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France raises retirement age as other countries consider similar moves
Macron raises French retirement age to 64, uses Article 49.3 to bypass opposition. Demographic shift means fewer workers supporting more retirees.
President Emmanuel Macron has opted to raise the French retirement age from 62 to 64, despite the fiercely contested bill risking backlash from unions and political parties on the far left and far right. Faced with opposition, Macron decided to use Article 49.3 of the French constitution, a provision that allows governments to enact legislation without approval from lawmakers. The legality of Macron’s action is not in question, but opposition lawmakers have promised to initiate a no-confidence motion. Macron’s move is the result of the reality that fewer active workers are paying the pensions of a growing number of retirees who live longer. Countries throughout the globe, including China and the UK, are facing the same problem. Some US politicians are considering raising the retirement age for younger generations.
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First Republic Bank has reached an agreement with 11 major US banks to stabilize its balance sheet after concerns arose about a possible exodus of investors and depositors following the collapse of Silicon Valley Bank. The group of banks will deposit a total of $30 billion into First Republic, with Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo each depositing $5 billion, and Goldman Sachs and Morgan Stanley each depositing $2.5 billion. Moody's credit rating agency had weighed downgrading First Republic due to its high rate of uninsured deposits, which could prompt depositors to move their money elsewhere. The bailout, which had the government's blessing, is a welcome show of support that demonstrates the resilience of the banking system, according to the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation.
The Biden administration is pressuring Chinese-owned social media app TikTok to be sold in order to address concerns about the safety of Americans' data on the app. It is unclear if federal officials have set a deadline for the sale. This is the first time the Biden administration has explicitly threatened to ban TikTok, but President Trump attempted to do so previously. TikTok has committed to spending $1.5 billion on a plan known as "Project Texas," which would enact a stronger firewall between TikTok and its parent company in Beijing, ByteDance. However, the Committee on Foreign Investment in the U.S. has rejected this proposal and is demanding that ByteDance sell the app, something they have resisted for years. TikTok's CEO is scheduled to testify before the House Energy and Commerce Committee next week.
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