The U.S. Department of the Treasury announced today that the United States has formally notified the Russian Federation to confirm the suspension of specific provisions of the 1992 Tax Convention between the two nations. The affected sections include Paragraph 4 of Article 1 and Articles 5-21 and 23, as well as the operation of its accompanying Protocol.
WASHINGTON — The U.S. Department of the Treasury’s Office of Economic Policy released an analysis today indicating that American businesses are not only achieving high earnings but are also investing those earnings productively. The Biden Administration has prioritized creating favorable conditions for business investment as a key component of the post-COVID economic agenda. Legislative measures such as the CHIPS & Science Act and the Inflation Reduction Act explicitly encourage private investment, while other efforts by the Administration aim to increase competition and...
Global investment firm Carlyle (NASDAQ: CG) has announced the appointment of Yoshinori Komiya as Senior Advisor to its Japan advisory team. Mr. Komiya will assist in identifying and assessing new investment opportunities and contribute to value creation within Carlyle’s existing portfolio.
The Federal Reserve Bank of New York has announced the appointment of Frederic Veron as chief information officer and head of the Technology Group. In this capacity, he will also serve as a member of the Bank’s Executive Committee. Veron is set to join the New York Fed in June 2024.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions today on ten individuals, entities, and vessels involved in the illicit transport of oil and other commodities for the Houthi network facilitated by Sa’id al-Jamal. The action targets maritime shipping and financial facilitators, vessel managers, owners, and a company involved in forging shipping documents.
WASHINGTON — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned members of one of Guyana’s wealthiest families, Nazar Mohamed and his son, Azruddin Mohamed, along with their company, Mohamed’s Enterprise, and a Guyanese government official, Mae Thomas. These sanctions were imposed due to their involvement in public corruption in Guyana. Additionally, OFAC designated two other entities, Hadi’s World and Team Mohamed’s Racing Team, for being owned or controlled by Mohamed’s Enterprise and Azruddin.
Tokyo, Japan – June 6, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced it has agreed to sell 100% of Tokiwa Cosmetics Group (collectively with Tokiwa Corporation and its subsidiaries, “Tokiwa”), a global cosmetics research, development, and manufacturing company, to Nihon Kolmar Holdings (collectively with TOA Inc., its 100% subsidiary, “TOA Group”), Japan’s largest cosmetics ODM/OEM manufacturer. Terms of the transaction were not disclosed.
The National Credit Union Administration (NCUA) has granted a federal charter and Share Insurance Fund coverage to Fair Break Federal Credit Union in Memphis, Tennessee. This marks the second federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative.
The Federal Reserve Bank of Richmond recently hosted its fifth annual Investing in Rural America Conference in Roanoke, Virginia. The event aimed to foster partnerships, develop innovative programs addressing community needs, and educate and retain a talented workforce in small towns and rural areas.
ALEXANDRIA, Va. (June 3, 2024) – June is Minority Depository Institution Awareness Month at the National Credit Union Administration (NCUA), and the agency will feature activities and events highlighting the essential role MDIs play in their communities.
The National Credit Union Administration (NCUA) issued four consent orders in May 2024, permanently prohibiting the individuals named below from participating in the affairs of any federally insured depository institution.
The 12 Federal Reserve Banks have released a series of chartbooks to analyze data from the 2023 Small Business Credit Survey (SBCS). These chartbooks, titled "2024 Firms in Focus," include 43 sets of charts that provide insights into the performance and challenges faced by different types of small businesses in 2023. The resources are designed to help compare small business credit conditions across various dimensions such as geography, owner demographics, industry, and size.
The Beige Book, published eight times per year, gathers anecdotal information on current economic conditions from various sources across each Federal Reserve District. This summary provides insights by district and sector.
A model developed by researchers at the Federal Reserve Bank of Cleveland suggests that inflation may take several years to return to the Federal Open Market Committee’s 2 percent target. This projection comes as extrinsic forces, such as supply chain constraints, have normalized.
On May 30, 2024, Secretary of the Treasury Janet L. Yellen testified before the Senate Appropriations Subcommittee on Financial Services and General Government regarding the President’s Fiscal Year 2025 Budget Request.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two companies linked to the Wagner Group in the Central African Republic (CAR). Mining Industries SARLU and Logistique Economique Etrangere SARLU have been designated under Executive Order 14024 for their involvement in supporting Wagner Group security operations and illicit mining activities.
On May 30, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Ecuador-based Los Lobos Drug Trafficking Organization and its leader Wilmer Geovanny Chavarria Barre, also known as “Pipo.” With thousands of members, Los Lobos is currently Ecuador’s largest drug trafficking organization and has significantly contributed to the violence in the country. This action follows Treasury’s February designation of Los Choneros—a prominent Ecuadorian drug gang—and comes amid increasing violence and instability driven by criminal organizations...
