Latest news with #technologycompanies
Forbes
3 hours ago
- Business
- Forbes
U.S. - China Rare Earths Minerals Deal Can Be Upscaled Via G20
Samples of rare metals displayed in Sillamae, Estonia, where a company is building a new plant to ... More try and challenge China's grip on rare earth magnets, a vital component of electric vehicles. Photographer: Peter Kollanyi/Bloomberg The announcement of a deal between the United States and China on rare earth magnets for a range of technologies is a welcome reprieve for many technology companies and for the defense sector as well. Yet, this deal remains fragile in the context of capricious tariffs and a dysfunctional dispute resolution system within the World Trade Organization. What is now needed is to capitalize on the deal and use it as a confidence-building measure to establish a longer-term international agreement for managing critical minerals supply. In a recent paper, myself and a coalition of scholars from across a range of mineral producing and consuming countries have argued for a 'minerals trust' for the green transition. We also prepared an accompanying policy brief under the auspices of the United Nations University to provide specific policy recommendations ahead of the G7 meeting in Canada earlier this month. The G7 issued a communique on critical minerals on June 17th which was fairly broad in scope but most noteworthy was the fact that China was not singled out for constraining mineral supply. Furthermore, the communique explicitly mentioned the role of the more multilateral G20 organization in furthering aspirations for investment, particularly through the G20 Compact for Africa. China as well as Russia are of course members of the G20 along with other key mineral producers such as Indonesia, Saudi Arabia, Türkiye, Brazil and South Africa. It would be opportune to now move the conversations on minerals diplomacy to the G20 which will incidentally be chaired by the United States of America in 2026. A key intermediary step will be the planned critical minerals conference this September in Chicago which has been announced already at the G7 meetings. At this conference, there needs to be consensus reached on what are realistic targets for 'near-shoring' and diversification based on thigh quality ore bodies and economically feasible technologies. Mineral extraction sites are geologically determined and any policies that set targets for domestic production need to be predicated in geoscience. The challenge at present is that there are more than 400 national policies on critical minerals in various forms worldwide according to the International Energy Agency's policy tracking tool. Most of these policies are not aligned with geoscience or economics of extraction. Furthermore, they often neglect the prospects for a circular economy as well for minerals. The rare earths deal between the United States and China should be expanded to have a systems level approach towards building a minerals trust, particularly for those metals needed for the Green Transition. The trust would also provide opportunities to have stockpiles and source metals from recycled sources. Currently, less than 5% of rare earth magnets are recycled but this may soon change based on recent technologies that have been developed by Swiss Federal Institute of Technology in Zurich (ETH). Yet much of the infrastructure from which these magnets would be recycled is also in China. Ultimately, even with diversification efforts, China's role in sourcing rare earths from both primary and secondary source cannot be discounted and pursuing a cooperative approach is both ecologically and economically prudent.
Bloomberg
11 hours ago
- Business
- Bloomberg
Canada's Digital Services Tax Stays in Place Despite G-7 Deal
Canada is proceeding with its digital services tax on technology companies such as Meta Platforms Inc. despite a Group of Seven agreement that resulted in removing the Section 899 'revenge tax' proposal from US President Donald Trump's tax bill. The first payment for Canada's digital tax is still due Monday, the country's Finance Department confirmed, and covers revenue retroactively to 2022. The tax is 3% of the digital services revenue a firm makes from Canadian users above C$20 million ($14.6 million) in a calendar year.
Zawya
07-05-2025
- Business
- Zawya
Cape Verde Inaugurates Landmark Tech Park, Aiming to Become the 'Tech Islands of West Africa'
The Government of Cape Verde has officially launched Tech Park Cape Verde (TechPark CV), a major milestone in the country's digital transformation strategy. Designed as a centre of excellence for technology companies, the park is part of Cape Verde's broader ambition to establish itself as the 'Tech Islands of West Africa' — a regional hub connecting West Africa, Europe, and the Americas through digital services and innovation. The €45.59 million investment, funded by the African Development Bank (AfDB), represents nearly 2% of Cape Verde's GDP. It reflects the country's commitment to diversifying its economy and strengthening its position in the global digital economy. TechPark CV is expected to stimulate technological growth both within Cape Verde and across the region. Currently home to 23 companies, it has the capacity to host up to 1,500 workers. Equipped with advanced infrastructure, the park is designed to nurture technology enterprises, foster collaboration with academic institutions, and create job opportunities for local talent — reinforcing Cape Verde's workforce development and economic resilience. Two campuses make up TechPark CV: one located in Praia on Santiago Island and the other in Mindelo on São Vicente Island. Inauguration ceremonies are being held on both campuses this week: May 5th, 2025 – Praia Campus, Santiago Island May 6th, 2025 – Mindelo Campus, São Vicente Island The Praia inauguration has drawn over 300 companies, including more than 100 international firms, along with major global players such as Intel, Microsoft, and Smart Africa. This high-level participation underscores international interest in Cape Verde's growing technology sector. The event brings together prominent figures from government, industry, and tech to discuss the future of digital transformation across Africa. National representatives, including Prime Minister H.E. Ulisses Correia e Silva, are attending alongside international leaders such as Dr. Akinwumi A. Adesina, President of the African Development Bank, highlighting the event's regional importance. A key highlight of the inauguration is a panel featuring leaders from the global tech industry. Among the participants are representatives from Intel, Microsoft, and Smart Africa, as well as Elisabeth Moreno, former French Minister and tech executive. Despite diverse backgrounds, they all share a focus on innovation, technology, and Africa's digital future. TechPark CV features modern, sustainable infrastructure such as coworking and business centres, data and training facilities, and a conference centre — all equipped with high-speed connectivity and international-standard digital services. Its strategic mid-Atlantic location enables partnerships and investment opportunities that span three continents. A central goal of the park is to advance emerging technologies such as artificial intelligence (AI), blockchain, fintech, big data, and the Internet of Things (IoT). These efforts are backed by strong government support and competitive tax incentives. As a Special Economic Zone for Technologies (ZEET), TechPark CV offers benefits including VAT and import tax exemptions, and a reduced 2.5% corporate tax rate for eligible companies. Aligned with its regional strategy, TechPark CV will also work with the Economic Community of West African States (ECOWAS) to promote innovation across the region. The initiative emphasizes digital inclusion and sustainable growth, reflecting Cape Verde's morabeza — a cultural ethos of hospitality and openness that underpins an inclusive environment for innovation. Carlos Monteiro, President of TechPark CV, said: 'TechPark CV is the realisation of our ambition to transform Cape Verde into a technology hub for West Africa. Our unique mid-Atlantic location creates a gateway for investments and business opportunities linking Africa, Europe and the Americas. The spirit of morabeza lies at the heart of what we're building – a welcoming environment where innovators from different backgrounds and cultures can collaborate and thrive together. Through this project, we're not just building a digital hub; we're fostering a community where technology drives economic growth and sustainable development for Cape Verde and our international partners.'
