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Business Update – 17 May 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Biden Expresses Optimism Over Debt Limit Deal, but an Agreement Remains Elusive

President Biden is in talks with Congress to raise the debt limit and avoid a potential government shutdown. He is proposing a plan to raise taxes on wealthy Americans and corporations to help pay for the increase.

Taiwan Semiconductor ups its Arizona investment to $40 billion ahead of Biden’s visit

TSMC, the world’s largest semiconductor manufacturer, is investing $12 billion in a new factory in Arizona, creating over 1,600 jobs and boosting the local economy.

General Motors moves deeper into mining with EnergyX lithium investment

General Motors has invested in EnergyX, a lithium mining company, in order to expand its presence in the mining industry and to secure a reliable source of lithium for its electric vehicles.

How These Budding Entrepreneurs Won $20,000 for Their Start-Ups

NYC Boss Up is a program that helps low-income New Yorkers gain access to resources and training to help them become entrepreneurs and business owners. It provides mentorship, workshops, and networking opportunities.

Sonnedix: Powering a Bright Future

Sonnedix is a solar energy company that is committed to providing clean, reliable and affordable energy to people around the world. They are dedicated to powering a brighter future for all.

Once an Evangelist for Airbnbs, She Now Crusades for Affordable Housing

Airbnb is facing allegations of discrimination in its short-term rental practices, which could have a negative impact on the housing market.

Treasury Secretary Yellen reaffirms U.S. could run out of money to pay bills by early June

Treasury Secretary Janet Yellen warned that the US could run out of money by June due to the debt ceiling, and urged Congress to raise the limit.

Shares of companies like GameStop and AMC are down sharply

Meme stocks, such as GameStop and AMC, have seen a surge in popularity due to retail investors buying up shares and driving up prices. This has caused a stir in the stock market.

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