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Home Blog Page 8628

Treasury Secretary Janet Yellen warns ‘steep downturn in economy’ if debt ceiling is not raised

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Image Credit: U.S. Treasury

Treasury Secretary Janet Yellen has warned that the U.S. economy would suffer if the debt ceiling is not raised. On Saturday, she said that the Treasury Department may not be in a position to pay its debt obligations by early next month. Wall Street was expecting a later date. Lawmakers are still facing an impasse on this issue.

Yellen told ABC “This Week” that there were “no good options” if Congress failed in its duty to raise the debt ceiling. When anchor George Stephanopoulos asked the Treasury Secretary if the Biden administration would consider using the 14th amendment that states public debt “shall not be questioned,” she stated that it was not a good option.

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In the interview, she also reiterated that the financial system in the nation’s economy could be protected when Congress did its job and raised the debt ceiling for the nation to pay its bills. She said that Congress had to make the decision by June 1 or else the Treasury Department may not be able to pay all of its obligations.

The Treasury Secretary said that the debt ceiling had been raised 78 times since 1960. It had been raised three times in the prior administration with bipartisan support. She added that it was “unacceptable for Congress to threaten economic calamity for American households and the global financial system as the cost of raising the debt ceiling and getting agreements on budget priorities.”

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Janet Yellen mentioned that there had never been a failure to make payments in the history of America and “financial and economic chaos would ensue” if there was a default in payments.

President Biden said that debt should be separated from compromises made on the budget and spending. He is expected to meet leaders of each chamber of Congress. The topics for discussion on Tuesday are spending and debt.

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Treasury announces $10,000 crypto transactions to be reported to IRS: Bitcoin falls

Adidas to add Web3 To Confirmed App, Partners with Blockchain Platform Tokenproof

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Courtesy Adidas

Adidas has traveled another block forward as it adds Web3 to its Confirmed app. The apparel and footwear giant said that it was joining forces with a block-chain authentication platform to add exclusive access to Web3 products and experiences. Adidas customers who have access to its exclusive offers can now access drops and offers as well as events from its Confirmed app.


The global brand has been expanding its operations in Web3 through the years. Adidas acquired a stake in the popular non fungible token (NFT) collection Bored Ape Yacht Club. It also launched an exclusive NFT collection in the metaverse that includes sneakers and a hoodie.

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Adidas’s partnership with Tokenproof is another step to increase overall engagement as well as to reward its loyal customers by providing drops and offers in its Confirmed app. Tokenproof will also enable the German giant to build innovative connections with customers in Web3.

 

The three-year partnership of Adidas with Tokenproof that was announced on Tuesday shows that the company is committed to Web3 technologies. Both the companies believe that this new partnership will benefit customers as well as the brand.

Before it signed the partnership with Tokenproof, Adidas worked with the block-chain authentication platform on token-gating events that it had hosted for its loyal Web3 community members. There was an NFT event at the Adidas New York flagship store, last month. Guests who had checked in for the event received a 20 percent discount that could be used in-store with the Tokenproof app.

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In May both the companies announced a longer and more detailed partnership that would benefit Adidas, Tokenproof and shoppers with the connection between their apps.

Many sneaker and apparel brands including rival Nike and Puma are in competition with Adidas in the real and virtual world. With this new partnership, Adidas will increase its opportunities in Web3, which has now become an official business area in the sneaker and apparel maker’s operations.

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PGA News: Don January, winner of 1967 PGA Championship, dies at 93

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Don January, winner of the 1967 PGA Championship, died Sunday at age 93, the PGA Tour announced.

The Texas native won four straight NCAA Division I titles (1949-52) before embarking on a pro career. He won 10 times and was a runner-up 17 times on the PGA Tour, and he took home the 1976 Vardon Trophy for lowest scoring average at age 47. He played on Ryder Cup teams for the United States in 1965 and 1977.

He won his only major, the PGA, at Columbine Country Club in Denver when he shot a 7-under 281 for the tournament.

Between 1980 and 1987, after turning 50, January won 22 times on the PGA Tour Champions. He captured the first win on the fledgling tour, the 1980 Atlantic City Senior International, and went on to capture the PGA Seniors’ Championship twice.

He also spent time in golf course design.

–Field Level Media

Former Syracuse G Joseph Girard headed to Clemson


Former Syracuse guard Joseph Girard III announced Sunday that he has selected Clemson as his transfer destination.

“Clemson, Let’s Do This Thing! #BeDifferent,” Girard wrote on Twitter, accompanied by a photo of him wearing a Tigers uniform.

Girard announced his decision to transfer on March 24 at the same time that he declared he would enter the 2023 NBA Draft without hiring an agent. If he chooses to return to college, it will be with Clemson.

The 6-foot-1, 190-pound Girard averaged a team-leading 16.4 points to go along with 3.0 assists and 2.8 rebounds in 32 games (all starts) last season. He shot 38.1 percent from 3-point range and 85.7 percent from the foul line.

Girard has contributed 13.2 points, 3.6 assists and 2.9 rebounds in 125 career games (123 starts) over four seasons with the Orange.

–Field Level Media

Knicks, Heat set for Game 4 of throwback series


The New York Knicks and Miami Heat in the playoffs — a shoving match, tight defense, poor offense …

What’s this, the 1990s?

It feels like it.

The Miami Heat lead the New York Knicks 2-1 in their best-of-seven Eastern Conference semifinal series. Game 4 is set for Miami on Monday night.

These two teams met in the playoffs for four straight years, from 1997-2000. Those games were tightly contested slugfests, and there was a little bit of that flavor in Game 3 on Saturday as Miami won 105-86.

The Heat prevailed despite shooting just 38.9 percent from the floor and 21.9 percent on 3-pointers (7-for-32).

“To win by half a point, one point, 20 points …” Heat guard Kyle Lowry said. “It’s about winning the game, however it happens.”

To tie the series on Monday night, the Knicks likely will need to shoot much better than they did on Saturday, when they made just 34.1 percent, including 20.0 percent on 3-pointers (8-for-40).

In addition, the Knicks who never led, were outscored in the paint 50-36 on Saturday. They were outrebounded 50-48.

The Knicks on Monday will try to slow down forward Jimmy Butler, who has scored at least 25 points in nine straight playoff games.

Butler missed Game 2 in this series due to a sprained right ankle. New York won 111-105. In the two games he has played, he is averaging 26.5 points, 7.5 rebounds and 3.5 assists.

“You can’t put an analytic to it,” Heat coach Erik Spoelstra said of Butler’s presence. “It’s the confidence level your team has that you can always get the ball to him, and you will get something efficient.”

New York’s Josh Hart has drawn the defensive assignment of guarding Butler. Hart has worked hard, but he hasn’t been able to keep Butler out of the paint or off the foul line.

In his two games, Butler has gotten to the foul line 22 times, making 19 free throws (86.4 percent). In addition, he has shot 45.9 percent on 2-pointers (17-of-37).

Butler is also 0-for-3 on 3-point attempts, but nobody on the Heat is complaining.

The Knicks may have another issue as Immanuel Quickley left Saturday’s game due to a left ankle injury. Quickley averaged 14.9 points in the regular season, finishing second in the voting for NBA Sixth Man of the Year.

“(My ankle) hurt a lot,” said Quickley, who added he doesn’t know if he will play on Monday. “It’s a little sore.”

Another problem for New York on Saturday was the poor shooting of its top three stars as Julius Randle, Jalen Brunson and RJ Barrett combined to make 16-for-51 overall, including 2-for-17 on 3-pointers.

In addition, Miami center Bam Adebayo dominated his two Knicks counterparts. Adebayo had 17 points and 12 rebounds in 36 minutes on Saturday. Mitchell Robinson and Isaiah Hartenstein combined for two points and eight rebounds in 40 minutes.

“He was more physical,” Hartenstein said of Adebayo. “(Miami) got all the 50-50 balls. We were always a step slow.”

To have a chance on Monday, the Knicks will have to get back to their Game 2 form, when they shot 40 percent on 3-pointers (16-for-40).

“Hopefully, we can get back on the right track,” Randle said of Monday’s game. “Hopefully, we can make some shots and get a win.”

–Field Level Media

NCAAF News: Ole Miss cuts ties with transfer WR Chris Marshall


Ole Miss dismissed transfer wide receiver Chris Marshall from the team.

“Chris Marshall has been dismissed from the Ole Miss football program for violation of team rules. We wish him good luck in his future plans,” the university said in a brief statement issued Saturday.

The school did not address the specific violation.

Marshall, from Missouri City, Texas, was a five-star recruit in the Class of 2022. The 247Sports composite listed him as the No. 3 wide receiver prospect, and he committed to Texas A&M.

He played the 2022 season with the Aggies and appeared in six games, catching 11 passes for 108 yards.

In the Grove Bowl scrimmage at Ole Miss in April, he caught four passes for 89 yards.

With a need for depth at the wide receiver position, coach Lane Kiffin likely will have to take a second look at the transfer portal.

–Field Level Media

Nick Gilbert, son of Cavaliers owner, dies at 26


Nick Gilbert, familiar to NBA fans as the Cleveland Cavaliers representative at the draft lottery, died Saturday from a genetic condition. He was 26.

The son of Cavaliers owner Dan Gilbert and wife Jennifer, Nick Gilbert had a lifelong battle with neurofibromatosis, which causes non-cancerous tumors to grow on nerve pathways throughout the body.

His death was announced by The Ira Kaufman Chapel in Southfield, Mich. The Gilberts live in Michigan.

Dan Gilbert is the founder and chairman of Rocket Companies and has owned the Cavaliers since 2005. He frequently sent Nick to the NBA draft lottery to sit in the Cavaliers’ chair, and he brought good luck to the team. With Nick, wearing his typical bow tie, in the seat, the Cavs twice got the No. 1 pick in the draft lottery.

In 2011, they used it on Kyrie Irving. Two years later, they picked Anthony Bennett.

“Nick inspired people everywhere with his bravery and brought joy to everyone he met,” wrote Mike Duggan, the mayor of Detroit, on Twitter. “All of Detroit has the Gilbert family in our prayers today.”

In 2017, the Gilberts launched a foundation that, according to the Detroit News, has funded more than $18 million in grants to research toward finding a cure for Type 1 neurofibromatosis.

Last season, as the younger Gilbert underwent multiple surgeries, the Cavaliers joined with the Gilberts’ foundation and the Children’s Tumor Foundation to start the Bow Tie campaign to raise money for and awareness of neurofibromatosis.

The Cavaliers dedicated the recently concluded season to Nick Gilbert and others affected by the condition.

–Field Level Media

MLB News: Blue Jays’ Vladimir Guerrero Jr. (wrist) sits again vs. Pirates


Toronto Blue Jays star first baseman Vladimir Guerrero Jr. was held out the starting lineup for the second straight game Sunday due to left wrist discomfort.

Guerrero was scratched more than an hour before the first pitch of Toronto’s 8-2 win over the host Pittsburgh Pirates on Saturday.

Cavan Biggio batted eighth in the lineup and played first base on Saturday, with Brandon Belt hitting sixth and serving as the designated hitter. Belt doubled twice, walked twice, scored three times and drove in two runs.

Belt was slated to bat fifth in the lineup and man first base on Sunday.

Guerrero, 24, was 1-for-4 with an RBI in Friday’s 4-0 win over the Pirates.

Guerrero is batting .318 with seven homers and 21 RBIs in 33 games this season. He has belted 111 homers in 537 games over four-plus big league seasons.

–Field Level Media

MLB News: Red Sox put IF Christian Arroyo on IL, recall Bobby Dalbec


The Boston Red Sox placed Christian Arroyo on the 10-day injured list with a right hamstring strain Sunday and recalled fellow infielder Bobby Dalbec from Triple-A Worcester.

Arroyo, 27, is batting .257 with one homer, 11 RBIs and 12 runs in 27 games this season.

He is a .255 career hitter with 22 homers and 107 RBIs in 256 games with the San Francisco Giants, Tampa Bay Rays, Cleveland and Red Sox.

Dalbec, 27, is 2-for-9 in four games with Boston this season.

He is a .232 career hitter with 45 homers and 133 RBIs in 277 games with the Red Sox.

–Field Level Media

MLB News: Vida Blue, decorated ace of A’s dynasty, dies at 73


Former American League MVP, Cy Young Award winner and three-time World Series champion Vida Blue died Saturday, the Oakland Athletics announced Sunday morning.

The Athletics confirmed Blue’s death but did not disclose a cause.

Blue pitched 17 seasons in the majors, with his first nine (1969-77) coming in an Oakland uniform.

The left-hander won the AL MVP and Cy Young Award in 1971 after posting a 24-8 record with a 1.82 ERA with eight shutouts and 24 complete games in 39 starts. He also helped the A’s win the World Series in 1972, 1973 and 1974.

“There are few players with a more decorated career than Vida Blue. He was a three-time champion, an MVP, a six-time All-Star, a Cy Young Award winner, and an Oakland A’s Hall of Famer,” the Athletics said in a statement. “Vida will always be a franchise legend and a friend. We send our deepest condolences to his family and friends during this arduous time.”

The Athletics also shared a video celebrating Blue on Twitter.

After his career in Oakland, he moved across the bay to San Francisco, pitching for the Giants (1978-81, 1985-86).

“Vida Blue has been a Bay Area baseball icon for over 50 years,” said Larry Baer, the Giants presidnet and CEO, in a statement. “His impact on the Bay Area transcends his 17 tyears on the diamond with the influence he’s had on our community.”

Blue posted a 209-161 record with a 3.27 ERA, 143 complete games and 37 shutouts in 502 career appearances (473 starts) with the Athletics, Giants and Kansas City Royals (1982-83).

“Vida Blue rest in peace, my mentor, hero, and friend,” retired pitcher Dave Stewart wrote on Twitter. “I remember watching a 19 year old phenom dominate baseball, and at the same time alter my life. There are no words for what you have meant to me and so many others. My heart goes out to the Blue family.”

–Field Level Media