Citi Pitches First-of-Its-Kind Debt for Ukraine Reconstruction
The bank has been sounding out investors on a potential transaction since late last year, according to people familiar with the matter. The deal would allow the state-owned grid operator NPC Ukrenergo to refinance a chunk of its debt on more attractive terms, some of the people said. The savings could be used to help rebuild Ukraine's power grid, which has been a target of Russia's attacks.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
30 minutes ago
- Yahoo
Wall Street Joins Consumer Advocates to Call for Edit to GENIUS Act on Stablecoins
Wall Street bankers are hammering away at some provisions of the new U.S. stablecoin law that was hailed by President Donald Trump and the crypto sector as a huge first step toward establishing a fully regulated U.S. industry, and the banks are joined by unusual bedfellows from the consumer-advocate world in sounding alarms. Hoping to revise and cut provisions that might threaten aspects of the current financial system, the American Bankers Association and other bank lobbying groups aligned in a letter this week with Americans for Financial Reform — usually a staunch opponent of Wall Street's policy aims — and the National Consumer Law Center. One provision of the stablecoin law known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act lets a stablecoin-issuing subsidiary of a state-chartered uninsured depository institution run money-transmission and custody services nationwide, which the bankers argue bypasses existing state licensing and oversight. Their letter asked several key U.S. senators to insist that whole section be erased entirely. "Ignoring state law in this regard invites regulatory arbitrage, allowing certain uninsured depository institutions special privileges to operate across state lines as federally insured banks currently do, but without the panoply of regulatory and supervisory requirements, or limitations on preemption applicable to those institutions," the August 13 letter argued. The bank lobbyists, also cooperated in a separate effort to protect deposits and other core aspects of their businesses from the GENIUS Act, arguing in another letter to lawmakers this week that the law leaves an opening for crypto firms to offer returns on stablecoins. While the law bans stablecoin issuers themselves from offering interest or yield, it doesn't stop the issuers' affiliates or exchanges from doing so indirectly. The bankers fear a massive loss of deposits and money-market fund activity from the resulting rivalry stablecoins might offer. "Congress must protect the flow of credit to American businesses and families and the stability of the most important financial market by closing the stablecoin payment of interest loophole," according to the groups, including the ABA, Bank Policy Institute, Financial Services Forum and others. Banks turn deposits into loans, so the lack of deposits threatens necessary U.S. lending. Faryar Shirzad, the chief policy officer at U.S. crypto exchange Coinbase, criticized the banks' position in postings on social media site X. "Congress shouldn't be in the business of passing legislation that takes away consumer choice and the opportunity for the average person to earn returns on their hard-earned dollars," he wrote, additionally arguing that the $6 trillion figure on what desposits may be at stake is overblown. "Let's play along for a second," Shirzad added. "If customers really would move $6T away from banks into stablecoins, what does that say about what value consumers feel like they're getting from their banks?" The GENIUS Act was signed into law by President Trump, but the bigger and more complex legislation to regulate U.S. crypto markets is still pending. That future bill, which already passed the House of Representatives as the Digital Asset Market Clarity Act, could still overhaul provisions of the stablecoin law, even before that new law is converted into rules by the U.S. financial regulators. That's what the bankers are advocating, alongside their temporary customer-advocate allies. Adds comment from Coinbase's Faryar Shirzad. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
44 minutes ago
- New York Times
Trump and Putin Put on a Show of Friendship but Come Away Without a Deal
President Trump and President Vladimir V. Putin of Russia reached no agreement to end the war in Ukraine at a high-profile summit meeting on Friday, although they reported making unspecified progress during a strikingly convivial reunion on American soil. While Mr. Trump had hoped to seal a deal for an immediate cease-fire, he acknowledged that the two leaders fell short, at least for now. 'We haven't quite got there, but we've made some headway,' he told reporters after hours of meetings on a U.S. military base in Alaska. 'There's no deal until there's a deal.' But if the substance remained unsettled, the atmospherics were extraordinary. The president rolled out a literal red carpet and even applauded as he welcomed Mr. Putin, who is under U.S. sanctions and faces an international arrest warrant for war crimes. The two laughed and spoke warmly with each other, and Mr. Trump even invited Mr. Putin to ride with him in the armored presidential limousine to their meeting. At their subsequent joint appearance at side-by-side lecterns at Joint Base Elmendorf-Richardson, they heaped praise on one another. 'We really made some great progress today,' Mr. Trump said. 'I've always had a fantastic relationship with President Putin, with Vladimir.' Mr. Putin referred to Mr. Trump as a 'dear neighbor' with whom he can do business. 'President Trump and I have established a very good, businesslike and trustworthy contact,' he said in Russian. The Russian president even suggested that Mr. Trump visit him in the Russian capital. 'Next time in Moscow,' he said, breaking into English. 'Ooh, that's an interesting one,' Mr. Trump replied. 'I don't know. I'll get a little heat on that one, but I can see it possibly happening.' The two ended their encounter in Alaska, however, in a cloud of uncertainty. Mr. Trump referred obliquely to 'agreement' on some undisclosed points but not on others, while Mr. Putin referred to reaching an 'understanding.' Neither explained nor took questions from reporters. Mr. Trump said he would follow up by calling fellow NATO leaders and President Volodymyr Zelensky of Ukraine. The meeting was a major diplomatic gamble by Mr. Trump unlike anything his predecessors might have tried and seen as a victory for Mr. Putin, who has not been welcome in the West for years and now has been effectively liberated from the diplomatic isolation he had been consigned to for the past three years. In fact, it would be hard to imagine an event that could have gone better from the point of view of the Russian leader, who made no public commitment to stop his assault on Ukraine and yet was treated as a valued friend. Mr. Trump did not fault Mr. Putin for starting the brutal war in the first place and left without mentioning the sanctions that just hours earlier he had threatened to impose if there were no deal. The images emerging from the Alaska encounter were remarkable in the history of U.S.-Russian summits. Mr. Putin, who has not been to the United States outside of U.N. meetings since 2007 and has been under sanctions since 2022, was invited to a military base that is on the front line of the defense of American territory against possible Russian aggression. Flying overhead as Mr. Putin arrived was a B-2 stealth bomber that is key to the U.S. nuclear deterrent, flanked by the kind of fighter jets that are often deployed to intercept Russian planes in the airspace near Alaska. Standing on the tarmac waiting, Mr. Trump applauded Mr. Putin as the Russian strode toward him and then gave him a warm handshake, patting his arm and hand. Mr. Putin smiled broadly and talked jovially with Mr. Trump like old a reporter asked Mr. Putin if he would stop killing civilians, he smirked and pointed to his ear as if to suggest he could not hear the question. Mr. Trump's invitation to Mr. Putin to join him in the armored presidential limousine for the ride to their meeting location without aides was a highly unusual gesture. Mr. Putin could be seen through the window laughing as the car pulled away. Democrats contended that hosting Mr. Putin under such circumstances sent a dangerous message. 'The photo-op in and of itself essentially legitimizes war crimes, telegraphs to other autocrats or evil men around the world that they can get away with murdering civilians and still get a photo-op with the president of the United States,' Senator Chris Murphy, Democrat of Connecticut, said earlier on Friday on MSNBC's 'Morning Joe.' The hurriedly arranged meeting was meant to break the logjam that has stymied Mr. Trump's peacemaking efforts since he returned to office six months ago with a promise to end the Ukraine war within 24 hours. The rest of the world watched to see whether Mr. Trump would find common ground with Mr. Putin and whether Ukraine's interests would be represented or sacrificed by the leaders of the two major nuclear superpowers. Mr. Trump told reporters on Air Force One on the way to Alaska that he hoped to broker at least a temporary end to hostilities. 'I want to see a cease-fire rapidly,' he said. 'I don't know if it's going to be today. But I'm not going to be happy if it's not today.' He repeated his warning that he would impose 'severe consequences' if Russia balked at a halt to the fighting without specifying what they might be. And he promised to involve Ukraine in any decision over territorial concessions that might accompany a more enduring peace settlement. Mr. Zelensky, who was not invited to the conference called to determine his country's future, sought to influence it from afar by reminding the world that Russia continues to attack civilian targets in hopes of stiffening Mr. Trump's spine against Russian spin. 'On the day of negotiations, the Russians are killing as well,' Mr. Zelensky said in a video posted online before the meeting began. 'And that speaks volumes.' He added: 'Ukraine is ready to work as productively as possible to bring the war to an end, and we count on a strong position from America. Everything will depend on this — the Russians factor in American strength. Make no mistake — strength.' The meeting was the seventh in-person encounter between Mr. Trump and Mr. Putin and the first of the American's second term. Mr. Trump said in the days leading up to the Alaska get-together that it was meant to be a listening session to determine whether peace was possible and that if he decided it was, he would then invite Mr. Zelensky to sit down with Mr. Putin directly. While it was originally scheduled to be a one-on-one meeting with Mr. Putin, along with interpreters, the session was expanded at the last minute to include Secretary of State Marco Rubio and Steve Witkoff, the president's special envoy, who has been negotiating with the Russians. Mr. Putin was joined by Sergey V. Lavrov, his often feisty foreign minister, who sent a pointed message when he arrived in Alaska the previous night wearing a sweatshirt emblazoned with CCCP, the Cyrillic letters for USSR. The two leaders, however, spent less time together than originally scheduled, raising questions about how far they got, and scrapped plans to hold a news conference in favor of the two making back-to-back statements on camera without answering questions. Neither did much to illuminate what happened, and American officials did not brief reporters, as is traditionally done after such meetings. In a rare move for the host of a diplomatic meeting, Mr. Trump deferred to his Russian visitor to speak first at their public appearance. Mr. Putin played to his host's sensibilities by offering validation of his longstanding insistence that Moscow would not have staged its full-scale invasion of Ukraine in 2022 if Mr. Trump had still been president. 'Today we hear President Trump say, 'If I were president, there would be no war,'' Mr. Putin said. 'I think that would actually happen. I confirm this.' He suggested that the two would now succeed at ending that war without saying how. 'I would like to hope that the understanding we have reached will allow us to get closer to that goal,' Mr. Putin said of security for Ukraine, 'and open the way to peace in Ukraine.' But he still insisted that any enduring peace had to address the 'root causes' of the war, a phrase that in the past he has used to insist on conditions unacceptable to the West, including a rollback of NATO and neutralization of Ukraine. And he asserted that Ukraine might throw a wrench in any peace effort by taking provocative action. When it came to his turn, Mr. Trump was equally vague on what if anything they had concurred. 'We had an extremely productive meeting and many points were agreed to, and there are just a very few that are left,' he said. 'We didn't get there, but we have a very good chance of getting there.' But the flattery registered. In an interview with Sean Hannity of Fox News afterward, Mr. Trump said he was 'very happy' to hear Mr. Putin say the invasion would not have happened on his watch and expressed satisfaction with the meeting, declaring that on a scale of 1 to 10, 'the meeting was a 10 in the sense that we got along great.' Mr. Trump, who has long expressed admiration for Mr. Putin, returned to the White House in January expecting to translate their friendly relationship into tangible progress. But after his repeated promise during last year's campaign to end the Ukraine war within 24 hours, Mr. Trump discovered what others had long tried to convince him of: Mr. Putin was not eager to make peace, at least not on terms acceptable to Ukraine. Mr. Putin brought with him a number of business executives in hopes of appealing to Mr. Trump's desire to rekindle economic ties that were all but shattered by the 2022 full-scale invasion. On the plane ride to Alaska, Mr. Trump said that the Ukraine conflict would have to be resolved first. 'They are not doing business until we get the war settled,' he said. Mr. Trump said that he expected that territorial concessions would be part of a more sustained peace agreement that would follow an immediate cease-fire but acknowledged that Kyiv would have to agree. 'I've got to let Ukraine make that decision,' he said. 'I think they'll make a proper decision, but I'm not here to negotiate for Ukraine.' He also said that 'there's a possibility' of security assurances for Ukraine from the United States in conjunction with Europe as part of such an eventual peace deal, but 'not in the form of NATO' membership, which has been a key point of dispute between Moscow and Kyiv. Russia's leader was not the only autocrat Mr. Trump freed from diplomatic isolation on Friday. As he made his way to Alaska, the president called President Aleksandr G. Lukashenko of Belarus, one of the longest-ruling dictators in the world and a figure long shunned by American and European leaders. Writing on social media, Mr. Trump said that he 'had a wonderful talk with the highly respected President of Belarus, Aleksandr Lukashenko,' to thank him for the release of 16 prisoners, who were pardoned last month for crimes including 'extremism.' Mr. Trump added that they were discussing the release of another 1,300 prisoners. The government of Belarus later reported that Mr. Lukashenko invited Mr. Trump to visit and that the invitation was accepted. The White House did not immediately confirm that, but Mr. Trump wrote on social media that 'I look forward to meeting President Lukashenko in the future.' While President Barack Obama posed for a courtesy picture with Mr. Lukashenko during a U.N. meeting in 2015, American leaders have kept their distance from him during his 31-year reign. Mr. Trump, though, has shown more willingness to engage. During his first term, he sent Mike Pompeo, then his secretary of state, and John R. Bolton, then his national security adviser, to meet with Mr. Lukashenko in Belarus.
Yahoo
an hour ago
- Yahoo
Inspired Pet Nutrition to buy Ultra Premium Direct
Investor-backed Inspired Pet Nutrition (IPN) is buying into France-based direct-to-consumer business Ultra Premium Direct (UPD). CapVest Partners-backed IPN said it has entered 'exclusive discussions' with asset-management firm Eurazeo and other minority shareholders to acquire the online pet-food company. Eurazeo said UPD has established itself as a major player in the French premium pet-food market and is regarded as one of the top direct-to-consumer (D2C) online brands in the category. IPN's proposed acquisition of UPD seeks to create a major independent and international branded pet-food platform in Europe, with a view to building a 'powerful omnichannel strategy' to 'further strengthen loyalty and engagement'. It comes as Inspired Pet Nutrition acquired Sopral last month as it looks to expand its operations in France and Europe. Since acquiring a stake in UPD in 2021, Eurazeo has supported UPD's founders and management in strengthening its brand positioning, expanding its premium product range, and reinforcing its leadership team. The deal is set to be finalised in the fourth quarter, although it is subject to the conclusion and consultation process with the company's trade unions, as well as approval from the competition authorities. CEO of IPN, Arthur van Benthem, said: 'UPD has delivered impressive growth in both sales and profitability and represents a strong strategic addition to IPN. 'It brings with it a sophisticated, proven e-commerce platform with significant international growth potential, a rapidly expanding mono-brand store network, and another outstanding brand to our portfolio.' He added: 'The business is highly complementary to both IPN and Sopral. By combining UPD's direct-to-consumer strengths with Sopral's extensive manufacturing capabilities and IPN's broader network and customer base, we unlock powerful opportunities to accelerate our ambitious growth plans across Europe. Head of Eurazeo's Elevate division, Pierre Meignen, said: 'We are very proud to have supported the founders and management team of UPD through every key stage of their development and to have stood by their side in creating a French leader in the pet-food ecosystem. 'We thank IPN for the trust they have shown in UPD and are confident that this partnership will enable the company to embark on a promising new phase of growth.' "Inspired Pet Nutrition to buy Ultra Premium Direct" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
