Daily Briefing

The US debt ceiling bill passed the House of Representatives with broad bipartisan support. Now the Senate is aiming for a quick passage to avoid a default. Meanwhile, Zelenskiy joins European leaders at a summit in Moldova, and foreign ministers from the BRICS countries meet in South Africa.

Plus, rich nations say they're spending billions to save the planet. Some money is going to strange places.

By Edson Caldas

Today's Top News

US Senate Majority Leader Chuck Schumer arrives for his news conference after the weekly Senate Democratic caucus policy luncheon. May 31, 2023. REUTERS/Jonathan Ernst

DEBT CEILING SAGA

The US Senate is set to take up a bill to lift the government's $31.4 trillion debt ceiling, with just four days left to pass the measure and send it to President Joe Biden to sign. The top Democrat and Republican in chamber vowed to do all they could to speed along the bill negotiated by Biden and Republican House of Representatives Speaker Kevin McCarthy.
Analysis: Biden's 2020 campaign promise to make wealthy Americans and corporations pay more in taxes to finance a range of social priorities breathed its last gasp, at least for this presidential term, with the debt ceiling deal he struck with Republicans. Here's an explainer on the bill.

WAR IN UKRAINE

President Volodymyr Zelenskiy pressed his case for Ukraine to be part of the NATO military alliance as he joined European leaders in Moldova. Zelenskiy also reiterated calls for Western fighter jets and said his government was preparing a future meeting to discuss Ukrainian peace proposals.
An 11-year-old girl, her mother and another woman were killed in a missile strike on Kyiv early today. Ukraine's air force said its defenses shot down all 10 ballistic and Iskander cruise missiles launched from Russia in the 18th attack on the capital since the start of May. But falling missile debris often causes damage during such attacks.

AROUND THE WORLD

Foreign ministers from the BRICS countries are meeting in South Africa as the bloc seeks to forge itself into a counterweight to Western geopolitical dominance. The talks are a prelude to an August summit that has already created controversy because of the possible attendance of Russian President Vladimir Putin.
One of Australia's most decorated soldiers, former SAS corporal Ben Roberts-Smith lost a defamation lawsuit against three newspapers that accused him of involvement in the murder of six Afghans while on deployment. The ruling marks a win for media outlets seeking greater accountability for Australia's military, typically bound by confidentiality.

Business & Markets

In a sign of confidence that the worst of Sri Lanka's financial crisis is over, its central bank surprised markets by cutting interest rates, signaling a change of course to fuel a rebound in the economy. Inflation, which hit a record high of around 70% in September, is coming down, government revenues are looking up and pressure on the country's balance of payments is easing.
Euro zone inflation eased more than expected last month as underlying price growth also slowed. Inflation in the 20 nations sharing the euro eased to 6.1% in May from 7.0% in April, below expectations for 6.3%. The reading came as only a modest surprise as national data earlier this week foreshadowed the drop.
Tesla Chief Executive Elon Musk departed Shanghai, wrapping up a two-day trip to China in which he met senior Chinese government officials including the highest-ranking vice premier, Ding Xuexiang. This marks the first time that Ding is known to have had a one-on-one meeting with a foreign CEO. Sign up to the Auto File newsletter for in-depth coverage on Musk and EVs.
Nvidia, a major supplier of chips and computing systems for artificial intelligence, feels "perfectly safe" about relying so much on chip powerhouse Taiwan for manufacturing, its chief executive Jensen Huang said. Some companies have expressed concerns about potential risks to business given heightened military threats by China.

A pledge to fight climate change is sending money to strange places

Developed nations have pledged $100 billion a year to help developing countries reduce emissions and manage the impacts of climate change. A deep look into the funded projects shows how a lack of clear definitions for what counts as climate finance has led to some spurious claims. Among the projects countries have counted: a new coal plant, chocolate stores, a hotel and an airport expansion.

Read our Special Report here and search our database of questionable climate funding.
Correspondent Emma Rumney dives into some of the projects backed by "climate finance" on today's Reuters World News podcast.

And Finally...

An eight-year-old male African lion rests on the plains of Kafue National Park, September 19, 2020. Courtesy of Sebastian Kennerknecht/Handout via REUTERS

Lion and leopard populations in Zambia's Kafue National Park are showing signs of a modest comeback following decades of poaching, helped by expanded protection strategies. One of the more innovative approaches is tagging white-backed and hooded vultures with satellite trackers to quickly alert wildlife managers of poached or poisoned carcasses.

Read more here: Vulture surveillance system alerts Zambian park to poachers

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