The ceiling could be hit as soon as next month and, while it is now looking positive, there is still no resolution. As one party tries to rein in spending, the other party continues to overspend, mainly on a new couch with an electric recliner function. Of course, I am referring to the dispute I am having with my credit card provider about increasing my credit limit. Apparently, ‘newsletter writer’ is not considered a creditworthy profession.

The lowdown

• 🙌 In principle agreement to raise the US debt ceiling has been reached, but the deal must still pass congress.

• 🚶‍♂️ PwC Australia orders 9 partners to take leave following tax leaks scandal.

• ✂️ Singapore’s Temasek cuts pay of employees following $275 million loss on FTX investment.

Featured stories

Neat Burger valuation improves

Vegan fast-food chain Neat Burger has achieved something that is now rare – an increase in its valuation to $100 million ($), after a new funding round aimed at aiding its expansion in the US.

Current investors such as Lewis Hamilton and SoftBank’s Rajeev Misra were involved in the latest funding round, which raised the business valuation by 40% compared to two years ago.

It isn’t all neat for the vegan burger industry though. Beyond Meat’s valuation has collapsed by 94% ($) since its high and does not look likely to recover. The company has failed to win enough converts, and low barriers to entry means it has been challenged by upstarts like Neat Burger.

The content we're consuming today

• Bond Vigilantes: Deflation Tsunami.

• FT: How to buy a global $20bn company for nothing ($).

• Vox: How some people get away with doing nothing at work.

Off-balance sheet items

• The end of Succession has left a hole in my life. At the moment, I am plugging it with HBO’s Succession podcast, and I think you should too. Here is ‘With Open Eyes’ Part 1.

The bottom line