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The Biden administration’s profligate spending—driving unprecedented trillion-dollar deficits during a full-employment, peacetime economy—has naturally required an increase in borrowing. But the size of Treasury issuance is only one aspect of U.S. borrowing.

Joe Biden's administration formally proposed on Thursday reclassifying marijuana as a less dangerous drug, a historic shift that would bring federal policy more in line with public opinion. "No one should be in jail merely for using or possessing marijuana. Period," Biden said in a video statement.

Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began Friday's session on a flat note. Auto stocks saw gains offset by a decline in financial sectors, and a global rally sparked by expectations of a US interest rate cut fizzled out. As of 9:20 IST, the blue-chip NSE Nifty 50 fell 0.08% to 22,386.20 points, while the S&P BSE Sensex fell 0.10% to 73,581.50.

Japan and the United States on Wednesday signed an arrangement to jointly develop a new type of missile defense system as the allies seek to defend against the growing threat of hypersonic weapons, which are possessed by China and Russia and being tested by North Korea. The project was initially agreed between Japan's Prime Minister Fumio Kishida and U.S. President Joe Biden at their summit last August and reaffirmed between the leaders during Kishida's April visit to Washington. The Glide Sphere Interceptor is planned for deployment by the mid-2030s. Wednesday's agreement determines the allocation of responsibility and decision-making process, a first major step in the project, Japanese defense ministry officials said. They hope to decide on Japanese contractors and start the development process by March 2025.

Washington: It's time for Indian Americans to run for office at all levels and never miss to vote, influential Congressman Raja Krishnamoorthi told community members gathered here from across the country. «We have to vote. Will everyone here vote in that coming election? Because we can talk politics all day, but doing politics is what matters. Remember, politics is not just a noun, it's a verb. And we have to do politics this year. We have to vote,» Krishnamoorthi told a room full of eminent Indian Americans who had gathered in the American Capital for the annual summit of Indian American Impact, a Democratic think-tank. «Secondly, we have to work on political causes bigger than ourselves. We have to support our local mandirs. We have to support our local mosques. We have to support our local not-for-profits. I hope you do that and you give generously. But we also have to work on political issues bigger than ourselves,» said the Indian American Congressman, who represents the suburb of Chicago in the House of Representatives. «Whether you're Democrat, Republican, independent, I don't care as long as you recognize that you need to participate in the civic affairs of your country. And now is the time to do it,» he asserted.

“Foreign Institutional Investors (FIIs) turning net sellers in India can be attributed to various factors, including global uncertainties regarding monetary and interest rate policies, rising growth concerns in the US, and the possibility of asynchronous monetary policies across the world,” says Pradeep Gupta, Co-founder & Vice-chairman, Anand Rathi Group. In an interview with ETMarkets, Gupta said: “Investors should not overly concern themselves with short-term market movements and should maintain their portfolio allocation in line with their long-term strategic decisions,” Edited excerpts: What a twist market saw in the week gone by. We retested crucial support levels. What is causing the panic on D-St? Pradeep Gupta: The recent market movements have indeed been notable, with a retesting of crucial support levels indicating a certain level of volatility and uncertainty.

cardiac arrest after taking part in a social media challenge daring people to eat a single extremely hot tortilla chip, an autopsy revealed Thursday. Harris Wolobah, a 14-year-old from Massachusetts, died in September after taking part in the so-called "One Chip Challenge" — which involved a single chip produced by Paqui, dusted with Carolina Reaper and Naga Viper peppers.

Cannabis stocks including Tilray, Curaleaf, and the AdvisorShares Pure US Cannabis ETF rallied on Thursday after the U.S. Department of Justice unveiled a historic proposal to ease restrictions on marijuana. Under the proposal, cannabis would be reclassified from a so-called Schedule I drug, which are considered highly additive with no medical benefits, to a Schedule III, signifying it has moderate to low potential for physical and psychological dependence.

Bitcoin is trading just above $65,000, experiencing a 1.25% correction after a recent surge. This upward movement was driven by weaker US CPI data, dovish FOMC sentiment, and a break from a symmetrical triangle pattern.

Silver prices Thursday surged to an all-time high, just shy of Rs 90,000 a kg, paced by an increase in industrial applications of the precious metal amid shortening odds of an imminent reduction in policy rates by the US Federal Reserve. Prices climbed more than Rs 2,000, or nearly 4%, through the course of a single trading session to end at Rs 87,476 a kg. Within a month, silver prices have climbed more than 5%, resulting in annualised gains of 60%, with analysts attributing increasing industrial demand of silver from the makers of electric vehicles (EV) and photovoltaic solar panels. High prices have sparked selling of household silver in Mumbai’s Zaveri Bazaar, said Prithviraj Kothari, MD, RiddiSiddhi Bullions. “People are selling bars, coins and silver utensils to get cash in hand. Also, after a long time, silver is witnessing such a bull run and consumers want to make the most of it,” said Kothari.

The Ethereum (ETH) price is under pressure on Thursday, having now fallen 3.3% on the back from above $3,040 to current levels around $2,930, amid high daily trading volumes of $13.5 billion, as per Yahoo Finance data.

The Bitcoin (BTC) price has been pumping higher this week in wake of US CPI data that pointed at moderating price pressures, and as major financial institutions including Morgan Stanley reveal significant holdings in US spot Bitcoin ETFs.

The US Securities and Exchange Commission (SEC) has yet to decide on spot Ethereum exchange-traded funds (ETFs). On May 16, Billy Markus, co-founder of Dogecoin, voiced his doubts about their approval, saying that the SEC is “compromised” and may not approve the ETFs.

The Securities and Exchange Board of India (SEBI) proposed a collaborative effort among regulators to oversee cryptocurrency trading on Thursday, while the Reserve Bank of India (RBI) seeks a stablecoin ban.

A bipartisan group of four senators urged Congress to take bold, decisive action to secure American leadership in the artificial intelligence (AI) sector on May 15.

Goldman Sachs Group Inc. clinched a $43 billion mandate to invest pension fund assets of parcel-delivery company UPS, in one of the largest deals of its kind. 

'Kudlow' panelists Kevin Brady, Art Laffer and Sandra Smith discuss how 'Bidenomics' is falling flat with voters.

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The CW has recently launched its 2024-25 fall schedule which includes the announcement of a few new titles along with the return of popular shows for subsequent seasons. However, some popular shows have not been showcased for return in this primetime schedule, leaving fans anxious. According to a TV Insider report, The CW, alongside announcing the schedule has also unveiled its objectives around the expansion of its sports segment, CW Sports.

Peacock, who is working on a spinoff series inspired by The Office. If this wasn't good news enough, the original showrunner of The Office, Greg Daniels, is also on board this spinoff as the co-creator, according to a TV Guide report.

Visa has announced major changes to how its credit and debit cards will operate in the U.S. Features in the works will lead to Americans to carry fewer physical cards in their wallets and make the 16-digit credit or debit card number printed on every p...