Latest news with #BenBlack
Mint
a day ago
- Business
- Mint
Leon Black's Son Reveals $219 Million of Assets in Ethics Filing
(Bloomberg) -- The son of private equity billionaire Leon Black has disclosed hundreds of millions of dollars of personal wealth as he awaits confirmation to lead an obscure federal agency. Ben Black, President Donald Trump's surprise pick to run the US International Development Finance Corp., reported assets worth at least $219 million, according to a disclosure with the US Office of Government Ethics. They include art, memorabilia and rare books valued at $6.5 million, as well as investments in a comic book publisher, a company that's developing a speed-dating app and Rally Labs, the maker of Blowfish hangover-relief products. He also disclosed a brokerage account and modest holdings in several funds managed by Apollo Global Management Inc. His father, who co-founded the buyout firm, has an $11.9 billion fortune, according to the Bloomberg Billionaires Index. A representative for Ben Black declined to comment. US government nominees disclose the value of their assets within broad ranges, with the top tier being more than $50 million. Ben Black reported three holdings in that range: his Apollo brokerage account and two funds set up under HT Investments LLC, where he was a managing partner. One fund has stakes in energy company Greenfire Resources and mattress retailer Casper Sleep. The DFC is a small government outfit that makes loans and investments in overseas development projects. If confirmed to lead it, Black will be expected to bring a fresh approach to the $60 billion agency and attract more ambitious deals with Wall Street investors. If confirmed, Black will step down from Fortinbras Enterprises, an investment firm he founded about five years ago, but will 'continue to have a financial interest' in the firm and receive 'passive investment income from it,' according to his ethics agreement. Ethics officials also allowed him to retain financial interests in the HT Investments funds as well as in dozens of other entities, including nine associated with Fortinbras. 'I have been advised that I will be responsible for monitoring the holdings of these funds for conflicts of interest and that I will be provided information about particular matters in which I am expected to participate,' Black wrote in the ethics agreement. Although higher-ranking officials are usually required to divest assets that could pose potential conflicts, some can instead recuse themselves from certain matters. The disclosure also shows that Black owns shares in blue-chip stocks including Apple Inc., Chevron Corp. and JPMorgan Chase & Co. and is the beneficiary of a discretionary trust that distributed $54 million to him over the roughly 14-month filing period. It didn't include the value of the trust's assets. --With assistance from Bill Haubert. More stories like this are available on
Bloomberg
a day ago
- Business
- Bloomberg
Leon Black's Son Reveals $219 Million of Assets in Ethics Filing
The son of private equity billionaire Leon Black has disclosed hundreds of millions of dollars of personal wealth as he awaits confirmation to lead an obscure federal agency. Ben Black, President Donald Trump's surprise pick to run the US International Development Finance Corp., reported assets worth at least $219 million, according to a disclosure with the US Office of Government Ethics. They include art, memorabilia and rare books valued at $6.5 million, as well as investments in a comic book publisher, a company that's developing a speed-dating app and Rally Labs, the maker of Blowfish hangover-relief products.
The Print
27-05-2025
- Business
- The Print
US climate pullback threatens planned debt-for-nature deals
LONDON (Reuters) -Billions of dollars of debt deals aimed at protecting vital ecosystems from Africa to Latin America are at risk of unravelling or may need reworking amid concerns that crucial U.S. backing is about to dry up under President Donald Trump. The 'debt-for-nature' swaps, which reduce a country's debt in return for conservation commitments, have gained traction in recent years with deals involving the Galapagos Islands, coral reefs and the Amazon rainforest among the most prominent. The U.S. International Development Finance Corporation (DFC) has been a key player, providing political risk insurance for over half of the deals done over the last five years, accounting for nearly 90% of $6 billion of swapped debt. A source with direct knowledge of the plans said the DFC had about five swaps in the pipeline which are now in question with CEO-in-waiting Ben Black and U.S. government efficiency chief Elon Musk both criticising its climate work. The source did not specify how much debt was covered by the swaps but pointed out that the last few DFC-backed deals involved over $1 billion each. Spokespeople for the White House and the DFC did not respond to requests for comment on future DFC involvement in such deals. A DFC official who spoke on condition of anonymity confirmed to Reuters it stepped down earlier this year as co-chair of a global task force set up in 2023 to expand the use of debt swaps. U.S. Treasury Secretary Scott Bessent has also hit out at multilateral lenders for climate change work amid a broader U.S. retreat that has seen it withdraw from the Paris Agreement to curb global warming. Angola and Zambia and at least one Latin American country are among those whose 'debt-for-nature' swap plans risk needing to be reworked or even abandoned due to DFC uncertainty, four sources that have been directly involved in the projects said. Angolan Finance Minister Vera Daves de Sousa said her country, which is one of the most indebted in Africa and whose rivers feed the Okavango basin vital for endangered elephants and lions, has been talking to the DFC about two potential swaps. One is a debt-for-nature deal, the other a broader 'debt-for-development' swap tied to education and young people. 'We feel openness from them (DFC), but especially on the debt-for-development swap,' de Sousa recently told Reuters. 'We respect their vision,' she added. 'For us there is no difference – we have opportunities on the development side, and we have opportunities on the nature side.' In Zambia, which late last year was looking closely at a swap linked to its vast national parks that are home to over 40% of Africa's elephants, things have changed too. 'We are not completely shutting (the swap) down but we are not actively at it right now,' its Finance Minister Situmbeko Musokotwane told Reuters, declining to specify the reason for the shift. NEW REALITY Generating money for conservation by exchanging costly government bonds for cheaper ones is seen as an obvious choice for smaller nations grappling with heavy debt loads and climate change pressures. The UK-based, non-profit International Institute for Environment and Development estimates that the world's 49 poorest countries seen most at risk of debt crises could swap a quarter of the over $430 billion they now owe. Given the signals coming from Washington, those that do should drop hopes of DFC support and look at alternatives, said White Advisory managing director Sebastian Espinosa, who has advised Barbados, Belize and Seychelles on such swaps. Those could include credit guarantees from major multilateral development banks, potentially alongside private sector insurers and guarantors, as pioneered by the Bahamas last year. Historically, though, DFC backing has been crucial in scaling up deals, offering up to $1 billion in political risk insurance. That protects those who buy the new lower-cost bonds if the governments involved fail to make payments. 'Who's going to step in? (to replace DFC) I don't know,' said Eva Mayerhofer at the European Investment Bank, which backed a 2024 Barbados swap. 'We won't be able to do debt conversions that regularly.' The Inter-American Development Bank, involved in five of the last nine debt-for-nature swaps, sometimes alongside the DFC —declined to comment on whether any of its plans were being affected. Investment firm Nuveen's Stephen Liberatore, who has been a cornerstone investor in some debt swaps, said while substitutes for the DFC could be found, the knock-on effects were yet to be seen. 'What is the price for a private entity (to provide risk insurance) versus a public entity like the DFC?' Liberatore said. 'Does it change the amount of savings?' which are then spent on conservation. 'That's the ultimate question.' (Additional reporting by Karin Strohecker in London, Chris Mfula in Zambia, Alexandra Valencia in Quito, Duncan Miriri in Nairobi, Libby George in London and Kate Abnett in Brussels; Editing by Simon Jessop and Emelia Sithole-Matarise) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.
Business Times
25-05-2025
- Business
- Business Times
US climate pullback threatens planned debt-for-nature deals
BILLIONS of dollars of debt deals aimed at protecting vital ecosystems from Africa to Latin America are at risk of unravelling or may need reworking amid concerns that crucial US backing is about to dry up under President Donald Trump. The 'debt-for-nature' swaps, which reduce a country's debt in return for conservation commitments, have gained traction in recent years with deals involving the Galapagos Islands, coral reefs and the Amazon rainforest among the most prominent. The US International Development Finance Corporation (DFC) has been a key player, providing political risk insurance for over half of the deals done over the last five years, accounting for nearly 90 per cent of US$6 billion of swapped debt. A source with direct knowledge of the plans said the DFC had about five swaps in the pipeline which are now in question, with CEO-in-waiting Ben Black and US government efficiency chief Elon Musk both criticising its climate work. The source did not specify how much debt was covered by the swaps but pointed out that the last few DFC-backed deals involved over US$1 billion each. Spokespeople for the White House and the DFC did not respond to requests for comment on future DFC involvement in such deals. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up A DFC official who spoke on condition of anonymity confirmed to Reuters it stepped down earlier this year as co-chair of a global task force set up in 2023 to expand the use of debt swaps. US Treasury Secretary Scott Bessent has also hit out at multilateral lenders for climate change work amid a broader US retreat that has seen it withdraw from the Paris Agreement to curb global warming. Angola and Zambia, and at least one Latin American country, are among those whose 'debt-for-nature' swap plans risk needing to be reworked or even abandoned due to DFC uncertainty, four sources that have been directly involved in the projects said. Angolan Finance Minister Vera Daves de Sousa said her country, which is one of the most indebted in Africa and whose rivers feed the Okavango basin vital for endangered elephants and lions, has been talking to the DFC about two potential swaps. One is a debt-for-nature deal, the other a broader 'debt-for-development' swap tied to education and young people. 'We feel openness from them (DFC), but especially on the debt-for-development swap,' de Sousa recently told Reuters. 'We respect their vision,' she added. 'For us, there is no difference – we have opportunities on the development side, and we have opportunities on the nature side.' New reality Generating money for conservation by exchanging costly government bonds for cheaper ones is seen as an obvious choice for smaller nations grappling with heavy debt loads and climate change pressures. UK-based non-profit, International Institute for Environment and Development, estimates that the world's 49 poorest countries seen most at risk of debt crises could swap a quarter of the over US$430 billion they now owe. Given the signals coming from Washington, those that do should drop hopes of DFC support and look at alternatives, said White Advisory managing director Sebastian Espinosa, who has advised Barbados, Belize and Seychelles on such swaps. Those could include credit guarantees from major multilateral development banks, potentially alongside private sector insurers and guarantors, as pioneered by the Bahamas last year. Historically, though, DFC backing has been crucial in scaling up deals, offering up to US$1 billion in political risk insurance. That protects those who buy the new lower-cost bonds if the governments involved fail to make payments. The Inter-American Development Bank, involved in five of the last nine debt-for-nature swaps – sometimes alongside the DFC – declined to comment on whether any of its plans were being affected. Investment firm Nuveen's Stephen Liberatore, who has been a cornerstone investor in some debt swaps, said while substitutes for the DFC could be found, the knock-on effects were yet to be seen. 'What is the price for a private entity (to provide risk insurance) versus a public entity like the DFC?' Liberatore said. 'Does it change the amount of savings (which are then spent on conservation)? That's the ultimate question.' REUTERS
AsiaOne
23-05-2025
- Business
- AsiaOne
US climate pullback threatens planned debt-for-nature deals, Money News
LONDON — Billions of dollars of debt deals aimed at protecting vital ecosystems from Africa to Latin America are at risk of unravelling or may need reworking amid concerns that crucial US backing is about to dry up under President Donald Trump. The 'debt-for-nature' swaps, which reduce a country's debt in return for conservation commitments, have gained traction in recent years with deals involving the Galapagos Islands, coral reefs and the Amazon rainforest among the most prominent. The US International Development Finance Corporation (DFC) has been a key player, providing political risk insurance for over half of the deals done over the last five years, accounting for nearly 90 per cent of US$6 billion (S$8 billion) of swapped debt. A source with direct knowledge of the plans said the DFC had about five swaps in the pipeline which are now in question with CEO-in-waiting Ben Black and US government efficiency chief Elon Musk both criticising its climate work. The source did not specify how much debt was covered by the swaps but pointed out that the last few DFC-backed deals involved over US$1 billion each. Spokespeople for the White House and the DFC did not respond to requests for comment on future DFC involvement in such deals. A DFC official who spoke on condition of anonymity confirmed to Reuters it stepped down earlier this year as co-chair of a global task force set up in 2023 to expand the use of debt swaps. US Treasury Secretary Scott Bessent has also hit out at multilateral lenders for climate change work amid a broader US retreat that has seen it withdraw from the Paris Agreement to curb global warming. Angola and Zambia and at least one Latin American country are among those whose 'debt-for-nature' swap plans risk needing to be reworked or even abandoned due to DFC uncertainty, four sources that have been directly involved in the projects said. Angolan Finance Minister Vera Daves de Sousa said her country, which is one of the most indebted in Africa and whose rivers feed the Okavango basin vital for endangered elephants and lions, has been talking to the DFC about two potential swaps. One is a debt-for-nature deal, the other a broader 'debt-for-development' swap tied to education and young people. "We feel openness from them (DFC), but especially on the debt-for-development swap," de Sousa recently told Reuters. "We respect their vision," she added. "For us there is no difference — we have opportunities on the development side, and we have opportunities on the nature side." In Zambia, which late last year was looking closely at a swap linked to its vast national parks that are home to over 40 per cent of Africa's elephants, things have changed too. "We are not completely shutting (the swap) down but we are not actively at it right now," its Finance Minister Situmbeko Musokotwane told Reuters, declining to specify the reason for the shift. New reality Generating money for conservation by exchanging costly government bonds for cheaper ones is seen as an obvious choice for smaller nations grappling with heavy debt loads and climate change pressures. The UK-based, non-profit International Institute for Environment and Development estimates that the world's 49 poorest countries seen most at risk of debt crises could swap a quarter of the over US$430 billion they now owe. Given the signals coming from Washington, those that do should drop hopes of DFC support and look at alternatives, said White Advisory managing director Sebastian Espinosa, who has advised Barbados, Belize and Seychelles on such swaps. Those could include credit guarantees from major multilateral development banks, potentially alongside private sector insurers and guarantors, as pioneered by the Bahamas last year. Historically, though, DFC backing has been crucial in scaling up deals, offering up to US$1 billion in political risk insurance. That protects those who buy the new lower-cost bonds if the governments involved fail to make payments. "Who's going to step in? (to replace DFC) I don't know," said Eva Mayerhofer at the European Investment Bank, which backed a 2024 Barbados swap. "We won't be able to do debt conversions that regularly." The Inter-American Development Bank, involved in five of the last nine debt-for-nature swaps, sometimes alongside the DFC —declined to comment on whether any of its plans were being affected. Investment firm Nuveen's Stephen Liberatore, who has been a cornerstone investor in some debt swaps, said while substitutes for the DFC could be found, the knock-on effects were yet to be seen. "What is the price for a private entity (to provide risk insurance) versus a public entity like the DFC?" Liberatore said. "Does it change the amount of savings?" which are then spent on conservation. "That's the ultimate question." [[nid:718025]]
