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☆ Yellen: More Ukraine aid can be backed by frozen Russian assets after initial $50 billion loan
▼ + stars: | 2024-06-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen said Thursday that the $50 billion loan to Ukraine that President Joe Biden and other leaders of Group of Seven highly developed nations have agreed to could be the first of multiple loans backed by frozen Russian assets. The $50 billion loan will be backed with at least $260 billion worth of frozen Russian central bank assets as collateral. "While we're trying to move quickly on this, I can't give any type of timeline as to when money would actually start flowing to Ukraine," Yellen said. If necessary, the U.S. will commit the entire $50 billion, a senior administration official told reporters Thursday on a press call. "I think it's important for Putin to realize that we remain completely united in support of Ukraine," Yellen said.

Persons: Janet Yellen, Joe Biden, Yellen, We're, Biden, Putin Organizations: Treasury, Economic, of New, Union, Washington, Russia Locations: of New York, New York City, U.S, Ukraine

☆ Opinion | Janet Yellen: Use Russia’s Assets to Support Ukraine
▼ + stars: | 2024-06-13 | by ( Janet L. Yellen | ) www.nytimes.com time to read: +1 min

We are at a critical time in Russia’s brutal and illegal invasion of Ukraine. Russia’s continued assault on the country requires that we take bold and decisive action. It is time for the United States and our allies to unlock the value of immobilized Russian assets so that Ukraine can get the financial support it urgently needs. The United States and our global coalition including the Group of 7, Europe and countries around the globe are engaged in a battle of wills with Vladimir Putin. We have equipped Ukraine with weapons, equipment and financial support.

Persons: Russia’s, Vladimir Putin, Putin Organizations: Russian Locations: Ukraine, United States, Europe, Russia, Ukrainian

☆ Biden leads new drive to cement the West’s Ukraine war effort against Putin – and Trump
▼ + stars: | 2024-06-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Washington CNN —President Joe Biden is leading the world’s richest democracies in sending a beefed-up message to Russian President Vladimir Putin that the West will not forsake Ukraine despite political shocks casting doubts over its commitment. A flurry of new Western plans to help UkraineStill, the latest Western plans to help Ukraine send a strong message of intent. The sanctions target foreign financial firms aiding Putin’s war effort, restrict Russian access to some US software and information technology. Russian advances on the battlefieldThese are substantial and credible political, economic and political demonstrations of support for Ukraine. Not surprisingly, Zelensky has always chafed at the self-imposed limits of Western support for his war effort that are a symptom of Biden’s core aim of avoiding a direct NATO confrontation with Russia.

Persons: Joe Biden, Vladimir Putin, Biden, Volodymyr Zelensky, ” Biden, “, Donald Trump, Trump, lionizes Putin, wobbling, —, George H.W, George H.W . Bush, Janet Yellen, ” — Biden, Zelensky, ” Jake Sullivan, Wesley Clark, ” Clark, they’ve, ”, Kamala Harris, Sullivan, John Kirby, Putin Organizations: Washington CNN, Republican Party, Capitol, Republican, CNN, NATO, Big, Union, Ukraine, Trump, Biden, Air Force, Hudson Institute, Kremlin, Kyiv, West, White House National Security Council Locations: Russian, Ukraine, Italy, Normandy, Europe, United States, France, Germany, George H.W ., Russia, Britain, Japan, Canada, NATO, Washington, Kyiv, Cuba, China, Iran, Israel, Ukrainian, Switzerland

☆ Treasury Secretary Yellen says U.S. debt load is in 'reasonable place' if it remains at this level
▼ + stars: | 2024-06-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Treasury Secretary Janet Yellen on Thursday said the swelling national debt is manageable as long as it stays around where it is relative to the rest of the economy. In a CNBC interview, Yellen also noted that high interest rates are adding to the burden as the U.S. manages its massive $34.7 trillion debt load. "The way I look at it is that we should be looking at the real interest cost of the debt. The public share of the national debt as a share of GDP is running at about 97% but is expected to soon top 100% at current spending rates. "Americans are clearly very concerned about the cost of living, and dressing the high cost of living remains a top economic priority for the president," Yellen said at a luncheon with the Economic Club of New York.

Persons: Janet Yellen, Yellen, CNBC's Andrew Ross Sorkin, That's, Joe Biden's Organizations: CNBC, Congressional, Federal Reserve, Economic, of New Locations: U.S, of New York

☆ The US expands sanctions against Russia-friendly institutions as Treasury chief Janet Yellen says the Kremlin is 'desperate' for outside help
▼ + stars: | 2024-06-12 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewForeign financial institutions engaged in Russia's wartime economy are now at greater risk of secondary sanctions, as the Treasury Department's ability to blacklist institutions just got a boost. The update, announced Wednesday, also unveiled fresh sanctions against 300 individuals and entities accused of fueling Moscow's war in Ukraine and helping it circumvent sanctions. "Russia's war economy is deeply isolated from the international financial system, leaving the Kremlin's military desperate for access to the outside world," said Treasury Secretary Janet Yellen said, quoted in the report. The new announcement comes as Russia's wartime activity has kept its economy afloat while its partnership with China has only grown. AdvertisementA handful of stock exchanges in Moscow are also restricted, meant to prevent investors from profiting from Russia's war through defense firms and other corporations.

Persons: —, Janet Yellen, that's Organizations: Service, Treasury, Business, United Arab, Financial Times, West Locations: Ukraine, Turkey, United Arab Emirates, Austria, Russia, China, Russian, Moscow

☆ Inside the Abercrombie & Fitch Resurrection: Sales, Stock Are Soaring
▼ + stars: | 2024-06-12 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

If it's any solace, the company was not really for Wall Street, either; its stock has been languishing over the past decade or so. Investors are eating it up: Abercrombie's stock a year ago, your returns would be better than that of almost any other stock, including the Wall Street darling Nvidia. "Can you and I think of another apparel retailer who literally reinvented themselves and then went to the moon with sales and earnings? When its longtime CEO exited the company at the end of 2014, its sales had declined for 11 consecutive quarters. AdvertisementAs opposed to the Abercrombie of 20 years ago, whose logos screamed A&F, the modern Abercrombie is muted.

Persons: Abercrombie, millennials, Gen Zers, Janet Joseph Kloppenburg, Fitch, Fran Horowitz, Zachary Warring, Horowitz, It's, Abercrombie doesn't, it's, " Horowitz, Women's, Kloppenburg, they're, Ali Grant, they've, They've, Emily Stewart Organizations: Abercrombie, Fitch, JJK Research, Outfitters, Netflix, Hollister, CFRA Research, Digital, Banana, Old Navy, Business Locations: cologne

☆ These chefs and restaurants are the 2024 James Beard Award winners
▼ + stars: | 2024-06-11 | by ( Marnie Hunter | ) edition.cnn.com time to read: +10 min

CNN —The Oscars of the food world — the James Beard Awards — were handed out Monday night to many chefs and restaurants reflecting cultures and regions that have long been overlooked when honoring culinary achievement in the United States. Outstanding Chef winner Michael Rafidi dedicated his award to Palestinian people all over the world in his acceptance speech. The 2024 winners bring heritage from all over the globe — the Philippines, Mexico, Japan, Peru, Vietnam, Senegal — to tables across the United States. This year’s awards also bring recognition to restaurants in many smaller towns and states that have not historically been recognized with James Beard Awards. Chef Masako Morishita received the James Beard Award for Emerging Chef.

Persons: James Beard, —, Serigne Mbaye, ” Mbaye, Michael Rafidi, ”, Paul Smith, Lula Drake Wine, Chef Masako Morishita, Beard, Deb Lindsey, Masako Morishita, Atsuko Fujimoto, Morishita, Adams Morgan, Fujimoto, Baker, Ruth Reichl, Reichl, “, foodie, James Beard’s, ” Beard, Hamissi Mamba, Nadia Nijimbere, MI, Yenvy Pham, Phở, WA Chris Viaud, NH Hollis Wells Silverman, Erika Whitaker, Kelly Whitaker, Sarah Minnick, Dean Neff, Renee Touponce, David Uygur, Christine Dong, Fariyal Abdullahi, Janet Becerra, SC Ryan Fernandez, Mel, Baker Susan Bae, Jesus Brazon, Manuel Brazon, Crystal Kass, Valentine, AZ Anna Posey, Hospitality Crawford, NC Gemma, Lula Cafe, Vin, California Geoff Davis, CA Rogelio Garcia, Auro, Lord Maynard Llera, Kuya, Los Angeles , CA Tara Monsod, Billy ” Ngo, Vinnie Cimino, Cordelia, Jose Salazar, Sarkar, Hajime Sato, Sozai, MI Jenner Tomaska, Tony Conte, Jesse Ito, Matt Kern, Harley Peet, Kevin Tien, Ann Ahmed, Rob Connoley, Dan Jacobs, Dan Van Rite, Christina Nguyen, Hai, Tim Nicholson, Brandon Cunningham, Ali Sabbah, Matt Vawter, Penelope Wong, Yuan Wonton, Nick Zocco, NY Atsushi Kono, Chris Mauricio, Charlie Mitchell, Clover, NY Jeremy Salamon, Conor Dennehy, Talulla, Maria Meza, David Standridge, Jake Stevens, Cara Tobin, Honey, Avery Adams, Matia, WA Kristi Brown, WA Josh Dorcak, Gregory Gourdet, Melissa Miranda, Jamie Davis, The, Washington , NC Rod Lassiter, Parnass Savang, James London, Chubby Fish, SC Robbie Robinson, Valerie Chang, FL Hunter Evans, Jackson, MS Gabriel Hernandez, Carlos Portela, Rene Andrade, Jeff Chanchaleune, Ma Der, Steve, Steve Riley, NM Eduardo Rodriguez, Zacatlán, Texas Emmanuel Chavez, Houston , TX Christopher Cullum, Cullum’s Attaboy, San Antonio , TX Tracy Malechek, Ezekiel, Birdie’s, Misti Norris, Petra, Ana Liz Pulido, Ana Liz Taqueria Organizations: CNN, Dakar NOLA, Lyric Opera, Michelin, Beverages Program, Chefs, The Washington Post, Washington Commanders, The New York Times, Gourmet Magazine, James, James Beard Foundation, Hav, Seattle , WA Nikko Cagalanan, SC, NY, Dakar, FL Kisser, Nashville , TN Oro, Caracas Bakery, AZ, Hospitality, IL, NY Woodford Food & Beverage, Beverages, SC The Morris, D.C, BEST, Social Haus, UT, New, New York State, Pacific, FL, Houston , TX Locations: United States, New Orleans, West Africa, Chicago, Portland , Oregon, Pacific, Albi, Washington, Ramallah, Philippines, Mexico, Japan, Peru, Vietnam, Senegal, West Virginia, Charleston , West Virginia, Columbia , South Carolina, Mission , Texas, Mystic , Connecticut, Easton , Maryland, Portland , Maine, Tokyo, Perry’s, Adams, DC, Bakery, Detroit, Seattle, WA, Greenleaf, Ansanm, Milford, Wolfeboro, NH, The Wells, Boulder, Portland, Wilmington ,, Albi , Washington, The, Lucia, Dallas , TX, Santa Fe, Marfa ,, San Antonio ,, Springs, , New York, Pancita, Seattle , WA, Kultura, Charleston, Southern Junction, Buffalo, Waitsburg, Lockhart, TX, Carmel, Dorchester, Dakar NOLA , New Orleans, LA Hayward, McMinnville, Kaya, Orlando, Nashville , TN, Nixta , Minneapolis, Shan, Bozeman, Albuquerque, Long Beach ,, Hudson, Caracas, Doral, Miami, Phoenix, Elske, IL, Son, Raleigh, NC, Dallas ,, New York, NY, Columbia, San Francisco ,, Anaheim , Anaheim, , Washington, Waxlight, Montpelier, VT, Baltimore, , New Orleans, LA, Brownsville ,, California, Burdell, Oakland, Calistoga, Los Angeles ,, San Diego ,, Kru, Sacramento, Lakes, MI, Cleveland ,, Mita’s, Cincinnati, Indienne, Clawson, Esmé, NJ, PA, Philadelphia, Fenwick, Bas Rouge, Easton, KS, MN, MO, WI, Khâluna, Minneapolis, St, Louis, EsterEv, Milwaukee, Hai Hai , Minneapolis, Omaha, UT, WY, Greenough, Salt Lake City, Rootstalk, Breckenridge, Denver, Urban, Sofreh, Brooklyn, Kono , New York, Harana, Accord, Clover Hill, RI, Cambridge, Dolores, Providence ,, Leeward, Burlington, Island, MÄS, Ashland, kann, Musang, KY, TN, The Hackney, Washington , NC, Talat, Atlanta, West Columbia, Maty’s, Elvie’s, Verde Mesa, San Juan, Saffron , New Orleans, AZ, NM, Bacanora, Oklahoma City, Henderson, Mesa, Tatemó, Houston ,, Austin ,, Mission

☆ Scientists finally think they know where the most dangerous part of this US earthquake zone is and it's bad news for Washington
▼ + stars: | 2024-06-07 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +6 min

Read previewHidden off the US Western shore, beneath the Pacific Ocean, is the Cascadia Subduction Zone. The results will help scientists assess earthquake and tsunami risk for this region, including one particularly vulnerable state: Washington. How the Cascadia Subduction Zone causes earthquakesIn the Cascadia Subduction Zone, the Juan de Fuca plate is slowly subducting under North America. The Cascadia Subduction Zone can produce even larger, more dangerous quakes. Additionally, understanding that Cascadia is broken up into segments is key to assessing earthquake hazard, Watt said.

Persons: —, Suzanne Carbotte, Bruce, Lamont, Carbotte, Juan de Fuca, Juan, Fuca, de Fuca, it's, Chris McGrath, Janet Watt, Watt Organizations: Service, Business, Columbia University, US, Survey Santa Cruz Locations: Cascadia, Washington, US West Coast, North America, America, Japan, Gaziantep, Turkey, Oregon, British Columbia

☆ Gentle Parenting Bust: What Millennial Parents Are Getting Wrong
▼ + stars: | 2024-06-06 | by ( Kelli María Korducki | ) www.businessinsider.com time to read: +14 min

Seventeen years later, gentle parenting is now the default among my professional-class millennial peers. Teachers blame gentle parenting for bad behavior in classrooms, which some believe is accelerating an exodus from the profession. Ample research links an authoritative parenting style — such as gentle parenting — with the most favorable psychosocial outcomes in children. These are among the questions that gentle parents must contend with, often on the fly. When gentle parenting goes wrong, everyone takes note.

Persons: hadn't, gestured, Doug Fields, Kristen Race, Janet Lansbury, William Sears, Sarah Ockwell, Smith, Abby, society's, Anna Monette Chilstedt, Lansbury, RIE, Chilstedt, Mary Benedetti, Benedetti, influencers, Becky, Kennedy, —, you've, Anna Lussenburg, Annie, Nanny, Lussenburg, isn't Organizations: Research, Pediatrics Locations: Toronto, British, Milwaukee, Boulder , Colorado, Calgary , Alberta

☆ Americans who moved to Latin America for cheaper retirement, starting a new life, and better work options explain the pros and cons
▼ + stars: | 2024-06-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Business Insider spoke to five Americans who moved to Latin America, many for their retirements. All agreed that life is in many ways better in Latin America than in the US. She said she feels more welcome in Costa Rica than in Illinois, even with a language barrier. Gary Keenan, 71, disagrees that Costa Rica is cheaper than the US, though he's fine paying the upcharge. Living and working in natureMoving to Latin America has allowed some Americans to advance their careers and retirement goals while living a more serene life.

Persons: —, Janet Sussman, Sussman, " Sussman, Cheryl Sands, didn't, she'd, it's, Sands, she's, Gary Keenan, Keenan, Jose Rodriguez, He's, Andy Wiesmann, Medellín, he's, Wiesmann Organizations: Service, Business, Illinois -, Social Security, Costa Rica, US Locations: Florida, New York, Panama, Airbnbs, Latin America, America, Illinois, Illinois - Kentucky, Costa, Guanacaste, Costa Rica, New Mexico, Central, San Jose, Chicago, São Paulo, Brazil, Medellín, Colombia, Inland, Mexico, California, United States, South America

☆ Janet Yellen warns AI in finance poses ‘significant risks’
▼ + stars: | 2024-06-05 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

For instance, Yellen will note that the “complexity and opacity” of AI models could cause problems. The problem is that many AI models operate as a “black box,” meaning their inner workings are impenetrable to outsiders. If Wall Street firms are relying on mysterious AI models, regulators will struggle to understand how safe their systems truly are. Likewise, Yellen will say there is a “concentration” risk linked to the fact that there are only a few companies providing AI models. AI models have a history of making stuff up, often in a convincing way.

Persons: Janet Yellen, Yellen, OpenAI’s ChatGPT, “, ” Yellen, ”, “ We’ve Organizations: CNN, US Treasury Department, Brookings Institution, Treasury, IRS, Treasury Department

☆ Biden to meet with Zelensky in Normandy and at next week’s G7, White House says
▼ + stars: | 2024-06-04 | by ( Sam Fossum | ) edition.cnn.com time to read: +4 min

CNN —President Joe Biden will meet with Ukrainian President Volodymyr Zelensky while he is in Normandy, France, according to White House national security adviser Jake Sullivan. CNN previously reported that Russian President Vladimir Putin was not extended an invitation, according to a French presidential source. Sullivan added that Biden is also expected to meet with Zelensky during the G7 in Italy next week. “In the course of a little more than a week, the president will have two substantive engagements with President Zelensky,” Sullivan said. The two leaders last met in person when Zelensky was in Washington, DC, in December 2023 to make an in-person plea for military and economic aid.

Persons: Joe Biden, Volodymyr Zelensky, Jake Sullivan, “, Zelensky, ” Sullivan, Biden, Rishi Sunak, Justin Trudeau, Vladimir Putin, Sullivan, ”, Janet Yellen’s, Emmanuel Macron, CNN’s Jack Forrest, Joshua Berlinger, Simone McCarthy, Brad Lendon, Eric Cheung Organizations: CNN, White House, Ukraine, Air Force, British, Canadian, Zelensky, “, Russia, US, US Army Rangers, Biden, NATO Locations: Normandy, France, he’s, he’ll, Ukraine, Europe, Italy, Washington , DC, Kharkiv, “, United States, Germany, Biden’s, Pointe du Hoc

☆ More Americans will be able to file their taxes for free through the IRS next year
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

"The Treasury Department and IRS look forward to working with states to expand Direct File for Americans across the country," Treasury Secretary Janet Yellen said in a statement. More than 140,000 taxpayers used the free filing option, the IRS reports, exceeding the agency's expectations for the pilot program. Beyond increasing access to the Direct File program to all states, the IRS is working on other ways to broaden eligibility. The IRS also announced it would extend its Free File program through 2029. "Free File was part of a successful filing season at the IRS that saw increased interest in a range of free programs to help taxpayers."

Persons: Janet Yellen, Danny Werfel Organizations: Internal Revenue Service, . Treasury, Washington D.C, Treasury Department, IRS, Treasury, Biden, CNBC Locations: Washington, filers

☆ IRS plans to make its free tax filing program permanent
▼ + stars: | 2024-05-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +5 min

Washington CNN —The Internal Revenue Service said Thursday that it will continue and expand its free tax filing program in 2025. It provides step-by-step guidance to taxpayers filing their federal tax returns. Direct File was available to people with certain simple tax returns in 12 states during the 2024 tax filing season. More than 140,000 people successfully filed their federal tax returns using Direct File, exceeding the agency’s expectations. During the 2024 tax filing season, eligibility was limited to people with simple tax returns.

Persons: Biden, they’re, Janet Yellen, “, Danny Werfel, haven’t, Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, “, IRS Locations: Washington, ”

☆ The IRS says its direct file program saved Americans $5.6 million in filing fees. Now they're making it permanent.
▼ + stars: | 2024-05-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

And so, after a successful pilot run, the tax agency has announced that it's making its new free direct file program permanent. The Direct File program first launched in twelve states for the 2023 filing season following a successful pilot. "Since the direct file pilot was completed in April, we have heard directly from hundreds of organizations across the country, more than a hundred members of Congress, from individual direct file users, and those that are interested in using direct file," Werfel said. The new Direct File program has encountered some pushback from paid tax services. Did you use Direct File and save time or money?

Persons: —, It's, haven't, Janet Yellen, Danny Werfel, Aaron Mok —, Werfel, Rick Heineman, Heineman, filers, Natalie Quillian, Biden's Organizations: Service, IRS, Business, Treasury Department, Intuit TurboTax, Treasury, House Locations: Yellen

☆ IRS free tax filing program to be available nationwide starting in 2025
▼ + stars: | 2024-05-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

IRS Commissioner Danny Werfel testifies before the House Appropriations Committee on May 07, 2024 in Washington, DC. The IRS will expand Direct File, its free tax filing program, nationwide starting in 2025, the agency and the U.S. Department of the Treasury announced on Thursday. "The Treasury Department and IRS look forward to working with states to expand Direct File to Americans across the country." Direct File was available to limited taxpayers in 12 states during the 2024 filing season. More than 140,000 users successfully filed returns using Direct File and the pilot saved an estimated $5.6 million in tax preparation fees, the agencies announced in April.

Persons: Danny Werfel, Janet Yellen Organizations: IRS, U.S . Department of, Treasury, Treasury Department Locations: Washington ,

☆ Western countries are lining up to name and shame China for overproduction
▼ + stars: | 2024-05-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Read previewWestern countries are lining up to call out China for its barrage of cheap exports that are flooding the world's markets. "We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field, in line with World Trade Organization (WTO) principles." China pushes back on criticism, industrial profits rose in AprilBeijing has consistently resisted the West's criticism that it is dumping cheap goods on the world market. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth. In April, profits at China's industrial companies rose 4% from a year ago, reversing a drop in March, according to official statistics released on Monday.

Persons: —, Janet Yellen, Olaf Scholz, Bruno Le Maire, Yu Weining, Joe Biden, Biden, Josh Lipsky, Lipsky Organizations: Service, Business, EU, Bloomberg, World Trade Organization, China's Commerce Ministry, European Commission, International Monetary Fund Locations: China, France, Stresa, Italy, Beijing, United States

☆ European banks in Russia face 'awful lot of risk', Yellen says
▼ + stars: | 2024-05-25 | by ( ) www.cnbc.com time to read: +2 min

Kent Nishimura | Getty ImagesU.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort. "We are looking at potentially a tougher stepping-up of our sanctions on banks that do business in Russia," Yellen told Reuters in an interview, declining to provide specifics and not identifying any banks at which they could be aimed. Speaking on the sidelines of a G7 finance leaders meeting in northern Italy, Yellen said that sanctions related to banks' dealings in Russia would only be imposed "if there was a reason to do so, but operating in Russia creates an awful lot of risk," she added. European Central Bank policymaker Fabio Panetta had clear instructions for Italian banks on Saturday telling reporters that lenders must "get out" of Russia because staying in the country brings a "reputational problem." Raiffeisen is the largest European lender doing business in Russia, followed by UniCredit.

Persons: Janet Yellen, Kent Nishimura, Yellen, Central Bank policymaker Fabio Panetta, Joe Biden's Organizations: Treasury Department, Getty, Treasury, Reuters, Bank International, Central Bank, UniCredit, United Arab Locations: Washington , DC, Russia, U.S, Italy, Ukraine, China, United Arab Emirates, Turkey

☆ Three bodies recovered after Papua New Guinea landslide, ‘significant’ death toll expected
▼ + stars: | 2024-05-25 | by ( Alex Stambaugh | ) edition.cnn.com time to read: +2 min

CNN —Three bodies have been recovered after a landslide in Papua New Guinea, local officials told CNN on Saturday, adding that the death toll was likely to rise to a “significant” total. Three bodies have so far been recovered, but “we are expecting the number to be significant,” Sandis Tsaka, provincial administrator of Enga province, told CNN. More than 100 are believed to be dead, Janet Philemon, caretaker and national treasurer of the Papua New Guinea Red Cross Society, previously told CNN. People carry bags in the aftermath of a landslide in Enga Province, Papua New Guinea, on May 24, 2024. A Pacific nation home to around 10 million people, Papua New Guinea is rich in resources.

Persons: Sandis, Janet Philemon, Tsaka, ” Serhan Aktoprak, That’s …, ”, Andrew Ruing Organizations: CNN, Papua New Guinea Red Cross Society, Humanitarian, CARE Australia, International Organization for Migration, “, Reuters CARE Australia Locations: Papua New Guinea, Kaokalam, Port Moresby, Enga, Enga Province

☆ Yellen sees no 'showstoppers' on G7 Ukraine loan backed by Russian asset earnings
▼ + stars: | 2024-05-25 | by ( ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen attends an interview with Reuters Editor in Chief Alessandra Galloni in Washington, U.S., April 25, 2024. U.S. Treasury Secretary Janet Yellen said on Friday that she does not see "any showstoppers" in her discussions with fellow G7 finance ministers about a larger loan to Ukraine backed by the income of frozen Russian sovereign assets. Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting that not all of the technical details of the loan proposal need to be worked out this weekend. G7 leaders are due to meet next month in Puglia, southern Italy. "I think there is a general view that we should express a common set of concerns to China," she said.

Persons: Janet Yellen, Alessandra Galloni, Yellen, I've Organizations: Treasury, Reuters, U.S . Treasury, Ukraine Locations: Washington , U.S, Ukraine, Stresa, U.S, Puglia, Italy, Japan, Germany, France, Britain, China

☆ The West is tapping Russian money to arm Ukraine. Much more could follow
▼ + stars: | 2024-05-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Money generated by Russian financial assets frozen in Europe will soon start flowing to Ukraine, giving Kyiv a boost as it struggles to counter an advance by Moscow’s troops. The plan “would essentially bring forward that flow of interest proceeds from the assets… (through a loan) given to Ukraine,” Yellen told broadcaster Sky News in an interview this week. “Ukraine has substantial needs, and being able to marshal significant resources to help Ukraine is important,” she said. Most of the frozen Russian money is held in Europe, and the euro is the world’s second-most important currency after the US dollar. This would give Kyiv access to a much larger amount of money than using future or current windfall profits from Russian assets.

Persons: Janet Yellen, ” Yellen, Gabriel Bouys, Joe Biden, ” Lee Buccheit, Trade Valdis Dombrovskis, Yellen, there’s, —, Buchheit, Putin, ” Organizations: London CNN, Union, Sky News, “, US, Getty, University of Edinburgh Law School, CNN, EU, Trade, Reuters, Russia, Ukraine, World Bank Locations: Europe, Ukraine, West, Italy, Russia, Ukraine’s, Kharkiv, Frankfurt, Germany, “ Ukraine, Stresa, AFP, EU, Belgium, Kyiv

☆ Papua New Guinea landslide: More than 100 people feared dead in remote region
▼ + stars: | 2024-05-24 | by ( Heather Chen | Alex | ) edition.cnn.com time to read: +3 min

CNN —More than 100 people are feared dead in a remote village in the Pacific nation of Papua New Guinea after a landslide flattened homes and buried people alive while they were sleeping, officials said Friday. “The debris is as big as approximately three to four football fields, and is blocking the lifeline of the province’s main highway, which is making the relief efforts all the more difficult,” Serhan Aktoprak told CNN. It’s already night time in Papua New Guinea. There’s no power to continue the relief efforts. Rescuers are trying to reach the remote village in Enga Province.

Persons: Serhan Aktoprak, “, ” Aktoprak, Janet Philemon, ” Philemon, James Marape, ” Organizations: CNN, Mission, International Organization for Migration, IOM, National, Papua New Guinea Red Crescent Society, AFP, Getty Images, ABC, Reuters, of Works, Highways, police Locations: Pacific, Papua New Guinea, Kaokalam, Enga Province, Port Moresby, Enga’s

☆ Ukraine war live updates: Russia cannot swallow the West whole, Orban says; G7 finance chiefs meet with Ukraine on agenda
▼ + stars: | 2024-05-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Governor of the Bank of Italy Fabio Panetta (L), Italy's Minister of Economy and Finance Giancarlo Giorgetti (R) and President of the European Central Bank Christine Lagarde pose on the sidelines of the G7 Finance Ministers meeting in Stresa on May 24, 2024. Earlier this week, U.S. Treasury Secretary Janet Yellen told Sky News she saw the "possibility" that G7 nations could assist Ukraine with as much as $50 billion in loans linked to frozen Russian assets. "The Russian assets are not earning interest anymore, but they are generating returns for Euroclear. That alone could be given to Ukraine that would be repaid over several years by that flow of interest," Yellen added. It remains to be seen whether G7 nations can strike consensus on such a loan and what final sum will be extended to support Kyiv's military effort.

Persons: Bank of Italy Fabio Panetta, Finance Giancarlo Giorgetti, European Central Bank Christine Lagarde, Janet Yellen, Yellen Organizations: Bank of Italy, Italy's, Economy, Finance, European Central Bank, Ukraine, Treasury, Sky News, Euroclear Locations: Stresa, Italy, Ukraine

☆ Yellen Warns Israel Against Cutting off Palestinian Banks
▼ + stars: | 2024-05-23 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen warned Israel on Thursday against cutting off ties between Palestinian and Israeli banks, arguing that such a move would further destabilize the economy of the West Bank at a time when Palestinians are already facing dire economic conditions. Ms. Yellen’s comments came in the wake of Israel’s decision on Wednesday to withhold tax revenue from the Palestinian Authority in retaliation for three European countries unilaterally agreeing to recognize a Palestinian state. Ms. Yellen and other top economic officials from the Group of 7 nations are expected to discuss the matter and the humanitarian situation in Gaza during their summit in Stresa, Italy, which begins on Thursday. “I’m particularly concerned by Israel’s threats to take action that would lead to Palestinian banks being cut off from their Israeli correspondent banks,” Ms. Yellen said during remarks ahead of a news conference. Ms. Yellen added that the banking channels were critical for processing transactions that allow $8 billion a year of imports of food, fuel and electricity from Israel and $2 billion of Palestinian exports.

Persons: Janet L, Yellen, Israel, Yellen’s, “ I’m, Ms Organizations: West Bank, Palestinian Authority Locations: Palestinian, Gaza, Stresa, Italy, Israel

☆ U.S. Seeks to Join Forces With Europe to Combat Excess Chinese Goods
▼ + stars: | 2024-05-21 | by ( Alan Rappeport | Liz Alderman | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen said on Tuesday that the United States and Europe needed to work together to push back against China’s excess industrial capacity, warning that a wave of cheap Chinese exports represents a grave threat to the global economy. Ms. Yellen’s remarks, delivered during a speech in Germany, highlighted what is expected to be a central topic of discussion when the Group of 7 finance ministers meet in Italy this week. “China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk,” Ms. Yellen said at the Frankfurt School of Finance and Management, where she received an honorary doctoral degree. China’s excessive production of green energy technology has become a pressing trans-Atlantic concern in recent months. Officials in President Biden’s administration have grown increasingly worried that his efforts to finance domestic manufacturing of clean energy and other next-generation technologies will be undercut by China, which is churning out steel, electric cars and solar panels at a rapid clip.

Persons: Janet L, Yellen, Yellen’s, Ms, Biden’s Organizations: Frankfurt School of Finance, Management Locations: United States, Europe, Germany, Italy, China

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