The foreign ministers of BRICS nations, along with representatives from countries such as Saudi Arabia, the United Arab Emirates, Egypt, and Kazakhstan, are convening in Cape Town for a two-day meeting starting Thursday. The agenda includes discussions on expanding the BRICS group, with up to 19 countries expressing their aspirations to join, as well as the potential establishment of a common currency. For more detailed information, please visit:

https://news.bloomberglaw.com/international-trade/brics-seize-chance-to-counter-us-with-expansion-common-currency

The Turkish central bank has made the decision to extend its period of unchanged interest rates for the third consecutive month. This move is aimed at ensuring the stability of the lira, particularly in anticipation of an upcoming presidential runoff.

For the continuation of the news:

https://www.bloomberg.com/news/articles/2023-05-25/turkey-looks-to-delay-lira-reckoning-by-holding-rates-day-guide?srnd=premium-middle-east&leadSource=uverify%20wall

The ongoing negotiations between McHarty and Biden regarding the June debt ceiling have sparked concerns about the potential ramifications, particularly for disadvantaged individuals and the elderly. Experts warn that if a debt default occurs, it could jeopardize the timely delivery of Social Security checks, with the most vulnerable recipients being at the highest risk.

Kathleen Roming, Director of Social Security and disability policy at the Center on Budget and Policy Priorities, highlights the potential consequences of a debt default. She emphasizes that the first individuals to face the impact would be the poorest and oldest recipients of Social Security payments.

You may find the details in:

https://www.cnbc.com/2023/05/24/social-security-for-oldest-poorest-could-be-at-risk-in-debt-default.html

Charles Munger, a prominent figure in the financial industry, recently voiced his worries about the possibility of a commercial real estate market crash. Despite noting that the situation is not as dire as the 2008 financial crisis, Munger emphasized that the troubles affecting banking can extend to other sectors. In particular, he highlighted the challenges faced by various types of real estate properties, such as office buildings, shopping centers, and other troubled assets.

Munger’s remarks shed light on the current state of commercial real estate and the potential risks it faces. While the situation may not be on par with the 2008 crisis, it serves as a reminder that even the real estate sector is not immune to economic downturns.

You may find details in:

https://www.theepochtimes.com/analysis-will-commercial-real-estate-be-the-next-market-to-crash_5239467.html?welcomeuser=1

The Tenth Circuit has ruled that two Rwandan immigrants have the right to file a lawsuit in federal district court to contest the termination of their refugee status. This decision allows them to proceed with their legal challenge, even though there is a federal statute in place that restricts judicial review of removal orders. For more information, please visit:

https://news.bloomberglaw.com/immigration/immigrants-can-challenge-refugee-status-change-in-district-court

The majority of US labor force expansion in 2022 driven by immigrants. According to the Bureau of Labor Statistics data published on Thursday, immigrants played a significant role in the growth of the US labor force last year, contributing to nearly 60% of the expansion. This influx of approximately 1.8 million foreign-born workers, compared to 1.3 million native-born workers, helped alleviate critical shortages in sectors such as health care and construction. For more detailed information, please refer to:

https://news.bloomberglaw.com/immigration/immigrants-drove-majority-of-us-labor-force-expansion-in-2022

Yellen’s letter implies that should Congress fail to act within the next three weeks, the country faces a substantial risk of encountering its inaugural debt default, which would result in profound economic repercussions and the potential to thrust the nation into a recession. You may find the details in

https://www.nbcnews.com/politics/white-house/treasury-says-us-risks-breaching-debt-ceiling-june-1-rcna84523

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