U.S. money market funds saw big inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country’s debt ceiling.
Deputy U.S. Treasury Secretary Wally Adeyemo said on Friday that the U.S. government does not have the capability to “triage” payments if the debt ceiling is not raised, adding that invoking the 14th amendment to issue debt will not solve the government’s challenges.
The head of Brazilian Embraer’s planemaking division dismissed concerns that problems at engine supplier Pratt & Whitney would discourage airlines from placing orders and hinted at some order announcements at the upcoming Paris Airshow.
Drawn-out negotiations between the White House and Republicans to raise the $31.4 trillion debt ceiling have unnerved markets and fanned worries about the economic impact of a possible default.
The White House and congressional Republicans on Friday are putting the final touches on a deal that will raise the U.S. government’s $31.4 trillion debt ceiling for two years while capping spending on everything but military and veterans, according to a U.S. official.
Vaccine maker Moderna Inc said on Friday it was looking for opportunities in China after confirming that it had registered a legal entity in the world’s second largest economy.
The Italian government, which is assessing tyre maker Pirelli’s new shareholder agreement, is concerned about plans to allow top shareholder China’s Sinochem to appoint more board members and potentially choose future CEOs, two sources said.
First Republic Bank was paying dozens of employees more than $10 million apiece annually in the heyday before its collapse, Bloomberg News reported on Thursday, citing people familiar with the matter.
Global money market funds drew inflows for a fifth straight week in the seven days to May 24 as investors resorted to buying safer assets on caution with time running out for talks over raising the U.S. debt ceiling.
