Newsletter May 30, 2023

Quick Six

Biden, Republicans strike tentative deal to raise debt ceiling
President Joe Biden and House Republicans have reached a deal in principle to raise the federal government's debt ceiling and avert a devastating default. The deal still needs to be approved by a divided Congress in a vote on Wednesday. Demands from both camps were not accepted, such as the elimination of certain tax loopholes requested by Democrats, and the repeal of clean energy tax credits sought by Republicans. If it passes, the deal would raise the $31.4 trillion debt ceiling for two years.
SEE THE KEY TAKEAWAYS FROM THE DEBT CEILING DEAL

Target's valuation takes $10B hit over Kids Pride promotion
Target, one of the largest U.S. retailers, has been targeted by a boycott over its LGBTQ-friendly kids' clothing, wiping out billions of dollars worth of stocks. Target lost $10 billion in market valuation over the last 10 days due to the backlash it received from its LGBTQ-themed kids' clothing line. Among Target's items that garnered the ire were "tuck-friendly" women's swimsuits.
SEE THE BACKLASH TARGET IS GETTING FOR KIDS PRIDE

Hawkers return to China's streets amid sluggish recovery
As life in China returns to normal after the COVID-19 pandemic, hawkers are hitting the streets again looking to at supplement their income amid an uneven economic recovery in which jobs and wage growth has been sluggish. For decades, street stalls and hawkers have been banned or tightly regulated in many Chinese cities, with authorities seeing them as unsightly.
SEE HOW CHINA'S GOVERNMENT IS HANDLING HAWKERS

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Markets

DJIA	33,093.34	1.00%
S&P 500	4,205.45	1.30%
Nasdaq Composite	12,975.69	2.19%
Japan: Nikkei 225	31,143.32	-0.29%
UK: FTSE 100	7,627.20	0.74%
Crude Oil Futures	73.20	0.73%
Gold Futures	1,943.40	-0.05%
Yen	140.08	-0.27%
Euro	1.07	0.13%
* As of market close

Biden calls Erdogan in wake of election win

U.S. President Joe Biden said that in a Monday call Turkish President Tayyip Erdogan repeated Ankara's desire to buy F-16 fighter jets from the United States, while Biden responded that Washington was keen to see Ankara drop its objection to Sweden's joining NATO. "We're going to talk more about it next week," Biden said after Monday's discussion. The exchange took place when Biden called Erdogan to congratulate him on his historic victory in Turkey's presidential election on Sunday.

SEE PROPOSALS MADE IN BIDEN AND ERDOGAN'S DISCUSSION

Musk's The Boring Company angers Texans

Elon Musk's The Boring Company has been the subject of complaints from local regulators and residents of Texas' Bastrop County over licensing issues and environmental concerns as the company expands its presence in the state. The tunnel company started constructing a large warehouse in Bastrop County last year. Other facilities that have popped up include a pool, a clubhouse and mobile homes for workers.

WHY TEXANS ARE UP IN ARMS OVER THE BORING COMPANY

Russian 'spy whale' resurfaces in Sweden

A harness-wearing Beluga whale that turned up in Norway in 2019, sparking speculation it was a spy trained by the Russian navy, has appeared off Sweden's coast, an organization following him said Monday. First discovered in Norway's far northern region of Finnmark, the whale spent more than three years slowly moving down the top half of the Norwegian coastline, before suddenly resurfacing in Sweden.

WHY OFFICIALS THINK THE WHALE IS A TRAINED RUSSIAN SPY

Extra point

What two animal species have the U.S. Navy trained for missions?

Friday's answer: The Lincoln Memorial in Washington, D.C. was dedicated on Memorial Day 1922 to honor fallen Civil War veterans