Bank of America CEO on Interest Rates, Inflation, and the Economy
Brian Moynihan, CEO of Bank of America, also discussed whether the Federal Reserve may cut interest rates.
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ABC News
an hour ago
- ABC News
As Donald Trump confirms G7 attendance, Albanese sweats on confirmation of a one-on-one meeting
Anthony Albanese will pay a visit to US tech giant Amazon during a stopover to Seattle, where he will make the case for free trade and underscore the "strength of the economic relationship" between the two countries, as Australian officials scramble to secure his first face-to-face meeting with Donald Trump. Ahead of his 79th birthday, the White House has confirmed the US president will fly to the Canadian Rockies on Monday for the three-day G7 summit and while trade and security are the focus, Israel's surprise attacks on Iran have the potential to up-end the agenda. The last time Mr Trump attended a G7 summit on Canadian soil, the president himself up-ended the agenda, refusing to sign the final leaders' statement and deriding Canada's then-prime minister Justin Trudeau as "very dishonest and weak" as he flew out on Air Force One. Canada's new Prime Minister, Mark Carney, is hoping to avoid another blow up, forgoing the final communique this year in favour of "action-oriented leader statements", meaning the G7 leaders won't need to reach a consensus on a range of economic and foreign policy issues. It is on the sidelines of the diplomatic meeting, however, that Mr Albanese is seeking to meet Mr Trump in person for the first time and convince him to drop his tariffs on Australia and stay the course on the AUKUS submarine pact. The Trump administration's decision to review the agreement, at the same time as it calls on Australia to dramatically lift its defence spending, has raised the stakes for Mr Albanese to secure a meeting at the mountain resort in Kananaskis to find some common ground. The pair have spoken on the phone twice since Mr Trump's re-election but have never met in person. Potentially complicating his bid is the fact that several leaders are racing to lock-in one-on-one talks with the US president, including Ukraine's Volodymyr Zelenskyy and Mexico's Claudia Sheinbaum, as his America-first agenda causes global turmoil. At this stage, it appears Japan's Shigeru Ishiba is the only leader who has publicly confirmed a coveted bilateral meeting. To help make his case, Mr Albanese will highlight the deep Australian-US business links on Sunday by visiting Amazon's headquarters in the thriving tech hub of Seattle — a company set to announce billions more "to expand the Australian network of data centres". He will then address business leaders, alongside Australia's Ambassador to the US, Kevin Rudd, highlighting the importance of "free and fair trade". "This sends a signal to the world — and it's a powerful symbol of Australia and the United States cooperating to seize and shape a new era of prosperity," Mr Albanese is expected to say. "The United States is Australia's largest foreign investment destination and our largest two-way investment partner. "Our task is to build on this strength — and diversify beyond it." Amazon already plans to open new data centres in Sydney and Melbourne and is building a $2 billion cloud-based storage system to handle top-secret data for Australia's military and spy agencies. At the time of that announcement in 2024, Amazon's Iain Rouse said the company had been in Australia for a decade and "was in the for the long haul with this partnership". "In the last decade, we've invested $9.1 billion into Australia. And we've committed with further $13.2 billion worth of investment through 2027," he told reporters. Companies, including Amazon, are racing to build new data centres around the world to meet the increasing demand for computing power and storage, driven largely by AI and the widespread adoption of cloud computing.
News.com.au
an hour ago
- News.com.au
Anthony Albanese to spruik free and fair trade to business leaders ahead of hopeful G7 Donald Trump talk
Anthony Albanese will push the benefits of free and fair trade when he speaks to US-based business leaders in Seattle ahead of a highly-anticipated but yet-to-be confirmed meeting with Donald Trump. The Prime Minister arrived in Seattle in the early hours of Saturday morning local time, where he will tour the Amazon headquarters and spruik the tech giant's billions-dollars commitment to expand Australia's data centre network. Mr Albanese is also scheduled to deliver a speech to business leaders at the Technology and Innovation Business Reception on Saturday evening, where he's expected to say that free and fair trade has 'transformed the economies of our region'. The event will be attended by senior representatives from BHP Ventures, quantum computing leader Diraq, Trellis Health, Airwallex and Anthropic, and promote the success and innovation behind the 1100+ Australian companies which have a physical presence in the US. Australia's US Ambassador Kevin Rudd, who was seen in Canberra on Thursday before Mr Albanese departed on his six-day international trip, is also expected to give a short speech. 'Free and fair trade has transformed the economies of our region. And it underpins economic partnership between our two nations, including through the Australia-United States Free Trade Agreement, signed twenty years ago,' Mr Albanese is expected to say. 'Today, the United States is Australia's largest foreign investment destination and our largest two-way investment partner. Our task is to build on this strength – and diversify beyond it. 'To seek out new sources for growth and investment, particularly in the sectors you represent.' The pointed remarks come as Mr Albanese is facing increased pressure to secure a meeting with Mr Trump on the sidelines of the G7 Summit in Kananaskis, Alberta. The pivotal meeting, which will be Mr Albanese's first since Mr Trump was re-elected in November last year, will likely cover whether Australia can broker a tariff exemption, Australia's defence spending which remains short of the 3.5 per cent called on by the US, and more clarity on the future of the AUKUS security defence pact. While AUKUS sceptic and secretary for defence policy Elbridge Colby has been tasked with leading the Pentagon's review into the security pact, Mr Albanese has said the 'very confident' AUKUS remained in the 'interests of all three of our nations, and that it will play an important role in peace, security and stability around the world'. Following the brief US stopover, Mr Albanese will head north to Calgary in Canada, before travelling to Kananskis.
News.com.au
15 hours ago
- News.com.au
How Trump's new crypto bill could affect stablecoins and the dollar
A new bill making its way through Congress aims to regulate stablecoins, most of which are pegged to the U.S. dollar. Should the bill become law, Solidus Labs' Chen Arad explores the implications for the stablecoin industry and the greenback.
