US-China Deal Prospects Improve Market Sentiment
Fiona Cincotta, financial markets senior analyst at City Index, says the markets are pricing in optimism about better relations between the US and China. She joins Ed Ludlow on "Bloomberg Tech."
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Ottawa orders Chinese manufacturer Hikvision to shutter Canadian operations
OTTAWA (Reuters) -The Canadian government has ordered Chinese video surveillance and telecommunications equipment maker Hikvision to cease all operations in the country over national security concerns, Industry Minister Melanie Joly said on Friday. "The government has determined that Hikvision Canada Inc's continued operations in Canada would be injurious to Canada's national security," Joly said on X, adding that the decision was taken after a multi-step review of information provided by Canada's security and intelligence community. Hikvision did not immediately respond to a request for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Senate barrels toward weekend vote on Trump agenda as GOP support still in limbo
President Donald Trump's push to pass his massive agenda in the Senate is hanging by thread as GOP leaders barrel toward a critical vote this weekend that, as of Friday night, is still short of the support to pass. Just hours after Senate Majority Leader John Thune informed senators they would take a critical first vote on Saturday, a key GOP centrist senator warned he would vote against proceeding to the package unless there are major changes – and several other holdouts are uncertain on how they'll land. That warning shot came from Sen. Thom Tillis, a North Carolina Republican who is up for reelection next November and has been one of the most vocal critics of the Medicaid cuts used to help pay for Trump's tax cuts and spending cuts package. Speaking to reporters Friday, Tillis again raised concerns over the bill's 'fundamentals' and cuts to Medicaid and suggested his vote wouldn't change unless the measure 'transforms radically overnight.' Losing Tillis on Saturday's expected procedural vote – which will be closely watched by Trump – would be a major blow to Senate GOP leaders, who can only afford to lose three Republican votes to advance the bill. Thune and GOP leaders have spent months building to this moment, racing to draft the bill as quickly as possible in an effort to ensure Trump's agenda is on his desk by the Fourth of July. If the bill fails its first procedural vote on Saturday, GOP leaders will have to retool the package, amounting to a huge setback for Trump. And it's not just about that Independence Day timeline: GOP leaders fear that any delay in passing Trump's agenda would embolden the party's critics to seek more changes – which could lead their fragile coalition to fall apart. Already, outspoken fiscal hawk Sen. Rand Paul is planning to vote against it over the plan's inclusion of a $5 trillion debt-limit increase. 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Democrats will use this overnight session to push on any number of GOP weak points on the bill, particularly Medicaid and other safety net programs. The Senate could then vote on final passage sometime in the middle of the night Saturday or Sunday morning. And if successful, the House would return mid-week to take up the bill with the hope of Trump signing it at the White House on July 4. One of the biggest hurdles for Republicans is the race to rewrite text in compliance with the Senate's complex budget rules, which are governed by the nonpartisan parliamentarian. In recent days, the parliamentarian has ruled against key GOP provisions – from the so-called provider tax, which helps states fund their Medicaid programs to some provisions of a government spectrum auction. That forces the Senate GOP to dial back those provisions, or else Trump's bill would be subject to a Democratic filibuster. 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CBS News
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Berkeley City Council approves zoning change to encourage "middle housing"
In a unanimous vote Thursday night, the Berkeley City Council approved a zoning change designed to make it easier to build small apartment buildings across much of the city—part of a broader effort to address the region's ongoing housing affordability crisis. Dubbed the Middle Housing Ordinance, the new policy streamlines the permitting process for residential buildings such as duplexes, triplexes, and three-story multi-family homes. City officials and housing advocates said the change could increase housing options for middle-income residents who have been increasingly priced out of the market. "These types of units will get a streamlined, 'by-right' approval," said District 1 Councilmember Rashi Kesarwani, who championed the policy. "So if [a project meets] the development standards, they don't go above three stories, and they have setbacks and open space, they can get approved over the counter." The new zoning rules, however, will not apply to the Berkeley Hills, where fire-risk concerns have limited development. Supporters of the ordinance argued that increasing housing supply is essential for reducing costs and giving younger and middle-class residents a foothold in the city's expensive real estate market. "I could not afford one of these houses," said Andrea Horbinski, a renter in the Berkeley Hills with a Ph.D. "And I don't think that is going to change. So hopefully, [developers will] build different housing, new housing, smaller size that I could afford." Horbinski was one of the residents who spoke in favor of the ordinance at the council meeting. "The more the merrier," she said. "The more housing there is, the more prices will come down, the more things will be more affordable for more people." Berkeley's real estate market remains one of the priciest in the region. According to the Bay East Association of Realtors, of the 66 single-family homes sold last month in Berkeley, the median price was $1,812,500. "With what we're projecting, in terms of 50 to 100 homes per year, that's an incremental change," Kesarwani said. "So it'll give us the opportunity to adapt and adjust." Still, not everyone is on board. Some residents fear the zoning change could alter the character of Berkeley's neighborhoods and put added strain on infrastructure. "Why Berkeley, which is already so densely populated and already so hard to get around in?" asked longtime resident Clifford Fred. "It just doesn't make any sense to me." Fred said he's concerned about traffic congestion and limited parking. "Older people who don't have driveways, people need their parking spaces," he said. "I don't think it's selfish for people to have parking spaces near their home." Opponents also criticized the ordinance for not including specific requirements for affordable housing units. But supporters like Horbinski remain hopeful that smaller, lower-cost units will eventually make ownership more attainable. "I think eventually I'll be able to get to a place where I could have a condo or a unit in one of these sort of missing-middle type places," she said. The zoning change is expected to take effect in November. Berkeley follows in the footsteps of Sacramento, which passed a similar measure last year. Santa Rosa is reportedly considering a comparable proposal.
