
Trump blames Federal Reserve board on Powell, interest rates
"And the Fed Board has done nothing to stop this 'numbskull' from hurting so many people. In many ways the Board is equally to blame!" Trump wrote on his social media platform.
(Reporting by Susan Heavey; Editing by Alison Williams)
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Crypto Insight
an hour ago
- Crypto Insight
Charles Schwab plans to launch Bitcoin, Ether spot trading, CEO says
Charles Schwab is preparing to expand its crypto offerings by launching spot trading for Bitcoin and Ethereum, according to CEO Rick Wurster. In an interview with CNBC on Friday, Wurster said Schwab clients already hold significant exposure to crypto via exchange-traded products (ETPs), owning more than 20% of the industry's crypto ETP market. However, he noted that crypto still represents a relatively small portion of clients' total wealth, around $25 billion out of $10.8 trillion. 'We anticipate launching Bitcoin and Ether sometime soon so that our clients have access to that,' he said. 'We think that will be an acceleration of our growth.' The CEO claimed that many clients currently keep 98% of their wealth with Schwab but hold just 1% to 2% of their crypto assets with digital-native firms. 'They really want to bring it back to Schwab because they trust us. They want us to sit alongside their other assets,' he added. Schwab to compete against Coinbase Wurster said that Schwab is 'absolutely' looking to compete against crypto exchanges like Coinbase by introducing spot crypto trading. 'If they're buying their crypto at Coinbase, we would love to see them bring their crypto back to Schwab,' he said. Earlier this year, Wurster said the company expects an April 2026 launch window to provide spot Bitcoin trading services to Schwab clients. At the time, he cited a 400% increase in traffic to Schwab's crypto website as evidence of investor interest in digital assets. Schwab has increased its involvement in the crypto sector amid growing regulatory clarity. In 2025, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve rescinded earlier restrictive guidelines issued after the FTX collapse. The change allows banks to participate in crypto activities such as custody and trading. Following approval from the US Securities and Exchange Commission, Schwab added Bitcoin and Ether ETFs to its platform. The company also provides other crypto-related products, including mixed ETFs, mutual funds, and Bitcoin options, according to its website. Institutions ramp up crypto investments A survey conducted in March by Coinbase and EY-Parthenon found that 83% of institutional investors intend to increase their crypto holdings in 2025, with many already investing in altcoins beyond Bitcoin and Ether. The survey identified XRP and Solana as the most favored assets among respondents. It also showed that most expect to allocate 5% or more of their portfolios to cryptocurrencies this year. Similarly, a May report by Fireblocks found that 90% of institutional players are using or exploring stablecoins, with almost half already deploying them for payments. Source:


Zawya
2 hours ago
- Zawya
UAE inaugurates first-of-its-kind SDG exhibition at UN HQ
New York-USA – The UAE has held its first national exhibition at the United Nations (UN) Headquarters in New York City, as part of the High-Level Political Forum (HLPF) on Sustainable Development 2025. Titled "Shaping Tomorrow: UAE Leadership for a Sustainable Future", the exhibition reflects the UAE's commitment to expanding international action to achieve SDGs, as well as its involvement in shaping the future of global development. The inauguration was attended by Her Excellency Amina Mohammed, UN Deputy Secretary-General; His Excellency Ambassador Mohamed Abushahab, Permanent Representative of the UAE to the UN; His Excellency Abdulla Nasser Lootah, Assistant Minister of Cabinet Affairs for Competitiveness and Experience Exchange and Chair of the National Committee on Sustainable Development Goals, and head of the UAE delegation participating in the HLPF; alongside representatives from international organizations and government delegations from around the world. Platform for Showcasing Inclusive Development The exhibition was organised jointly by entities including the Ministry of Interior, Ministry of Investment, Environment Agency - Abu Dhabi (EAD), Dubai Chambers, and Noor Dubai Foundation, a member of Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI). The entities showcased their experiences and globally replicable initiatives in sustainable development, including in innovation, climate action, community empowerment. Beyond 2030: Four Pillars for Development The exhibition is the first of its kind organised by the UAE at the UN HLPF. It offers an interactive experience that highlights the UAE's journey in supporting sustainable development goals since the Rio Summit in 2000. The exhibition represents an extension of the dialogue initiated by the UAE in the Government Experience Exchange Programme with more than 170 leaders and decision-makers during the World Government Summit 2023. The exhibition presents the framework of sustainable development goals as an ambitious vision for the UAE beyond 2030, based on four main pillars: integrating sustainability into national policies and legislation; monitoring impact through accurate indicators and data; developing a flexible development model through 'Future Zones'; and enhancing international partnerships through knowledge sharing, particularly through the Government Experience Exchange Programme. HE Abdullah Lootah: the Exhibition Reflects UAE's Commitment to a More Sustainable Future His Excellency Abdulla Nasser Lootah said: 'The UAE is committed to sharing best practices and successful experiences with partners around the world. The 'Shaping Tomorrow" exhibition embodies the UAE's vision for a global development pathway based on partnership, knowledge sharing, and innovation. This reflects the UAE's approach to creating solutions that can be scaled globally and reflects its commitment to supporting global dialogue on the post-2030 era. This includes initiatives like the Government Experience Exchange Programme.' National Initiatives Supporting Global Goals The exhibition highlighted major national development efforts that have had global impact. The Ministry of Interior showcased its "Green Justice" initiative in Latin America, aimed at combating transnational environmental crimes, as part of its efforts supporting SDG 17. Meanwhile, the Abu Dhabi Fund for Development (ADFD) presented its contributions to financing projects in 100+ countries, supporting infrastructure, education, and renewable energy. The Supreme Committee for Motherhood and Childhood showcased its initiatives aimed at empowering women and children, including the "National Child Empowerment Guide" and the "Emirati Children's Parliament," which enhance children's participation in decision-making in support of SDG 5. Noor Dubai Foundation presented its model for combating visual impairments in support of SDG 3. This includes the iBSAR project in Asia and Africa, which provides preventive and therapeutic care. EAD showcased its efforts in protecting marine ecosystems through initiatives such as the "Marine Turtle Protection Program" and smart monitoring technologies for coral reefs, aligning with SDG 14. UAE Model for Integrated Development These initiatives exemplify the integration between the UAE's national vision and its global commitments, by linking local policies with international development goal.


The National
3 hours ago
- The National
Egyptian-American economist vying to be next Chancellor of Cambridge
Dr Mohamed El-Erian describes the University of Cambridge as his 'happy place'. The Egyptian-American economist, known to millions as a globe-trotting economist who has shaped thinking about historic twists in the world's fortunes, graduated from Queens' College in 1980. After a successful career – working at the International Monetary Fund, as a bond trader, adviser to US President Barack Obama, author and columnist – he returned to his alma mater as president in 2020. He's genuinely one of the kindest people that I've ever met Georgia Box He now hopes to be elected chancellor of the university, an 800-year-old role that has been held by princes and prime ministers. In a ballot of alumni, he is pitted against two lords, a TV presenter, an anti-Brexit campaigner and several academics and business leaders, with the result due to announced by July 23. Dr El-Erian, who was named in the Top 100 Global Thinkers by Foreign Policy magazine and made Worth magazine's list of 100 Most Powerful People in Finance, he has endorsements from former UK prime minister Gordon Brown, Google DeepMind co-founder Demis Hassabis and businesswoman Arianna Huffington. He was born in New York to Egyptian parents, and his father worked as an ambassador, judge and at the United Nations. He grew up in the US and Egypt, as well as being educated at boarding school in England. He won the economics category of the Great Arab Minds awards in 2023. He has run a vigourous social media campaign, mixing his serious message about the transformation he believes is needed at Cambridge with light-hearted interviews gently ribbing rival university Oxford. Dr El-Erian has been seen wearing a Queens football shirt and also gave a tour of his home office which features a giant poster of Cambridge. 'I am happiest here, just ask my daughters,' he says in that video. He sets out his proposals for how the chancellor's role should change: making it less ceremonial and more practical, ensuring the university is on a sound financial footing and open to the international community. As co-chairman of the Cambridge Capital Campaign he has helped bring in £2.2 billion of investment to Queens. 'Cambridge must redouble its efforts to attract funding and donations,' he said in his campaign statement. 'I've seen first-hand how innovation and philanthropy help to support vital research, expand opportunities, and better secure our future. 'If elected chancellor, I'll intensify these efforts by helping to tap into global philanthropic opportunities and to attract the investment Cambridge needs.' He has also spoken about the need to understand how Cambridge can give students a foundation for life. 'Throughout my time here it's been about identifying what the problem is and fix[ing] it,' he said in a video discussing the need for flexible scholarships. In footage filmed on the grassy bank of the River Cam as punts glide past, Georgia Box, an associate at Deutsche Bank, was interviewed about why she was supporting Dr El-Erian. He explained how she was under pressure to start earning, using her new degree, but not continue her studies at a higher level. He helped to design a scholarship that would not just pay for fees and living accommodation, but also 'something extra'. Ms Box said: 'He cares a lot about each and every student. He's genuinely one of the kindest people that I've ever met. I think he's just an excellent leader and I can't think of anyone else that's better for the job.' In her submission to be chancellor, broadcaster Sandi Toksvig points out: 'The first known chancellor of Cambridge was Richard of Wetheringsett who served sometime between 1215 and 1232. After that we have had a plethora of other Richards, many Johns and an awful lot of Stephens. 'After 800 years I wonder if it isn't time for a change,' she asks. Dr El-Erian will be hoping to add the name Mohamed to that list.