Japan's Kato Says Domestic Reform the Best Way to Fix Imbalances
'Japan said that tariffs aren't really the right tool to fix excessive current accounts imbalances,' Kato told reporters Thursday. US Treasury Secretary Scott Bessent did not attend the gathering.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Axios
21 minutes ago
- Axios
Social Security recipients set to face an $18,000 benefit cut in just seven years
Retirees are facing the prospect of substantial Social Security cuts in just seven years, sooner than projected, due to the "big, beautiful bill," per an analysis out Thursday from the Committee for a Responsible Federal Budget. Why it matters: If policymakers don't stop this from happening, it would at least double the poverty rate of America's seniors, per several estimates. By the numbers: The new analysis projects a 24% cut to benefits by late 2032. That's equal to an $18,000 annual benefit cut for a dual-earning couple who both retire in 2033. They also might experience reduced healthcare access, per the analysis, due to an 11% cut in Medicare hospital payments. The percentages would grow over time, as the population ages and fewer young Americans are paying into the system. How it works: The trust fund is effectively the money the federal government takes in from Social Security taxes. For decades, the system took in more in taxes than it paid out, the Treasury department then invested the surplus. In 2021, it started tapping reserves to keep paying benefits. Once the reserves are depleted, benefits would be "pay-as-you-go," paying out money as taxes come in. That the trust fund would be depleted in the 2030s has long been known. Zoom in: The tax cuts in the big bill and the increase in the deduction for seniors, specifically, would reduce Social Security's incoming tax revenue — and speed up depletion by about a year, per the CRFB. The big picture: Social Security is arguably the most popular government benefit — most Americans either receive benefits or know someone who does — the vast majority of Americans believe in its importance, according to recent polling. The bottom line: Most policy wonks and Social Security advocates believe that it's highly unlikely that Congress would sit back and watch benefits get cut like this.
Bloomberg
22 minutes ago
- Bloomberg
H1 2025 APAC syndicated loans market overview
Greater China Greater China syndicated loans issuances concluded at USD 82.9 billion in H1 2025, marking a 34.5% decrease in volume year-on-year. Borrowers are cautious in raising funds, with over half of the loans issued went into supporting refinancing efforts, sitting at 55% of the total volume. Meanwhile, project finance and general corporate purposes came in at 14% and 12%, respectively. As for capital-related expenditures, the spending momentum did not sustain from last year, issuances fell sixfold. In terms of currencies, HKD gained the spotlight, with 34.8% of Greater China loans volume denominated in HKD. Worth noting, there was also an increase in the popularity of issuing in Euros in H1 2025. Especially in the Offshore China Loans market, the popularity of Euro-denominated loans accounted for around 40% of the volume. The largest deal signed in H1 2024 was issued by Fengmiao Wind Power with SMBC as the green loan coordinator. It was signed with a dual-currency TWD-EUR in a 9-tranche structure, totaling TWD 102.9 billion (USD 3.9 billion equivalent). The deal was also considered the second largest APAC ex-Japan Green UoP deal in H1 2025. Syndicated borrowing amongst ASEAN borrowers in H1 2025 were not in line with the trend of dropping volume across the broader APAC ex-Japan region, marking an increase of 25.3% year-on-year, totaling USD 42.9 billion. ASEAN Borrower loans were primarily issued for general corporate purposes (24%) and refinancing (23%), while issuance for real estate and sustainable purposes rose to 16% and 9%, respectively. The share of refinancing has declined, reflecting a growing focus on ESG, long-term infrastructure, and development financing. The share of USD-denominated loans to ASEAN borrowers has dropped from 48% to 27.5% year-on-year, as borrowers increasingly diversify into other currencies like SGD, which now leads at 43.5%. This shift is largely driven by the weakening of the U.S. dollar—spurred by recent U.S. tariff policies and evolving global monetary dynamics—making USD borrowing less attractive. The largest ASEAN loan signed in H1 was to Marina Bay Sands integrated resort for SGD 12.0 billion (USD 9.4 billion equivalent). It is to finance the expansion of the Marina Bay Sands Resort, including the construction of a new fourth tower. It is signed with a 3-tranche structure with over 26 banks participating in the deal. Among the mandated lead arranging banks, United Overseas Bank claimed the top spot, followed by DBS and Oversea-Chinese Banking Corp, with market shares of 8.73%, 8.0%, and 7.94%, respectively. Among the bookrunners, United Overseas Bank ranked top, followed closely by BDO Union Bank, and DBS, making up market shares of 10.59%, 9.84% and 8.32%.
CNN
22 minutes ago
- CNN
What to expect from DOJ meeting with Ghislaine Maxwell
What to expect from DOJ meeting with Ghislaine Maxwell Deputy Attorney General Todd Blanche is meeting with Jeffrey Epstein accomplice Ghislaine Maxwell in Tallahassee, Florida, two people familiar with the meeting tell CNN. Senior Justice Correspondent Evan Perez explains what to expect from the unusual meeting. 01:43 - Source: CNN 'South Park' skewers Trump after signing new Paramount deal In their first episode of the season, the creators of "South Park" mocked President Donald Trump and Paramount after they just signed a new $1.5 billion contract. Paramount is looking to merge with Skydance Media and needs the Trump-influenced FCC to approve the deal. 01:24 - Source: CNN Erin Burnett on the significance of Trump knowing he's in the Epstein files CNN's Erin Burnett explains how reports that President Trump was briefed that he is named in the Epstein files shine a light on his recent denials of that exact claim. 02:13 - Source: CNN Judge declines to release Epstein grand jury documents A Florida federal judge declined to release additional grand jury documents from the criminal investigation into Jeffrey Epstein, marking the first roadblock in the Justice Department's efforts to quell the public backlash over the handling of the case. CNN's Evan Perez reports. 02:43 - Source: CNN Kaitlan Collins asks Tulsi Gabbard if she's targeting Obama to improve her standing with Trump 00:51 - Source: CNN Trump announces US-Japan trade deal President Donald Trump announced a long-awaited trade agreement with Japan on Tuesday night, a framework between the allies and major trading partners that appeared elusive just weeks ago. CNN's Kristie Lu Stout breaks down what's in the deal. 00:46 - Source: CNN What's behind White House attacks on the Fed Chair? White House advisers are ramping up attacks on Federal Reserve Chair Jerome Powell. CNN's Phil Mattingly explains why the Trump Administration could make Powell's life miserable, even as the President says he has no plan to fire him. 02:09 - Source: CNN Johnson shuts door on House vote before Sept. to release Epstein files Speaker Mike Johnson said he does not plan to allow votes on any measures related to the Jeffrey Epstein case before September, despite intense pressure from some of his own GOP members. 01:10 - Source: CNN Jon Stewart slams CBS for canceling 'Late Show' "The Daily Show" host Jon Stewart slammed CBS during his first broadcast since Stephen Colbert announced "The Late Show" would not return beyond May 2026. Some critics alleged the cancellation of Colbert's show is an effort to smooth the parent company's desired merger with Skydance Media. CBS cited financial reasons for discontinuing the show. 01:49 - Source: CNN Epstein accuser recounts Trump's late-night visit to Epstein's office Jeffrey Epstein accuser Maria Farmer talks to CNN's Erin Burnett about an interaction she had with President Donald Trump and Jeffrey Epstein when she was 25. The White House denies that President Trump visited Jeffrey Epstein's office 03:44 - Source: CNN Will Commanders' billionaire owners give in to Trump? President Donald Trump has threatened to restrict a stadium deal with the NFL's Washington Commanders if they don't change the team name back to 'Redskins.' CNN Contributor and Prime Video host of "The Cari Champion Show" Cari Champion says she has 'a hard time believing' the owners will capitulate. 02:10 - Source: CNN An inside look at one of the most coveted offices in the US Capitol Sen. Chris Coons (D-Delaware) gives CNN's Dana Bash a tour of his office once occupied by the late Senator John McCain, as well as a "hideaway" that offers an impressive view and backdrop for bipartisan discussions both senators are known for. 02:17 - Source: CNN Harvard takes on Trump administration in court Harvard University was back in court for a hearing in its funding fight case against the Trump administration, who froze more than $2 billion in federal funding for research this Spring. Harvard lawyer Steven Lehotsky argued the government is in 'blatant and unrepentant violation' of the First Amendment, as well as Title VI of the Civil Rights Act. CNN's Betsy Klein reports. 01:51 - Source: CNN Democrats walk out before vote for controversial Trump nominee Senate Judiciary Committee Republicans voted on Thursday to advance the nomination of Emil Bove, President Donald Trump's former personal attorney, to a federal judgeship, over the loud protests of Democrats. 01:42 - Source: CNN Trump's 'Manosphere' problems Influential podcasters with large audiences of millennial and Gen Z men helped propel President Donald Trump to victory in 2024. Now some of those same voices are sharing criticisms of the current administration. CNN's Steve Contorno breaks it down. 01:56 - Source: CNN Trump DOJ fires federal prosecutor in Epstein case Maurene Comey, a federal prosecutor in the case against accused sex trafficker Jeffrey Epstein and the daughter of former FBI Director James Comey, has been fired from her job in the Southern District of New York, according to people familiar with the situation. 01:56 - Source: CNN Bernie Sanders calls Trump's GOP 'cult of the individual' Sen. Bernie Sanders (I-VT) tells CNN's Anderson Cooper that Republicans developed an almost Stalinist-type devotion to President Donald Trump. 00:45 - Source: CNN This Native American senator brings Oklahoma ranch style to Washington Sen. Markwayne Mullin (R-Oklahoma) gives CNN's Dana Bash a tour of his Capitol office, which showcases his Cherokee heritage and rancher lifestyle. 02:35 - Source: CNN Ex-Trump business associate on Trump's friendship with Epstein CNN's Erin Burnett speaks with former Trump Plaza Hotel and Casino COO Jack O'Donnell about one of President Trump's previous interactions with Jeffrey Epstein. 02:27 - Source: CNN Fearing ICE crackdown, this family self-deports Fearing increased immigration enforcement, undocumented immigrant Julio Mendoza and his American wife, Sasha, made the difficult decision to self-deport to Mexico with their three children, all of whom are US Citizens. CNN's Priscilla Alvarez reports. 01:35 - Source: CNN
