WASHINGTON (AP) — If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone. The repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Orders for Chinese factories that sell electronics to the United States could dry up. Swiss investors who own U.S. Treasurys would suffer losses. Sri Lankan companies could no longer deploy dollars as an alternative to their own dodgy currency. Moody’s Analytics has concluded that even if the debt limit were breached for no more than week, the U.S. economy would weaken so much, so fast, as to wipe out 1.5 million jobs.
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Meta fined record $1.3 billion and ordered to stop sending European user data to US
LONDON (AP) — The European Union has slapped Meta with a record $1.3 billion privacy fine and ordered it to stop transferring users’ personal information to the United States by October. Meta, which had previously warned that services for its users in Europe could be cut off, vowed to appeal and ask courts to immediately put the decision on hold. The company said Monday that “there is no immediate disruption to Facebook in Europe.” The decision applies to user data like names, email addresses, messages, viewing history and other information that Meta — and other tech giants — use for targeted ads. The legal battle followed former National Security Agency contractor Edward Snowden’s revelations of electronic surveillance by U.S. security agencies.
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Biden, McCarthy to meet on debt ceiling, time to ‘get moving’ to resolve standoff
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy have a pivotal meeting coming up on the impasse over the government’s debt ceiling. Washington is racing to strike a budget compromise and raise the nation’s borrowing limit in time to avert a potentially devastating federal default as soon as next week. McCarthy told reporters Monday it’s time to “get moving” toward a deal. The negotiating teams wrapped up three hours of morning talks at the Capitol. After a weekend of start-stop talks, both Biden and McCarthy appeared upbeat as they face a deadline, as soon as June 1, when the government could run out of cash to pay its bills.
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Venmo to be officially available for teenagers, although many use it already
NEW YORK (AP) — Venmo will officially allow teenagers to open an account with their parents’ permission, the company said Monday, expanding the popular social payments app to a demographic that is likely to embrace it almost immediately. Venmo has been so popular with families even before this announcement that parents often set up accounts for their children, which is a violation of Venmo’s terms of service. The Venmo Teen Account will be available for 13 to 17-year olds and will come with a debit card as well.
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Biden gets low ratings on economy, guns, immigration in AP-NORC Poll
WASHINGTON (AP) — Just 33% of American adults say they approve of President Joe Biden’s handling of the economy and only 24% say national economic conditions are in good shape. That’s according to a new poll from The Associated Press-NORC Center for Public Affairs Research. Public approval of Biden’s handling of the economy remains low in a time of high inflation, a difficult housing market and concerns about a potential U.S. government debt default. American opinion is also gloomy about Biden’s efforts on gun policy and immigration, with only 31% saying they approve of the president’s performance on those hot button issues. Overall, 40% say they approve of the way Biden is doing his job.
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Supreme Court won’t hear dispute over California law barring sale of foie gras
WASHINGTON (AP) — The Supreme Court says it won’t get involved in a dispute over a California animal cruelty law that bars foie gras from being sold in the state. That leaves in place a lower court ruling dismissing the case. Foie gras is made from the enlarged livers of force-fed ducks and geese, and animal welfare groups had supported the law. As is typical, the court did not comment in declining to hear the case. The law doesn’t completely bar Californians from eating foie gras in the state. Courts have ruled that residents can still order foie gras from out-of-state producers and have it sent to them. But restaurants and retailers are still forbidden from selling it or giving it away.
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Atlantic City 1Q casino earnings down nearly 15% from year ago
ATLANTIC CITY, N.J. (AP) — Atlantic City’s nine casinos collectively saw their gross operating profit decline by nearly 15% in the first quarter of this year compared with the same period a year earlier. Figures released Monday by the New Jersey Division of Gaming Enforcement show the casinos posted an operating profit of $135.4 million in the first three months of 2023, down from the more than $159 million in profit from the first quarter of 2022. Gross operating profit reflects earnings before interest, taxes, depreciation, and other charges, and is a widely accepted measure of profitability in the Atlantic City casino industry.
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Oklahoma lures Enel solar panel manufacturing facility with $180M incentive package
OKLAHOMA CITY (AP) — Enel North America says it’s planning to invest more than $1 billion and will create about 1,000 new jobs with a new solar cell and panel manufacturing facility in eastern Oklahoma. The company announced on Monday that construction will start in the fall. Oklahoma landed the project after the Legislature and governor agreed to offer up to $180 million in tax rebates if the company hits certain benchmarks over the next several years. In order to qualify for the entire $180 million in incentives, the company would have to spend at least $1.8 billion in qualifying capital expenditures and create 1,400 permanent new jobs.
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Nigeria opens Africa’s biggest oil refinery as it tries to boost struggling sector
ABUJA, Nigeria (AP) — Nigerian President Muhammadu Buhari has opened Africa’s biggest oil refinery, with hopes it will help the country achieve self-sufficiency and become a net exporter of refined petroleum products. Africa’s richest man, Aliko Dangote, who built the $19 billion project, said Monday that the new oil refinery would “enable us to meet not only our country’s demand but also to become a key player in Africa’s and global market.” Some analysts have called it a “game-changer” for Nigeria’s struggling oil and natural gas sector, while others say its capacity could be limited by oil theft.
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The S&P 500 rose 0.65 points, or less than 0.1%, to 4,192.63. The Dow Jones Industrial Average fell 140.05 points, or 0.4%, to 33,286.58. The Nasdaq composite rose 62.88 points, or 0.5% to 12,720.78. The Russell 2000 index of smaller companies rose 21.67 points, or 1.2%, to 1,795.38.
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