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Asian markets wobble as US struggles to reach debt deal
Asian markets wobble as US struggles to reach debt deal
Business and Economy
by  AFP

Equities were mixed in Asia on Tuesday as traders grow increasingly concerned that US lawmakers remain far apart in their bid to raise the country's borrowing limit to avert a default. US President Joe Biden, who has expressed confidence the two sides can bridge the gap, is scheduled to meet with McCarthy and other congressional leaders at the White House later Tuesday.

Ex SVB head says social media 'fueled' run on doomed bank
Ex SVB head says social media 'fueled' run on doomed bank
Business and Economy
by  AFP

The former head of Silicon Valley Bank blamed the lender's sudden collapse on a "social media fueled run" on it, according to congressional testimony released Monday. "Silvergate's failure and the link to SVB caused rumors and misconceptions to spread quickly online, leading to the start of what would become an unprecedented bank run," Becker said in his testimony.

Biden and McCarthy to reconvene Tuesday for debt limit talks
Biden and McCarthy to reconvene Tuesday for debt limit talks
Business and Economy
by  AFP

President Joe Biden will reconvene crunch debt talks Tuesday with senior Republican leaders including House Speaker Kevin McCarthy in another attempt to avert a costly US default. President Biden has rebuffed many of these proposals, accusing Republicans of "holding the economy hostage" to further their political objectives.