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America is heading close to the brink of a self-imposed economic disaster with the Republican-led House refusing to pay the country's debts unless President Joe Biden agrees on cuts to current and future spending and new curbs on social programs.

Credit Suisse AG staff are making preparations to sue the Swiss financial regulator over $400 million of bonuses

MELBOURNE Australia has won the support of the United States for development of its critical minerals industry after

By Katya Golubkova and Sakura Murakami HIROSHIMA, Japan (Reuters) -The International Energy Agency (IEA) does not expect moves by the

Meta Platform Inc's Instagram is down for more than 98,000 users on Sunday, according to outage tracking website

President Joe Biden spoke with House Speaker Kevin McCarthy on Sunday and agreed they would meet on Monday afternoon to try to break the stalemate over legislation to raise the national debt limit. A call took place, according to a White House readout, which gave no indication to the tone of the discussion. Mr McCarthy characterised the call as “productive” in a comment to reporters. A day earlier, the Speaker said negotiations had taken a step backward following Mr Biden’s remarks that he believed the 14th Amendment could be used to circumvent Congress on the issue. “I don’t think we’re going to be able to move forward until the president can get back into the country,” Mr McCarthy said on Saturday. “Just from the last day to today they’ve moved backwards. They actually want to spend more money than we spend this year.” Mr Biden’s call with Mr McCarthy took place while the president was on Air Force One bound for the US on Sunday. He had cut short his attendance at the G7 summit in Japan in order to lead negotiations with Republicans on the issue. During an appearance on Sunday show, Meet the Press, Treasury Secretary Janet Yellen once again warned that the federal government is projected to run out of money on or about 1 June. Should the US be unable to pay its outstanding obligations to debt holders, or even raise questions about its ability to do so, it risks a downgrade of the US’s credit rating which would affect interest rates on future loans. The last official downgrading of the United States’s credit rating occurred in 2011, when Standard and Poor’s dropped the US’s rating from “AAA” to “AA+”. “I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June and possibly as soon as June 1. And I will continue to update Congress, but I certainly haven’t changed my assessment. So I think that that’s a hard deadline,” Sec. Yellen said. She added that the possibilty was “quite low” that the US could extend its ability to pay its obligations through 15 June - referencing remarks made by Republicans who suggested Treasury could maneuver past a 1 June deadline without hitting a default. ”[I]t’s hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15th, while being able to pay all of our bills, is quite low,” said Ms Yellen. “[M]y assumption is that if the debt ceiling isn’t raised, there will be hard choices to make about what bills go unpaid.” Mr Biden has been roundly accused by conservatives of refusing to negotiate cuts to federal spending ahead of the debt ceiling deadline. The White House, meanwhile, has blamed Republicans for putting the country’s credit rating at risk. Earlier on Sunday, the president spoke at a press conference and did not indicate that he was completely opposed to reaching a compromise with Republicans on spending levels, though he warned that the GOP must be willing to move in his direction as well. “It’s time for Republicans to accept that there’s no bipartisan deal to be made solely — solely — on their partisan terms,” said Mr Biden. “They have to move as well.” Read More ‘Putin will not break our resolve,’ Joe Biden tells G7 Top House negotiator on debt limit says it's time to 'press pause' as talks come to standstill Biden meeting with Indo-Pacific leaders at G7 summit while confronting stalemate over US debt limit Debt ceiling showdown: Biden and congressional leaders to meet as McCarthy pushes for faster deal Most say pair debt limit increase with deficit cuts, but few following debate closely: AP-NORC poll G7 finance leaders promise support for Ukraine, vow to enforce sanctions against Russia

The president flies home from the G7 summit amid hopes of a deal with top Republican Kevin McCarthy.

An eruption of memecoins and nonfungible tokens on the Bitcoin blockchain has reshaped the revenue profile of miners

By Ross Kerber and Simon Jessop The absence of women from the slate of potential Morgan Stanley CEO

HIROSHIMA, Japan Leaders of the world's richest democracies said on Sunday they would not back down from supporting

By Sakura Murakami HIROSHIMA, Japan U.N. Secretary-General Antonio Guterres said on Sunday that it was time to reform

President Joe Biden has asked to speak with House Speaker Kevin McCarthy once his meetings conclude in Japan, in hopes of helping to put negotiations to raise the US debt ceiling -- which have appeared mostly stalled since Friday -- back on track.