Connect with us

Business

America’s European allies are trying to pry millions of their unspent money back from USAID

Published

on



Three European allies provided millions of dollars that the United States was supposed to spend for low-income countries. Then the Trump administrationand Elon Musk’s government-cutters arrived.

Government officials from Sweden, Norway and the Netherlands told The Associated Press that a combined $15 million they contributed for joint development work overseas has been parked at the U.S. Agency for International Development for months.

After the Republican administration and Musk’s Department of Government Efficiency cut USAID’s funding and the bulk of its programs, the Europeans asked whether their money would be funneled to projects as expected or refunded.

They have gotten no response.

“It’s a concern for us, especially as we want our partner organizations to be compensated for the work they have put into the programs,” said Julia Lindholm, a spokeswoman for the Swedish government’s international development agency.

The true total may be larger. Other foreign governments also had money entrusted with USAID for distribution in a range of joint development projects at the time President Donald Trump ordered the funding freeze on Jan. 20, according to an official directly familiar with the matter who was not authorized to comment publicly and spoke on condition of anonymity.

The worries point to the extent to which the new administration’s abrupt cutoff of foreign assistance and canceling of contracts for humanitarian and development work are raising questions about Washington’s financial reliability. They also show further strain between allies as Trump revamps American foreign policy.

The State Department and USAID did not immediately respond to questions asking how many foreign governments had money for joint development programs going unspent and unrefunded in the USAID funding freeze, how much money that was in total, and whether the administration was doing anything about it.

Concerns from American allies

Sweden, Norway and the Netherlands had been partnering with USAID on a project called Water and Energy for Food, or WE4F. It helps farmers and others in poorer countries develop innovative ways to grow more food without straining water supplies or depending on climate-damaging forms of energy.

“Most importantly,” Lindholm said by email, the U.S. failure so far to disburse or refund allies’ donations is harming ”6 million of the poorest and most vulnerable farmers in the world who are dependent on the technologies for their food production and food security.”

Other administration actions already have alarmed traditional partners. Trump has said he would not necessarily follow the mutual-defense pact underlying the NATO security agreement, he has advanced some of Russia’s talking points and demands in its invasion of Ukraine and has imposed tariffs on Canada, the European Union and others.

America as a reliable financial partner

Now, doubts about the U.S. as a reliable business partner have emerged in lawsuits over the administration’s abrupt cancellation of what Secretary of State Marco Rubio said were 83% of USAID contracts, forcing partner organizations to lay off workers and driving some out of business.

In a brief supporting a lawsuit from federal workers, former Defense Secretaries Chuck Hagel and William Perry, former CIA Director Michael Hayden and more than a dozen other former senior U.S. officials said the administration’s mass canceling of thousands of USAID contracts was flouting U.S. financial regulations and “destroying the United States’ credibility as a reliable partner.”

Canceling the contracts “sends a message that this administration does not feel bound by those regulations — regulations on which every business that works with the United States relies,” the former officials said.

In another case, lawyers for nonprofits and businesses seeking payment from USAID told a judge that because of the financial chaos surrounding the agency’s dismantling, banks have stopped what used to be routine financing for USAID partners based on their contracts with the U.S. agency.

Since the Cold War, the national security argument for development programs has been that making poorer countries more prosperous and stable lessens refugee flows and conflicts.

Trump and Musk call foreign assistance through USAID in particular a fraud and scam. Administration officials are looking at focusing U.S. development efforts much more narrowly on combating China’s influence abroad and boosting U.S. trade and business opportunities.

Seeking money back from the Trump administration

Growing steadily more alarmed by the administration’s foreign aid moves, Sweden, Norway and the Netherlands initially sent USAID emails inquiring about the money they had parked in USAID accounts.

Frustrated at getting no response, two of them warned in the government-to-government emails that they were looking at talking to local media about their missing money, according to the official directly familiar with the matter.

Under court order, the administration has started making good on some $2 billion USAID already owed when Trump ordered the freeze in USAID and State Department foreign assistance on Inauguration Day.

But forced leaves and firings have yanked most officials and workers at USAID’s headquarters off the job. That includes many who oversaw development programs and would be involved in tracking down numbers and calculating any refunds for the foreign governments.

Sweden’s development agency told the AP that it estimates it has $12 million total, including $5.1 million for WE4F, sitting in USAID accounts — money going unspent for people in Africa, Asia and the Middle East and unrefunded by the administration.

Lindholm, the spokesperson for Sweden’s development agency, called the WE4F program “extraordinarily impactful,” with measurable benefits for farmers and others many times greater than the program’s initial targets.

The Norwegian Agency for Development Cooperation told the AP that it has received no information about the fate of a $1.4 million funding tranche for WE4F since Trump began dissolving USAID.

The Dutch Foreign Ministry said it reached out to the U.S. aid agency on how much of the $1.6 million it had given most recently for WE4F had yet to be disbursed by USAID and should be refunded, but that it had not yet gotten any response.

“Donor partners are now exploring other opportunities to continue to run the WE4F programme to ensure a responsible completion,” Lindholm said by email.

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

Step inside ‘Billionaire’s Beach’: From Kenneth Griffin to Donald Trump, this oceanside town is home to 58 billionaires

Published

on


  • “Billionaire’s Beach” in Florida is home to 58 billionaires, including Donald Trump, Ken Griffin, Julia Koch, and Stephen Schwarzman. The wealth of these Palm Beach homeowners totals about $494.7 billion—attracting the world’s 1% with pristine beaches, unparalleled privacy, tax breaks, mega-mansions, and exclusivity. 

Florida has become the mecca of America’s wealthiest—with many of the world’s richest individuals flocking to one oceanside town, dubbed “Billionaire’s Beach,”  where you can rub shoulders with the likes of Ken Griffin and Donald Trump.

Palm Beach is home to a staggering 58 billionaires, drawn to crystal blue waters, Mediterranean-style megamansions with unparalleled privacy, and Rodeo Drive–worthy shopping.

Single-family houses in Palm Beach, Florida, U.S., on Wednesday, April 7, 2021. Purchase contracts for single-family houses priced at $10 million or more surged 306% in March from a year earlier, the biggest gain since the pandemic started, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report. Photographer: Marco Bello/Bloomberg via Getty Images

Many of the richest own property on South Ocean Boulevard—a famous street part of “Billionaire’s Row,” lined with towering palm trees and pristine beaches. Properties for sale cost an arm and a leg, with some charging $57.5 million or $38.7 million for an in on the exclusive neighborhood. 

One 8-bedroom, 15-bathroom listing is even up for $88 million.

Palm Beach, Florida, USA – March 15, 2014: Wonderful mansion in spanish style. No people.

But Kenneth Griffin, the CEO of Citadel, wants to shatter all those numbers. 

The American hedge fund manager worth $41.8 billion has his sights set on constructing a $1 billion property in Palm Beach. In 2023, he bought about 20 acres of prime real estate in the area, and plans are still underway to spend anywhere from $150 million to $400 million on constructing his dream house—and it’s expected to be one of the priciest homes on the planet when complete.

It’s just a quarter mile south of President Trump’s sprawling 126-room, 62,500-square-foot Mar-a-Lago estate. 

Aerial shot of Palm Beach, Florida looking down on Everglades Island. Authorization was obtained from the FAA for this operation in restricted airspace.

10 of the richest residents of Palm Beach 

Net worths are based on the most recent data from the Bloomberg Billionaires Index

  • Julia Koch and family, $75.7 billion
  • Thomas Peterffy, $52 billion
  • Stephen Schwarzman, $47.9 billion
  • Kenneth Griffin, $41.8 billion
  • Abigail Johnson, $38.9 billion
  • Dan Gilbert, $30.2 billion
  • Thomas Frist Jr., $29.5 billion
  • Gina Rinehart, $24.6 billion
  • David Tepper, $22.3 billion
  • Henry Kravis, $16.6 billion

Like birds of a feather, billionaires tend to flock together. It’s estimated that the combined net worth of Palm Beach’s richest residents totaled an eye-watering $494.7 billion in 2024, according to analysis of Forbes data by the Palm Beach Daily News

Aside from the temperate climate, private beaches, stunning views, and luxury real estate, the Florida town attracts the world’s wealthiest for its tax breaks. Most notably, Florida is one of the nine U.S. states with no income tax—meaning residents and companies don’t have to cough up taxes on their wages, salaries, or business profits.

Plus, flocking to Florida is not just an investment for billionaires’ pockets—a part of the appeal of buying a megamansion on Palm Beach is sharing a zip code with some of the world’s one percent.

Your ultrawealthy neighbors could include Koch Industries’ Julia Koch and her family, worth $75.7 billion; Stephen Schwarzman, the Blackstone CEO boasting a $47.9 billion net worth; or Fidelity CEO Abigail Johnson, who has amassed a $38.9 billion empire, to name a few.

After Estée Lauder bought out his brand for $2.8 billion, fashion A-lister Tom Ford forked over $51 million for a home in the area in 2022. One year later, 84 others bought properties worth over $10 million in Palm Beach during 2023. 

And if Palm Beach’s billionaires aren’t enough company, then just drive 10 miles south to Manalapan, where Oracle cofounder Larry Ellison just set a Florida record for the purchase of a $173 million estate spanning 16 acres.

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

The state of American families is bleak

Published

on

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.



Source link

Continue Reading

Business

Trump’s media group partners with Crypto.com to launch ‘Made in America’ ETFs

Published

on

President Donald Trump’s media group is partnering with Singapore-based crypto exchange Bitcoin and other unspecified digital assets, the ETFs will include Cronos, a cryptocurrency with ties to Crypto.com, the statement says. 

The partnership puts Trump’s media company, of which Trump owns a majority stake, in business with a company that was recently in the crosshairs of U.S. regulators. In August of last year, Crypto.com received a Wells Notice, a letter from a government agency letting a defendant know that the agency intends to sue them, from the Securities and Exchange Commission alleging it violated securities laws. Before the agency filed a formal lawsuit against the company, Crypto.com sued the SEC claiming it was operating outside of its jurisdiction. However, Crypto.com withdrew its complaint in December after CEO Kris Marszalek met with then President-elect Trump at Mar-a-Largo. TMTG did not immediately respond to Fortune’s request for additional comment.   

The Singapore-based company has quickly become one of the most popular centralized crypto exchanges, jumping from 13th highest by trading volume to third within the last year, according to data collected by crypto analytics platform CoinGecko.

This story was originally featured on Fortune.com



Source link

Continue Reading

Trending

Copyright © Miami Select.