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Chinese energy giant State Power Investment Corp. is in advanced talks to buy Latin American power producer Inkia

LIMA, Perú--(BUSINESS WIRE)--May 22, 2023--

TOKYO Japan's manufacturing activity expanded for the first time in seven months in May, while the service-sector hit

By Anant Chandak BENGALURU The Bank of Korea will keep interest rates unchanged for a third time on

Amazon.com Inc. repeatedly violated federal labor law by unilaterally changing policies and terminating union supporters at its sole

Oil rose after US House Speaker Kevin McCarthy said he and President Joe Biden had a productive talk

House Speaker Kevin McCarthy said he and President Joe Biden had a productive talk but have not yet

The Corniche was supposed to generate HK$30 billion ($3.8 billion) in sales after the developers bought the land

Qantas Airways Ltd. said strong travel demand and the completion of its cost-cutting program will drive profit growth

Investment bank clients are peppering Wall Street with questions about what happens if the US Treasury in coming

TikTok is challenging Montana’s first-of-its kind law that makes it illegal for people to use the social media app in the state

President Joe Biden on Monday said he was “optimistic” about the chances of finding an agreement with the Republican-led House of Representatives that would avoid a catastrophic default on America’s sovereign debt. Speaking at the outset of a crucial meeting with House Speaker Kevin McCarthy, Mr Biden said the source of his optimism was a shared agreement between the two men that a debt default is “off the table”. Mr Biden also said the consequences that would arise should the US fail to meet its’ outstanding debt obligations would be “a kick in the ... economic well-being” for the American people. The negotiating session between the president and House speaker comes with just ten days remaining before the US Treasury is set to lose the ability to pay its’ bills by issuing new bonds. In a letter to Congress, Treasury Secretary Janet Yellen said on Monday that “it is highly likely” that the Treasury would run out of operating funds in the event that Congress does not raise the department’s statutory debt limit. A default on America’s sovereign debt would be a financial catastrophe both for Americans and people around the world who rely on US financial stability. Mr Biden said he and Mr McCarthy “talked about the need for bipartisan agreement” and stressed that he was “optimistic” that he and Mr McCarthy were “going to make some progress” during the Monday evening session. For his part, the House Speaker said he and Mr Biden had a “very productive” conversation during a phone call held on Sunday while Mr Biden was returning to Washington from the G7 summit aboard Air Force One. Earlier in the day, Mr McCarthy told reporters at the Capitol that “decisions have to start being made” on spending for the next fiscal year since “we’re 10 days out” from the debt ceiling deadline. “We have to spend less next year than we spent this year,” he said before pointing to the House’s proposal for spending cuts as the “framework” for a deal. “I’m hopeful,” he added. Read More Watch live: Biden and McCarthy meet to discuss US debt ceiling Who is Tim Scott? 5 things to know about the newest 2024 GOP presidential candidate A timeline of Donald Trump’s rivalry with Ron DeSantis