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US Treasury Secretary Yellen to visit India to attend G20 finance meet, Vietnam for bilateral talks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

US Treasury Secretary Janet Yellen will visit India this week to attend G20 meetings which she will use to continue pushing for reforms at the multilateral development banks and for moves to accelerate sluggish progress on debt restructuring processes for low-income countries, according to Reuters.

US Treasury Secretary Janet Yellen will travel this week to India for meetings with Group of 20 finance officials and Indian officials, and then on to Vietnam for bilateral talks, the Treasury Department said on Thursday.

Yellen, who returned to Washington on Sunday after a visit to China, will use the G20 meetings to continue pushing for reforms at the multilateral development banks and for moves to accelerate sluggish progress on debt restructuring processes for low-income countries, a senior Treasury official said.

The official noted that Western leaders estimated that multilateral development banks could unlock $200 billion in extra lending firepower over the next decade through measures that were already under way, or under deliberation.

Treasury hoped the World Bank could create a mechanism to provide more resources for countries tackling global challenges such as climate change, and would like the World Bank to explore options for lending to sub- and super-sovereign actors, not just national governments.

Yellen would also urge all official bilateral creditors, including China, to speed up slow-moving debt restructuring efforts. Recent movement on Zambia’s debt was encouraging, but other cases needed to move faster, the official said.

Treasury was pushing for publication of a user manual for borrowing countries aimed at increasing the efficiency of the overall debt restructuring process, the official added.

The US Treasury secretary, who has focused heavily on “friend-shoring” – taking steps to build more resilient supply chains through expanded ties with trusted partners – will hold bilateral talks in India and Vietnam, Treasury said.

Throughout the July 13-21 trip, Yellen would emphasize the need for countries to have diverse, resilient supply chains, although that was not a message “specifically targeted at China,” and it did not reflect any plans by the US to decouple from the Chinese economy, the official said.

“If you’re talking about diversifying…. your supply chain, you’re basically saying I don’t want 100% dependence on critical components anywhere in the world. That’s not specifically targeted at China,” the official said.

Yellen raised concerns with Chinese officials during her visit about what she called punitive actions against US firms and China’s recent move to restrict exports of gallium and germanium, two critical minerals used to make semiconductors.

That move was “perhaps the clearest example one can have of why we talk about building diversified and secure supply chains,” the official said, adding US officials were still trying to understand exactly how that action would be put in place.

Yellen would also work with Vietnamese officials on US concerns about Vietnam’s currency practices, the official said, lauding Vietnam’s “constructive dialogue” on the issues.

“Secretary Yellen will highlight this progress during her visit to Vietnam as one example of how our countries can work together to address challenges and help enhance Vietnam’s financial and macroeconomic resilience,” Treasury said.

Yellen would hold a news conference on July 16, ahead of the G20 meeting, as well as bilateral meetings with officials from India and the European Union, Treasury said.

In Vietnam, she will meet with Vietnamese finance officials and central bankers, as well as the economic commissioner from the Vietnamese Communist party, Treasury said.

She will also participate in a lunch with women economists, following on similar meetings she has held in Japan, South Korea and China, and take part in a female leadership conference hosted by Foreign Trade University, Treasury said.

ALSO READ: Janet Yellen says US, China should jointly tackle climate-change issue

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Silicon Valley Bank collapse: US Treasury monitoring a ‘few banks very carefully’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

US Treasury Secretary Janet Yellen said that she was monitoring the recent developments at SVB closely and the Treasury Department is keeping a close look at a few banks.  

US regulators shut down Silicon Valley Bank (SVB) on Friday and took control of its deposits after the high-tech lender’s share price nosedived. Just hours before the sudden collapse of the Silicon Valley Bank, the biggest bank failure in the US since the 2007-2008 Global Financial Crisis, US Treasury Secretary Janet Yellen said that the Treasury Department is keeping a close look at a few banks.

Speaking at the US House Ways and Means Committee hearing on Friday morning, Yellen said that she was monitoring the recent developments at SVB closely. The bank had been scrambling to raise fresh capital after it suffered massive losses. The company had reported a $1.8 billion loss after it had to sell treasury bonds, which have bled in value due to rapidly increasing interest rates, to meet its deposit obligations.

ALSO READ | Regulators shut down Silicon Valley Bank, FDIC steps in to protect depositors

The resulting loss started a stock sell-off that saw the bank’s shares plummet by 69 percent in pre-market trading before trading was halted, which further triggered widespread customer withdrawals. SVB had been looking to raise $2.25 billion by issuing fresh shares in order to meet its capital requirement positions.

“There are recent developments that concern a few banks that I’m monitoring very carefully. And when banks experience financial losses, it is and should be a matter of concern,” Yellen, who is the US equivalent of a Finance Minister, said at the hearing.

ALSO READ | What happened at the Silicon Valley Bank and why does it matter?

White House Economic Adviser Bharat Ramamurti, echoed the sentiments of Yeller and said that the Treasury Department was carefully monitoring the SVB situation. “I don’t want to say more than that right now, but I want to assure the viewers that this is something we are on top of,” he told CNBC.

However, SVB’s scramble for funds proved to be unsuccessful as the bank was closed down by California regulators before being put into receivership of the US Federal Deposit Insurance Corporation. The FDIC will now be liquidating the bank’s assets in order to pay back depositors of the bank.

ALSO READ | Silicon Valley Bank fallout decimates Sweden’s largest pension fund’s stake by 54%

The federal body has said that the bank’s offices will open on Monday with all insured depositors able to withdraw funds at the same time. But with only 11 percent of the bank’s $175 billion in deposits being insured at the end of 2022, according to the FDIC, it is not yet known how much can be recovered for the other customers.

The most optimistic outcome will see the FDIC find another bank willing to merge with FDIC that will be able to meet the folded institutions’ obligation deposits. This will allow uninsured depositors to also have access to their funds. But even as the FDIC prepares to reopen the bank on Monday, no merger deal is on the cards yet, reported Reuters.

ALSO READThe crypto crash was inevitable and necessary for the idealists to come of age

Despite the collapse, Yellen, who met officials from the Federal Reserve, the FDIC, and the Office of the Comptroller of the Currency, expressed confidence in the US financial system to respond to the bank’s failure. “Secretary Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remains resilient and regulators have effective tools to address this type of event,” a statement from the Treasury Department read

“Our banking system is far more resilient than it was in 2008. We’ve learned a lot. We’ve got better tools,” added Cecilia Rouse, Chair of the Council of Economic Advisers to the White House.

SVB is a major lender which has supported numerous ventures. Its collapse has sparked fear in the start-up world as many on Twitter feared it to be a “Lehman moment for the start-up world.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US Treasury Secretary Janet Yellen to visit India next week for G20, central bank governors’ meetings

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Janet Yellen’s schedule of events will begin on Feb. 23, where she plans to give a speech about the state of the economy as the US and its allies assist Ukraine in defending itself against the invasion, according to the Treasury Department.

US Treasury Secretary Janet Yellen will travel to India next week to participate in the G20 Finance Ministers and Central Bank Governors Ministerial meetings in Bengaluru, during which her priority will be the war in Ukraine and addressing the challenges for building a stronger, more resilient, and global economy.

“In these engagements, Yellen will join with allies in holding Russia accountable for its illegal invasion of Ukraine, and partner with countries to mitigate the spillover effects of the war. Yellen will also engage with partners to address challenges and build a stronger, more resilient, global economy,” the Department of Treasury said in a statement on Friday.

Janet Yellen will hold bilateral meetings with Union Finance Minister Nirmala Sitharaman and United Kingdom Chancellor of the Exchequer Jeremy Hunt.

Yellen’s schedule of events will begin on Feb. 23, where she plans to give a speech about the state of the economy as the US and its allies assist Ukraine in defending itself against the invasion, according to the Treasury Department. She will also talk about bolstering public digital infrastructure and reforming the multilateral development banks, including the International Monetary Fund and World Bank, to make their investment requirements more climate-focused.

This will be the first finance ministers’ meeting since India officially became chair of the Group of 20 leading economies in December. The Indian government has put climate issues at the top of the group’s priorities.

A senior Treasury official who spoke on the condition of anonymity to preview the secretary’s travel plans said Yellen also intends to ask member countries to reduce emissions and will raise funds for climate finance projects to invest in developing countries’ infrastructure, agriculture, and renewable sources of energy.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Recession in the US is not “inevitable”, says Treasury Secretary Janet Yellen

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

US Treasury Secretary Janet Yellen’s statement comes just a few days after the US Federal Reserve hiked interest rates by 75 basis points

The US Treasury Secretary Janet Yellen on Sunday said that recession in the United States is not “inevitable”, news agency AFP reported.

Her statement comes just a few days after the US Federal Reserve had hiked interest rates, which raised fears of an economic contraction.

She said she expects the economy to slow, but she doesn’t think a recession is at all inevitable.

Last week, the US Federal Reserve raised interest rates by 75 basis points or 0.75 percentage points, the biggest hike in 28 years, to stem a surge in inflation, and flagged a slowing economy.

At a news conference following the rate rise, Fed Chairman Jerome Powell had said either a 50- or 75-basis-point rate increase at its next policy meeting in July seemed most likely, and that the economy is strong enough to handle tighter policy.

“It could ease back to the low-104s near term, before the uptrend resumes. Powell outlined a resolute path for taking Fed Funds to just shy of 4 percent by 2023, surely keeping risky assets unsettled for an extended period… the index can make a run at 107 in Q3.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Janet Yellen to host India US Economic and Financial Partnership meeting on Thursday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

US Treasury Secretary Janet Yellen will host the next round of India Economic and Financial Partnership (EFP) meet with her Indian counterpart Union Finance Minister Nirmala Sitharaman here on Thursday. Yellen will host the meeting on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, an official announcement said …

US Treasury Secretary Janet Yellen will host the next round of India Economic and Financial Partnership (EFP) meet with her Indian counterpart Union Finance Minister Nirmala Sitharaman here on Thursday. Yellen will host the meeting on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, an official announcement said Tuesday.

Sitharaman is currently on nearly a week-long trip to the US. This meeting builds on the recent momentum in the US-India relationship and will address a range of critical issues, including economic recovery from the global pandemic, climate finance, multilateral priorities, financial regulation, and AML/CFT, the Department of Treasury said.

Yellen, the treasury said, on October 14 will host the eighth meeting of the US-India Economic and Financial Partnership with Chair of the Board of Governors of the Federal Reserve System Jerome Powell, Finance Minister Nirmala Sitharaman of India and Governor Shantikanta Das of the Reserve Bank of India. On Wednesday, the finance minister is scheduled to attend meetings of G-20 and interact with investors at a round table hosted by US India Business Council and CII.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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FM Nirmala Sitharaman, US Treasury Secretary Janet Yellen discuss global minimum tax

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Union Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet L Yellen spoke over the phone on Tuesday and discussed global minimum tax.

Union Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet L Yellen spoke over the phone on Tuesday and discussed global minimum tax. “Yellen discussed that the US and India have a shared interest in implementing a robust global minimum tax, said the Department of Treasury.

During the call, Yellen stressed the importance of partnership with India in the G20 and OECD to seize a once-in-a-generation opportunity to remake the international tax system to help the global economy thrive, the treasury said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US Treasury Secretary Janet Yellen holds virtual meeting with China’s vice premier

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

During the meeting, Yellen discussed the Biden-Harris Administration’s plans to support a continued strong economic recovery and the importance of cooperating on areas that are in US interests while at the same time ”frankly” tackling issues of concern, said the readout.

US Treasury Secretary Janet Yellen on Wednesday held a virtual meeting with China’s Vice Premier Liu He, discussing plans for economic recovery and ”frankly” tackling issues of concern, according to a readout issued here. Yellen noted that she looks forward to future discussions with Vice Premier Liu, the Department of Treasury said.

During the meeting, Yellen discussed the Biden-Harris Administration’s plans to support a continued strong economic recovery and the importance of cooperating on areas that are in US interests while at the same time ”frankly” tackling issues of concern, said the readout. Meanwhile, over 200 Republican lawmakers wrote to US House of Representatives Speaker Nancy Pelosi, urging her to hold the Chinese Communist Party (CPP) accountable for its role in causing the COVID-19 pandemic.

We request that you instruct the appropriate Democrat committee chairs to immediately join Republican calls to hold the Chinese Communist Party (CCP) accountable for its role in causing the global COVID-19 pandemic. There is mounting evidence the pandemic started in a Chinese lab and the CCP covered it up. If that is the case, the CCP is responsible for the deaths of almost 600,000 Americans and millions more worldwide, the lawmakers said.

These questions about the CCP’s liability are not a diversion as you falsely claimed. On the contrary, every American family that lost someone deserves answers about the origin of this terrible virus and House Democrats’ ongoing refusal to allocate investigative resources to get those answers is an affront to them, wrote the Republican lawmakers. Congresswoman Vicky Hartzler, a Commissioner of the Congressional-Executive Commission on China (CECC) and a senior member of the House Armed Services Committee, in a video message said that the growing threat of China is much larger than many Americans realise, warranting the need for American leaders to stand up, speak out and educate the public on the extent of dangers.

In a separate move, Senator Steve Daines introduced a Senate resolution stating any treaty that limits the United States’ ballistic missile arsenal must impose the same limits on both Russia and China and it must be subject to consent from the US Senate. ”Since the United States first entered the INF treaty with Russia, China has been developing and building an arsenal of ballistic missiles,” Daines said. ”Any treaty moving forward must hold both Russia and China to the same standards, and it must be approved by the Senate according to the Constitution,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Janet Yellen says she sees no inflation problem after rate hike comments roil Wall Street

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Later on Tuesday, Yellen told a Wall Street Journal CEO Council event that she does not anticipate that inflation would be a problem for the US economy and that any price increases would be transitory because of supply chain shortages and the rebound in oil prices to pre-pandemic levels.

US Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Biden’s spending plans boost growth. The initial comments made by Yellen, a former Federal Reserve chair, deepened a sell-off in tech stocks and pushed longer-dated Treasury yields higher.

”It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat, even though the additional spending is relatively small relative to the size of the economy,” Yellen said in taped remarks to a virtual event put on by The Atlantic.

”It could cause some very modest increases in interest rates to get that reallocation, but these are investments our economy needs to be competitive and to be productive (and) I think that our economy will grow faster because of them.”

Later on Tuesday, Yellen told a Wall Street Journal CEO Council event that she does not anticipate that inflation would be a problem for the US economy and that any price increases would be transitory because of supply chain shortages and the rebound in oil prices to pre-pandemic levels.

Asked directly about her remarks on rates, Yellen said she was neither predicting nor recommending a rate rise.

”If anybody appreciates the independence of the Fed, I think that person is me,” Yellen said. ”I don’t think there’s going to be an inflationary problem. But if there is the Fed will be counted on to address them,” she added.

Treasury bond yields have risen sharply this year, especially in the first quarter, on growing expectations for an economic recovery from the coronavirus recession.

”I don’t think it was meant to be an impactful statement that yields will have to rise now,” TD Securities interest rate strategist Gennadiy Goldberg, said of Yellen’s initial remarks. The yield on the benchmark 10-year Treasury note was 1.58 percent on Tuesday.

Fed officials, including Chair Jerome Powell, have said the move reflects confidence in the economy rather than expectations the central bank would start dialing back ultra-accommodative policy. Powell has said repeatedly the Fed is nowhere close to beginning that process.

Yellen said during The Atlantic event the main goal of Biden’s programs is to help reverse decades of widening economic inequality. The programs, which include stepped-up spending on infrastructure, childcare and education, will make a ”big difference” to inequality, Yellen said.

Republicans have criticized the proposed tax increases Biden expects to use to pay for his proposals, but Yellen said the effect of a change in tax rates is ”much less powerful in influencing growth in either direction,” adding that her aim is to make sure government deficits ”stay small and manageable.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Yellen pledges US international cooperation, calls for global minimum tax

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

A global minimum tax proposed by the Biden administration could help to end a ”thirty-year race to the bottom on corporate tax rates,” Yellen told an online event hosted by the Chicago Council on Global Affairs.

US Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate and pledged that restoring US multilateral leadership would strengthen the global economy and advance US interests.

In a speech ahead of her first International Monetary Fund and World Bank Spring Meetings as Treasury chief, Yellen signaled stronger US engagement on issues from climate change to human rights to tax base erosion.

A global minimum tax proposed by the Biden administration could help to end a ”thirty-year race to the bottom on corporate tax rates,” Yellen told an online event hosted by the Chicago Council on Global Affairs.

The proposal is a key pillar of President Joe Biden’s USD 2 trillion infrastructure spending plan, which calls for an increase in the US corporate tax rate to 28 percent while eliminating some deductions associated with overseas profits.

Without a global minimum, the United States would again have higher rates than a number of other major economies, tax experts say, while the US proposal could help jump-start negotiations for a tax deal among major economies.

World Bank President David Malpass said finance leaders from the Group of 20 major economies on Wednesday would discuss global tax issues, including for digital services, adding that international attitudes were shifting away from continual tax reductions. ”Taxes matter to development, and it’s important that the world get it right,” Malpass told CNBC television.

Separately, a group of Democratic senators unveiled a legislative proposal to roll back parts of former President Donald Trump’s 2017 US tax cuts.

NEW ATTITUDE

Yellen also said she would use the IMF and World Bank meetings this week to advance discussions on climate change, improve vaccine access for poor countries and push countries to do more to support a strong global recovery from the coronavirus pandemic.

”We will fare better if we work together and support each other,” Yellen said.
Her more cooperative approach marks a sharp contrast to the ’America First’ approach of her Trump administration predecessor, Steven Mnuchin. She has backed a USD 650 billion increase in IMF monetary reserves that Mnuchin opposed last year, and said she will work with international institutions and partners on carbon emission reduction targets.

Mnuchin had routinely opposed any climate change references in G20 and other communiques issued from large multilateral gatherings.

Yellen also has dropped a key Mnuchin demand from international tax negotiations – a provision that would allow large US technology companies to opt out of any new rules on taxation of digital services.

PRESSURE ON TAX HAVENS

The new Treasury chief said it was important to ”end the pressures of tax competition” and make sure governments ”have stable tax systems that raise sufficient revenues in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”

Separately, a US Treasury official told reporters that it was important to have the world’s major economies on board with a global minimum tax to make it effective, but did not say how many countries were needed for this.

The official said the United States would use its own tax legislation to prevent companies from shifting profits or residency to tax haven countries and would encourage other major economies to do the same.

The Biden plan proposes a 21 percent minimum corporate tax rate, coupled with eliminating exemptions on income from countries that do not enact a minimum tax. The administration says the plan will discourage the shifting of jobs and profits overseas.

Yellen said in her remarks that while advanced economies had successfully supported their economies through the COVID-19 pandemic, it was too early to declare victory, and more support was needed for low-income countries to gain access to vaccines.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?