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Yahoo
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Thyssenkrupp Nucera abandons US green hydrogen projects no longer deemed feasible -CEO
By Marleen Kaesebier and Christoph Steitz (Reuters) -Thyssenkrupp Nucera is in intensive discussions with stakeholders in its U.S. projects and is abandoning those no longer deemed feasible due to tax and spending changes initiated by U.S. President Donald Trump, its CEO said on Wednesday. Global demand for green hydrogen had stalled amid concern among clean-tech players over what Trump's policies would mean for the industry. But Thyssenkrupp Nucera's chief executive Werner Ponikwar said the company had more clarity around the financial viability of U.S. projects after the enactment of U.S. legislation that eliminated some tax credits for low-carbon energy sources. "We have sorted out all projects that have less chance of being realized due to the new framework conditions in the U.S.," Ponikwar said in a call with journalists after the company reported results. Trump's sweeping spending and tax legislation has made it harder to develop green tech projects in the U.S. by effectively phasing out renewable energy tax credits after 2026 if projects have not started construction. Ponikwar said that with projects still expected to receive funding if they start construction work before a revised end of 2027 deadline, Thyssenkrupp Nucera will be able to advance state-side projects, especially those in advanced stages. "We are convinced that the hydrogen electrolysis market continues to offer enormous potential," Ponikwar said, while adding that the company needs to be more patient than initially hoped. If U.S. projects do not come to fruition, Thyssenkrupp Nucera will utilize its U.S. resources "for other purposes", Ponikwar said, echoing his sentiments from December. Sign in to access your portfolio
Yahoo
14 minutes ago
- Yahoo
Russia says its demands are unchanged: full Ukrainian withdrawal from regions that Moscow claims
By Dmitry Antonov MOSCOW (Reuters) -Russia said on Wednesday that its stance on ending the war in Ukraine has not changed since President Vladimir Putin set out his conditions last year: the full withdrawal of Kyiv's forces from key Ukrainian regions and the abandonment of its NATO ambitions. Putin and U.S. President Donald Trump are due to meet on Friday in Alaska, the first U.S.-Russian summit since 2021, to discuss efforts to end the war. Trump has said both sides will have to swap some of the land they currently hold to make this happen. Russia currently controls 19% of Ukraine including all of Crimea, all of Luhansk, more than 70% of the Donetsk, Zaporizhzhia and Kherson regions, and slivers of the Kharkiv, Sumy, Mykolaiv and Dnipropetrovsk regions. After reports by some media that Washington understood Putin was ready to compromise on his territorial demands, the Russian Foreign Ministry's deputy spokesperson, Alexei Fadeev, was asked by reporters if Russia's position had changed or not. "Russia's position remains unchanged, and it was voiced in this very hall just over a year ago, on June 14, 2024," Fadeev said, referring to a speech Putin delivered then at the foreign ministry. At that time, in his fullest public remarks so far about the shape of a possible settlement, the Kremlin chief set out demands including the withdrawal of Ukrainian troops from the parts of Donetsk, Zaporizhzhia and Kherson that they still control. Putin also said that Kyiv would have to officially notify Moscow that it was abandoning its plans to join the U.S.-led NATO military alliance, and that it intended to remain neutral and non-aligned. In addition, Putin said that the rights and freedoms of Russian-speakers in Ukraine would have to be ensured, and the "realities" that Crimea, Luhansk, Donetsk, Zaporizhzhia and Kherson were now part of Russia. Putin has said his conditions would also have to be reflected in international agreements. At the time of his 2024 speech, Ukraine rejected his demands as tantamount to an absurd ultimatum. Ukraine has repeatedly said it will never recognise Russian occupation of its land, and most countries recognise Ukraine's territory within its 1991 borders. Based on the current frontlines, Putin's demand would entail Ukraine ceding an additional 21,000 sq km (8,100 sq miles) to Russia. Ukrainian President Volodymyr Zelenskiy has said Russia must agree to a ceasefire before territorial issues are discussed. He would reject any Russian proposal that Ukraine pull its troops from the eastern Donbas region and cede its defensive lines. Solve the daily Crossword
CBS News
14 minutes ago
- CBS News
GE Appliances moving more output from China and some from Mexico to U.S. as part of $3 billion investment
Louisville, Ky. — GE Appliances plans to shift production of refrigerators, gas ranges and water heaters out of China and Mexico as part of a more than $3 billion investment to expand its U.S. operations in Kentucky, Georgia, Alabama, Tennessee and South Carolina. The investment - the second-largest in the Louisville-based company's history - is expected to add more than 1,000 jobs while ramping up domestic production and modernizing plants in the next five years. "Our long-term strategy is about manufacturing close to our customers," said CEO Kevin Nolan. "With lean manufacturing, upskilling our workforce and automation, the math works for manufacturing in the United States." The majority of GE's appliance production is already in the U.S. and the shift means only that the company will transfer more work to its domestic plants. GE will relocate production of gas ranges from Mexico to a plant in Georgia, while six refrigerator models now made in China will be manufactured at its Alabama plant, the company said. In June, the company said it would move production of clothes washers from China to its sprawling manufacturing complex in Louisville. The reshoring announcements come as President Trump tries to lure factories back to the United States by imposing import taxes - tariffs - on foreign goods. Lee Lagomarcino, GE Appliances' vice president of clothes care, told CBS MoneyWatch at the time that high levies on imports from China under Mr. Trump have compelled it to "accelerate the decision-making." GE Appliances said Wednesday that the first phase of its new investment will begin at plants in five Southern states - Kentucky, Alabama, Georgia, Tennessee and South Carolina. "We are defining the future of manufacturing at GE Appliances by investing in our plants, people and communities," Nolan said. "No other appliance company over the last decade has invested more in U.S. manufacturing than we have, and our $3 billion, five-year plan shows that our commitment to U.S. manufacturing will continue into the future." The multiyear plan includes ramping up production of gas ranges that have been made in Mexico but will shift to the company's plant in LaFayette, Georgia, the company said. Production of six refrigerators now made in China will move to its plant in Decatur, Alabama. GE's plant in Camden, South Carolina, will add production of electric and hybrid heat pump water heaters, doubling the factory's output and employment once the project is complete, the company said. The plant now produces gas water heaters. Production of the company's electric and hybrid water heaters - now made in China - will shift to South Carolina. In Selmer, Tennessee, its plant will produce two new models of air conditioners. The latest investment includes the June announcement that GE Appliances will pump $490 million into its Kentucky complex to produce a combo washer/dryer and a lineup of front load washers that are now made in China. In all, production of more than 15 models of front load washers will shift to the company's Louisville complex - known as Appliance Park, it said. Once its new plan is fully implemented, GE Appliances will have invested $6.5 billion across its 11 U.S. manufacturing plants and nationwide distribution network since 2016, it said. Kentucky Gov. Andy Beshear said Wednesday that the investment shows his state's ability to support world-class companies with a skilled workforce and the resources needed to thrive. "GE Appliances has established Kentucky as America's destination for advanced manufacturing and job creation, and today's news shows this iconic company's unwavering belief in the commonwealth and the role we play in their success," Beshear said. GE Appliances handles product design and engineering work at its Louisville headquarters but doesn't make all of its products in the U.S. It contracts with other manufacturers, including in China, for some of its production where it doesn't have capacity or needs access to a global supply chain. The company said its core business strategy is to base production in the United States, and investments announced in June and on Wednesday are another step toward achieving that goal. The company said it's partnering with universities, technical schools and high schools to help ensure that its plants and other facilities have a trained workforce. "Infrastructure and tools matter, but they are not enough," said Bill Good, vice president of supply chain for GE Appliances. "America's manufacturing renaissance will be built by people." GE Appliances is a subsidiary of the China-based Haier company. Overall, GE Appliances says it contributes more than $30 billion annually to the U.S. economy and supports more than 113,000 jobs - both directly and indirectly - through its operations, suppliers and distribution network.
