DIRS.INFO The most relevant business & tech news

CNN —US federal prosecutors on Friday unsealed criminal charges against three Iranian government-linked hackers in connection with a hacking operation aimed at Donald Trump’s presidential campaign. Masoud Jalili, Seyyed Ali Aghamiri and Yasar (Yaser) Balaghi are accused of aggravated identity theft and wire fraud for their hacking efforts on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC). Separately, the US Treasury Department on Friday imposed sanctions on seven people as part of a sweeping response to Iranian efforts “to influence or interfere” in the 2020 and 2024 US presidential elections. The alleged Iranian hack threw a twist in the presidential campaign in August when multiple news outlets reported receiving emails from a pseudonymous email account peddling documents stolen from the Trump campaign. The hacking operation began in June, when the alleged IRGC-linked hackers targeted longtime Trump ally Roger Stone and used access to his email account to target campaign staff.

Persons: Donald Trump’s, Trump, Masoud Jalili, Seyyed Ali Aghamiri, Balaghi, “, JD Vance —, Hillary Clinton, Kamala Harris ’, Roger Stone, Harris Organizations: CNN, Court, District of Columbia, Islamic Revolutionary Guard Corps, US Treasury Department, Trump, Biden, FBI, The, Department, Washington Post, Fox Locations: Russia, China, Iran, Russian, Ukraine

☆ Janet Yellen didn't name Trump in her big speech, but her fears of his anti-regulation stance loomed large
▼ + stars: | 2024-09-26 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +4 min

Read previewSpeaking at the US Treasury Market Conference on Thursday, Treasury Secretary Janet Yellen referenced her predecessors — and their mistakes — often. This story is available exclusively to Business Insider subscribers. "In January 2021, I stepped into a Treasury Department whose focus on financial stability had all but disappeared," she said. "Put simply, we were without crucial tools to identify and help respond to risks to financial stability," she said. Related storiesThere's nothing indicating that a second Trump administration would bring a different attitude toward regulation than his first.

Persons: —, Janet Yellen, Donald Trump, Yellen, Trump's, Trump, Steven Mnuchin, Jon Hilsenrath, Kamala Harris Organizations: Service, US Treasury Market Conference, Business, Treasury Department, Federal Reserve, Securities, Exchange, Politico, Trump, Wall Street Locations: Basel III, mull

☆ US charges two Russians accused of running billion-dollar money laundering schemes
▼ + stars: | 2024-09-26 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +4 min

CNN first reported on the US law enforcement action. Ivanov and Shakhmametov are accused of helping run “carding” websites like Joker’s Stash that sell stolen credit and debit card information. The sites have advertised financial information stolen from tens of millions of Americans, according to US law enforcement. For years, Joker’s Stash was a dominant player in the Russian-speaking criminal underground. After US and European law enforcement agencies seized some computer servers used by Joker’s Stash, the forum said it was shutting down in 2021.

Persons: Sergey Ivanov, Timur Shakhmametov, Ivanov, Shakhmametov, Cryptex, Lisa Monaco, Volodymyr Zelensky, Joe Biden, Kamala Harris, Biden, “, Matthew Miller Organizations: CNN, Department, State Department, of, Treasury Department, Secret Service, Justice Department Locations: Russian, Eastern, cryptocurrency, Washington ,, Ukraine, Russia

☆ A millennial left his job to start a consulting business and booked $400k in revenue in the first year. He shares his advice on launching a startup.
▼ + stars: | 2024-09-23 | by ( John Towfighi | ) www.businessinsider.com time to read: +7 min

Read previewMario Vasquez Zuniga, 29, got a taste of entrepreneurship three years before he launched his own business. In 2023, Vasquez Zuniga quit his job and cofounded Collective, a consulting firm, with former colleague Thea Appling. Vasquez Zuniga is a first-generation college graduate who earned his degree from San Francisco State University in 2016. Vasquez Zuniga has another advantage: He's a native Spanish speaker, and he said nearly all of the people he works with are bilingual. Vasquez Zuniga added that setting milestones is also key for new entrepreneurs.

Persons: —, Mario Vasquez Zuniga, Vasquez Zuniga, Thea Appling, " Vasquez Zuniga, who's, undervalue, they've, hasn't Organizations: Service, Lucas Public Affairs, Business, Treasury Department, Bureau of Labor Statistics, San Francisco State University, Small Business Administration, CPA, Sacramento Valley Small Business Development Center, Immigrants Locations: Palmdale , California, Sacramento, El Salvador, Spanish

☆ Ray Dalio says the Fed faces a tough balancing act as the economy faces 'enormous amount of debt'
▼ + stars: | 2024-09-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Ray Dalio, Bridgewater Associates co-chairman and co-chief investment officer, speaks during the Skybridge Capital SALT New York 2021 conference. Brendan McDermid | ReutersAs the U.S. Federal Reserve implemented its first interest rate cut since the early Covid pandemic, billionaire investor Ray Dalio flagged that the U.S. economy still faces an "enormous amount of debt." The central bank's decision to cut the federal funds rate by 50 basis points to a range of 4.75% to 5%. On Wednesday, Dalio listed debt, money and the economic cycle as one of the top five forces influencing the global economy. The country's central bank only recently lifted interest rates in March this year.

Persons: Ray Dalio, Brendan McDermid, CNBC's, Dalio, Donald Trump, Kamala Harris Organizations: Bridgewater Associates, Reuters, U.S . Federal Reserve, Federal, U.S . Treasury Department Locations: U.S, Japan

☆ The history of the US Secret Service
▼ + stars: | 2024-09-16 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

The agency was commissioned within the Treasury Department, and the Secret Service was entirely focused on counterfeit money, a major problem of the day. Threatening presidents was not made a crime until 1917, the same year Congress approved Secret Service protection for the immediate family of a president. The Secret Service remained a part of the Treasury Department until 2003, when a massive government reorganization after the 9/11 terror attacks moved the Secret Service to the Department of Homeland Security. But the Secret Service is still tasked with fighting financial crimes. The entire Secret Service employs nearly 8,000 people for its protective and investigative missions, and it secures thousands of events each year.

Persons: Abraham Lincoln, Allan Pinkerton, Lincoln, Erik Larson, Pinkerton, Union Gen, George McClellan, McClellan, Lafayette Baker, John Frederick Parker, Parker, John Wilkes Booth, Baker, Booth, Grover Cleveland, — James Garfield, William McKinley, Leon Czolgosz, Theodore Roosevelt, Roosevelt, Robert F, Kennedy, Trump’s reemergence, Trump, CNN’s Stephen Collinson, Kamala Harris, walling, Ryan Wesley Routh, Sen, JD Vance, Trump’s, Ron DeSantis, Kimberly Cheatle Organizations: CNN, Union, of Congress, Library of Congress, Smithsonian Magazine, Ford’s Theatre, United States Secret Service, Service, Treasury Department, Congress, White, California Democratic, Department of Homeland Security, Trump, Republican, Secret Service, Republican Gov Locations: Baltimore, Lincoln, Washington, DC, Los Angeles, New York City, Pennsylvania, West Palm Beach , Florida, Alexandria, Virginia

She, like 2,000 other state residents, is awaiting approval for aid through a community advocacy program. Resumed funding for LIHEAP is dependent on an appropriations bill used to fund the government. “We had calls during our latest heat wave, and our agencies just don’t have the LIHEAP funding,” Sarensen said. Unlike those so-called entitlements, LIHEAP funding can be depleted without helping everyone who qualifies. Neither Vice President Kamala Harris nor former President Donald Trump has mentioned direct utility or weatherization aid in their campaigns for the White House.

Persons: Cathy McCorkle, she’s, ”, “, won’t, Mark Wolfe, “ There’s, Wolfe, LIHEAP, Bridget Bennett, Brian Sarensen, Sarensen, ” Sarensen, That’s, “ It’s, Stephanie Ashley, We’ve, Ashley, “ We’ve, We’re, we’re, ” “, Kamala Harris, Donald Trump, Karen Lusson Organizations: U.S, Low Income, Energy Assistance, National Energy Assistance, Association, Center for Energy, Opera, Washington, Getty Images, Commerce Department, Law, SNAP, Washington , D.C, House Republicans, White, U.S . Treasury Department, National Consumer Law Locations: Mount Holly , North Carolina, San Diego, Death Valley, Calif, Washington, Phoenix, Oregon, North Carolina, Washington ,

☆ The illegal maneuvers the rich use to get richer
▼ + stars: | 2024-09-13 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +8 min

Read previewTax evasion, insider trading, and money laundering. "There are routine categories of illicit acts that wealthy individuals often endeavor out of sheer greed," Matthew Barhoma, a Los Angeles defense attorney, told Business Insider. Insider trading is 'rampant' among some wealthy circlesAnother common unlawful method that some of the rich use to get richer is insider trading, according to the attorneys. Like insider trading, money laundering — a process used to conceal the source of illegally obtained cash — is another illicit tactic used by some wealthy individuals, according to the defense attorneys. "Having dealt a lot with people who devise these kinds of fraudulent financial transactions, I will say that many of them are absolutely brilliant," said Ressler.

Persons: —, Todd, Julie Chrisley, Chrisley, Mike, Matthew Barhoma, Barhoma, Tama Kudman, they've, Mark Ressler, he's, Uncle Sam, Kasowitz Benson Torres, it's, Kudman, Ressler Organizations: Service, Business, United States Treasury Department, Treasury Department, Defense, New Locations: —, Los Angeles, Switzerland, Cayman, New York City

☆ Interest payments on the national debt top $1 trillion as deficit swells
▼ + stars: | 2024-09-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. government for the first time has spent more than $1 trillion this year on interest payments for its $35.3 trillion national debt, the Treasury Department reported Thursday. Subtracting the interest the government earns on its investments, net interest payments have totaled $843 billion, higher than any other category except Social Security and Medicare. The jump in debt service costs came as the U.S. budget deficit surged in August, edging closer to $2 trillion for the full year. The Fed is widely expected to lower rates next week, but just by a quarter percentage point. The benchmark 10-year note last yielded about 3.7%, down more than three-quarters of a percentage point since early July.

Organizations: U.S . Treasury, Treasury Department, Federal Reserve, Social Security Locations: Washington , U.S, U.S

☆ Small business owners could be poised for a 1990s-like boom
▼ + stars: | 2024-09-11 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

This has spiked the interest rates small business owners are paying on new mortgages, credit, and loans. Related storiesPowell said that small business owners are poised to benefit regardless of the size of the cut and should remain hopeful about future growth. According to the National Federation of Independent Businesses, small business confidence dipped in August. AdvertisementHe said small businesses tend to be more credit-constrained, so changes in interest rates are particularly influential for business owners' management decisions. Are you a small business owner who has experienced a recent change in sales or hiring?

Persons: —, Phil Powell, it's, Powell, Jerome Powell, Sean Higgins, Higgins Organizations: Service, Federal Reserve, Business, Indiana Business Research Center, Indiana University Kelley School of Business, Federal Open Markets, Treasury Department, National Federation of Independent Businesses, Kellogg School of Management, Northwestern University

☆ Satellite images show the Russian cargo ship that transported ballistic missiles from Iran
▼ + stars: | 2024-09-11 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

Read previewA cargo ship suspected of transporting ballistic missiles from Iran was seen at a port in Russia last week, according to newly released satellite imagery. These short-range ballistic missiles have satellite guidance and a maximum range of around 75 miles. It's unclear exactly how many missiles Russia received, although the Treasury Department said Moscow and Tehran signed an agreement in late 2023 for the supply of hundreds of missiles. Russia received Iranian missiles, similar to the one seen here. Iran has also supplied Russia with one-way attack drones, while North Korea has given Moscow ballistic missiles and artillery.

Persons: —, John Kirby, Biden, Kirby, Pat Ryder, it's Organizations: Service, Business, US Treasury Department, Maxar Technologies, Business Insider, Ships, Technologies, Sky News, Treasury Department, Russia, White House National Security Council, West Asia News Agency, REUTERS, North, Pentagon, Air Force Locations: Iran, Russia, Ukraine, Moscow, Olya, Port Olya, Russia's Astrakhan, Amirabad, Tehran, Ukrainian, Iranian, Fath, North Korea

☆ Russian ship suspected of delivering Iranian ballistic missiles seen at Caspian Sea port
▼ + stars: | 2024-09-11 | by ( Tim Lister | Gianluca Mezzofiore | ) edition.cnn.com time to read: +5 min

CNN —A Russian cargo ship suspected of carrying Iranian ballistic missiles for Moscow’s war against Ukraine was seen at a Russian port on the Caspian Sea a week ago, satellite imagery shared with CNN shows. The ship had previously been in the Iranian port of Amirabad on August 29, according to ship tracking data. Period.”The Ukrainian Foreign Ministry summoned the Iranian charge d’affaires, Shahriar Amouzegar, this week following the reports of ballistic missiles being sent to Russia. By September 6, it had left the Russian port for another voyage. Ukrainian President Volodymyr Zelensky has frequently appealed to Kyiv’s allies for greater latitude in using Western missiles against targets inside Russia.

Persons: “, ”, Antony Blinken, Seyed Abbas Araghchi, Shahriar, Amouzegar, Blinken, Sergei Shoigu, Ababil, ” Blinken, Volodymyr Zelensky, Joe Biden, Keir Starmer, Victoria Butenko, Natasha Bertrand, Kylie Atwood Organizations: CNN, Maxar Technologies, US Treasury, Russian Ministry of Defense, Treasury, Russia, Iranian Fatah, Islamic, Ukrainian Foreign Ministry, Washington, Iran, US, Russian Defense, Islamic Revolutionary Guard Corps, Western, UK Locations: Russian, Ukraine, Olya, Port Olya, Astrakhan ., Amirabad, Iran, Russia, London, Iranian, Islamic Republic, France, Germany, Washington, Astrakhan, The, United States

☆ US imposes new sanctions on Iran’s main airline over Tehran supplying missiles to Russia
▼ + stars: | 2024-09-10 | by ( Kylie Atwood | Jennifer Hansler | ) edition.cnn.com time to read: +5 min

CNN —The United States imposed new sanctions on Iran’s main airline as three key European allies announced they will move to do the same in response to Tehran’s transfer of ballistic missiles to Russia for its war in Ukraine. Russia has now received shipments of these ballistic missiles and will likely use them within weeks in Ukraine,” Blinken said alongside his British counterpart, David Lammy. “It adds to their capacity, and it fuels the war,” Blinken said of the new Iranian missiles Russia now has. “Anyone who proves assistance to Russia … is perpetuating the war, is perpetuating the conflict,” he added. Lammy described it as the “first joint visit of this kind for well over a decade.”CNN previously reported that the shipment of the Iranian missiles had arrived in Russia.

Persons: Antony Blinken, ”, Blinken, ” “, Russia …, we’ve, ” Blinken, David Lammy, “, Lammy Organizations: CNN, Iran Air, Iran, Treasury Department, Ukraine, ” CNN Locations: United States, Russia, Ukraine, Moscow, France, United Kingdom, Germany, Iran, Europe, Tehran, North Korea, China, Kyiv

☆ What Trump and Harris’ economic proposals mean for you
▼ + stars: | 2024-09-10 | by ( Elisabeth Buchwald | Matt Egan | ) edition.cnn.com time to read: +9 min

Here’s a look at what could happen to inflation, jobs and the deficit if Trump or Harris win in November. That, among other things, would keep the top tax rate individuals pay at 37% compared to 39.6% before it went into effect. Meanwhile, the tax proposals Harris has put forth so far mostly involve imposing higher taxes, which would have a positive impact on the deficit. For instance, she’s endorsed raising the top individual income tax rate to 44.6% and the top long-term capital gains tax rate to 28% versus the current 20%. Taken together, the Penn Wharton Budget model estimates Harris’ proposals could increase the deficit by an additional $1.2 trillion by 2034.

Persons: Kamala Harris, Donald Trump, Harris, Goldman Sachs, Trump, Warwick McKibbin, Goldman, she’s, ”, Justin Wolfers, Kevin Dietsch, He’s, Elon Musk, She’s, Joshua Gotbaum Organizations: New, New York CNN, Labor Department, Trump, Peterson Institute for International Economics, Gross, University of Michigan, CNN, Federal Reserve, Treasury Department, Wharton Budget, Social Security, Penn, Wharton Budget Model, Penn Wharton Budget, Brookings Institution Locations: New York, United States, Penn

It was a stunning denouement for the self-proclaimed appointed son of God, a Filipino evangelist preacher who had millions of followers and influence at the highest levels of government but was wanted by Philippine authorities and the FBI on charges of human trafficking and sexual abuse. That changed in March, when a Philippine court ordered the arrest of Quiboloy and several other people on suspicion of child and sexual abuse and human trafficking. After he surrendered, officials said, Quiboloy was flown by military transport to Manila, the capital, and placed in police detention. After he won the presidency in 2022, Marcos set about dismantling Duterte’s power alliances, including the one with Quiboloy. Marcos said that he did not understand Duterte’s apology but that it was “her prerogative” to make it, local media reported.

Persons: God, Apollo Quiboloy, Rodrigo Duterte, Duterte’s, Ferdinand Marcos Jr, Marcos, Quiboloy, ” Marcos, of Jesus Christ, ”, “, Jean Fajardo, ” Sen, Risa Hontiveros, Benhur Abalos, Duterte, Ted Aljibe, colluding, Sara Duterte, Christ Organizations: Philippine, FBI, Philippine Department of Justice, U.S . Treasury Department, Police, Philippine Senate, Getty, U.S Locations: Philippine, Davao, U.S, of Jesus, Philippines, Torreon, Davao City, of, Manila, AFP, Hawaii

☆ The Trump policy that freaks out economists the most
▼ + stars: | 2024-09-05 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

New York CNN —Former President Donald Trump wants to spend trillions of dollars on tax cuts. “It’s enormously protectionist and terrible economic policy,” said Holtz-Eakin, who served as an economic adviser to former President George H.W. The cost of the Trump tax cutsTrump has called for extending his signature 2017 tax cuts, which expire next year if no action is taken by Congress. Trump has argued that extending the tax cuts will boost the economy, create jobs and help families. The Trump campaign has not detailed significant spending cuts or tax hikes to offset these tax cuts.

Persons: Donald Trump, Trump, Goldman Sachs, Kamala Harris, Goldman, “, ” David Kelly, Kelly, “ It’s, ”, ’ Trump, Douglas Holtz, Eakin, Holtz, George H.W, Bush, GOP Sen, John McCain, Mark Zandi, ” Zandi, Karoline Leavitt, they’ll, ” Leavitt, Trump’s, ” Harris, “ Donald Trump, ” Brian Nelson, Harris, Kimberly Clausing, Mary Lovely, ” Trump, Joe Biden, Penn, Penn Wharton, The Trump, CNN’s Katie Lobosco Organizations: New, New York CNN, Asset Management, CNN, America, New York Economic Club, American, GOP, Moody’s, Trump, Peterson Institute for International Economics, Peterson Institute, US Customs, Louis Federal Reserve, Biden, Congress, Princeton University, University of Chicago, Harvard University, US Treasury Department, Penn Wharton Model, Social Security Locations: New York, United States, China, America

☆ U.S. targets Russia over 2024 election influence operation
▼ + stars: | 2024-09-04 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

The DOJ said it was seizing 32 Internet domains "used in Russian government-directed foreign malign influence campaigns colloquially referred to as 'Doppelganger,' in violation of U.S. money laundering and criminal trademark laws." Those alleged efforts include the use of RT, the English-language media network backed by Russia, to influence U.S. opinion. The Biden administration on Wednesday announced sanctions targeting Russian government-backed efforts to manipulate American opinion leading up to the 2024 election. An unidentified Russia Today anchor prepares to go on the air in the RT TV studio in Moscow, June 8, 2018. Investigations later found that there was a coordinated effort by Russia to support his candidacy over the then-Democratic nominee, Hillary Clinton.

Persons: General Merrick Garland, Kostiantyn Kalashnikov, Elena Afanasyeva, Biden, Vladimir Putin, Merrick Garland, Margarite Simonova Simonyan, Elizaveta Yuryevna, Anton Sergeyvich Anisimov, Antony Blinken, Rossiya, Blinken, Joe Biden, Kamala Harris, Harris, Donald Trump, Trump, Hillary Clinton, RT's, RT, Clinton Organizations: Justice Department, DOJ, Department of Justice, Wednesday, RT, U.S, U.S . Treasury Department, State Department, RIA Novosti, Novosti, Sputnik, U.S . Foreign, NBC News, Democratic, Republican, White House, Investigations, NBC Locations: Washington , DC, Tennessee, Manhattan, American, Russia, Moscow, Ukraine, U.S, Russian

☆ US unveils major tranche of sanctions targeting Russia
▼ + stars: | 2024-08-23 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +2 min

CNN —The United States on Friday unveiled a massive tranche of sanctions in the latest effort to target Russia’s war machine as the war with Ukraine continues. The sanctions from the US Treasury and State Departments hit nearly 400 people and entities both in and outside Russia, including China, Switzerland, Turkey and the United Arab Emirates, according to a press release from the Treasury Department. The sanctions – unveiled ahead of Ukrainian Independence Day – specifically target those supporting the Russian supply chain and defense base, as well as those helping Moscow to evade current sanctions. They come as Ukraine has launched an audacious incursion into Russia’s Kursk region. This story is breaking and will be updated.

Persons: ‘ Organizations: CNN, US Treasury, State, United Arab Emirates, Treasury Department, –, Ukrainian, Treasury, State Department, State Atomic Energy Corporation Locations: United States, Ukraine, Russia, China, Switzerland, Turkey, Moscow, Russia’s Kursk, Russian

☆ U.S., Western nations take measured stance on Venezuela’s disputed vote
▼ + stars: | 2024-08-13 | by ( ) www.nbcnews.com time to read: +6 min

Three officials from different countries said the measured response comes as they are mindful of what happened after Maduro’s 2018 reelection. Then, the vote was quickly condemned as a sham and led to the most severe sanctions yet on the OPEC nation. In Washington, which under Republican President Donald Trump blocked Venezuela’s critical oil exports, there seems little appetite for more severe sanctions. The European Union last week said there was not enough evidence to support Maduro’s victory as announced by the CNE. Countries including China, Russia, Nicaragua and Cuba have recognized Maduro’s victory and offered him support.

Persons: Nicolás Maduro, Edmundo González, Jose Manuel Albares, Maduro’s, Donald Trump, Biden, Maria Corina Machado, Gonzalez, ”, Vedant Patel, Maduro, Elvis Amoroso, Kamala Harris, “, ’, Machado Organizations: Electoral Council, Maduro, United Nations, EU, Republican, Democratic U.S, Venezuela’s, U.S ., . State Department, . Washington, U.S, U.S . Treasury Department, State Department, Reuters, American States, Electoral, International, European Union, CNE, NBC Locations: U.S, Brazil, Venezuela, Spanish, Spain, OPEC, Maduro, Washington, ., reneging, Elvis Amoroso ., Mexico, Colombia, Canada, Panama, China, Russia, Nicaragua, Cuba

☆ With ‘Cancer Moonshot’ announcement, Biden turns to causes most important to him in final months in office
▼ + stars: | 2024-08-13 | by ( Kayla Tausche | ) edition.cnn.com time to read: +8 min

On Tuesday, Biden highlighted $150 million in new research awards to eight organizations, including $23 million to Tulane University, the backdrop for the announcement. I know we can, but it’s not just personal — it’s about what’s possible,” Biden said Tuesday. And the White House will also look to ramp up its diplomatic engagement with India, an ally that has become a critical partner to the US in countering China’s aggression in the region. “We want to create a more prosperous and secure Indo-Pacific and the world,” White House press secretary Karine Jean-Pierre said. Implementation awaitsDomestically, the White House remains focused, first and foremost, on getting money out the door and shovels in the ground on Biden’s signature legislative measures.

Persons: Joe Biden’s, Beau Biden’s, Biden, “, it’s, ” Biden, Kamala Harris –, Harris, Moonshot, Beau Biden he’d, ’, you’ll, ”, –, Jeff Zients, Russia’s Vladimir Putin, Xi, Karine Jean, Pierre said, Zients, Natalie Quillian, Tom Vilsack, ” Vilsack, CNN’s Samantha Waldenberg Organizations: CNN, Tulane University, Biden, CBS News, White, US, Infrastructure Investment, Jobs, The Commerce Department, Treasury Department, Agriculture, Department of Agriculture Locations: Pennsylvania, North Carolina, United States, Brazil, India

☆ Russian banks are grappling with liquidity issues as US sanctions choke supply of yuan
▼ + stars: | 2024-08-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russian banks are running low on yuan, Bloomberg reported. AdvertisementAn intensifying supply crunch in the Chinese yuan has pressured Russians to embrace a costlier method of securing the needed currency, Bloomberg reported. With the yuan liquidity shortfall doubling, Russian firms have grown increasingly dependent on yuan swaps provided by the Bank of Russia, Bloomberg said, but borrowing the yuan this way comes at a higher rate. This hasn't stopped yuan swap activity from ballooning. But even before the fresh sanctions package took effect this summer, Chinese banks were already halting yuan payments with Russia over fears of Western repercussions.

Persons: That's, —, Bloomberg, Jake Sullivan Organizations: Bloomberg, Service, Bank of Russia, US, Treasury Department, National, Carnegie Russia Eurasia Center Locations: Moscow, Beijing, Russia, Ukraine, China

☆ The Federal Reserve Must Be Independent. Here’s Why. - The New York Times
▼ + stars: | 2024-08-13 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

On Saturday, Kamala Harris was asked to respond to Donald Trump’s suggestion that the president should have a say in the Federal Reserve’s interest rate decisions. But why should the Fed be independent? The Federal Reserve’s legal status is complicated, but there’s no fundamental constitutional principle saying that elected officials must keep their hands off the money supply. Historically, central banks like the Fed have often been treated like ordinary government agencies, and not only under autocratic regimes. Why take this particular piece of policy out of the hands of elected officials?

Persons: Kamala Harris, Donald Trump’s, “, Trump, Biden Organizations: Fed, Wall Street, Trump, Bank of England, Britain’s Treasury Department Locations: Harris

☆ U.S. Officials to Visit China for Economic Talks as Trade Tensions Rise
▼ + stars: | 2024-08-12 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

A group of senior Biden administration officials is traveling to Shanghai this week for a round of high-level meetings intended to keep the economic relationship between the United States and China on stable footing amid mounting trade tensions between the two countries. Officials are expected to discuss ways to maintain economic and financial stability, capital markets and efforts to curb the flow of fentanyl into the United States. Although communication between the United States and China has improved over the past year, the economic relationship remains fraught because of disagreements over industrial policy and China’s dominance over green energy technology. The United States is also restricting American investments in Chinese sectors that policymakers believe could threaten national security. They are expected to meet with the People’s Bank of China’s deputy governor, Xuan Changneng, and other senior Chinese officials.

Persons: Biden, Brent Neiman, Xuan Changneng Organizations: Biden, U.S ., Treasury, Federal Reserve, Securities and Exchange Commission, People’s Bank Locations: Shanghai, United States, China

☆ Trump says he should get a say on Federal Reserve interest rate decisions
▼ + stars: | 2024-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Republican presidential nominee Donald Trump on Thursday said that he should have a voice when the Federal Reserve makes its decisions on interest rates. Among the ideas being floated are forcing the Fed to consult with the president when making rate decisions. While in office from 2017 to 2021, President Trump was a fierce critic of Chair Jerome Powell, whom Trump appointed in 2018. The Fed hiked benchmark interest rates 5.25 percentage points from March 2022-July 2023 in an effort to bring down inflation. Trump generally favors lower interest rates and criticized the Fed frequently for raising in 2018.

Persons: Donald Trump, Trump, Jerome Powell, Powell, Kamala Harris, Sen, Elizabeth Warren Organizations: Republican, Federal Reserve, Wall Street, White, Treasury Department, Federal, Fed, Trump, Democrat, CNBC Locations: Lago, Palm Beach , Florida, Florida

☆ Endowment tax in focus: Here's what to know
▼ + stars: | 2024-08-08 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEndowment tax in focus: Here's what to knowCNBC's Robert Frank, Natasha Sarin, Yale Law School and Yale School of Management professor and former Treasury Department official, and William Trachman, Mountain States Legal Foundation general counsel and former Trump education department appointee, join 'Squawk Box' to discuss JD Vance's plan to tax university endowments, how much revenue the tax would raise, and more.

Persons: CNBC's Robert Frank, Natasha Sarin, William Trachman, JD Organizations: Yale Law School, Yale School of Management, Treasury Department, States Legal Foundation, Trump Locations: States

Search resuls for: "Treasury Department"

25 mentions found