Aurelia Butler

WASHINGTON (Reuters) – The Congressional Budget Office (CBO) said on Wednesday that it plans to release its 2023 baseline budget and economic forecast on Feb. 15, along with a special report on the federal debt limit situation.The non-partisan CBO said the debt limit report, part of a recurring series during debt limit standoffs in Congress, will describe “the current debt situation and CBO’s expectation about when the Treasury will no longer be able to pay its obligations fully if the debt limit is not raised.”The agency annually provides the baseline fiscal forecast based on current tax and spending laws and its assessment of current economic conditions to kick off Congress’ budgeting and appropriations processes.Republicans who now control the U.S. House of Representatives are demanding that President Joe Biden’s administration negotiate spending cuts in exchange for a debt limit increase, but divisions are starting to emerge between the party’s hard-liners and moderates over how aggressive their demands should be as a threat of default looms later this year. The CBO reports will provide lawmakers and financial market participants a better sense of how long past early June the U.S. Treasury’s extraordinary cash management measures will be able to last. Treasury Secretary Janet Yellen has declared a “debt issuance suspension period” allowing the government to claw back borrowing capacity from two federal retiree funds through June 5, but this could be extended.Yellen has said that it is difficult to forecast the timing for exhaustion of the special borrowing measures because of uncertainties over the strength of tax receipts and spending outflows over the next several months. The U.S. budget deficit for December quadrupled from a year earlier to $85 billion as revenues eased and outlays for debt interest costs, health care and Social Security grew. (RReporting by David Lawder; Editing by Christopher Cushing) More

(Reuters) – Dutch and U.S. officials will meet in Washington on Friday to discuss potential new controls on exporting semiconductor manufacturing gear to China, with a deal possible by the end of the month, according to two sources familiar with the matter.A deal could be announced as soon as Friday if the two sides can agree on the details, said one of the sources, speaking on condition of anonymity. The source added that it was possible that any deal reached might not be announced immediately.The Biden administration in October published wide-ranging export controls, including measures tightly restricting Chinese access to U.S. chipmaking technology, as part of an effort to slow Beijing’s technological and military advances.But it has not yet convinced key allies, most notably the Netherlands and Japan, to implement similar equipment curbs seen as essential to making the restrictions effective.The Netherlands is home to ASML Holding (NASDAQ:ASML), the world’s leading maker of lithography equipment, which is critical for making semiconductors. The second person familiar with the matter said a central concern for negotiators is that even small supply chain changes could reignite a global chip shortage that has eased in recent months but created havoc in supply chains for the past two years. Dutch officials are also adamant the controls be tailored to national security concerns and not give the appearance that the United States is trying to favor its own chipmaking industry, said the second source.The Dutch Foreign Ministry declined to comment. U.S. officials did not respond immediately to a request for comment. In a press conference with reporters after ASML reported fourth quarter earnings on Wednesday, CEO Peter Wennink said an export control deal may be close and that his company does not participate in the political talks. However, he said that while a deal may be announced soon, it is less clear whether the technical details of any regulations have been resolved. More

Juul, which was reportedly looking to file for Chapter 11 bankruptcy, has had separate discussions with Philip Morris International Inc (NYSE:PM), Japan Tobacco (OTC:JAPAF) Group and Altria Group (NYSE:MO) Inc, the report said.A deal is not imminent and the discussions may not result in a sale or partnership, the people told the Journal.The company, partly owned by Marlboro maker Altria, declined to comment.Juul reached late-stage talks with Altria last fall on a potential deal to sell its international business or license its U.S. intellectual property but the talks fell apart in September due to a potential bankruptcy filing, people familiar with the discussions told the Journal.The company has resumed discussions with Altria, the people added. In September, Altria exercised the option to be released from its non-compete deal with Juul almost four years after buying a 35% stake in the company. The once red-hot vaping company is currently facing thousands of lawsuits filed across the United States over claims that it deceptively marketed e-cigarettes and contributed to rising tobacco use amongst youth.Last week, Juul secured preliminary court approval of a $255 million settlement resolving the claims by consumers.Juul said in July it was in the early stages of exploring options including financing alternatives amid the lawsuits.But later in November, the company secured an investment from some of its early investors to stay in business.The U.S. Food and Drug Administration (FDA) in June briefly banned Juul’s e-cigarettes, though it later put the order on hold following an appeal. More

Rapid interest rate hikes, weak consumer demand and an economic slowdown in China have forced firms such as Amazon, Walt Disney (NYSE:DIS), Facebook-owner Meta and American banks to trim their workforce.As a pandemic-led demand boom rapidly fades, tech companies shed more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, and more layoffs are expected as growth in the world’s biggest economies start to slow.Here are some of the job cuts by major American companies announced in recent weeks.TECHNOLOGY, MEDIA AND TELECOM SECTOR IBM (NYSE:IBM) Corp:The software and consulting firm said it will lay off 3,900 employees. Spotify Technology SA (NYSE:SPOT):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles.Alphabet (NASDAQ:GOOGL) Inc:Alphabet Inc is eliminating 12,000 jobs, its chief executive said in a staff memo. Microsoft Corp (NASDAQ:MSFT):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023.The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source.Amazon.com Inc (NASDAQ:AMZN):The e-commerce giant said company-wide layoffs would impact over 18,000 employees. Meta Platforms Inc (NASDAQ:META):The Facebook-parent said it would cut 13% of its workforce, or more than 11,000 employees, as it grapples with a weak advertising market and mounting costs. Intel Corp (NASDAQ:INTC):CEO Pat Gelsinger told Reuters “people actions” would be part of a cost-reduction plan. The chipmaker said it would reduce costs by $3 billion in 2023. Twitter Inc (NYSE:TWTR):The social media company has aggressively cut its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk’s $44 billion takeover. Lyft Inc (NASDAQ:LYFT):The ride-hailing firm said it would lay off 13% of its workforce, or about 683 employees, after it already cut 60 jobs earlier this year and froze hiring in September.Salesforce (NYSE:CRM) Inc:The software company said it would lay off about 10% of its employees and close some offices as a part of its restructuring plan, citing a challenging economy.Cisco Systems Inc (NASDAQ:CSCO):The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million.HP Inc (NYSE:HPQ):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025.FINANCIAL SECTOR Goldman Sachs Group Inc (NYSE:GS):Goldman Sachs began laying off staff on Jan. 11 in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter told Reuters.The job cuts are expected to be just over 3,000, one of the sources said on Jan. 9, in what would be the biggest workforce reduction for the bank since the financial crisis. Morgan Stanley (NYSE:MS):The Wall Street powerhouse is expected to start a fresh round of layoffs globally in the coming weeks, Reuters reported on Nov. 3, as dealmaking business takes a hit. Citigroup Inc (NYSE:C):The bank eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street’s biggest banks, Bloomberg News reported.BlackRock Inc (NYSE:BLK):The asset manager is cutting up to 500 jobs, Insider reported, citing a memo. Genesis:The cryptocurrency firm has cut 30% of its workforce in a second round of layoffs in less than six months, a person familiar with the matter told Reuters. Coinbase (NASDAQ:COIN) Global: The cryptocurrency exchange said it would slash nearly 950 jobs, the third round of workforce reduction in less than a year after cryptocurrencies, already squeezed by rising interest rates, came under renewed pressure following the collapse of major exchange FTX.Stripe Inc:The digital payments firm is cutting its headcount by about 14% and will have about 7,000 employees after the layoffs, according to an email to employees from the company’s founders.CONSUMER AND RETAIL SECTORBeyond Meat (NASDAQ:BYND) Inc: The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.Blue Apron Holdings (NYSE:APRN) Inc:The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. The company had about 1,657 full-time employees, as of Sept. 30. DoorDash Inc:The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees.Bed Bath & Beyond (NASDAQ:BBBY):The retailer will lay off more employees this year in an attempt to reduce costs. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.ENERGY AND RESOURCES SECTORPhillips 66 (NYSE:PSX):The refiner reduced employee headcount by over 1,100 as it seeks to meet its 2022 cost savings target of $500 million. The reductions were communicated to employees in late October.HEALTH AND PHARMACEUTICAL SECTORJohnson & Johnson (NYSE:JNJ):The pharmaceutical giant has said it might cut some jobs amid inflationary pressure and a strong dollar, with CFO Joseph Wolk saying the healthcare conglomerate is looking at “right sizing” itself.MANUFACTURING SECTOR3M Co:The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit. More