Meet the Five People Vying to Lead the African Development Bank
The African Development Bank, the continent's largest home-grown multilateral lender, will elect its new leader on Thursday.
Five candidates are vying for the job as the institution confronts multiple challenges, including aid cuts to Africa, the withdrawal of support by US President Donald Trump and the fallout from his trade war.
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Yahoo
31 minutes ago
- Yahoo
‘This presidency is a brand-franchise': Trump has taken the commercialization of politics to a new level
'I like thinking big. I always have. To me it's very simple: if you're going to be thinking anyway, you might as well think big.' Those were Donald Trump's words to writer Tony Schwartz in the Art of the Deal. In his second term, Trump has been thinking big about making money. Since his reelection campaign began, Trump is estimated to have more than doubled his net worth to $5.4bn. A sizeable chunk of that cash has come from the launch of Trump-branded products. This week the Trump Organization entered the mobile phone business with a Trump-branded service that will include a 'sleek gold' phone, which costs $499, that is 'made in America'. Maybe? Never to miss a patriotic marketing moment, they launched Trump Mobile at Trump Tower in New York on the 10-year anniversary of their father's announcement at the top of a gold escalator, to the sound of Neil Young's Rockin' in the Free World, that he would run for president. The premium tier of service would be dubbed the 47 Plan, priced at $47.45 a month. Donald Trump Jr said the brothers had partnered with 'some of the greatest people in the industry to make sure that real Americans get true value from their mobile carriers'. 'Celebrity' phone launches are hardly new. The launch announcement came days after the actor-hosts of the popular SmartLess podcast – Will Arnett, Jason Bateman and Sean Hayes – announced their own cut price phone plan, and more than two years since actor Ryan Reynolds profited from his stake in Mint Mobile, sold to T-Mobile for $1.35bn. So was Trump – or the Trumps – thinking big or just following a pattern of seemingly random licensing deals that renew concerns about the president's business enterprises? After all, if Trump is really concerned about phone prices, he could – as president – push for legislative change. 'There was a lot of dialog when Trump returned to power that we would see in this term a particularly interesting residency in the White House about how much money would be made,' says marketing-PR guru Mark Borkowski, 'and this is a typical Trump side-hustle playing off Maga patriotism.' The blurred lines between business and politics, impacting how candidates are portrayed, policies are shaped and voters engage with the political process – commonly referred to as the commercialization of politics – may not be Trump's to own exclusively, but he's taken it to a new level. 'It is troubling, and more than in jest, that this is now a political economy and he's actually saying this presidency is a brand-franchise,' says Borkowski. 'There is no separation between power and profit. He's redrawn the boundaries between commerce and the office of the president, and he's accelerated the notion of post-ethical politics.' The gold phone and patriotically-priced phone plan – '47' referring to Trump's current term, and '45' referring to the previous – is only the latest ask of the Maga (Make America Great Again) faithful, otherwise known as ultra-Magas, to show their commitment in dollar terms. 'The Trumps' continued business expansion often serves to reinforce Trump's political persona rather than distract from it. For Maga supporters, his business ventures are interpreted as proof of his self-made success and outsider status – both key pillars of his political brand,' says Zak Revskyi at the New York brand management consultancy Baden Bower. 'These business moves don't just coexist with his political identity – they actively feed into it. They help sustain the image of Trump as a results-oriented executive who blends capitalism with populism,' Revskyi adds. On Thursday, Bloomberg revealed that investment bank Dominari Holdings, where Donald Jr and Eric work as advisers, helped an obscure toymaker selling Smurf-branded tumblers, koala backpacks and plush sea turtles, pivot into crypto this week, sending its shares up more than 500%. The outlet noted that there was no sign in regulatory filings that Trump family members were involved in this or previous crypto-related transactions through the bank – which is based in Trump Tower – but noted that 'the gain added to the windfalls of executives orbiting the president's family'. Aside from the Trump's well-publicized (and profitable) adventures in crypto – his ownership stake in World Liberty Financial produced $57,355,532 in income since it was launched last year – the family brand has upped by 20 its Trump-branded real-estate projects around the globe, calculated Citizens for Ethics, including an 80-storey skyscraper in Dubai, and plans for branded hotels in Riyadh and Jeddah, and a golf course in Qatar, to an estimated value of $10bn. A 234-page financial disclosure form released by the Office of Government Ethics this month showed 145 pages of stock and bond investments. The disclosure showed that 2024 was a very good year for royalty payments from products featuring his name and likeness. Among them, calculated NBC News, was $3m from a Save America coffee table book; $2.5m from Trump sneakers and fragrances; $2.8m from Trump watches; $1.3m from a Trump-endorsed Bible; and just over $1m each from '45' guitars and non-fungible token (NFT) sales. Most have at least some aspect of gold-coloring, according to a review of the 'Golden Age of America' Trump collection. Many of the assets are held in a revocable trust overseen by Donald Jr, including more than 100,000 shares, or 53%, of Trump Media and Technology Group, the company that owns Truth Social, valued at 5.15bn, or held in partnerships that do not require divestment under conflict of interest laws. The business of selling the family name hums along despite, or because of, the on-the-fly dramas that envelope the White House from week to week. The White House claims that the president 'has been the most transparent president in history in all respects, including when it comes to his finances', noting that Trump handed over 'his multibillion-dollar empire in order to serve our country, and he has sacrificed greatly'. The Trump phone, which analysts doubt can be 'made in America', as promotional materials assert, is merely an add-on to a thriving political-business operation. Democrats have found it hard to find a footing in calling out the interplay, in part because Trump's predecessor, Joe Biden, was similarly accused of allowing a family business of influence peddling to evolve around him and issued a pre-emptive pardon of family members before he left office. 'I don't do it for the money. I've got enough, much more than I'll ever need. I do it to do it,' Trump wrote in the opening lines of in the Art of the Deal, published in 1987. 'Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That's how I get my kicks.' But under Trump politics and business have become melded as never before. 'It's a new hyper-reality that exists in America,' says Borkowski. 'It's about turning political fandom into money, and he's laughing all the way to the bank. He's doing exactly what was expected. Nobody in Trump's heartland sees this as damaging – it's what they expect a deal-maker to do. The absurdity of everything Trump does is the point.'
Yahoo
33 minutes ago
- Yahoo
Canadians snapped up U.S. debt in April despite Trump's tariffs, but the bond selloff tanked its value
April's massive bond selloff didn't stop Canadians from buying Treasuries, but it weighed heavily on the value of their holdings. Higher interest rates in the U.S., where the Federal Reserve has been much more patient to cut interest rates than other central banks, have likely spurred demand. Canadians have been ditching all-things American after having enough of U.S. President Donald Trump's threats about tariffs and making their country the '51st state.' Boycotts of U.S. products from whiskey to dog food to Teslas—and a huge pullback in travel across the border—haven't stopped Canadian investors from buying Uncle Sam's debt, though. Trump's chaotic tariff rollout in April marked the high point of the 'Sell America' trade as stocks, bonds, and the dollar all sank. But despite the turmoil in fixed-income markets, Canadians purchased a net $9.2 billion of U.S. government bonds in April, the biggest monthly surge since November 2023. This embedded content is not available in your region. However, the value of Canada's overall holdings fell by roughly $58 billion that same month, according to the most recent data from the Treasury, by far the biggest swing for any of the top 20 foreign owners of U.S. debt. The drop likely reflects that month's massive bond selloff, which may have forced Trump to back off on his so-called reciprocal tariffs. Long-term yields, which spike when bond prices fall, have remained stubbornly elevated with the Federal Reserve—unlike other central banks around the world—patient to cut interest rates. 'You've got this gap emerging with the Fed on hold and the Bank of Canada cutting rates, along with everyone else,' Rob Haworth, a senior vice president and investment strategist at U.S. Bank, told Fortune. The Bank of Canada has slashed rates by 225 basis points over the past nine months, including 25-point cuts in January and March. The Fed, meanwhile, reduced rates by 100 points from September to December last year but has held rates steady so far in 2025. As a result, the 10-year U.S. Treasury yield was 4.38% as markets closed on Friday, while Canada's was at 3.30%. Higher interest rates in the U.S. can make Treasuries appealing to Canadians and other foreign investors, Haworth said, provided they can effectively hedge the risk presented by a weakening U.S. dollar. At the end of January, Canada's private and public sector held a combined $351 billion worth of Treasury securities. That number surged to $426 billion at the end of March before falling to $368 billion in April, the most recent data available. As Federal Reserve economists explained last year, this type of data has long been used as a gauge of foreign demand for Treasuries, particularly among the top three holders: Japan, the U.K., and China. The example of Canada, the seventh-largest owner of U.S. debt, illustrates why this approach is shortsighted, however. After all, Canadian investors bought more Treasuries in April, even as the total value of their holdings declined after revaluing the bonds at current market prices. The big drop suggests America's northern neighbor has heavy exposure to long-dated Treasury notes and bonds, which are much more volatile than short-term Treasury bills. 'Valuation changes often move in the opposite direction of net U.S. sales/purchases and are often large enough to drive overall changes in holdings,' Fed economists wrote last year. 'As such, changes in holdings alone are an unreliable measure of cross-border demand for U.S. or foreign securities.' Foreign investors account for roughly 30% of the U.S. Treasury market, according to Apollo chief economist Torsten Sløk, and their behavior is being closely monitored as the Trump administration pushes for big shifts in global trade and international finance. The U.S. borrows at much better rates than its underlying finances would normally allow, thanks to the dollar's status as the world's reserve currency and confidence that America will always pay its bills. If foreign buyers sour on U.S. Treasuries, however, that could force the Treasury to pay higher yields to bring back buyers. Such a move would put upward pressure on interest rates for mortgages, small-business loans, and other common types of borrowing throughout the economy. Foreign investors held just over $9 trillion worth of Treasuries at the end of April, down only slightly from the record set in March. The decline in the dollar this year, Haworth said, has been much more pronounced than any offloading of Treasuries. That makes sense, he added, because a slowdown in trade affects the flow of dollars first as greenbacks are used in fewer transactions. Changes in the allocation of Treasuries, often held as investments or bank reserves, happen much more slowly. 'There's probably still some fundamental pressure as we suss out where trade and tariffs end up,' he said. The Treasury data from April showed foreign private investors were net sellers of long-term U.S. debt. Government institutions like central banks and sovereign wealth funds were net buyers. More current data suggests the latter trend may have reversed in the months since, though. Holdings by these official entities in the custody of the New York Federal Reserve have declined by $48 billion since late March, prompting Bank of America credit strategists to suggest that 'cracks' in demand from these investors are now visible. Still, it doesn't seem foreigners are dumping U.S. debt just yet. Even angry Canadians. This story was originally featured on Sign in to access your portfolio
Forbes
41 minutes ago
- Forbes
Bitcoin Suddenly Braced For $37 Trillion Fed Price Earthquake As Trump Suddenly Flips
Bitcoin has surged over the last year, helped by U.S. president Donald Trump's prediction that 'massive' bitcoin and crypto investment is coming. Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes' CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" The bitcoin price, up around 50% since plummeting to April lows, has found a floor at $100,000 despite a surprise 'big risk' recently emerging. Now, after the U.S. Senate passed a crypto bill predicted to 'unleash trillions,' the bitcoin price is braced for a Federal Reserve earthquake after Trump renewed his attack on chair Jerome Powell over interest rates as U.S. debt tops $37 trillion. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run Federal Reserve chair Jerome Powell is under fire from U.S. president Donald Trump—with the bitcoin ... More price predicted to benefit if the Fed flips dovish. "I don't know why the board doesn't override (Powell)," Trump posted to his Truth Social account in a lengthy message in which he branded Powell a 'moron" and heavily criticized Fed policy that he claims is costing the U.S. $1 trillion per year in interest payments. "Maybe, just maybe, I'll have to change my mind about firing him? But regardless, his term ends shortly." U.S. debt has skyrocketed in recent years following huge government spending through the Covid-era and lockdowns, with interest rates that were rapidly hiked to rein in inflation adding to the cost of servicing the ballooning $37 trillion U.S. debt pile. Earlier this month, Trump confirmed a decision on the next Federal Reserve chair will be coming out ' very soon,' after earlier warning he was considering firing Powell if rates weren't brought down. Trump also called Powell a 'numbskull," adding: 'I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering rates, but I've tried it all different ways. I've been nice, I've been neutral, and I've been nasty, and nice and neutral didn't work!' This week, the Fed kept interest rates on hold again after kicking of a reduction cycle in September that's been put on pause due to fears Trump's global trade tariffs could see a return of inflation. However, Fed governor Christopher Waller has said he doesn't expect Trump's tariffs to drive inflation higher so policymakers should be looking to lower interest rates as early as July. 'If you're starting to worry about the downside risk [to the] labor market, move now, don't wait,' Waller told CNBC. The futures market currently puts the chances of a Fed rate cut in July at just 10%, according to CME FedWatch. Lower interest rates are generally believed to be supportive of risk assets like bitcoin, crypto and high-growth technology stocks as money more easily flows though the economic system, with bitcoin price and crypto analysts predicting a bitcoin price boom if the Fed moves to rapidly reduce rates. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious The bitcoin price has rocketed higher over the last year, with U.S. president Donald Trump boosting ... More the bitcoin price and wider crypto market. The 'dot plot from the Federal Reserve was somewhat of a relief, with projections of two rate cuts this year alleviating fears of no more cuts at all in 2025,' Elliot Johnson, chief executive of the Bitcoin Treasury Corporation, said in emailed comments. 'But beyond this short-term noise, there are even more reasons to be optimistic. Bitcoin's recent strength isn't only a testament to its resilience or its growing appeal as a safe-haven asset, but also its growing importance as an alternative to the devaluing U.S. dollar and a legitimate long-term treasury asset.' Others have pointed to bitcoin's price performance through recent market volatility as helping to establish it as a safe-haven similar to gold. 'As confidence in a perfectly engineered "soft landing" wanes, and as global financial currents diverge, bitcoin's fundamental properties—its scarcity, decentralization, and neutrality—make it an increasingly relevant and compelling asset for investors navigating an uncertain future," David Hernandez, crypto investment specialist at 21Shares, said via email. 'Bitcoin has firmly cemented itself above $100,000, and its resilience amid geopolitical shocks demonstrates its widespread adoption and developing investment case.'
