Jensen Huang's deft handling of U.S.-China tensions cements status as more than a CEO
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Yahoo
6 minutes ago
- Yahoo
Senate weighs amendments to foreign aid, public media funding cuts
Washington — The Senate kicked off another lengthy vote series Wednesday afternoon as Congress works to deliver on President Trump's request to rescind $9 billion in spending by Friday. The "vote-a-rama" continued into the overnight hours. The Senate narrowly advanced the request late Tuesday. Three Republicans opposed the package and Vice President JD Vance had to cast the two tie-breaking votes to move it forward. The House approved the original $9.4 billion rescissions request last month, but it has faced pushback in the Senate, where some Republicans have opposed slashing foreign aid and public broadcasting funding. Both chambers need to approve the request before it expires at the end of the week, or the funds will have to be spent as lawmakers previously intended. The Senate's decision to consider amendments to the package means the House will need to approve the final Senate version. The rescissions request targets roughly $8 billion for foreign assistance programs, including the United States Agency for International Development, or USAID. The package also includes about $1 billion in cuts for the Corporation for Public Broadcasting, which supports public radio and television stations, including NPR and PBS. Senate Republicans met with Mr. Trump's budget director, Russell Vought, on Tuesday as GOP leaders worked to get holdouts on board ahead of the procedural votes later in the day. Vought left the meeting saying there would be a substitute amendment that would eliminate $400 million in cuts to an AIDS prevention program, one of the main concerns of Republican Sen. Susan Collins of Maine. Senate Majority Leader John Thune, a South Dakota Republican, said he hoped the House would accept the "small modification." When asked about the $400 million change, House Speaker Mike Johnson, a Louisiana Republican, told reporters, "we wanted them to pass it unaltered like we did." "We need to claw back funding, and we'll do as much as we're able," Johnson added. But the change did not satisfy Collins, who voted against advancing the package. Collins was joined by two other Republicans senators: Lisa Murkowski of Alaska and Mitch McConnell of Kentucky. The holdouts said the administration's request lacks details about how the cuts will be implemented. "To carry out our Constitutional responsibility, we should know exactly what programs are affected and the consequences of rescissions," Collins said in a statement Tuesday. In a floor speech ahead of the procedural votes, Murkowski also said Congress should not give up its budget oversight. "I don't want us to go from one reconciliation bill to a rescissions package to another rescissions package to a reconciliation package to a continuing resolution," she said. "We're lawmakers. We should be legislating. What we're getting now is a direction from the White House and being told, 'This is the priority, we want you to execute on it, we'll be back with you with another round.' I don't accept that." Cuts to local radio and television stations, especially in rural areas where they are critical for communicating emergency messages, was another point of contention in the Senate. Republican Sen. Mike Rounds of South Dakota, who had concerns about the cuts, said funding would be reallocated from climate funds to keep stations in tribal areas operating "without interruption." Republican Sen. Thom Tillis of North Carolina said he would vote for the package, but expected that Congress would later have to try to fix some of the cuts once they determine the impacts. "I suspect we're going to find out there are some things that we're going to regret," he said Wednesday on the Senate floor. "I suspect that when we do we'll have to come back and fix it, similar to what I'm trying to do with the bill I voted against a couple of weeks ago — the so-called big, beautiful bill, that I think we're going to have to go back and work on." Son of man who was violently detained by ICE reacts after release Mike Johnson breaks from Trump, calls on DOJ to release Epstein files 7.3 magnitude earthquake hits southern Alaska
CNBC
9 minutes ago
- CNBC
China's premier urges tighter price oversight as deflation pressures squeeze economy
Chinese Premier Li Qiang has called for tighter pricing regulation in the electric car sector during a high-level meeting Wednesday, as Beijing sought to rein in the cut-throat price wars that are fueling deflationary pressures in the economy. In singling out the country's electric-vehicle sector, Li urged strengthened cost oversight and price monitoring. He also called on major automakers to make timely payments to suppliers while practicing greater self-discipline in setting prices. Automakers should improve their competitiveness through technological innovation and quality upgrades, rather than excessive price cuts, Li said. The long-simmering concerns about oversupply and bruising price wars have come to the fore of Chinese policymakers in recent weeks, taking aim at what was described as "involution" — the fierce but often destructive competition — particularly in sectors saddled with surplus capacity, such as EVs, solar panels and steel bars. In a sign that the intensifying price wars have taken a toll on businesses, China's industrial profits plunged 9.1% in May. Its factory-gate producer prices also slipped by 2.8% in the first six months of the year from a year ago, official data showed. Even though profits for Chinese carmakers dropped 11.9% year over year in May, car sales in the country rose 11.7% during the same period, according to the China Association of Automobile Manufacturers, with over half of them being new energy vehicles. The auto industry association in May called to halt the "vicious competition," which it said has bitten into businesses' profitability and threatened the security of the supply chain. Sluggish consumer demand has also strained profit margins for businesses. Li also called for renewed efforts to boost domestic consumption, remove "unreasonable restrictions that thwart household spending" and optimize policies for a consumer goods trade-in program. The National Statistics Bureau's deputy head Sheng Laiyun said at a press briefing Tuesday that there has been progress made in the solar panel, cement and automobile industries in regulating prices without government intervention. Even as China shifts its policy messaging to tackle the price wars, economists pointed out that Beijing needs to balance the task of curbing excess supply without stalling growth or putting jobs at risk, especially as an intense trade war with the U.S. has cast doubts over external demand for its goods. Economists at Nomura Bank suggested that attempts to address the surplus capacity would involve substantial production cuts for manufacturers that have been selling products at a loss. However, curbs on investment flowing into the industrial sectors and production outputs would likely generate an additional drag on the economy. "Production cut inevitably comes at the cost of growth and jobs," said Neo Wang, lead China economist and strategist at Evercore ISI, suggesting Beijing is unlikely to meaningfully cut back capacity. "Ensuring growth and saving jobs are of higher priority to Beijing than correcting disinflation or deflation," Wang added, stressing that "the voices so far sound like a slogan for a short-lived campaign at best, rather than a prelude to any reform," Wang added. China reported Tuesday that its economic growth beat expectations, expanding 5.2% in the second quarter, putting the country on track to meet its official full-year growth target of 5%. While some companies across various industries have reportedly planned to cut output, it may not translate into a broader supply drawback, said Tianchen Xu, senior economist at Economist Intelligence Unit. "There are always people who want to expand their market share with low price. Even if a price alliance is formed, firms can still betray the alliance and undercut competitors," Xu said.
Business Upturn
9 minutes ago
- Business Upturn
Why are Sona BLW shares up 6% today? Details here
Shares of Sona BLW Precision Forgings Ltd surged 6% after CNBC-TV18 reported that the company is entering into a strategic partnership with Chinese EV giant BYD. As of 11:52 AM, the shares were trading 4.60% higher at Rs 476.00. As per the report, Sona BLW is set to supply critical parts to BYD and is also planning to set up a manufacturing plant in China. This potential deal, if finalized, could significantly strengthen Sona BLW's global EV portfolio and open doors to deeper integration with one of the world's largest electric vehicle manufacturers. Investors reacted positively, pushing the stock higher on hopes of long-term growth and expansion in the Chinese market. Sona BLW shares opened at ₹455.30 and, at the time of writing, hit a high of ₹483.80 during the day, while the low stayed at ₹455.30. The stock has a 52-week high of ₹768.65 and a 52-week low of ₹380.00. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
