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☆ A top secret meeting is kicking off in Madrid with the CEOs of Google DeepMind, Anthropic and Microsoft AI in attendance
▼ + stars: | 2024-05-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Google DeepMind co-founder and Chief Executive Officer Demis Hassabis gives a conference during the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 26, 2024. The CEOs of artificial intelligence heavyweights Google DeepMind, Microsoft AI, Anthropic and Mistral AI are among the elite list of business and political leaders attending a secretive meeting kicking off in Madrid, Spain, on Thursday. AI will once again dominate discussions at the annual Bilderberg Meeting after catapulting onto the agenda last year following the meteoric rise of the burgeoning technology. U.S. Deputy Treasury Secretary Wally Adeyemo, Ukrainian Foreign Minister Dmytro Kuleba and NATO Secretary General Jens Stoltenberg are also among the political figures who will attend for geopolitical discussions including on China and Russia. According to its organizers, the closed nature of the event aims to foster "informal discussions about major issues."

Persons: Demis Hassabis, Jane Fraser, Eric Schmidt, Albert Bourla, Wael Sawan, Peter Thiel, Wally Adeyemo, Dmytro Kuleba, Jens Stoltenberg Organizations: Google, Mobile World Congress, MWC, Microsoft, Mistral, Citigroup, Pfizer, NATO, Chatham House, Economic Locations: Barcelona, Madrid, Spain, Ukrainian, China, Russia, Spanish, Chatham, Davos, Switzerland

☆ UK PM Sunak says West should be bolder about seizing Russian assets
▼ + stars: | 2024-02-25 | by ( ) www.cnbc.com time to read: +2 min

(Photo by Alexey Kudenko - Host Photo Agency via Getty Images)Western nations should be bolder about confiscating Russian assets which they froze after the country's full-scale invasion of Ukraine in 2022, British Prime Minister Rishi Sunak said. "We must be bolder in hitting the Russian war economy .... And we must be bolder in seizing the hundreds of billions of frozen Russian assets," he said . Last month British Investment Minister Dominic Johnson met U.S. Deputy Treasury Secretary Wally Adeyemo to discuss the seizure of frozen Russian assets, but stressed this needed to be done in accordance with international law. The European Union, U.S., Japan and Canada froze some $300 billion of Russian central bank assets in 2022 when Russia invaded Ukraine. Sunak also urged the U.S. to continue to provide financial and military support for Ukraine.

Persons: Alexey Kudenko, Rishi Sunak, Sunak, Dominic Johnson, Wally Adeyemo Organizations: Red, Getty Images, British, Sunday Times, U.S, European Union, Ukraine Locations: MOSCOW, RUSSIA, Moscow, Russia, Soviet Union, Ukraine, U.S, Japan, Canada, Russian

☆ US Treasury's Adeyemo Sees More Actions Against Hamas in Coming Days, Weeks
▼ + stars: | 2023-11-09 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

"We're going to see actions taken by our allies and partners," Adeyemo said. Since the Palestinian militant group's deadly Oct. 7 attack on Israel, Washington has imposed two rounds of sanctions on Hamas. Nelson "pledged continued engagement with those who have taken proactive steps to investigate, identify, and disrupt Hamas-related activity," the Treasury said. Such transactions combining pools of assets or delaying transaction processing can hide the beneficial ownership of crypto assets, Adeyemo said. (Reporting by Andea Shalal in New York and Daphne Psaledakis in Washington; Writing by David Lawder, Editing by Howard Goller)

Persons: Andrea Shalal, Daphne Psaledakis NEW, Wally Adeyemo, Adeyemo, Brian Nelson, Nelson, doesn't, Andea Shalal, Daphne Psaledakis, David Lawder, Howard Goller Organizations: WASHINGTON, ., Reuters NEXT, Treasury, Terrorism, Financial Intelligence, FOCUS, USA Locations: Israel, Washington, Europe, New York

☆ Treasury's Adeyemo calls for eliminating subsidies, including to energy companies
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Jim Lo Scalzo/Pool via REUTERS Acquire Licensing RightsSept 11 (Reuters) - The United States should think about eliminating corporate subsidies, including to energy companies, U.S. Deputy Treasury Secretary Wally Adeyemo said in New York on Monday. Adeyemo defended President Joe Biden's budget proposal for fiscal 2024, noting that achieving fiscal sustainability would include modest tax increases, boosting tax revenue collections and finding other ways to cut costs. "None of us thinks it makes sense to subsidize energy companies in light of how they're doing in this country. But there are probably other subsidies and other things we can do to make the budget more efficient." Adeyemo said he hoped to engage with Republicans in the House of Representatives about the issue, without giving any further details.

Persons: Wally, Adeyemo, Jim Lo Scalzo, Wally Adeyemo, Joe Biden's, Donald Trump's, Republican Ronald Reagan, Bill Clinton, Andrea Shalal, Deepa Babington Organizations: Senate, Treasury, Washington , D.C, REUTERS Acquire, Economic, of New, Big Oil, Republican, Thomson Locations: Dirksen, Washington ,, United States, New York, of New York, Ukraine

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

☆ Exclusive: Deputy Treasury chief Adeyemo says US well-prepared to weather China headwinds
▼ + stars: | 2023-08-24 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Adeyemo told Reuters during a visit to the Chickahominy Tribe in southeastern Virginia that the Treasury is closely monitoring economic developments in China, where growth is faltering amid a worsening property slump, weak consumer spending and tumbling credit growth. "You're seeing the Chinese economy demonstrate weakness that has global implications. Because of the decisions we've made, we're probably best prepared to deal with the headwinds that this has created," Adeyemo said, referring to the United States. These investments will help the U.S. economy overcome the headwinds created by slower growth and demand in China, the world's second-largest economy, he said. "We're going to continue to monitor what's happening there, but our goal really is to make sure that we take the steps here to make sure the American economy can grow despite the headwinds," Adeyemo said.

Persons: Wally Adeyemo, Adeyemo, we've, we're, David Lawder, Jonathan Oatis Organizations: ., Reuters, Treasury, COVID, U.S, Thomson Locations: PROVIDENCE FORGE , Virginia, U.S, Chickahominy, Virginia, China, United States, Asia, Beijing

☆ Global economy has outperformed IMF predictions, says U.S. Dep. Treasury Sec. Wally Adeyemo
▼ + stars: | 2023-04-14 | 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 EmailGlobal economy has outperformed IMF predictions, says U.S. Dep. Treasury Sec. Wally AdeyemoU.S. Deputy Treasury Secretary Wally Adeyemo joins 'Squawk on the Street' to discuss the resilience of the United State's economy, bank deposit protection, and forging a path forward with China.

☆ U.S. IRS to hire nearly 20,000 staff over two years with $80 bln in new funds
▼ + stars: | 2023-04-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] Signage is seen at the headquarters of the Internal Revenue Service (IRS) in Washington, D.C., U.S., May 10, 2021. But a significant portion of these new hires will replace the nearly 12,000 IRS employees expected to retire over the next two years -- including more than 4,700 enforcement staff, a U.S. Treasury official said. Those audit targets include wealthy individuals, corporations and complex partnerships, which have grown in number while IRS audit staff has shrunk by nearly half over the past decade, new IRS Commissioner Danny Werfel told reporters. REPUBLICAN BACKLASHThe plan drew fresh complaints from Republicans who want to repeal the IRS funding as part of their demands for raising the $31.4 trillion federal debt ceiling. He said that the percentage of Criminal Investigation staff would not change from its current proportion of about 3% of the IRS workforce.

☆ US IRS to hire 30,000 staff over two years as it deploys $80 bln in new funding
▼ + stars: | 2023-04-06 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Including those new employees, customer services hiring will total 13,883 full-time-equivalent staff over the two-year period, according to the 148-page plan. But a significant portion of these new hires will replace the nearly 12,000 IRS employees expected to retire over the next two years -- including more than 4,700 enforcement staff, a U.S. Treasury official said. The $80 billion in new funding from last year's climate-focused Inflation Reduction Act is aimed at rebuilding the agency's audit capabilities and 1960s-era computer technology after a decade of funding cuts mostly by Republican-controlled Congresses. The Treasury has used estimates as high as $400 billion over the decade, with higher collections beyond the 10-year budget window. The agency's ability to deploy new technology to automate many functions would help dictate future staffing needs, he said.

The boosted tax credit is central to the administration’s goal of ensuring areas long dependent on fossil fuels benefit from clean energy. "Communities like coal communities have the knowledge, infrastructure, resources and know-how to play a leading role in the move to a clean energy economy," U.S. Deputy Treasury Secretary Wally Adeyemo said. The bonus credit also is available to other "energy communities" - areas that have significant employment or local tax revenues from fossil fuels and higher than average unemployment. The Treasury said it will open project applications for the first round of coal and energy communities tax credits on May 31. Those minerals are crucial to producing clean energy technologies like batteries and solar panels.

April 4 (Reuters) - The Biden administration on Tuesday will release final guidance on how clean energy companies can secure additional tax credits when investing in U.S. communities economically tied to fossil fuels like oil and coal. The boosted tax credit is central to the administration’s goal of ensuring areas long dependent on fossil fuels benefit from clean energy. It also helped secure West Virginia Democrat Joe Manchin's essential support for the bill. "Communities like coal communities have the knowledge, infrastructure, resources and know-how to play a leading role in the move to a clean energy economy," U.S. Deputy Treasury Secretary Wally Adeyemo said. Those minerals are crucial to producing clean energy technologies like batteries and solar panels.

☆ U.S. bank deposit outflows, unrelated to Credit Suisse, have stabilized, U.S. official says
▼ + stars: | 2023-03-19 | by ( David Lawder | ) www.reuters.com time to read: +1 min

WASHINGTON, March 19 (Reuters) - U.S. bank deposits have stabilized, with outflows slowing or stopping and in some cases reversing, an official said on Sunday, adding the problems of Credit Suisse are unrelated to recent deposit runs on U.S. banks. After officials in Switzerland announced a deal for UBS to acquire Credit Suisse on Sunday, the U.S. official said that U.S. banks have limited exposure to Credit Suisse, after reducing their exposures to the No. Speaking on condition of anonymity, the official said that U.S. banking regulators were in touch with Swiss counterparts on the Credit Suisse situation. The official's comments on U.S. deposit outflows from smaller and mid-size banks to larger institutions prompted by Silicon Valley Bank's failure follow similar comments by U.S. Deputy Treasury Secretary Wally Adeyemo on Friday. Adeyemo attributed the stabilization to the systemic protection guarantees granted to uninsured depositors in Silicon Valley and Signature Bank, along with the creation of new Fed facilities that allow banks to access adequate liquidity to cover outflows.

☆ Actions giving banks more time to address organization, US's Adeyemo says
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 17 (Reuters) - Global markets will need time to process actions by regulators and banks this week, U.S. Deputy Treasury Secretary Wally Adeyemo told CNBC on Friday, adding that U.S. officials will remain vigilant going into the weekend. Adeyemo said deposits have stabilized over the course of this week and backed actions by large U.S. banks on Thursday to give San Francisco-based First Republic Bank (FRC.N) a $30-billion lifeline. "The market is taking time to price in the actions that have been taken by regulators but also by the biggest banks," he told CNBC. Adeyemo said a number of U.S. banks pre-positioned themselves by utilizing the Federal Reserve's discount window, but they have been taking less funds as the week progressed. "What we expect to see over time, is that they're going to need less liquidity from the discount window," he told CNBC.

☆ Op-ed: Biden's American Rescue Plan props up underserved communities with jobs, education
▼ + stars: | 2023-03-11 | by ( U.S. Deputy Treasury Secretary Wally Adeyemo | ) www.cnbc.com time to read: +6 min

This started with policies like the Advance Child Tax Credit, which under the Rescue Plan offered monthly payments to families and helped lift 3.5 million children out of poverty. Expanding our labor force is another area where efforts to support communities of color and other underserved communities is helping to unleash economic gains for all Americans. Last year, I visited Orlando, Florida, where the mayor took me on a tour of a workforce training center funded by the President's American Rescue Plan. The benefits of this effort will be particularly powerful in underserved communities. For too long, racism and discrimination have limited the ability of underserved communities to fully contribute to our civic and economic advancement.

"India is not keen to discuss or back any additional sanctions on Russia during the G20," said one of the officials. "The existing sanctions on Russia have had a negative impact on the world." Japan's finance minister said on Tuesday that financial leaders of the Group of Seven (G7) nations will meet on the sidelines of the G20 meeting to discuss measures against Russia. "Russia themselves want to discuss the economic impact of sanctions." However, neither the Russian finance minister nor the central bank chief were expected to attend the meeting and they will be represented by their deputies.

[1/2] The Gateway of India monument in Mumbai is lit up to mark India's G20 presidency on December 13, 2022. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Feb 22 (Reuters) - India does not want the Group of 20 nations to discuss additional sanctions on Russia for its invasion of Ukraine during New Delhi's one-year presidency of the bloc, six senior Indian government officials told Reuters. "India is not keen to discuss or back any additional sanctions on Russia during the G20," said one of the officials. "The existing sanctions on Russia have had a negative impact on the world." India has also sharply raised purchases of oil from Russia, its biggest supplier of defence hardware.

☆ Candidates to become top Biden economist include Fed Vice Chair Lael Brainard, Treasury official Wally Adeyemo
▼ + stars: | 2023-01-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

The process to replace Deese as head of the powerful National Economic Council remains ongoing and the situation is fluid, the person said. The Washington Post first reported the leading candidates to replace Deese. Brainard was viewed as a leading contender to become Fed chair before Biden ultimately decided to renominate Jerome Powell. Brainard, a former Treasury official in the Obama administration and a Fed governor since 2014, was instead elevated to vice chair, the central bank’s No. U.S. Deputy Treasury Secretary Wally Adeyemo on October 13, 2022 in Washington, DC.

☆ U.S. Treasury emphasizes IRS customer service as tax seasons begins
▼ + stars: | 2023-01-23 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The new hires will help to slash call waiting times and shorten the processing time for paper tax returns and documents as part of a first stage that will be followed later by the ramping up of auditing of tax returns to curb evasion, according to Treasury officials. U.S. Deputy Treasury Secretary Wally Adeyemo told reporters that the 5,000 new customer service hires will be fully trained by Feb. 20, when call volume from taxpayers typically increases. FUNDING FIGHTThe improvements coincide with preparations by the Treasury and IRS to unveil a 10-year spending plan for the $80 billion in IRS funding six months after the IRA was enacted. Democrats passed the funding to reverse a more than decade-long slide in IRS funding that has reduced its staffing and audit levels. The bulk of the new hires will replace retiring employees and increase customer service and information technology staffing, but the claims are perpetuated on social media and in statements to the media.

☆ As tax season starts, U.S. Treasury emphasizes IRS customer service over audits
▼ + stars: | 2023-01-23 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 23 (Reuters) - The U.S. Internal Revenue Service kicks off the 2023 income tax filing season on Monday armed with 5,000 new customer service representatives to slash call waiting times as the Biden administration implements $80 billion in new IRS funding. The new hires and technology improvements to more efficiently process paper tax returns and documents represent an early emphasis on improving services, according to U.S. Treasury officials. FUNDING FIGHTThe improvements come as the Treasury and IRS are preparing to unveil a 10-year spending plan for the $80 billion in IRS funding, six months after the IRA was enacted. "In just five months since the IRA’s passage, we've made meaningful progress to deliver the service American taxpayers deserve." Democrats passed the funding to reverse a more than decade-long slide in IRS funding that has reduced its staffing and audit levels.

☆ G-7 agrees to review level of price cap on Russian oil in March: U.S. Treasury
▼ + stars: | 2023-01-21 | by ( ) www.cnbc.com time to read: +1 min

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday. The G-7 economies, the European Union and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for sea-borne Russian oil priced above $60 per barrel as part of Western sanctions on Moscow for its invasion of Ukraine. The coalition plans on Feb. 5 to set two caps on Russian oil products, one on products that trade at a premium to crude, such as diesel or gas oil, and one for products that trade at a discount to crude, such as fuel oil. "The Deputies agreed that this approach will better calibrate the price cap policy for refined products, given the wide range of market prices at which these products trade," Treasury said after U.S. Deputy Treasury Secretary Wally Adeyemo met virtually with coalition officials on Friday. The coalition had initially planned to review the level of the cap sometime in February, two months after its implementation.

REUTERS/Vitaly NevarWASHINGTON, Jan 20 (Reuters) - Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday. The coalition had initially planned to review the level of the cap sometime in February, two months after its implementation. Treasury officials have said the oil price cap has two goals: cutting Russia's revenues by institutionalizing heavy discounts on its oil bought by big consumers like China and India, and ensuring global oil markets are well supplied. "As long as the price cap continues to meet the Coalition’s dual goals, the Deputies agreed to undertake a review of the level of the crude price cap in March," Treasury said. The March date allows the coalition to assess developments in global markets after implementation of the refined products caps, and to be briefed on an EU technical review of the crude price cap, it said.

☆ Twenty oil tankers wait to cross Istanbul's Bosphorus Strait -shipping agency
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 9 (Reuters) - One more tanker took to 20 on Friday the number of vessels waiting in the Black Sea to pass through Istanbul's Bosphorus Strait on the way to the Mediterranean, the Tribeca shipping agency said, amid talks to disperse the build-up. On Thursday, dismissing pressure from abroad over the lengthening queue, Turkey's maritime authority said it would continue to keep out of its waters oil tankers that lacked the appropriate insurance letters, and it needed time for checks. Eight tankers were also waiting for passage through the Dardanelles strait into the Mediterranean, down from nine a day earlier, Tribeca said, making a total of 28 tankers waiting for southbound passage. It requires vessels to provide proof of insurance covering the duration of their transit through the Bosphorus strait, or when calling at Turkish ports. Reporting by Daren Butler and Can Sezer; Editing by Himani Sarkar and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Number of oil tankers waiting at Bosphorus rises by five - Turkish agency
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 8 (Reuters) - The number of oil tankers waiting in the Black Sea to cross Istanbul's Bosphorus strait on the way to the Mediterranean rose by five to 16 on Thursday, a shipping agency said, amid talks between Western and Turkish officials on steps to resolve the tanker queues there. A British Treasury official has said those talks were happening after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. But a separate Turkish measure in force since the start of the month has caused a logjam, requiring vessels to provide proof they have insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports. The Tribeca shipping agency named five new tankers longer than 200 metres waiting north of the Bosphorus strait to cross southbound towards the Mediterranean Sea, in addition to the 11 named a day earlier. At the Dardanelles strait further south, nine tankers were waiting to cross southbound, down from 12 a day earlier, the agency said.

[1/2] Oil product tanker Lila Fujairah sails in the Bosphorus, on its way to the Mediterranean Sea, in Istanbul, Turkey December 6, 2022. REUTERS/Yoruk IsikCompanies Ingosstrakh SPAO FollowLONDON, Dec 7 (Reuters) - Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. "The UK, U.S. and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the Oil Price Cap and reach a resolution," the official told Reuters. At least 20 oil tankers continue to face delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to the Turkish rules. "The (insurers) have agreed that they cannot and should not issue such a letter," UK P&I said in a statement on its website.

☆ U.S. tells Turkey no need for additional checks on oil tankers
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] U.S. Treasury Department Deputy Secretary Wally Adeyemo attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermidWASHINGTON, Dec 7 (Reuters) - U.S. Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Foreign Minister Sedat Onal in a call on Wednesday that the price cap on Russian oil does not necessitate additional checks on ships passing through Turkish territorial waters, the U.S. Treasury Department said. A Turkish measure in force since the start of the month has caused a logjam by requiring vessels to provide proof they have insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports. Reporting by Eric BeechOur Standards: The Thomson Reuters Trust Principles.

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