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Yahoo
28 minutes ago
- Yahoo
Trump weighs using $2 billion in CHIPS Act funding for critical minerals, sources say
By Ernest Scheyder and Jarrett Renshaw (Reuters) -The Trump administration is considering a plan to reallocate at least $2 billion from the CHIPS Act to fund critical minerals projects and boost Commerce Secretary Howard Lutnick's influence over the strategic sector, two sources familiar with the matter told Reuters. The proposed move would take from funds already allocated by Congress for semiconductor research and chip factory construction, avoiding a fresh spending request as it seeks to reduce U.S. dependence on China for critical minerals used widely in the electronics and defense industries. Boosting Lutnick's role over critical minerals financing would also help centralize the administration's approach to the sector, a push sought by White House officials after the rollout of the Pentagon investment in rare earths company MP Materials last month sparked questions about the U.S. government's minerals strategy, one source said. The White House did not respond to requests for comment. Pentagon officials were not immediately available to comment. MP Materials declined to comment. The Commerce Department oversees the $52.7 billion CHIPS Act, formally known as the CHIPS and Science Act. The act, signed into law by then-President Joe Biden in 2022, has provided funding so far for research while also seeking to lure chip production away from Asia and boost American domestic semiconductor production. But since taking office in January, Trump has moved to change the CHIPS Act - legislation he has called "a horrible, horrible thing" that amounts to a giveaway to companies - largely by renegotiating grants to chipmakers. Repurposing some funds for mining-related projects would align in part with the spirit of the CHIPS Act as the semiconductor industry requires abundant supplies of germanium, gallium and other critical minerals over which China has tightened its market control, said the sources, who are not permitted to speak publicly about the deliberations. "The administration is creatively trying to find ways to fund the critical minerals sector," said the first source. The plans are under discussion and could change, the sources added. Mining companies themselves could benefit, but also processing and recycling firms. Most of the minerals considered critical by the U.S. government are not processed inside the country. Kent Masters, CEO of North Carolina-based Albemarle, the world's largest producer of lithium for rechargeable batteries, told Reuters last month that the company's stalled plans to build a U.S. lithium refinery are "difficult now without some type of government support or partnership." It was not immediately clear if the Trump administration aimed to use the funds for grants or equity stakes in mining companies, but Lutnick aims to "get the $2 billion out the door" as soon as possible, the first source said, adding that the administration aims to find other funds to reallocate in the near future. A former U.S. official said the Biden administration considered using CHIPS Act grants for rare earths but decided it was uneconomical, required many environmental exemptions and was best left for the Department of Energy to handle. The administration is also looking to use CHIPS Act-related funding to take equity stakes in Intel and other chip makers in exchange for cash grants, Reuters reported on Tuesday. Trump moved quickly to expand U.S. critical minerals production since taking office in January by signing executive orders to boost deep-sea mining and domestic projects. On Tuesday he met with the CEOs of Rio Tinto and BHP at the White House despite the ongoing negotiations with European leaders over Russia's invasion of Ukraine, a move aimed at underscoring his support for U.S. mining. The CHIPS Act deliberations come after the Energy Department last week proposed $1 billion in spending for some critical minerals projects, with funds tied to the 2021 Bipartisan Infrastructure Law. LUTNICK The White House aims to give Lutnick a greater role over funding decisions for critical minerals by giving him oversight of the decision making process within the administration, the sources said. The Pentagon's multibillion-dollar investment in MP Materials and its move to extend a price support mechanism - a deal negotiated by Deputy Defense Secretary Steve Feinberg - was seen by White House Chief of Staff Susie Wiles as uncoordinated as it sparked confusion over whether Washington would guarantee a price floor for all miners and forced the administration to clarify that it does not intend for MP to have a rare earths monopoly, the two sources said. Much of the funding for MP's deal - including Washington's equity stake, loans and purchase agreements - still needs to be allocated by Congress. Two weeks after the Pentagon announced its MP investment, administration officials rushed to meet at the White House with rare earths firms and their customers to underscore broad support for the entire sector, Reuters reported. Lutnick will now help coordinate the administration's funding decisions, taking the lead from the Pentagon and other agencies, the sources said. Lutnick ran brokerage firm Cantor Fitzgerald before he joined Trump's cabinet. Cantor is a large shareholder in Critical Metals Corp, which Reuters reported in June is under consideration for a loan from the U.S. Export-Import Bank.
Fast Company
29 minutes ago
- Fast Company
Eight business leaders discuss their pop-up success stories
Hosting a pop-up business event can be an effective strategy to increase traffic at your virtual and/or brick-and-mortar location. Not only will it give the brand's representatives a chance to engage deeper with current and potential customers, but it can also build brand credibility through hands-on product demonstrations and possibly open doors to new markets that were once off the radar. Whether you're thinking about planning an intimate sit-down to have real conversations with industry stakeholders, or you're introducing a product or service feature and need some honest feedback, below, the members of Fast Company Executive Board have got you covered with eight tried and tested events that gave them a satisfying return on their investment. If you need some fresh ideas to attract and retain new clients, then start here. 1. EDUCATIONAL WORKSHOPS Our Elevate regional workshops are educational events created to share product updates, offer educational enrichment and connect with our PT practice members in their local communities. These events also offer hands-on business coaching and the practical advice they need to grow their businesses, solve operational challenges using our platform and the space to create lasting peer connections. – Heidi Jannenga, WebPT 2. CAREER FAIRS AND PORTFOLIO REVIEWS Career fairs and portfolio reviews have been key in recruiting emerging design talent for our firm. Seeing the work and how it's presented offers insight beyond resumes. We look for mindset, storytelling, and alignment with our culture. That first spark often grows into a lasting impact. – Goran Paun, ArtVersion 3. CO-INNOVATION SESSIONS With AI, the most impactful pop-up events have been quick co-innovation sessions—fast, focused sprints where employees, customers, and partners collaborate across roles to prototype ideas in real time. They succeed because they blend speed, creativity, and human insight—turning conversation into action and sparking real business momentum. – Alex Goryachev 4. NETWORKING LOUNGES AT INDUSTRY CONFERENCES Industry conferences with branded networking lounges have driven the most growth for us. These pop-up spaces create personal connections in a casual setting, allowing us to showcase expertise, build trust, and turn conversations into long-term clients. – Boris Dzhingarov, ESBO ltd 5. HANDS-ON PRODUCT DEMOS WITH REAL-TIME Q&A The most successful pop-up events for LambdaTest have been the ones that engage the community in a way that is interactive, such as hands-on workshops and product demos. These events proved successful for LambdaTest because people were experiencing the product with their own hands while asking questions in real time, thus building a personal connection and bonding with the brand. – Asad Khan, LambdaTest Inc. 6. SMALL GROUP EXECUTIVE DINNER INVITATIONS Forget the photo booths and swag bags. Our most successful events are small group dinners where executives actually share what keeps them up at night. No agenda—just real conversation. People are starved for authentic connection, not another networking happy hour. Brand loyalty comes from being seen, not entertained. – Dr. Camille Preston, AIM Leadership, LLC 7. COMPANY MEET AND GREET THAT HUMANIZES HIRING Recruiting pop-up events that feature talent showcase opportunities and culture allow potential candidates to experience the company's culture, meet team members, and see the employee value proposition in action, which leads to better-fit hires and brand advocates. It humanizes the hiring process through real-life stories, not just job descriptions. – Britton Bloch, Navy Federal Credit Union
Bloomberg
30 minutes ago
- Bloomberg
Warburg Pincus Hits Record on Route to $10 Billion in Exits
Warburg Pincus has generated almost $10 billion in returned capital for investors this year, people familiar with the matter said, having set a firm-wide record for realizations in the first six months alone. The private equity group has been offloading assets to a mix of strategic and sponsor buyers. Recent deals have included the multibillion-dollar sales of health records software provider ModMed to Clearlake Capital, HR software group Neogov to EQT AB and Canada Pension Plan Investment Board, and pumps and compressor maker Sundyne to Honeywell International Inc.
