It takes a foreign investor to cheer up the doom-laden Americans
A t the junk bond king Michael Milken's annual jamboree in Beverly Hills this week, the mood among billionaires and chief executives is sombre.
In ballrooms at the Beverly Hilton, asset managers, bankers and investors listening to doyens of Wall Street give their take on the investment climate heard Henry Kravis, co-founder of KKR, warn how the uncertainty caused by trade policy was causing investors to sit on their hands.
In a conference interview, Marc Rowan, chief executive of Apollo Global Management, said: 'We have done damage to the US brand — the brand for stability, predictability, regularity. I see us moving from what was hyper-exceptionalism to merely exceptional.'
The most optimistic chief executives are hoping that US leadership in technological advances around AI and quantum
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BBC News
11 minutes ago
- BBC News
CBEX resume back wit investors money for dia account but no withdrawal
Months afta CBEX bin crash, many investors don begin see dia balance for dia CBEX account but as di money don appear dem no fit withdraw am. Di platform claim say investors go need deposit $200 to withdraw funds above $1,000 while funds below $1,000 investors go need deposit $100. Checks from BBC Pidgin show say di platform ask investors make dem login into dia account do dem go fit reclaim dia money. One of di victim inform BBC Pidgin say im dey see im money but e no fit withdraw am back as cash. E tok say investors account don dey active but e dey impossible for dem to withdraw dia money. Di Economic and Financial Crimes Commission bin don announce say dem arrest some suspects in connection wit di scheme, while dem assure di victims say dem still dey conduct investigation. Inside one interview, Ola Olukoyede, Chairman of di Economic and Financial Crimes Commission, tok say dem don investigate 58 pyramid scheme. "We don go far on CBEX but we need make pipo know say e dey appeal to di greed of di pipo make Nigerians dey careful becos any business wey tok say e go give pipo double your money in three months run comot from am," e tok. For April, many Nigerians bin lose dia money to CBEX afta di platform bin promise dem say dem go get 100 percent return on dia investment. Tori be say na ova 1.3 trillion naira ($809,000) CBEX sweep comot from investors accounts, afta dem suddenly stop dia operations and investors no get access into dia accounts again. So far, EFCC don declare some of di operators of CBEX wanted for Nigeria and di commission tok say dem don recover some money back. How to avoid falling for CBEX trick again As di platform don restore dia app, dem want new investors and dem want make old investors put money back into di ponzi scheme. According to Federal Bureau of Investigation report e advise pipo make dem no rush into any investment scheme, make dem do dia findings bifor dem put dia money becos Ponzi Scheme dey always want di money of new investors to pay new investors. FBI tell pipo say na just make believe say di investment dey safe na why dem dey show pipo dia account balance but na trick to lure money pipo into investment. Di agency advise say make pipo ensure say dem get unbiased third party financial adviser bifor dem go invest dia money. FBI tell dem make dem inform di state security regulators so dem go fit conduct dia investigation to check if di investment platform dey genuine or e just wan trick pipo out of dia money.
The Guardian
29 minutes ago
- The Guardian
UK officials hopeful that US will start lifting car tariffs this week
UK officials are hopeful the US will begin lifting tariffs on British cars as soon as this week after the British trade secretary meets his US counterpart in London. Jonathan Reynolds is due to meet Howard Lutnick, the US commerce secretary, on Tuesday evening to discuss the deal to lower US tariffs on cars, steel and aluminium. Downing Street is hopeful that the implementation of the deal will begin this week, according to two people with knowledge of the discussions. The aim is to secure a proclamation from Donald Trump this week that would kickstart its implementation, a government official with knowledge of the process said. The US commerce department would then be tasked with enforcing the tariff reductions on UK goods. Officials expect tariffs on British cars to be reduced first because the process is less complex than with aluminium and steel, according to the two people briefed on progress in the talks. Trump and Keir Starmer announced a 'historic' trade agreement last month that promised relief for key British industries affected by US import taxes. Trump agreed to reduce his 25% aluminium and steel tariffs to zero and slash his 25% tariff to 10% for up to 100,000 British cars a year. Two weeks ago Trump doubled US tariffs on steel and aluminium to 50% but said the UK would stay at the 25% rate until 9 July, pending enforcement of the deal and assuming that the British government 'complies with relevant aspects'. Ministers and negotiators are now racing to thrash out the details before that deadline. A trade department source stressed that the government could not predict the actions of the US administration. The UK is the only country so far that has struck an agreement with the US, though businesses have yet to feel its benefits. Starmer told MPs last Wednesday that he hoped the agreement with the US could come into effect 'in just a couple of weeks'. Cars are the UK's biggest export to the US, worth about £9bn last year. The value of the UK's steel and aluminium exports is much smaller, at about £700m a year, but the US is an important market for them. Sign up to First Thing Our US morning briefing breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion One of the remaining questions for British ministers is how the quota of 100,000 cars will be allocated. Options include a free-for-all system until the quota is met, splitting it into 25,000 car exports a quarter, or earmarking a certain number of exports for small and medium-sized manufacturers. One issue the US government is concerned about is steel from other countries being processed in the UK and then exported to the US at a 0% tariff. This has triggered fears that the deal could end up excluding the UK's biggest steelmaker, Indian-owned Tata Steel, because of the origin of some of its products. Lutnick is in London for trade talks with China that aim to resolve mounting tensions between the world's two largest economies. Washington and Beijing agreed a temporary truce over tariffs last month but each country has since accused the other of breaching the deal.
The Independent
32 minutes ago
- The Independent
Why isn't there much buzz for the Club World Cup?
The United States is preparing to host the FIFA Club World Cup, but concerns about international travel, fan safety, and economic uncertainty are threatening enthusiasm for the tournament. The Club World Cup will bring 32 professional club teams to 11 U.S. cities with a $1 billion prize pool, but is facing a lack of buzz and slow ticket sales. The U.S. Travel Association has urged the Trump administration to improve visa processing and customs wait times ahead of the Club World Cup, Ryder Cup, next summer's World Cup, and the 2028 Los Angeles Olympics. Secretary of State Marco Rubio has suggested longer shifts for consular staff and the use of artificial intelligence to process visas. A ban on travelers from multiple countries has raised concerns, despite an exemption for athletes and their immediate relatives, spurring worries over safety.
