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NASDAQ: Japan's Kishida seeks to shake up to $5 trillion asset management industry

NASDAQ:

Sept 21 (Reuters) - Japanese Prime Minister Fumio Kishida aims to spur competition in the country's $5 trillion asset management industry by prompting new market entrants to turn dormant household savings into investments, he told investors in New York.

The Japanese government is reviving its decades-old policy pledge to move 2,000 trillion yen ($13.48 trillion) of household financial assets into investment, as half of such assets are sitting in cash or bank deposits.

"We will push hard to encourage sophisticated asset management and to solicit new entrants," Kishida said in a speech at the Economic Club of New York that was also broadcast.

READ MORE: Japan's Kishida seeks to shake up to $5 trillion asset management industry

MEDIA ALERT: PM of Japan, Fumio Kishida Guest of Honor at ECNY

ECNY: Signature Luncheon

Join us as we host the Prime Minister of Japan, The Honorable Fumio Kishida. PM will share insight on how Japan is unleashing its economic potential and more.

REUTERS: UBS CEO committed to staying at the helm through 2026

REUTERS: 

NEW YORK, Sept 14 (Reuters) - UBS Group (UBSG.S) CEO Sergio Ermotti plans to stay at the helm through 2026 to integrate former rival Credit Suisse in a process he likened to a marathon.

"I need to finish the job," Ermotti told the Economic Club of New York on Thursday. "My commitment is to finish the job, and for sure that means staying through the end of 2026. I can't be already thinking about where I would go three months after starting."

READ MORE: UBS CEO committed to staying at the helm through 2026

MEDIA ALERT: Sergio Ermotti, Group CEO of UBS

ECNY: Signature Luncheon

Join Us as Sergio Ermotti will discuss key economic trends, emerging challenges, and potential opportunities for busenesses in the current economic climate and the company's recent acquisition of Credit Suisse. With moderator Sara Eisen, Co-Anchor of CNBC's Squawk on the Street.

REUTERS: Treasury's Adeyemo: Encouraged we have not seen expected credit pullback

REUTERS: 

Sept 11 (Reuters) - U.S. Deputy Treasury Secretary Wally Adeyemo on Monday said he was encouraged U.S. banks had not curtailed lending as much as feared after the banking issues seen earlier this year.

Adeyemo told an event hosted by the Economic Club of New York there had been some consolidation in the U.S. banking system after the failures of several banks in late winter and early spring, but no significant pullback in credit.

READ MORE
: Treasury's Adeyemo: Encouraged we have not seen expected credit pullback

U.S. NEWS & WORLD: Treasury's Adeyemo Calls for Eliminating Subsidies, Including to Energy Companies

U.S. NEWS & WORLD REPORT: 

The United States should think about eliminating corporate subsidies, including to energy companies, U.S. Deputy Treasury Secretary Wally Adeyemo said in New York on Monday.

Adeyemo defended President Joe Biden's budget proposal for fiscal 2024, noting that achieving fiscal sustainability would include modest tax increases, boosting tax revenue collections and finding other ways to cut costs.

"We want to be sure we have the money to pay for our priorities," he told the Economic Club of New York.


READ MORE: Treasury's Adeyemo Calls for Eliminating Subsidies, Including to Energy Companies

REUTERS: Treasury's Adeyemo calls for eliminating subsidies, including to energy companies

REUTERS: 

The United States should think about eliminating corporate subsidies, including to energy companies, U.S. Deputy Treasury Secretary Wally Adeyemo said in New York on Monday.

Adeyemo defended President Joe Biden's budget proposal for fiscal 2024, noting that achieving fiscal sustainability would include modest tax increases, boosting tax revenue collections and finding other ways to cut costs.

"We want to be sure we have the money to pay for our priorities," he told the Economic Club of New York.

READ MORETreasury's Adeyemo calls for eliminating subsidies, including to energy companies

NASDAQ: China's economic headwinds could hit region, US Treasury deputy says

NASDAQ: 

"The United States is well-positioned to withstand the Chinese headwinds, but the places where you have to be concerned about are their neighbors, countries in Asia, but also a number of countries that have borrowed from China," Adeyemo told a separate event at the Economic Club of New York. He said the U.S. government was paying close attention to the developments.

READ MOREChina's economic headwinds could hit region, US Treasury deputy says

REUTERS: Treasury's Adeyemo, in New York, says tackling rural economic inequality essential

REUTERS: 

Adeyemo, in remarks prepared for an Economic Club of New York luncheon, said President Joe Biden's economic policies had helped the U.S. economy weather the COVID-19 pandemic and Russia's invasion of Ukraine better than any other advanced economy, with lower rates of inflation.


READ MORE: Treasury's Adeyemo, in New York, says tackling rural economic inequality essential

FXSTREET: US Treasury's Adeyemo: There had been no significant credit pullback

FX STREET: 

The US Deputy Treasury Secretary Wally Adeyemo, expressed optimism on Monday that US banks had not curtailed lending as much as expected since financial issues were seen earlier this year, per Reuters.

Adeyemo said at an Economic Club of New York event that the US banking industry had undergone considerable consolidation following the bankruptcy of numerous banks in late winter and early spring, but there had been no significant pullback in credit.

READ MOREUS Treasury's Adeyemo: There had been no significant credit pullback

BLOOMBERG: A Government Shutdown Is ‘Last Thing’ US Economy Needs, Treasury’s Adeyemo Says

BLOOMBERG: 

While the US economy is performing better than expected, “the last thing we need is the headwind of a government shutdown,” Deputy Secretary Wally Adeyemo said Monday at an event hosted by the Economic Club of New York. “Lots of people don’t get paid” if there is shutdown, he added.

READ MORE: A Government Shutdown Is ‘Last Thing’ US Economy Needs, Treasury’s Adeyemo Says

MEDIA ALERT: Medal of Honor recipients Jack Jacobs & Britt Slabinski

ECNY: Video Webinar

MEDAL OF HONOR PANEL

Join us for a panel discussion as we host Medal of Honor recipients Jack Jacobs and Britt Slabinski, extraordinary individuals who have exemplified unwavering bravery and selflessness. On this very significant day in our history, Charlotte Jones joins Jack and Britt to address American values and share stories of valor.

MEDIA ALERT: Hon. Wally Adeyemo, Deputy Secretary of Treasury

ECNY: Signature Luncheon

We are delighted to welcome Club Trustee Charles Phillips as our Moderator for the Signature Luncheon event with The Honorable Wally Adeyemo. Topic: The Biden-Harris Administration's response to the economic and geopolitical crisis. The impact of fiscal policy to fuel an equitable economic recovery and faster long-term growth.

MEDIA ALERT: Jesse Van Tol, President and CEO of National Community Reinvestment Coalition

ECNY: Video Webinar

Diversity, Equity & Inclusion Series

We are delighted to welcome Jesse Van Tol, who will be joining us to share his expertise on inclusive economic policies, community development and finance. The discussion will also focus on promoting equitable access to economic opportunities and increasing investment in historically underserved communities.

MEDIA ALERT: Lina Khan, Chair of the FTC

ECNY: Signature Luncheon

As Chair of the Federal Trade Commission, The Honorable Lina M. Khan will address the Club to share here insights and plans on ensuring a fair and transparent marketplace.

Robert Lighthizer, 18th U.S. Trade Representative

ECNY: Video Webinar

Author Series

Join us as we welcome Former U.S. Trade Representative Ambassador Robert Lighthizer for a discussion on his new book No Trade Is Free: Changing Course, Taking on China, and Helping America's Workers.

White House Economic Official Brainard: Inflation on Moderating Path

U.S. News & World Report:  White House Economic Official Brainard: Inflation on Moderating Path

National Economic Council Director Lael Brainard on Wednesday said the latest U.S. economic data shows that upward price pressures can and are receding without a surge in unemployment that many had feared.

"The economy is defying predictions that inflation wouldn't fall absent significant job destruction," Brainard said at an event held by the Economic Club of New York. "Just today we saw new and encouraging evidence that the economy is on the path to moderate inflation accompanied by a resilient jobs market."

READ MORE

Andrew N. Liveris, Former Chair and CEO of The Dow Chemical Company

ECNY: Video Webinar

Author Series

Join us as we welcome Andrew N. Liveris for a discussion on his new book Leading Through Disruption that focuses on a new leadership paradigm for resilience and agility in a rapidly changing world.

Brainard Sees ‘Solid’ US Recovery, Downplays Recession Risks

Bloomberg News: Brainard Sees ‘Solid’ US Recovery, Downplays Recession Risks
Brainard Sees ‘Solid’ US Recovery, Downplays Recession Risks

Top economic adviser touts president’s record ahead of 2024
Despite positive data, voters give Biden poor marks on economy

READ MORE

Why inflation is losing its punch — and why things could get even better

NPR: Why inflation is losing its punch — and why things could get even better
Economist Lael Brainard says some companies added to their profit margins during the last two years of strong inflation — a trend that could soon be reversed.

Brainard served as Vice Chair of the Federal Reserve board before moving to the White House in February to direct the National Economic Council. She points to what she calls a "price-price" spiral, when companies see their costs go up, then raise their own prices even more.

"It will be important for corporations to continue to bring their markups down after having raised them to unusually elevated levels over the past two years," Brainard told the Economic Club of New York Wednesday.

READ MORE