Trump gives Russia less than two weeks to reach peace deal with Ukraine
President Donald Trump said he is reducing the 50-day deadline he gave Russian President Vladimir Putin to reach a peace deal with Ukraine.
Trump said Russia now has less than two weeks to cut that deal or face massive "secondary tariffs" on its trade partners.
"I'm disappointed in President Putin," Trump said in Scotland alongside British Prime Minister Keir Starmer.
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Yahoo
2 minutes ago
- Yahoo
Trump Asks Bank CEOs to Pitch Fannie, Freddie Stock Offering
(Bloomberg) — President Donald Trump is bringing in bank leaders to meet with him one by one at the White House. Beyond the economic discussion, there's a chance at a big payday for their firms. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus Trump is asking chief executive officers for their pitches on monetizing mortgage giants Fannie Mae (FNMA, FNMAS, FNMAO, FNMAL) and Freddie Mac (FMCC), including a major public offering of stock, according to people familiar with the matter. Last week, Trump invited JPMorgan Chase & Co. (JPM) CEO Jamie Dimon to meet him at the White House. Goldman Sachs Group Inc. CEO David Solomon was set to meet with Trump on Thursday afternoon, and Bank of America Corp. CEO Brian Moynihan is also expected to meet the president in coming days. Talks are likely to include other banks as well, the people said. Officially named the Federal National Mortgage Association and Federal Home Loan Mortgage Corp., the two entities are massive financial organs of the US housing system. The companies have been under government conservatorship since the 2008 financial crisis. Fannie and Freddie have both returned to steady profitability, with earnings being retained. Trump said in May that he's giving 'very serious consideration to bringing Fannie Mae and Freddie Mac public.' Small portions of the stock already trade publicly, but a vast majority of the firms' shares are held by the government. After Bloomberg reported on the talks with bankers, shares of both companies rose in extended trading on light volume as of 4:30 p.m. in New York, with Fannie Mae climbing 14% and Freddie Mac advancing 5.7%. Policymakers in Washington have struggled for years with what to do with the so-called government-sponsored enterprises — one of the last loose ends from the crisis era. Efforts to overhaul the US housing finance system and release the mortgage giants from government control have repeatedly foundered in Congress amid concerns about the potential impact on mortgage costs and the companies' role in financing affordable housing. The nonpartisan Congressional Budget Office released a report last week finding that the sale of Fannie and Freddie would be a mixed bag for the government, at least in terms of accounting. The government could make $206 billion from its stake in the companies, the CBO said, but only if they were put in receivership. Hedge funds and other investors have long called for the US to release the pair from conservatorship, which could provide a windfall for shareholders. Analysts have said it could be one of the biggest public offerings ever — meaning it would probably offer hefty fees for the banks picked to lead it. Many complex details would have to be worked out for any such plan, including what stake would initially be offered in any sale, and how investors who hold existing shares would be treated. Trump is asking the CEOs to offer their ideas on the strategy for taking the organizations public and how their banks might play a role, the people said, asking not to be identified discussing private information. The administration also has conferred with Wells Fargo & Co. as it speaks with lenders, one person said. A spokesperson for the White House had no immediate comment. White House Press Secretary Karoline Leavitt, asked earlier Thursday about Trump's meeting with Solomon, declined to detail the purpose. 'I won't discuss the president's private meetings from this podium,' she said. Spokespeople for the banks declined to comment or didn't respond to messages. —With assistance from Yizhu Wang, Patrick Clark and Katy O'Donnell. (Updates with Wells Fargo in 11th paragraph.) Burning Man Is Burning Through Cash Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Sign up for the Yahoo Finance Morning Brief By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy
Newsweek
2 minutes ago
- Newsweek
America Needs a Digital Dollar
As China accelerates deployment of its digital yuan, and the European Central Bank advances toward a digital euro, the Republican Party is seeking to prevent the creation of a Central Bank Digital Currency (CBDC) in the United States. Their insistence on clinging to an increasingly obsolete financial infrastructure means that Americans will continue to be saddled with billions in unnecessary fees every year and that corporations will be empowered to erode our privacy in Orwellian fashion. What's more, handicapping ourselves in this way will only make it more likely that the dollar's dominance in global finance will come to a premature end. America needs a digital dollar, and we need it now. The Trump administration's recent digital assets report explicitly prohibits federal agencies from establishing or promoting CBDCs, arguing they "threaten the stability of the financial system, individual privacy, and the sovereignty of the United States." This position reflects a fundamental misunderstanding of how digital currencies actually work—and ignores the privacy advantages they could provide over our current system. Consider this analogy: when you send a package through the United States Postal Service, the Fourth Amendment protects its contents from unreasonable government search. That same package sent via FedEx or UPS enjoys no such constitutional protection. Similarly, a government-issued digital currency would operate under constitutional constraints and democratic oversight that private payment systems simply don't face. As such, a government run service inherently offers more privacy protection than its privately run counterpart. A visual representation of digital cryptocurrency coins sit on display in front of a European flag in Paris, France. A visual representation of digital cryptocurrency coins sit on display in front of a European flag in Paris, France. Chesnot/Getty Images Today, every swipe of your credit card, every electronic transfer, and every digital payment flows through private corporations that collect, analyze, and monetize your financial data. Banks routinely share transaction information with third parties, build detailed consumer profiles, and sell insights about your spending habits. In contrast, a properly designed CBDC could implement strong privacy protections by design, limiting data collection to only what's necessary for monetary policy and financial crime prevention. The economic benefits of a digital dollar are even more compelling. Americans currently pay $5-10 billion annually in overdraft fees alone—money that could stay in families' pockets with a CBDC system that allows direct government-to-citizen transfers and eliminates many banking intermediaries. The millions of Americans who remain unbanked or underbanked would finally have access to basic financial services without requiring a traditional bank account. Even for those in the baking system, the benefits of a CBDC are potentially enormous. Wire transfers, which cost $13-$44 each on average and take days to settle, could become nearly instantaneous and free. That speed in payment settlement would also make a huge difference to Americans when they need emergency aid quickly, as a CBDC could allow the government to deliver relief payments in minutes rather than weeks. The urgency in America to adopt a CBDC extends beyond domestic concerns. In an era of growing geopolitical competition, monetary policy has become a tool of statecraft. The country that controls the dominant digital payment infrastructure will wield enormous influence over global commerce. China understands this, which is why it has invested heavily in digital yuan infrastructure and is actively promoting its use. China is creating first-mover advantages that will be difficult or even impossibly to overcome if we continue to stall. The Federal Reserve has spent years studying CBDC technology. We should be encouraging and guiding them on this task rather than holding them back. In doing so, critics should keep in mind that CBDC implementation need not be revolutionary. A digital dollar should complement rather than replace physical currency, giving Americans choice while maintaining familiar monetary arrangements. So too could retailers freely choose whether to accept digital payments, just as they currently decide whether to accept credit cards. Additional privacy protections for all users can also be built into the system's architecture, not added as an afterthought. The real threat to American privacy and financial sovereignty isn't a democratically governed CBDC—it's ceding monetary leadership to authoritarian competitors and unaccountable private corporations that enrich themselves off our data while impoverishing the worst off among us. The question isn't whether digital currencies will reshape global finance, it's whether America will lead this transformation or watch from the sidelines as others determine the future of money. For the sake of American competitiveness, financial inclusion, and yes, even privacy, it's time for a digital dollar. Nicholas Creel is an associate professor of business law at Georgia College & State University. The views expressed in this article are the writer's own.
Politico
3 minutes ago
- Politico
Laura Loomer runs ‘tip line' for Trump staffers eager to purge ‘disloyal' colleagues
Trump is famous for asking friends and outside allies for their opinions about his own staff. So much so that, during his first term, former chief of staff John Kelly tried to limit access to the Oval Office in an effort to exert some control over who was influencing the president. It backfired. Trump often refers to his current chief of staff, Susie Wiles, during Cabinet meetings as 'the most powerful woman in the world.' The now familiar riff almost always elicits chuckles in the room. But Wiles' power comes from not attempting to rein in the president's impulses or restrict his circle in any way. 'I know this from working for John Kelly, it's just impossible to control Trump this way. He has lots of different telephones,' said Kevin Carroll, a former CIA officer and lawyer representing intelligence officials fired by the Trump administration. 'He's just on some random cell phone…and it could be with Laura Loomer.' One of his clients, Terry Adirim, the former top doctor at the CIA, has alleged that Loomer played a key role in her dismissal. Adirim was terminated by the Trump administration earlier this year after some of the president's supporters criticized her for her role in the mandatory Covid vaccination of members of the military. This week, the White House requested that Congress delay a hearing for Brian Quintenz to head the Commodity Futures Trading Commission after cryptocurrency billionaires Tyler and Cameron Winklevoss urged Trump to dump Quintenz in a conversation last weekend. Also this week, Trump ordered the removal of the FDA's top vaccine regulator, Vinay Prasad, after just three months on the job. He did that despite opposition from Health and Human Services Secretary Robert F. Kennedy Jr. and FDA Commissioner Marty Makary — and after hearing from Loomer. Loomer engineered a public backlash to Prasad that began with her labeling him on her website a 'progressive leftist saboteur undermining President Trump's FDA.' Other conservative voices, like former GOP Sen. Rick Santorum and The Wall Street Journal editorial board, piled onto the criticism of Prasad and his approach to rare disease therapies — a concern that Sen. Ron Johnson (R-Wis.) raised with the White House on Monday, a day before Prasad was fired. Also on Tuesday, Trump removed the National Security Administration's top lawyer, April Doss, after Loomer shared the conservative magazine Daily Caller's investigation into Doss, which called her a 'transparently partisan activist.' Carroll said Loomer's influence created a 'dangerous situation' with 'somebody outside the government, no national security experience, who's got hire and fire authority over some of these really, really important jobs.' In the White House, administration officials appear unwilling to overlook the disruption associated with frequent staff changes. And Loomer says she has strong relationships in the West Wing. 'It is not only appropriate, but critical for the Administration to recruit the most qualified and experienced staffers who are totally aligned with President Trump's agenda to Make America Great Again,' White House spokesperson Kush Desai said. Desai added that the administration's record of 'peace deals to trade deals' show that Trump 'has assembled the best and brightest talent to put Americans and America First.'
