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Daily Briefing

Ukraine's peace plan includes a diplomatic push, crypto giant Binance could be in hot water with US regulators, and Biden and McCarthy fail to reach an agreement on the debt ceiling.

Plus, house swaps and dog walks: Travelers find cheaper alternatives to lodging.

By Kate Turton

Today's Top News

Aerial view shows destruction in Bakhmut, May 21, 2023. Press Service of the 93rd Kholodnyi Yar Separate Machanized Brigade of the Ukrainian Armed Forces/Handout via REUTERS

AROUND THE WORLD

Ukraine's foreign minister began a tour of African countries this week, stepping up wartime Kyiv's diplomatic push to challenge Russian influence in the "Global South". Ukraine said fighting had decreased in Bakhmut but shelling continued around it. Battle for Bakhmut: Scenes from the front lines.
Lebanon is likely to be placed on a "grey list" of countries under special scrutiny over unsatisfactory practices to prevent money laundering and terrorism financing, three sources familiar with the matter told Reuters.
Spanish police said they had detained four people in connection with an incident in which a mannequin representing Brazilian soccer star Vinicius Jr was hung under a bridge in January.
Greece's leftists will receive an official mandate to form a coalition government after an inconclusive national election, but are expected to seek a second vote instead.
Prince Harry lost a bid to legally challenge the British government's decision not to allow him to pay for police protection while he is in the United Kingdom.
Papua New Guinea will not be used as a base for "war to be launched", and a defense agreement with the US prohibited "offensive military operations", its prime minister said.

US NEWS

Tim Scott, the only Black Republican in the Senate, formally kicked off his 2024 presidential campaign on Monday, betting his upbeat message will sell in a party in which many voters are still firmly behind former President Donald Trump.
Writer E. Jean Carroll sought to amend the first of her two defamation lawsuits against Trump to demand at least $10 million in additional damages, citing comments he made on CNN after a jury found him liable for sexually abusing her.
A Florida restaurant that puts on what it calls family-friendly drag performances sued Governor Ron DeSantis and the state of Florida to halt enforcement of a new law banning minors from attending such shows.
Seven states that depend on the overused Colorado River reached an agreement to cut consumption and help save a river that provides drinking water for 40 million people and irrigation for some of the country's most bountiful farmland.

Business & Markets

President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on how to raise the US government's $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the economy, but vowed to keep talking.
A judge dismissed a proposed class-action lawsuit against Elon Musk that claimed he cheated Twitter shareholders several times last year in the course of buying the social media company for $44 billion.
The International Monetary Fund said that it no longer expects Britain's economy will fall into a recession this year, upgrading forecasts that it published last month, but it also warned that the outlook remains subdued.
Weight loss drug Wegovy has transformed the obesity market and pharmaceutical companies with existing treatments are hoping the resulting demand will boost demand for their older, less effective but cheaper, drugs.
Bill Gates, Microsoft co-founder, said the technology race to win is the development of the top artificially intelligent agent, poised to disrupt search-engine, productivity and online shopping sites. "You’ll never go to a search site again," he said. "You’ll never go to Amazon."

Crypto giant Binance commingled customer funds and company revenue, former insiders say

Exterior view of building containing Bifinity’s offices, Vilnius, 30 March 2023. REUTERS/Tom Wilson

The world’s largest cryptocurrency exchange, Binance, commingled customer funds with company revenue in 2020 and 2021, in breach of US financial rules that require customer money to be kept separate, three sources familiar with the matter told Reuters.

Reporter Angus Berwick tells Reuters World News podcast why the crypto giant's actions are a no-no.

Read the Reuters Special Report here.

And Finally...

Lillian Smith, 30, from Mississippi, US, poses for a picture with Buddhist monks during a city tour at Wat Arun temple in Bangkok, Thailand May 13, 2023. REUTERS/Jorge Silva

Lillian Smith has spent about eight of the last 12 months traveling around the world, hitting France, Morocco, Japan and South Korea. Her cost for lodgings in that time? About one night in a hotel, along with the time she spent walking dogs, watering plants and changing litter boxes.

Read more here: House swaps and dog walks: Travelers find cheaper alternatives to lodging

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