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BlackRock Halted Ukraine Fund Talks After Trump's Election Win
(Bloomberg) -- BlackRock Inc. halted its search for investors to back a multibillion-dollar Ukraine recovery fund earlier this year after Donald Trump's election victory saw the US sour on the eastern European country, people familiar with the discussions said. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds What Gothenburg Got Out of Congestion Pricing The fund, meant to be unveiled at next week's Ukraine Recovery Conference in Rome, was close to securing initial support from entities backed by the governments of Germany, Italy and Poland, the people said, declining to be identified discussing private information. However, in January, BlackRock decided to pause talks with institutional investors due to a lack of interest amid increased uncertainty over Ukraine's future. Donald Trump ran his reelection campaign on a promise to immediately end the war in Ukraine and bring the country's president, Volodymyr Zelenskiy, and Russian counterpart Vladimir Putin together for peace talks. Since his inauguration at the start of the year, the US president has clashed with both men and issued inconsistent proposals for a path forward, while indicating an end to US military support for Ukraine. The US government was a notable absence from the fund's backers in December. Reconstruction Funding The Ukraine Development Fund was on track to secure at least $500 million from countries, development banks and other grant providers, along with $2 billion from private investors, Philipp Hildebrand, vice chairman of BlackRock who was among the financiers leading the discussions, said last year. At the time, Hildebrand said that could bring together a consortium of equity and debt investors who could finance at least $15 billion of reconstruction work in Ukraine. The total bill to rebuild Ukraine following Russia's invasion was estimated at more than $500 billion by the World Bank and others in February. A BlackRock spokesperson said the firm completed its pro-bono advisory work on the Ukraine Development Fund in 2024 and is currently not engaged in 'any active mandate' with the Ukrainian government. 'The only conversations that drive our decision-making are those with our clients,' the spokesperson added. BlackRock was set to unveil the fund in Italy, some of the people said, during the Ukraine Recovery Conference on July 10-11 that Italy's Giorgia Meloni and Ukraine's Zelenskiy are set to attend, though the timeline was never made public. Spokespeople for Prime Minister Meloni and the foreign ministry didn't respond to a request for comment. France has been working on a fund proposal to replace the canceled BlackRock initiative but it's not clear how effective the new plan will be without US backing, the people said. --With assistance from Daryna Krasnolutska, Harry Wilson, Joe Deaux, Silla Brush and Katherine Griffiths. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Sign in to access your portfolio
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24 minutes ago
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4 Ways the Musk-Trump Clash Could Shake Up Your Investments
The very public blowout with President Trump and Elon Musk continues. And while their personal attacks remain ongoing, experts in finance are taking notice. Consider This: Find Out: 'I've watched my tech investments swing wildly since Elon started this whole Twitter saga,' finance expert Andrew Lokenauth with Be Fluent in Finance said. 'The Tesla stock in my portfolio dropped about 65% — and honestly, it's been a mess.' The feud started when Musk bashed Trump's controversial new bill, and called out Republicans supporting it. On X, he wrote, ' I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.' In a June 7 interview with NBC News, Trump said he does not wish to repair the relationship with Musk and has no plans of talking to him. 'I'm too busy doing other things,' he said. 'I have no intention of speaking to him.' The fallout continues to impact investors. Here's how their clash could affect your investments, according to finance experts. As a result of the bad blood between Musk and Trump, Tesla's value fell $152 billion, per CNBC. According to Lokenauth, Tesla isn't just a car company anymore — it's Musk's personal brand, and that's a problem because he's losing credibility after the spat. 'I've trimmed my Tesla position by about 75%, he said. 'The company's still solid, but the stock price swings are just too wild and most of my conservative clients have completely exited their positions.' Learn More: When powerful figures collide, financial backlash can happen, and some are predicting the renewable energy sector is at risk. 'If Trump's policies lean heavily toward traditional energy and Musk publicly pushes back, investors might see wild swings in companies like Tesla or SpaceX's partners,' said Danny Ray, founder of PinnacleQuote 'The Life Insurance Experts.' He added, 'If you're holding stocks tied to either camp, it's smart to tighten your strategy and stay nimble.' It's not just Tesla stocks investors should look at. According to Lokenauth, tech is down across the board due to Trump and Musk's conflict. 'The tech sector's getting hammered from multiple directions,' he said. 'My tech-heavy clients have seen their portfolios take serious hits.' He explained, ' When you've got two massive personalities like Musk and Trump battling it out in public, it creates uncertainty — and markets hate uncertainty. I've started shifting some of my clients' assets toward more stable value stocks, which has been working pretty well so far.' Investing in X (formerly known as Twitter), Facebook (part of Meta) and other social media platforms was lucrative, but according to Lokenauth, investors should look elsewhere right now for a return. 'Speaking from experience handling social media stocks, Twitter's chaos is spilling over to other platforms,' he said. 'Meta's down and Snap's worse, so I've completely restructured my approach to social media investments.' He explained, 'These companies are dealing with falling ad revenue, and the Musk-Trump situation isn't helping.' While investors wait out the tumultuous period, there are other opportunities to take advantage of. Defense is one area Lokenauth suggests. 'I've moved about 30% of my tech allocation into boring old consumer staples and utilities — they're not exciting, but they're stable, he said. In addition, he added dividend aristocrats — companies that have increased dividends for 25 plus years straight to his strategy. 'These moves have cut my portfolio volatility almost in half,' he explained. Another method Lokenauth recommended is REIT (Real Estate Investment Trusts) — companies that operate or own real estate that's income producing. 'REITs have been performing surprisingly well — they're up about 15% in my portfolio,' he said. 'These sectors tend to ignore the social media circus completely.' While Lokenauth believes the impact this high-profile clash has on the market will pass, the best approach is staying diversified. 'I'm keeping about 40% in broad market ETFs, 30% in value stocks, and the rest split between alternatives and cash,' he said. 'It's not exciting, but it's helped my clients sleep better at night while this drama plays out.' Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 5 Types of Cars Retirees Should Stay Away From Buying How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on 4 Ways the Musk-Trump Clash Could Shake Up Your Investments
Yahoo
24 minutes ago
- Yahoo
I'm a Financial Expert: Here's 5 Ways to Adjust Your Spendings Due to the Impact of Tariffs and Inflation
On Apr. 2, President Donald Trump announced that global tariffs would be implemented on imported goods entering the United States. 'Liberation Day' was designed to level the playing field as it relates to trade practices with other nations. Historically, an increase of tariffs has triggered higher inflation, and this is a major concern for experts today. The relationship between tariffs and inflation is due to the potential increased expenses being passed onto the average consumer of a product that is shipped internationally. Such actions can contribute to great financial woes within a family. Try This: Find Out: As a financial planning expert, here are five ways you can change your spending to avoid the potential impact tariffs may have on inflation. One of the biggest challenges with the implementation of tariffs causing inflation to rise is the effect it will have on interest rates. While it may not make economic sense to aggressively pay down debt, primarily consumer debt, during uncertain times, looking to shift credit card balances to zero percent vehicles makes sense. It will give you time to pay down the liability while keeping your expendable resources available as prices begin to increase. Learn More: Identify your nondiscretionary versus your discretionary expenses to determine in advance what adjustments you are willing to make to maintain a comfortable standard of living. Look for opportunities to review the monthly automatic payments for goods and services you don't utilize consistently. Putting a temporary freeze on gym memberships that are not regularly used or other subscriptions you may not fully take advantage of are minor tweaks to your budget that can help you navigate through economic uncertainty. While the United States remains the second-largest manufacturing country behind China, it has slowly transitioned from being predominantly manufacturing to a service-based economy. Therefore, one can expect goods and products to cost more. For example, the automotive industry did an analysis indicating an increase in tariffs will detrimentally impact auto parts, even if car production is completed in the United States. This reality can impact jobs and the purchase of new cars. If an individual must purchase a vehicle, you should consider used vehicles as a financially manageable option. However, if anyone can avoid making major purchases until an inflationary period cools, you would be better positioned to manage the higher tariffs. Consider purchasing nondiscretionary, basic essential items in bulk to reduce the overall cost of the item and save money along the way. Generally, when a family eats out, the cost associated with dining out can be significant. Purchasing groceries and other necessities in bulk will allow a family to purchase more items at a lower cost. If one considered using coupons and rebates as well, it can truly add increased savings over time. Spending your money locally benefits local entrepreneurs and may potentially avoid the impact of tariffs. However, keep in mind that a local vendor may pass on their expenses to the consumer to stay in business. If the entrepreneurs' cost of doing business increases because of tariffs, then the business owner may have to increase their prices to stay afloat. However, your willingness to support local vendors will help companies stay in business. This season of economic uncertainty can become quite overwhelming. However, making minor adjustments and sitting down with a financial professional can truly ease your financial anxiety. Take a moment to review your financial status so that you can always maintain and improve your standard of living. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Here's the Minimum Salary Required To Be Considered Upper Class in 2025 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on I'm a Financial Expert: Here's 5 Ways to Adjust Your Spendings Due to the Impact of Tariffs and Inflation Sign in to access your portfolio
