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☆ US and G7 allies moving forward with $50 billion loan package to Ukraine, including $20 billion from the US backed by frozen Russian assets
▼ + stars: | 2024-10-23 | by ( Sam Fossum | ) edition.cnn.com time to read: +4 min

CNN —The US and Western allies are moving forward with a $50 billion loan package to Ukraine backed by the profits of frozen Russian assets, which includes a US contribution of $20 billion, the White House announced Wednesday. “Ukraine will receive the assistance it needs now, without burdening our taxpayers,” said White House deputy national security advisor for international economics Daleep Singh. The US will disperse at least half of its $20 billion loan by this December, according to Singh. European lawmakers on Tuesday approved a loan of up roughly $37.7 billion (35 billion euros) for Ukraine backed by the frozen Russian assets. Should a peace agreement be reached in the conflict, either the Russian assets will stay frozen and generate interest to repay the loans until they’re repaid, or Russia will pay for the damage it has caused.

Persons: Joe Biden, “, ” Biden, ”, Daleep Singh, Donald Trump, Singh, “ We’re, ” Singh, Japan —, Vladimir Putin, CNN’s Kayla Tausche, Arlette Saenz, Nikki Carvajal Organizations: CNN, White House, “, White, European Union, Ukraine Locations: Ukraine, United States, Kyiv, United Kingdom, Canada, Japan, France, Germany, Italy, Puglia, Europe, Russia

U.S. President Joe Biden delivers remarks during a visit to the United Association Local 190 Training Center in Ann Arbor, Michigan, U.S., September 6, 2024. Known as the de minimis loophole, the trade provision allows packages with a value of less than $800 to enter the United States with relatively little scrutiny. Over the past decade, the number of de minimis shipments has exploded, from roughly 140 million to more than a billion, according to a White House estimate. Each individual package is typically worth far less than $800, and thereby qualifies for the de minimis exemption. The Biden administration also called on Congress to pass legislation to overhaul the original de minimis rules.

Persons: Joe Biden, Biden, Daleep Singh Organizations: United Association Local, Textile, Apparel Locations: Ann Arbor , Michigan, U.S, United, China, United States

☆ Trump and Biden agree: The US should finally start a sovereign wealth fund
▼ + stars: | 2024-09-08 | by ( Lakshmi Varanasi | Katie Balevic | ) www.businessinsider.com time to read: +5 min

So it is noteworthy that Democratic and Republican leaders both appear to want to establish a sovereign wealth fund to help the United States pay for stuff. Saudi Arabia's Public Investment Fund, which manages about $925 billion in assets, reported a $36.8 billion profit for 2023, according to Reuters. This isn't the first time Washington has toyed with the idea of a sovereign wealth fund. Last March, a group of bipartisan lawmakers led by Sen. Angus King and Sen. Bill Cassidy began discussing a sovereign wealth fund to pay for Social Security. The White House's interest in a sovereign wealth fund stems partly from its desire to compete with China, which has multiple state-owned funds itself.

Persons: —, Joe Biden, Jake Sullivan, Daleep Singh, Biden, Donald Trump, LIV Golf, Sen, Angus King, Bill Cassidy, Mitt Romney, John Paulson, Larry Summers Organizations: Service, Democratic, Republican, National, Bloomberg, Business, White, Economic, of New, Fund, Reuters, Norges Bank Investment Management, Saudi Arabia's Public Investment Fund, Blackstone, LIV, Social Security, America, Bloomberg Television Locations: United States, of New York, Saudi Arabia, Norway, Norway's, PIF, Heathrow, American, Washington, China

☆ A US official says an 'unacceptably high' number of US weapons components have landed in Russian hands
▼ + stars: | 2024-05-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

US firms need to be vigilant with their exports, says Deputy National Security Advisor Daleep Singh. Singh said an "unacceptably high" number of US components have been found in Russia's weapons. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn "unacceptably high" number of US arms components are landing in Russian hands, a US official said on Tuesday. "The percentage of Russian battlefield weaponry with US or allied branded components is alarmingly and unacceptably high," said Daleep Singh, US deputy national security advisor for international economics.

Persons: Daleep Singh, Singh, shouldn't, — Organizations: Service, Brookings Institution, US, Bloomberg, Business Locations: Washington

☆ Biden’s trade chief walks back comments contradicting Biden on tariffs and inflation
▼ + stars: | 2024-05-16 | by ( Matt Egan | Kayla Tausche | ) edition.cnn.com time to read: +8 min

Research shows that former President Donald Trump’s tariffs on China did indeed raise prices on consumers and businesses — despite his claims otherwise. The study found tariffs imposed by former President Donald Trump did not meaningfully contribute to inflation. “The new Biden tariffs, like the more extensive ones that Trump has promised, will worsen US inflation. It is fair to debate how much the Biden tariffs will impact inflation because they are not nearly as widespread as what Trump imposed and what Trump is promising if he’s reelected. Trump enacted sweeping tariffs on $300 billion in Chinese imports, setting off a trade war between the world’s two biggest economies.

Persons: Katherine Tai, Joe Biden’s, ” Tai, —, Donald Trump’s, Tai, Angela Perez, Donald Trump, Goldman Sachs, Tai’s, “ Trump, ” Biden, “, Alex Durante, Tai’s “, Maury Obstfeld, Biden, ”, Trump, he’s, ” Perez, White, Morgan, Daleep Singh, Jen Psaki, Jared Polis, ” Polis, Ed Mills, Raymond James, David Kelly, ” Kelly Organizations: New, New York CNN, US, White, Research, CNN, US International Trade Commission, “, China, Tax, Obama, Peterson Institute for International Economics, Biden, Atlantic Council, Bretton, Committee, ”, Colorado Gov, Republicans, Asset Management Locations: New York, China, Ukraine, EVs, Europe

☆ Explainer-How the West Might Use Russia's Frozen Reserves
▼ + stars: | 2024-03-12 | by ( March | At P.M. | ) www.usnews.com time to read: +5 min

Here are some of the ideas that have been suggested:CONFISCATIONSome international policymakers and lawyers say the immobilised Russian reserves can simply be confiscated under a doctrine of international law known as "countermeasures". Some in the bloc are still wary, though, and the European Central Bank has warned that claiming the trapped Russian assets should only be done in tandem with G7 powers. The bondholders would not have a contractual claim on the Kremlin’s frozen reserves. Ukraine would have a plausible way to collect on any damages awarded up to the value of the reserves. If Moscow refused to pay the damages, the allies could then use Russia’s frozen assets to pay off the loan.

Persons: Marc Jones, Lee Buchheit, Daleep Singh, Mark Heinrich Organizations: Marc Jones LONDON, Emergency Economic, U.S, European Central Bank Locations: Ukraine, Russia, Kuwait, United States, EU, Russian, Brussels, Belgium, U.S, Britain, China, Hong Kong, Dubai, Moscow

☆ Chinese President Xi Jinping is playing by a different set of rules than we are, says Daleep Singh
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese President Xi Jinping is playing by a different set of rules than we are, says Daleep SinghDaleep Singh, PGIM Fixed Income chief global economist and former Deputy National Security Advisor for International Economics in the Biden administration, joins 'Squawk Box' to discuss the Biden-Xi summit, what it means for U.S.-China relations, and more.

Persons: Xi Jinping, Daleep Singh Daleep Singh, Biden Organizations: National, International Economics, Biden, U.S Locations: China

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis.

Persons: Andrew Kelly, Peter Praet, Praet, Sophia Drossos, Daniel Ivascyn, Claudio Borio, Olivier Blanchard, Ray Dalio, Janet Yellen's, Yellen, Jim Leaviss, Giancarlo Giorgetti, Daleep Singh, Joe Biden, Britain's, Yellen's, Jonathan Portes, Clare Lombardelli, Moritz Kraemer, Yoruk Bahceli, Maria Martinez, Leigh Thomas, Giuseppe Fonte, Nell Mackenzie, Naomi Rovnick, William Schomberg, Jan Strupczewski, Dan Burns, Elisa Martinuzzi, Riddhima Talwani, Jayaram, Emelia Sithole Organizations: Financial, of, REUTERS, Institute of International Finance, Reuters, European Central Bank, ECB, Bank for International, Peterson Institute for International Economics, Associates, U.S . Treasury, Wall, Economy, Britain's Treasury, Congressional, Britain's, Institution, Reuters Graphics ACT, King's College London, Labour Party, OECD, Graphics, Thomson Locations: of Manhattan , New York City, U.S, Italy, Britain, United States, Europe, Ukraine, Berlin, Paris, Rome, London, Brussels, Washington, Marrakech

High funding needs and central banks removing support are increasing pricing uncertainty for investors, Sophia Drossos, hedge fund Point72 Asset Management's chief economist, said. Spending plans lacking credibility were seen as most likely to spark market turmoil. I suspect not by default, but when markets start reflecting their worries in Treasury prices, by a political crisis and a potentially ugly adjustment," the former IMF chief economist said. "We need more investment, not less," said King's College London professor Jonathan Portes, Britain's cabinet office chief economist during the financial crisis. Not enough reforms are being implemented, OECD chief economist Clare Lombardelli warned.

☆ It’s Not Just the Debt Ceiling
▼ + stars: | 2023-05-26 | by ( Jeff Sommer | ) www.nytimes.com time to read: +3 min

These include:The potential for economic drag from the more restrictive fiscal policy that House Republicans are demanding from President Biden as a prerequisite for an increase in the debt ceiling. Oddly, the debt ceiling crisis provided temporary relief for many of the nation’s banks, economists for Moody’s Investor Service found in a recent study. “The debt ceiling impasse has been a tailwind for the banks,” Jill Cetina, associate managing director for Moody’s, said in an interview. But once the debt ceiling is lifted and the Treasury begins to raise money by selling large quantities of bonds, those purchases by investors in the open market will drain money from banks. “This may not be what you would expect, but the resolution of the debt ceiling crisis will be a headwind for banks,” she said.

☆ Watch CNBC’s full interview with PGIM's Daleep Singh
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with PGIM's Daleep SinghDaleep Singh, PGIM chief global economist, joins 'Power Lunch' to discuss today's debt ceiling meeting impact on the markets.

☆ A short-term deal on debt ceiling won't change the issue, says PGIM's Daleep Singh
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA short-term deal on debt ceiling won't change the issue, says PGIM's Daleep SinghDaleep Singh, PGIM chief global economist, joins 'Power Lunch' to discuss today's debt ceiling meeting's impact on the markets.

☆ SVB's collapse shocked markets and caused them to overshoot, says PGIM's Daleep Singh
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB's collapse shocked markets and caused them to overshoot, says PGIM's Daleep SinghDaleep Singh, chief global economist at PGIM fixed income, and CNBC's Steve Liesman and Rick Santellis join 'The Exchange' to discuss the weakness in the labor market, revisions to Fed policy, and the path forward for yield data.

read more"This is a premeditated attack," Biden told reporters at the White House. Biden said the sanctions were designed to have a long-term impact on Russia and to minimize the impact on the United States and its allies. [1/2] U.S. President Joe Biden provides an update on Russia and Ukraine during remarks in the East Room of the White House in Washington, U.S., February 22, 2022. read moreHis announcement represented the second major tranche of sanctions against Russia since Putin earlier this week declared two breakaway regions of Ukraine independent and sent troops there. The White House has warned Americans that the conflict could lead to higher fuel prices in the United States, though it is taking measures to help soften that blow.

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