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Jun 3, 2023 • 4 min read

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U.S. Debt Ceiling:

The U.S. House of Representatives and Senate have approved a bill to raise the debt ceiling, enabling the U.S. to borrow more money. The Senate passed the bill late on Thursday with a 63-36 vote, receiving support from 44 Democrats, 17 Republicans, and 2 independents.
Now, the bill awaits President Joe Biden's signature to officially enact it. Once signed, the previously established $31.4 trillion borrowing cap will be suspended. The government was projected to reach its borrowing limit by June 5, but swift action from both legislative houses may help prevent a default.
Although multiple amendments were proposed to the bill, all were swiftly dismissed, leading to the final vote. President Biden has expressed his intention to sign the bill "as soon as possible", labeling the bipartisan agreement as a victory for the American economy and its people.

Mormon Church Stock Portfolio:

The Church of Jesus Christ of Latter-day Saints, often referred to as the Mormon Church, maintains an investment portfolio valued over $100 billion, with $46.2 billion invested in stocks. This portfolio is managed by Ensign Peak Advisors.
The church recently settled for $5 million over charges related to non-disclosure of investments. The details about these financial holdings became public in 2019 due to a whistleblower complaint from a former fund employee who challenged its tax-exempt status, citing a lack of charitable activities.
The whistleblower also characterized the church's investment branch as a covert hedge fund disguised as a charity during a "60 Minutes" segment. The church now discloses its stock holdings quarterly, and a recent report unveiled its top 10 stock holdings as of the end of Q1.

Adidas Sells Yeezys:

Adidas, the second-largest sportswear brand globally in terms of revenue, has recommenced the sale of its Yeezy line, a collaboration with Kanye West, also known as "Ye". The Yeezy brand previously contributed to approximately 8% of Adidas' revenue.
However, following backlash over antisemitic remarks by West, Adidas severed its ties with him, halting the sale of Yeezys. The company was also left with around $1.3 billion worth of Yeezy inventory. As of Wednesday, Adidas has started retailing Yeezys again and plans to donate a portion of the sales to activist groups.

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