Latest news with #USExport-ImportBank
Express Tribune
6 days ago
- Business
- Express Tribune
Trade talks with US set to conclude next week
Pakistan and the US have resolved to conclude trade talks next week, the South Asian nation said on Wednesday after a meeting between its Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan's efforts to avoid steep U.S. duties on exports. "Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week," the finance ministry said in a statement, adding that a longer-term strategic and investment partnership is also under discussion. Pakistan faces a 29% tariff on exports to the US under President Donald Trump's measures to target countries with large trade surpluses with the US Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan's mining sector. Earlier this week, the two countries co-hosted a webinar promoting investment in Pakistan's mineral sector, including the $7 billion Reko Diq copper-gold project. Senior officials from both governments and US investors discussed public-private partnerships and regulatory reforms. The US Export-Import Bank is reviewing financing proposals worth $500 million to $1 billion in Reko Diq. Trump, who hosted Field Marshal Gen Asim Munir at the White House last week, has earlier said trade helped avert a deeper conflict between Pakistan and India. Meanwhile, the US and Pakistan have agreed to increase bilateral economic and trade ties and meaningful engagement in investment and negotiation on pertinent economic issues. Finance Minister Muhammad Aurangzeb held a virtual meeting with US Commerce Secretary Howard Lutnick. The discussion focused on meaningful engagement in trade, investment and deepening economic ties mutually beneficial to both sides with technical level trade related discussions to be concluded coming week, said a press release issued here on Wednesday. A virtual meeting took place between Mr. Muhammad Aurangzeb, Finance Minister and Howard Lutnick, United States' Commerce Secretary on United States (US) reciprocal tariffs, said a press release issued here on Wednesday. Both sides showed satisfaction with the ongoing negotiations and resolved to conclude the trade negotiations next week. It was also resolved that, further to the trade agreement, a partnership, based on strategic and investment interests, would be concluded in due course covering areas of mutual interest. Both sides expressed confidence in concluding trade negotiations at the earliest.
Express Tribune
6 days ago
- Business
- Express Tribune
Pakistan, US to finalise trade deal next week
Listen to article Pakistan and the US have resolved to conclude trade talks next week, the finance ministry said on Wednesday after a meeting between Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Pakistan's efforts to avoid steep US duties on exports. 'Both sides showed satisfaction on the ongoing negotiations and resolved to conclude the trade negotiations next week,' finance ministry said in a statement, adding that a longer-term strategic and investment partnership is also under discussion. Pakistan faces a 29% tariff on exports to the US under President Donald Trump's measures to target countries with large trade surpluses with the US. Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan's mining sector. Earlier this week, Pakistan-US co-hosted a webinar promoting investment in Pakistan's mineral sector, including the $7 billion Reko Diq copper-gold project. Read More: Trump says Pakistani officials visiting US next week for trade talks Senior officials from both governments and US investors discussed public-private partnerships and regulatory reforms. The US Export-Import Bank is reviewing financing proposals worth $500 million to $1 billion in Reko Diq. Trump, who hosted Army Chief Field Marshal Asim Munir at the White House last week, has earlier said trade helped avert a deeper conflict between Pakistan and India. After last month's Pakistan-India conflict, which led to heightened military tensions in the region, Trump repeatedly stated that the nuclear-armed South Asian neighbours agreed to a ceasefire following US-mediated talks. He claimed hostilities ended after he urged both countries to focus on trade instead of war. The Trump statements came in the context of heightened tensions triggered by the killing of 26 people—mostly tourists—in Indian Illegally Occupied Jammu and Kashmir (IIOJK). Read More: 'If you don't stop, no trade': Trump on Pakistan-India ceasefire The attack led to a dramatic escalation between the two nuclear-armed neighbours. India accused Pakistan of supporting the militants behind the assault, a claim Islamabad strongly denied. India launched airstrikes against what it described as militant training camps across the border. Pakistan said the strikes hit civilian areas, causing dozens of casualties. In retaliation, Pakistan hit 26 Indian military facilities and dozens of Pakistani drones hovered over major Indian cities, including capital New Delhi, in the offensive operations on May 10.
Boston Globe
17-06-2025
- Business
- Boston Globe
A Boston-based lithium startup is building a US battery plant that will skirt Trump's tariffs
Advertisement The Boston-based company's move to build a pilot plant comes as President Donald Trump's administration sets the stage for tariffs on imports of key battery components from China. Pure Lithium says it extracts lithium from brine to manufacture a battery free of graphite, nickel, cobalt and manganese, allowing it to be produced without any inputs from China. The company received a letter of interest from the US Export-Import Bank in April for financing of as much as $300 million.
Yahoo
16-06-2025
- Business
- Yahoo
EXIM Bank considers $120m loan for rare earths mine in Greenland
Critical Metals has received a letter of interest (LoI) from the US Export-Import Bank (EXIM) for financing the company's Tanbreez rare earths mine in Greenland with a loan of up to $120m, according to a Reuters report, citing sources. This move could mark the Trump administration's first overseas investment in a mining project and potentially reduce US reliance on China for critical minerals. Amid trade tensions, Beijing imposed export restrictions on rare earths, intensifying the global search for new sources. Critical Metals was informed that it meets the initial criteria to apply for the loan, which offers a 15-year repayment term. According to the report, the loan is contingent on the project being well-funded with equity from strategic investors. The Tanbreez mine, with an estimated cost of $290m, is expected to begin initial production by 2026, eventually yielding 85,000 tonnes per annum of rare earths concentrate. Critical Metals CEO Tony Sage was quoted as saying: 'This funding package is expected to unlock significant value for our project and our stakeholders.' The loan would support technical work and reaching initial production stages. EXIM representatives could not be reached for immediate comment. Washington has previously shown support for Greenland's mining sector, with Biden administration officials lobbying Tanbreez Mining to avoid a sale to a Chinese developer. The mining sector in Greenland has faced challenges including limited investor interest and environmental concerns. Only two small mines are currently operational in the region. Greenland's Minister for Business and Mineral Resources, Naaja Nathanielsen, has highlighted the need for external investment to bolster the country's mining and tourism sectors, urging Europe and the US to consider investment opportunities. Critical Metals still needs to develop material processing facilities within the US, a goal bolstered by the potential EXIM loan. The company previously sought funding from the US Department of Defense for a processing facility, but the process stalled. To meet additional funding requirements, Critical Metals is exploring options such as offtake agreements and funding from other US agencies. The company has engaged in supply discussions with Lockheed Martin and other defence contractors. EXIM has also expressed interest in financing Perpetua Resources' mine in Idaho. "EXIM Bank considers $120m loan for rare earths mine in Greenland" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Kuwait Times
30-05-2025
- Politics
- Kuwait Times
Jihadist attacks hit Mozambique
MAPUTO: A series of attacks in northern Mozambique this month point to a resurgence of violence by Islamic State-linked militants as energy giant TotalEnergies prepares to resume a major gas project, analysts say. The group terrorized northern Mozambique for years before brazenly vowing in 2020 to turn the northern gas-rich Cabo Delgado province into a caliphate. TotalEnergies paused a multi-billion-dollar liquefied natural gas project there in 2021 following a wave of bloody raids that forced more than a million people to flee. The insurgency was pushed to the background by a months-long unrest that followed elections in October. But there has been a new wave of violence. In May, the Islamists attacked two military installations, claiming to kill 11 soldiers in the first and 10 in the second. A security expert confirmed the first attack and put the toll at 17. There was no comment from the Mozambican security forces. Dramatic strikes There were two dramatic strikes earlier — a raid on a wildlife reserve in the neighboring Niassa province late April killed at least two rangers, while an ambush in Cabo Delgado claimed the lives of three Rwandan soldiers. Also unusual was a thwarted attack on a Russian oceanographic vessel in early May that the crew said in a distress message was launched by 'pirates', according to local media. 'Clearly there is a cause and effect because some actions correspond exactly to important announcements in the gas area,' said Fernando Lima, a researcher with the Cabo Ligado conflict observatory which monitors violence in Mozambique, referring to the $4.7 billion funding approved in mid-March by the US Export-Import Bank for the long-delayed gas project. 'The insurgents are seeing more vehicles passing by with white project managers,' said Jean-Marc Balencie of the French-based political and security risk group Attika Analysis. 'There's more visible activity in the region and that's an incentive for attacks'. 'Propaganda effect' Conflict tracker ACLED recorded at least 80 attacks in the first four months of the year. The uptick was partly due to the end of the rainy season which meant roads were once again passable, it said. TotalEnergies chief executive Patrick Pouyanne said last Friday that the security situation had 'greatly improved' although there were 'sporadic incidents'. The attack that stalled the TotalEnergies project in 2021 occurred in the port town of Palma and lasted several days, sending thousands fleeing into the forest. ACLED estimated that more than 800 civilians and combatants were killed while independent journalist Alex Perry reported after an investigation that more than 1,400 were dead or missing. Rwandan forces deployed alongside the Mozambique military soon afterwards, their number increasing to around 5,000, based on Rwandan military statements. The concentration of forces in Cabo Delgado 'allows insurgents to easily conduct operations in Niassa province,' said a Mozambican military officer on condition of anonymity. The raid on the tourist wildlife lodge straddling Cabo Delgado and Niassa provinces was for 'propaganda effect', said Lima, as it grabbed more international media attention than hits on local villages that claim the lives of locals. Strikes on civilians, with several cases of decapitation reported, often fall under the radar because of the remoteness of the impoverished region and official silence. 'More than 25,000 people have been displaced in Mozambique within a few weeks,' the United Nations High Commissioner for Refugees (UNHCR) said last week. This was in addition to the 1.3 million the UN said in November had been displaced since the conflict began in 2017. 'The renewed intensity of the conflict affects regions previously considered rather stable,' said UNHCR's Mozambique representative Xavier Creach. In Niassa, for example, about 2,085 people fled on foot after an attack on Mbamba village late April where women reported witnessing beheadings. More than 6,000 people have died in the conflict since it erupted, according to Acled. — AFP
