Economy
Biden to tap tech, climate executives in California fundraising trip
U.S. President Joe Biden will travel to California next week to raise campaign cash from tech and climate donors as he races to raise over a billion dollars for his re-election fight, according to two sources with knowledge of the matter.
Biden, who is almost certain to get the Democratic nomination, will attend a fundraiser hosted by Microsoft Chief Technology Officer Kevin Scott, his wife Shannon Hunt-Scott and Microsoft board member and LinkedIn co-founder Reid Hoffman on June 19, according to an invite sent by the Biden Victory Fund that was seen by Reuters.
The president will also attend a reception co-hosted by eight tech, climate and private equity entrepreneurs and investors including Dan Kalafatas, Hadley Mullin, Steve Silberstein and Mark Robinson.
California’s Governor Gavin Newsom, who shelved his own presidential ambitions for 2024 and backed Biden earlier this year, will also be present at the second event, according to another invite.
“The Democratic Party’s united front in support of President Biden’s reelection is unprecedented,” said Julie Chavez Rodriguez, campaign manager for Biden-Harris 2024.
“While MAGA Republicans burn cash in their primary, competing for whose agenda is the most extreme, the president’s campaign will be capitalizing on the opportunity to raise significant resources that will help expand on our winning 2020 Biden coalition,” she said.
The campaign, which officially started on April 25, plans to ramp up fundraising events in coming months. It is planning more than 20 fundraisers with Biden and three other top campaign representatives across the second half of June, the campaign said in a statement.
Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) Inc’s Google and Microsoft Corp (NASDAQ:MSFT)’s political action committees and employees were among the top five contributors to Joe Biden’s candidate campaign committee in the 2020 election cycle. Microsoft senior executives donated more to the Biden campaign during the primaries than any other large tech company.
The tech industry was looking to strengthen relationships with Biden to ensure they had a voice in an onslaught of federal and state investigations into their business practices during the 2020 cycle.
In the runup to 2024, these donors will play a key role in helping Biden raise cash amid an uncertain economy and tepid enthusiasm among Democrats over the 80-year-old president’s decision to run again.
“It can be a pretty ugly campaign coming up,” Biden said at a New York fundraiser last month, where he spoke for more than 30 minutes. “It wasn’t an automatic decision to run again.”
Biden’s campaign alone raised more than $1 billion during the 2020 cycle, with more than $700 million of that coming from online grassroots donations.
The Biden Victory Fund, a joint committee of Biden’s reelection campaign, the Democratic National Committee and state parties, can collect contributions of up to $929,600 from individuals and $415,000 from political action committees during this cycle.
On Monday, first lady Jill Biden embarked on a fundraising tour to build up the reelection campaign coffers, telling a well-heeled Manhattan crowd of nearly 50 people that her husband “knows how to get things done.”
Biden aides are keeping a close eye on June 30, when quarterly fundraising books close. Campaigns will announce these fundraising tallies in mid-July, and the figure will be a sign of how well Biden’s money-raising efforts are going.
So far, his campaign has only held a handful of events, largely for donors and volunteers. Two fundraising events Biden held last month in New York raised more than $3 million, according to a person familiar with those totals.
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo
SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.
With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.
The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.
China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.
The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.
“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.
The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.
($1 = 7.1315 renminbi)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
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