Zelensky hails Trump's 'determination' after new deadline for Russia
"Right on time, when a lot can change through strength for real peace. I thank President Trump for his focus on saving lives and stopping this horrible war," Zelensky said on social media.
AFP
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Trump opens door for private equity and crypto as 401(k) retirement plan options
by Naharnet Newsdesk 08 August 2025, 15:11 Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions. There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate. The Republican president's order directs the Labor Department and other agencies to redefine what would be considered a qualified asset under 401(k) retirement rules. Americans' retirement plans are governed by a law known as the Employee Retirement Income Security Act of 1974, better known as ERISA. Employers are required by law to offer retirement options that are in the best interest of their employees, not Wall Street. Most retirement plans for Americans are made up of stock and bond investments, and to a much lesser extent, cash and heavily traded commodities such as gold. Trump's move rewards both the $5 trillion private equity industry, which for decades has wanted to compete for a role in retirement plans, and the cryptocurrency industry, whose executives strongly supported Trump's 2024 campaign as they aimed for more mainstream acceptance among Americans. The price of bitcoin was up 2% on Thursday to $116,542 and has nearly doubled since Trump was elected. Under Democratic President Joe Biden, federal regulators were to treat cryptocurrency investments with "extreme care" because of the extreme volatility of crypto. It is not uncommon for bitcoin, ethereum and other big cryptocurrencies to move up or down 10% in a single day, whereas a 2% or 3% single-day move in the stock market would be considered historic. For cryptocurrency companies, which donated millions to Trump's campaign as well as his inauguration, one goal was to get their industry qualified under ERISA. Coinbase, one of the largest crypto companies in the United States, was also a major donor toward Trump's military parade in Washington this summer. Under Trump, the Securities and Exchange Commission dropped its lawsuit against Coinbase, where the Biden administration said crypto should be treated as a security. Crypto is particularly popular among young Americans. While volatile, bitcoin has generally moved upward since it was created by an anonymous programmer nearly 20 years ago. "It was inevitable that bitcoin would make its way into American 401(k)'s," said Cory Klippsten, the CEO of Swan Bitcoin. "As fiduciaries realize bitcoin's risk-adjusted upside over the long term, we'll see growing allocations, especially from younger, tech-savvy workers who want hard money, not melting ice cubes." Private equity firms rely heavily on high-net-worth individuals and state and private pension plans, which have extremely long investment timelines. But having access to Americans' retirement assets would open up a deep pool of cash. Blackstone CEO Steve Schwarzman has told investors going back to at least 2017 that it was a "dream" of his and the industry to be able to draw upon these retirement assets. Previous administrations, Republican and Democrat, have agreed that private equity investments, which can be riskier, more expensive and less liquid than traditional stock and bond market mutual funds, should not be included in 401(k) plans. The average historic annual return on private equity assets going back to 1990 is roughly 13%, net of fees, according to Cambridge Associates. The S&P 500 index has had an approximate annual return, including dividends, of roughly 10.6% in the same period of time. However, private equity assets tend to be locked up for years, because the companies underlying the assets have to be sold on the private market, making them highly illiquid compared to stocks, which can be sold in a day. "We look forward to working with the Trump Administration on a thoughtful framework that expands access to alternatives for retirement savers, offering Americans more diversification and investment options with appropriate investor guardrails," said Bryan Corbett, the president and CEO of the Managed Funds Association, which is the trade group for the private equity industry. Even after the regulations are written, it will take time for major retirement plan companies, such as Fidelity, Vanguard, T. Rowe Price, and others, to develop appropriate funds for employers to use. Employers are unlikely to revise their retirement plan options quickly, so it may take several years before crypto and private equity investments become mainstream in an individual's retirement plan. "While Vanguard has not committed to launching a product for defined contribution plans, Vanguard is dedicated to educating retirement investors to ensure a clear understanding of the opportunities and risks of investing in private assets," the company said in a statement.
Nahar Net
a day ago
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US at plastics treaty talks in rare international participation under Trump
by Naharnet Newsdesk 08 August 2025, 17:32 Under President Donald Trump's leadership, the United States has withdrawn from international negotiations and commitments, particularly around climate. But the U.S. is very much involved in treaty talks for a global accord to end plastic pollution. Nations kicked off a meeting Tuesday in Geneva to try to complete a landmark treaty over 10 days to end the spiraling plastic pollution crisis. The biggest issue is whether the treaty should impose caps on producing new plastic, or focus instead on things like better design, recycling and reuse. About 3,700 people are taking part in the talks, representing 184 countries and more than 600 organizations. Here is a look the U.S. position: Why is the US participating in the negotiations? Hours after he was sworn in to a second term, Trump pulled the U.S. out of the landmark Paris agreement to combat global warming. The United States didn't participate in a vote in April at the International Maritime Organization that created a fee for greenhouse gases emitted by ships, or send anyone to the U.N. Ocean Conference in June. Some wondered whether the United States would even go to Geneva. The State Department told The Associated Press that engaging in the negotiations is critical to protect U.S. interests and businesses, and an agreement could advance U.S. security by protecting natural resources from plastic pollution, promote prosperity and enhance safety. The industry contributes more than $500 billion to the economy annually and employs about 1 million people in the U.S., according to the Plastics Industry Association. "This is an historic opportunity to set a global approach for reducing plastic pollution through cost-effective and common-sense solutions and fostering innovation from the private sector, not unilaterally stopping the use of plastic," the department said in an email. What does the US want in the treaty? The State Department supports provisions to improve waste collection and management, improve product design and drive recycling, reuse and other efforts to cut the plastic dumped into the environment. The international Organisation for Economic Co-operation and Development estimates that 22 million tons of plastic waste will leak into the environment this year. That could increase to 30 million tons annually by 2040 if nothing changes. The OECD said if the treaty focuses only on improving waste management and does nothing on production and demand, an estimated 13.5 million tons of plastic waste would still leak into the environment each year. What does the US not want in the treaty? The United States and other powerful oil and gas nations oppose cutting plastic production. Most plastic is made from fossil fuels. Even if production grows only slightly, greenhouse gas emissions emitted from the process would more than double by 2050, according to research from the federal Lawrence Berkeley National Laboratory. The U.S. does not support global production caps since plastics play a critical role throughout every sector of every economy, nor does it support bans on certain plastic products or chemical additives to them because there is not a universal approach to reducing plastic pollution, the State Department said. That's similar to the views of the plastics industry, which says that a production cap could have unintended consequences, such as raising the cost of plastics, and that chemicals are best regulated elsewhere. What has the US done in Geneva so far? On the first day of the negotiations, the United States proposed striking language in the objective of the agreement about addressing the full life cycle of plastics. That idea was part of the original mandate for a treaty. Getting rid of it could effectively end any effort to control plastic supply or production. Under former President Joe Biden's administration, the U.S. supported the treaty addressing supply and production. What are people saying about the US position? Industry leaders praised it and environmentalists panned it. Chris Jahn, president and CEO of the American Chemistry Council, said the Trump administration is trying to get an agreement that protects each nation's rights while advancing effective and practical solutions to end plastic waste in the environment. He said his group supports that approach. Graham Forbes, head of the Greenpeace delegation in Geneva, said the United States wants a weak agreement and is undermining the idea that the world needs strong international regulations to address a global problem. Does the US think the world can agree on a treaty that will end plastic pollution? The United States aims to finalize text for a global agreement on plastic pollution that all countries, including major producers of plastics and plastic products, and consumers, will support, the State Department said in its statement.
