Trump's Middle East tour: US president says US getting very close to securing nuclear deal with Iran
Negotiations are underway in the Middle East, as US President Donald Trump says Washington is inching closer to securing a nuclear deal with Iran for long-term peace. Jon Gambrell reports from Dubai.
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Business Times
an hour ago
- Business Times
Millions of acres of public land sales slated for US tax Bill
[WASHINGTON] The sale of millions of acres of federal land would provide billions of dollars to help pay for President Donald Trump's massive package of tax cuts and spending in the Senate's version of the Bill released on Wednesday (Jun 11) night. As much as around 1.2 million hectares of land owned by the Bureau of Land Management and the US Forest Service would be mandated for sale in the legislation. The measure, requiring each agency to sell a small percentage of the hundreds of millions of acres of land they manage in eligible states that include Alaska as well as western states, could raise as much as US$10 billion over 10 years, according to a fact sheet. The plan is part of a broader effort to generate as much as US$29 billion through a combination of expanded oil, gas, coal and geothermal lease sales, and new timber sales made public in the legislation unveiled by the Senate Energy and Natural Resources Committee. Similar energy requirements, included new energy lease sales in the coastal plain of Alaska's Arctic National Wildlife Refuge, were included in the House version of the bill, which passed by a one-vote margin last month. The sale of public lands to help pay for the legislation has been a political lightning rod. A plan to sell about 500,000 acres of federal land in Utah and Nevada was stripped by the House version of the Bill amid opposition from Republicans such as Montana Representative Ryan Zinke. The concept of public land sales has also enraged environmental and conservation groups, who say the proposal threatens wildlife as well as access to lands for outdoor recreation, hunters and fisherman. 'It's a travesty that Senate Republicans are putting more than 3 million acres of our beloved public lands on the chopping block to sell at fire-sale prices to build mega mansions for the ultra-rich,' said Patrick Donnelly, a director at the Center for Biological Diversity. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Republicans have said the sales are needed to provide cheap land to help address a housing crisis, and to help western states, where the government owns large swaths of federal land, to restore the areas to economic production and associated tax revenue. 'This proposal allows a fraction of 1 per cent of federal land to be used to build houses,' the Senate energy committee said in the fact sheet. 'In doing so, it will create thousands of jobs, allow millions of Americans to realise the American dream, and reduce the deficit and fund our public lands.' The Senate bill aligns with a Trump administration plan to identify areas of 'underutilised' land suitable for development. Interior Secretary Doug Burgum told the Senate Energy and Natural Resources Committee Wednesday the agency had identified some 250,000 acres near cities where development could lower the cost of housing. But New Mexico Senator Martin Heinrich, the panel's top Democrat, said the idea was deeply unpopular in the West with 'animosity that runs the entire political spectrum.' 'These are places that belong to all of us,' Heinrich said in an interview Thursday. 'Once this stuff gets sold off to developers, we'll never get it back. It will be behind a no trespassing sign.' BLOOMBERG
CNA
an hour ago
- CNA
Trump-Albanese G7 meeting in limbo as ties sour over Israeli sanctions, AUKUS pact
CANBERRA: Highly-anticipated plans for Australian Prime Minister Anthony Albanese to hold face-to-face talks with United States President Donald Trump at the upcoming Group of Seven (G7) summit are in limbo. Canberra's sanctions on two Israeli cabinet members and a new US review of a defence pact with Australia and the United Kingdom have cast doubt on whether the crucial meeting would take place. Albanese was expected to meet Trump for the first time on the sidelines of the G7 leaders' summit, which kicks off on Sunday (Jun 15) in Alberta, Canada, to discuss trade, tariffs and military spending. This is the first big diplomatic test for Albanese since Australia's Labor government was re-elected last month. Australia on Tuesday joined Britain, Canada, New Zealand and Norway in a coordinated action to impose sanctions on two Israeli cabinet ministers, accusing them of repeatedly inciting violence against Palestinians in the West Bank. The move drew condemnation from Washington. On defence, Trump wants Canberra to increase its military spending from 2 per cent of its gross domestic product to at least 3.5 per cent. Albanese had previously said his government is already raising defence spending to 2.3 per cent and has declined to commit to the US target, saying Australia would focus on capability needs. Jennifer Parker, an expert associate at the Australian National University's National Security College, said: 'I don't think we should be increasing defence spending because the US says so. 'Australia should be increasing defence spending because we have assessed there's an increased risk in the region and our capability, our defence force is not resourced to meet that risk." AUSTRALIA-US DEFENCE TIES Australia has a long-standing military alliance with the US. Canberra in 2023 committed to spending A$368 billion (US$250 billion) over three decades on AUKUS, Australia's biggest ever defence project with the US and Britain, to acquire nuclear-powered submarines. But the Trump administration recently launched a formal review of the defence pact. Australia's Defence Minister Richard Marles said on Thursday he was confident the submarine deal would proceed. Domestically, questions have risen over the agreement and its effect on the overall military budget. "The Australian defence spending is being cannibalised by its contributions to AUKUS. It's overwhelming the budget for all the other conventional parts of the Australian defence forces,' said James Curran, a modern history professor at the University of Sydney. Parker, who is a former anti-submarine warfare officer, acknowledged AUKUS' value but warned it must be part of a broader defence strategy. 'When you think about the defence of Australia you really need to think about not the defence of Australian territory but the defence of Australia's vital interests. Much of that exists in the maritime domain,' she told CNA. 'When it comes to protecting the maritime domain, nuclear powered submarines, which are submarines that can go incredibly fast, are a key asset for Australia." TRADE AND TARIFFS Aside from defence, trade tensions loom large – particularly over the 50 per cent tariff imposed on Australian steel, which Albanese hopes to raise with Trump. The Australian Steel Institute said the real danger facing the country's steel industry due to the tariff hike is dumping by other countries such as China. "Steel is a globally traded commodity. If countries or businesses can't find a home in the US for their exports, they will look elsewhere,' said the institute's CEO Mark Cain. 'We're an open trading nation and so the risk for our industry is quite pronounced if we become a dumping ground for that surplus steel that would be awash in the global market.' There are also geopolitical concerns over regional instability triggered by America's strategic plans in the Indo-Pacific and Australia's role as an ally. "The (Trump) administration hasn't played all its geo-political cards in Asia yet. I don't think the US is leaving the region or preparing to withdraw,' said Curran. 'But I think (Washington) is making an assessment deep down about what the costs of a potential conflict with China might mean. And that may well be uncomfortable for US allies in this part of the world."
Independent Singapore
3 hours ago
- Independent Singapore
World Bank lifts nuclear funding ban to fuel energy growth in developing nations
WASHINGTON: World Bank President Ajay Banga has announced the agency's withdrawal of the World Bank's longtime veto on nuclear energy funding. The said pronouncement was sent as a directive to staff, calling it 'real progress toward delivering electricity as a driver of development.' A new era for nuclear in development financing According to a recent Reuters report, the act is part of a bigger agenda to address the increasing electricity requirements of emerging economies, where power demands are projected to double by 2035. The modification follows what Banga designated as a 'constructive' board dialogue, with board members arriving at a compromise on the inclusion of nuclear energy. Under the current strategy, the bank will work meticulously with the International Atomic Energy Agency (IAEA) to guarantee that all endeavours meet stringent international benchmarks for security and non-proliferation. The policy covers supporting life extensions for current apparatuses, grid advancements, and the positioning of small modular reactors (SMRs). Gas projects still in limbo amid board divisions While nuclear has gained support, the discussion over whether to continue financing ambitious natural gas ventures remains unsettled. Some countries, principally Germany, France, and the UK, remain vigilant about consenting to fresh investments in gas infrastructure, alluding to climate apprehensions. On the contrary, the U.S., the bank's major stakeholder, has pushed for larger energy decisions and possibilities, including gas, as a component of its enduring support for conventional fuel sources. The World Bank will remain supportive of gas infrastructures in progress and consequent projects, such as conduits and distribution systems, but only when associated with national development objectives and where renewables are not workable options. However, earlier investments, those involving extraction and production, have been taken off the agenda for now. Balancing development goals with climate action Banga, who began serving as president in June 2023, has endorsed an 'all of the above' energy slant. The reviewed policy intends to provide emerging economies flexibility in selecting their energy mix, whether it be renewables, nuclear, or natural gas, based on their precise economic and geographic circumstances. 'We must be pragmatic,' Banga stressed. The bank also reiterated its promise to gradually eliminate coal, backing up carbon capture technologies for industrial and power segments, and guaranteeing fresh investments don't weaken advancement on renewable energy. Climate activists warn that revived support for nuclear and gas could divert subsidies from clean energy upgrading and climate flexibility. 'Net zero does not mean fossil fuel free,' said Barbados Prime Minister Mia Mottley during the latest consultations, underscoring the role of natural gas as a provisional fuel. See also Spate of letter bombs puzzles Dutch police The program update demonstrates a calculated balancing act for the World Bank, striving to push development while addressing global environmental strains.
