republicans are set to resume this week. Congressional Republicans are demanding budget cuts in exchange for lifting the debt ceiling, while the White House insists the nation's credit is not up for negotiation. The two sides are at an impasse despite warnings that a default could unleash drastic consequences, like a recession and global financial contagion.
SEE THE STICKING POINTS IN RAISING THE DEBT CEILING

Tough asylum rules stem tide of migrants over the weekend
With tough new asylum rules in place, many migrants on the US-Mexico border sought legal routes to enter the US over the weekend, despite warnings of a chaotic surge in crossings. The predicted rush across the border after pandemic-era restrictions ended Friday failed to materialize, though thousands of migrants tried to enter the US in the days leading up to the rule changes.
HOW NEW RULES HELPED AVOID RUSH ON THE BORDER

Erdogan appears headed for run-off in Turkey election drama
Turkey's main opposition party rode on an emotional roller coaster on Sunday as a see-sawing vote count threatened a first-round election win over conservative President Recep Tayyip Erdogan. Opposition leader Kemal Kilicdaroglu was close to crossing the 50% threshold required to win without contesting a May 28 runoff, but his six-party alliance was short of that number late Sunday.
GET THE LATEST RESULTS OF TURKEY'S EPIC ELECTION

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Markets

DJIA	33,300.62	-0.03%
S&P 500	4,124.08	-0.16%
Nasdaq Composite	12,284.74	-0.35%
Japan: Nikkei 225	29,388.30	0.90%
UK: FTSE 100	7,754.62	0.31%
Crude Oil Futures	70.00	-0.06%
Gold Futures	2,014.40	-0.27%
Yen	135.77	0.02%
Euro	1.09	0.01%
* As of market close

G7 prepares to tighten sanctions on Russia

Leaders of the G7 nations plan to tighten sanctions on Russia at their summit in Japan this week, with steps aimed at energy and exports aiding Moscow's war effort. New measures announced by the leaders during the May 19-21 meetings will target sanctions evasion involving third countries, seek to undermine Russia's future energy production, and curb trade that supports Russia's military. US officials also expect G7 members to reverse the group's sanctions approach, which allows all goods to be sold to Russia unless they are explicitly blacklisted.

G7 PLANNING TO CHALLENGE CHINA'S 'ECONOMIC COERCION'

Ceasefire calms violent week on Gaza Strip

Life on both sides of the Gaza Strip border began returning to normal on Sunday after an Egyptian-mediated ceasefire halted five days of fighting between Israel and Islamic Jihad, which killed 34 Palestinians and an Israeli. Shops and offices reopened and crowds returned to streets that had been deserted. Leaders on both sides confirmed their commitment to the truce, but gave different interpretations of the terms.

SEE THE RESULTS OF A VIOLENT WEEK ON THE GAZA STRIP

Mount Everest opens to surge of hopefuls

Nine Nepalis reached the summit of Mount Everest over the weekend, opening the route for hundreds of climbers are expected to scale the world's highest mountain in the coming weeks. Weather cleared for the nine to fix ropes to the top of the 29,032-foot mountain, which will be used by hundreds of paying customers to follow. On Friday, the rope-fixing team snaked up Khumbu icefall as climbers followed in their footsteps in hopes of trying to reach the summit in the coming days.

SEE THE ECONOMIC IMPACT OF MOUNT EVEREST CLIMBERS

Extra point

Who holds the record for the fastest ascent to the top of Mount Everest?

Friday's answer: Denmark's Johan 'N0tail' Sundstein, 29, is the all-time eSports earnings leader with more than $7.1 million in career winnings.