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The US Senate passed President Joe Biden’s flagship economic package after a marathon voting session that handed the president a major political victory just months before the midterm elections.
The climate, tax and health care bill, known as the Curbing Inflation Act, passed 51 to 50, with the vote split by party and vice versa. President Kamala Harris casting a deciding vote in an equally divided Senate.
The Cut Inflation Act includes some of the most significant climate legislation enacted in the United States, with $369 billion dedicated to climate and clean energy programs. It also includes new measures allowing the government to negotiate lower prices for prescription drugs, a provision to impose a minimum tax of 15% on large corporations and a new 1% tax on drug buy-backs. actions.
The bill still needs to pass the House of Representatives and be signed by the president before becoming law, but its passage by the Senate marks the most significant in a string of recent victories for Biden as he aims to defend slim majorities in both chambers in November. .
In a statement, Biden said the bill would “get the government back to working for working families” by reducing the cost of prescription drugs, health insurance and daily energy costs while reducing the deficit. . “It took a lot of compromises,” Biden said. “Doing important things almost always does.”
Happy Monday and thank you for reading FirstFT Asia — Sophia
Five other stories in the news
1. Alarm is mounting over Turkey’s deepening ties with Russia Western capitals are increasingly alarmed by the relationship between Turkish President Recep Tayyip Erdoğan and Vladimir Putin, raising the prospect of punitive retaliation against the NATO member if he helps Russia avoid sanctions.
2. Chinese planes simulate an attack on the main island of Taiwan The Chinese military yesterday completed its largest-ever military drill around Taiwan to intimidate “Taiwan independence forces” and deter US intervention. Beijing has called the four-day drills a punishment for US House of Representatives Speaker Nancy Pelosi’s visit to Taipei.
3. Specter of Russian interference hangs over Italy’s snap election Italian Minister Mara Carfagna has defected to the centrist Azione party on suspicion that Putin played a role in Italy’s political crisis as a reward for ousted Prime Minister Mario Draghi’s tough stance on Russia’s invasion of Ukraine – and his conviction is not uncommon.
4. Tensions escalate as Israeli strike kills second militant leader Khaled Mansour, a senior figure in the Palestinian Islamic Jihad militant group, was targeted in an airstrike on Saturday. Israeli forces have repeatedly shelled sites in Gaza since late last week, marking the biggest escalation in violence since Israel and Hamas fought an 11-day war last year.
5. Apple’s Taiwanese supplier is battling activists for over $4 billion in cash In a case that signals growing shareholder activism in Taiwan, Catcher Technology, which makes electronic enclosures for Apple devices made in China, is being challenged by Hong Kong-based investment firm Argyle Street Management to improve its governance and return a portion of its $4.2 billion in net cash to shareholders.
The day ahead
Colombian president Former guerrilla fighter and former mayor of Bogotá, Gustavo Petro, today takes office as the country’s new president, marking a break with decades of predominantly conservative rule in the South American country.
Japanese trade Japan today released June trade balance figures.
business profits Porsche Releases First Half Results Today; AIG, BioNTech and NTT Group publish their quarterly results; News Corp publishes its annual results.
What else we read
The end of the warehouse bubble The pandemic placed industrial hangars at the center of commercial real estate as they were less vulnerable to Covid closures than offices and shops. But, now, warehouses are suffering from rising tariffs and slowing demand as the global economy slows down e-commerce.
Climate, war and inflation push reinsurers to action Natural catastrophe claims and pandemic-related losses have wiped out much of reinsurers’ profits in recent years, driving up the price of cover — and the options for insurers looking to pass on risk are shrinking.
Japan has a unique chance to end deflation Japan needs bolder monetary and fiscal stimulus in the face of global inflationary pressures, according to Goushi Kataoka, an outspoken reflationist who quit the BoJ board last month. Japanese interest rates remained low, causing a divergence in global yields that sent the yen to a 24-year low against the US dollar.
Britain’s anxious generation Across the country, this year’s school children are probably the most fragile, unprepared and unhappy group to ever achieve A-level results. Lucy Kellaway explains why and what schools are doing to deal with a health crisis imminent mental.
Why airports lose your luggage Baggage errors at airports have increased by 17% since July 2019. Staffing shortages and the logistical complexities of connecting flights are partly to blame. Heathrow, the UK’s main airport, now has a third fewer staff on layovers compared to pre-pandemic levels.
Gadgets
If you’re looking for kid-friendly electronics, check out this technology for mini maestros, gamers, and insomniacs.
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