Morning in brief: Obama calls for further debt ceiling increase, Apple suspends China sales
US president Barack Obama has notified Congress that the debt ceiling needs to be raised again, which could lead to further political conflict.
President Obama has notified Congress of a need to again raise the debt ceiling, by $1.2 trillion (£0.78 trillion), reports Reuters. The proposal is expected to, once again, be met with fierce resistance from opponents in a repeat of last year’s stand-off which cost the US its AAA credit rating.
China’s official foreign currency reserves have made their first quarterly decline since 1998, in a move which analysts say may be an indicator that the yuan is about to fall against the dollar, writes the BBC.
Apple iPhone sales have been suspended in all five of its China outlets, leading to angry protests, according to Bloomberg. A spokesperson for Apple indicated the suspension would remain in place “for the time being.”
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