Bloomberg - Evening Briefing - Time is running out

Bloomberg Evening Briefing

The US is another day closer to defaulting on its debt. Despite clear warnings such an event could throw millions out of work, trigger a market selloff and raise borrowing costs, the stalemate triggered by Republicans looking to force concessions from the White House continues with no end in sight. In exchange for paying the nation’s debts, House Speaker Kevin McCarthy is demanding President Joe Biden agree to cuts in future domestic spending. The GOP wants to slash climate programs and education funding while clawing back $65 billion in Covid-19 funds. Biden says he will cut his G-7 meeting trip to Asia to try and rectify the impasse. “Time is running out,” warned Treasury Secretary Janet Yellen, who said that the US would hit its limit June 1

Here are today’s top stories

US consumers remained resilient in April, with retail sales rising in the face of still-high inflation and borrowing costs. The advance in sales suggests low unemployment and steady wage growth are supporting demand. Markets remained squarely focused on the debt ceiling talks in Washington and traded lower for another day. Here’s your markets wrap

Ukraine said its air defense systems shot down 18 Russian missiles—including six of the much-vaunted hypersonic variety—in an overnight attack that targeted Kyiv. Vladimir Putin has long touted the new missiles as an advantage, given their supposed difficulty to intercept.

IBM’s privacy chief and the creator of ChatGPT told US senators Tuesday that Congress needs to heavily regulate artificial intelligence. Since introducing its chatbot earlier this year, Silicon Valley startup OpenAI’s technology has raised questions around AI’s ability to spread misinformation, infringe on copyrights and upend jobs. 

Sam Altman, chief executive and co-founder of OpenAI, during a Senate Judiciary Subcommittee hearing Tuesday in Washington. Photographer: Eric Lee/Bloomberg

Despite biotech being a key pillar for Xi Jinping’s economic plans, China’s $220 billion biotech ambition is struggling to take off. Experts pointed to a string of industrial shortcomings, including a lack of basic research and a reluctance to take big risks. There are also lingering questions about the Chinese drug industry’s ability to produce novel therapies and move away from the “me too” copycats.

Shunsaku Sagami saw firsthand the growing succession problem among entrepreneurs in Japan, which is grappling with the world’s oldest population. His answer?AI for mergers. It’s made the 32-year-old almost a billionaire

A Russian man was charged by US authorities in connection with his alleged role with multiple ransomware gangs that attacked hospitals, schools and police departments, including the Metropolitan Police Department in the District of Columbia.  

The world’s biggest copper producer is a state-owned behemoth in Chile. But the company, Codelco, is running at its lowest output in 25 years just as the world needs copper for the batteries, cars and tools of the green transition. It’s now up to this man to fix it.

The Codelco Chuquicamata open pit copper mine near Calama, Chile  Photographer: Cristobal Olivares/Bloomberg

What you’ll need to know tomorrow

A Family’s Escape from Venezuela to New York

Pedro Tonito couldn’t bear watching his young daughter cry from hunger or his teenager skip meals. Venezuela had effectively collapsed, finding work was impossible and he felt increasingly helpless. It was time to go. Tonito’s family was one of millions that made the months-long journey to seek asylum in the US.

Pedro Tonito, his wife Adriana Padilla, and their children ride on top of a cargo train to reach the US-Mexico border.  Photographer: Nicolò Filippo Rosso/Bloomberg

Older messages

What really killed SVB

Monday, May 15, 2023

Bloomberg Evening Briefing View in browser Bloomberg So what really killed Silicon Valley Bank? According to Greg Becker, former chief executive of the now-dead lender, it was in part the speedy pace

‘Potentially catastrophic’

Saturday, May 13, 2023

Bloomberg Weekend Reading View in browser Bloomberg While more signs point to the US economy slowing and the Federal Reserve making progress in its inflation fight, Washington could soon destroy all

The unthinkable

Friday, May 12, 2023

Bloomberg Evening Briefing View in browser Bloomberg Treasury Secretary Janet Yellen said the federal government will have to renege on some payments if Congress doesn't raise the debt limit, and

The world is watching

Friday, May 12, 2023

Bloomberg Evening Briefing View in browser Bloomberg Recep Tayyip Erdogan was halfway through a well-choreographed TV interview last month when the cameras unexpectedly cut away. Someone in the room

‘Economic coercion’

Friday, May 12, 2023

Bloomberg Evening Briefing View in browser Bloomberg Group of Seven nations are looking to send a signal to China this month by announcing a joint effort to counter “economic coercion.” While member

You Might Also Like

🇨🇳 The US is out, China is in

Tuesday, March 11, 2025

Citigroup's forecast for US and Chinese stocks, Lego stacked bricks, and Boeing's investigation | Finimize Hi Reader, here's what you need to know for March 12th in 3:10 minutes. Citigroup

The Under-the-Radar Threat to Your Retirement

Tuesday, March 11, 2025

Nearly half of older adults are burdened by bad debt ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

15 Years Since We Bought Our Toxic Asset

Tuesday, March 11, 2025

In a new Planet Money plus episode, former Planet Money hosts David Kestenbaum and Chana Joffe-Walt look back at a pioneering series that sought to explain a major source of the 2008 financial crisis.

👋 Investors ditched the S&P 500

Monday, March 10, 2025

The US president didn't rule out a recession, but TSMC eased some of investors' other worries | Finimize Hi Reader, here's what you need to know for March 11th in 3:07 minutes. TSMC's

💳 Find a new credit card

Monday, March 10, 2025

Let's get those rewards ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Text and Telos

Monday, March 10, 2025

Plus! Diff Jobs; Scaling; Retail Investors; Comparative Advantage; Transaction Costs and Corporate Structure; DeepSeek Governance Text and Telos By Byrne Hobart • 10 Mar 2025 View in browser View in

Longreads + Open Thread

Saturday, March 8, 2025

Personal Essays, Lies, Popes, GPT-4.5, Banks, Buy-and-Hold, Advanced Portfolio Management, Trade, Karp Longreads + Open Thread By Byrne Hobart • 8 Mar 2025 View in browser View in browser Longreads

💸 A $24 billion grocery haul

Friday, March 7, 2025

Walgreens landed in a shopping basket, crypto investors felt pranked by the president, and a burger made of skin | Finimize Hi Reader, here's what you need to know for March 8th in 3:11 minutes.

The financial toll of a divorce can be devastating

Friday, March 7, 2025

Here are some options to get back on track ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Too Big To Fail?

Friday, March 7, 2025

Revisiting Millennium and Multi-Manager Hedge Funds ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏