Latest news with #BillHuizenga
Mint
29-05-2025
- Business
- Mint
Why big oil turned to Trump for help in Africa
The Trump administration is wading into a long-running dispute between its allies in the oil patch and six Central African countries that could derail fossil-fuel projects valued at more than $130 billion. Officials from the U.S. Treasury and State departments are pushing the countries to resolve a disagreement over the remediation funds owed by Chevron, ConocoPhillips and other oil companies. Such funds are used for future environmental cleanup at exploration sites. An organization of Central African countries—including Cameroon, Equatorial Guinea and Gabon—has long signaled it wants the oil companies to park those funds at the Bank of Central African States, also known as BEAC, to shore up its depleted foreign-currency reserves. Some African officials initially suggested that the companies would be required to deposit as much as $10 billion. The oil companies say that is a risky proposition that doesn't adhere to international best practices. Remediation funds are usually treated as untouchable and held at U.S. or European banks. The companies want to ensure BEAC can't access the remediation funds for other purposes and peg the sum they would owe at closer to $1 billion over a 10-year period. Negotiations have been under way since 2018 but became more urgent when the central bank gave the companies an April 30 deadline to begin depositing the funds. That is when the Trump administration stepped in. Although the first few months of President Trump's second term have largely frustrated American oil producers, many executives say his administration remains an influential ally in their international affairs. The headquarters of the Bank of Central African States, in Cameroon. In this case, the U.S. Chamber of Commerce, which has acted as an intermediary between the African countries and the oil companies, helped bring the dispute to U.S. officials. Representatives from the U.S. State and Treasury departments warned African officials in a meeting in Washington in late April that they would be watching the outcome of the negotiations closely, according to people familiar with the matter. It was the first time U.S. officials had intervened directly in the meetings between the companies and government U.S. doesn't have jurisdiction over the issue but carries weight at the International Monetary Fund, which lends billions of dollars a year to African countries. In March, Rep. Bill Huizenga (R., Mich.) introduced a bill to withhold U.S. support for any IMF action related to the six countries until the matter was resolved. The IMF acknowledged recently, after long deferring on the matter, that the countries couldn't count the remediation funds among their currency reserves under its rules. A spokesman for the IMF said it has been encouraging the parties to come to an agreement. Some of the oil companies are considering pulling out of projects or delaying new investments in the region unless they can reach a deal, according to people familiar with their thinking. All together, the projects at risk are expected to produce more than 1 billion barrels of oil and gas over the next 25 years, according to S&P Global. They are worth a combined $133 billion in government revenue and company cash flow. Energy companies typically share profits and pay royalties and taxes to local governments after they begin pumping oil. Chevron, for example, has an exploration project in Cameroon that has yet to start up. It also operates offshore fields in Equatorial Guinea, a region Exxon Mobil exited from last year. A recent drop in oil prices is forcing the companies to be choosy about which projects they advance. Any new projects in the six countries would have to compete for investments against areas such as Guyana in South America and Angola on the western coast of southern Africa, where the oil companies are eager to shift more capital. 'The countries will lose out the most if they overplay their hand here," said Caleb Jasso, senior policy adviser at the Institute for Energy Research. For the oil companies, 'there are plenty of other places to park capital," he said. 'The companies can take a temporary loss and simply reallocate and strategize, and go elsewhere." For now, BEAC has agreed to be a passive custodian of the funds—which would only be deposited if a deal is struck—and not to impose fines while the parties continue negotiations. A long-term solution remains elusive. The central bank didn't respond to requests for comment. Trump's return to office hasn't yet spurred the golden age of oil and gas that he promised. Since his tariff blitz in early April, the price of crude has fallen 15% to $60.89, a level that shale companies say is untenable for domestic production growth and is cutting into their earnings. Privately, oil executives have complained about the administration's fixation on dropping fuel prices. Some are already cutting spending. Yet in other matters, Trump has shown that he has the industry's back. He exempted oil, natural gas and refined products from the raft of tariffs that are currently paused until July 31. The administration also reduced tariffs earlier this year on Canadian crude after a meeting with oil lobbyists. Write to Collin Eaton at
Yahoo
20-05-2025
- Politics
- Yahoo
Officials: Ottawa County harbor dredging delays over PFAS testing could drive up costs
King Co. Inc., based in Holland, will dredge about 12,400 cubic yards of sediment in Holland Harbor this year. [Photo/U.S. Army Corps of Engineers] This story was originally published by Ottawa News Network. OTTAWA COUNTY — Local, state and national officials are warning that unless Michigan environmental officials can fast-track PFAS regulations to allow for harbor dredging this year, it could end up costing Ottawa County residents millions. The problem arose when the Michigan Department of Environment, Great Lakes and Energy (EGLE) implemented a new policy that requires testing for PFAS chemicals in sediment prior to being removed from federal harbors and channels. The new requirement has caused confusion for the U.S. Army Corps of Engineers, which said it cannot proceed with dredging Ottawa County's Grand Haven inner harbor until EGLE determines how PFAS will impact the silt and sediment to be dredged. 'EGLE has not been clear regarding the terms of this policy, the extent to which this policy change could disrupt harbors and shipping throughout our state and the Great Lakes system, the relevant PFAS thresholds and disposal requirements, and the timing of implementation,' said U.S. Rep. Bill Huizenga, who represents Michigan's Fourth Congressional District, which includes the southern half of Ottawa County. 'If these matters are not properly addressed, the communities I represent could face serious economic harm.' PFAS, or per- and polyfluoroalkyl substances, are a group of manmade chemicals used in various products and industries, including firefighting foams, stain repellents, and non-stick cookware. Other sources can come from industrial sites, such as power plants, as in Grand Haven. The coal-fired J.B. Sims Plant, which closed in 2020 and was demolished in 2021, left coal ash on the site, which contains contaminants like mercury, cadmium, arsenic and PFAS. Exposure in humans can lead to a range of health problems, including increased cholesterol, changes in the immune system, potential developmental delays and increased risk of certain cancers. There's also evidence suggesting a link between PFAS and thyroid disease, liver damage and reproductive issues such as decreased fertility. As the chemicals became known to state environmental regulators — there are seven known PFAS sites in Ottawa County — policies were developed to help identify and monitor new contamination sites. That led to a new policy from EGLE's Water Resources Division in 2018 to require harbor sediment be tested for PFAS prior to dredging. Dredging is the process of removing sediments and debris from the bottom of water bodies to maintain navigable waterways, deepen channels for larger vessels, and support various infrastructure projects. The U.S. Corps of Engineers' Detroit District maintains a navigation system of 81 harbors and channels on the Great Lakes. Some harbors, such as Muskegon, require annual dredging, while others, such as Grand Haven's inner harbor, might be dredged every two to four years, depending on factors such as river sediment accumulation, coastal erosion and water levels. 'We have to keep the channel dredged,' Grand Haven Mayor Bob Monetza told WGHN in April. 'It gets full of sediment and gets shallow in places where boats can get hung up, or they might have to come in with lighter loads.' The Grand River is typically kept at a depth of about 23 feet. Every five years, harbors must apply for their Clean Water Act Section 401 Certification through the U.S. Environmental Protection Agency. Grand Haven was due to apply for its re-certification in November, but when the location was one of 17 harbors in Michigan identified with nearby PFAS-contributing sites — the former Sims site is about 2.5 miles from the outer harbor — EGLE implemented the new PFAS testing standard for the site. 'It kind of came out of nowhere, but they want us to start sampling the river bottom for PFAs, because there's PFAs in the river in the sediment that washes downstream from farther upstream,' Monetza told WGHN. The 'inner harbor' generally refers to the area closer to land, while the 'outer harbor' is further from shore, where breakwaters or other structures are found to protect the harbor from strong waves and currents. Meanwhile, the state has yet to establish PFAS standards for the sediment testing, causing confusion between the agencies about which levels are acceptable to allow dredging to proceed as well as who pays for the process. Huizenga, in a letter to Michigan Gov. Gretchen Whitmer, said the Corps said at the Great Lakes Navigation meeting in November that the new testing requirements will reduce the number of harbors that are dredged annually and could drive up costs by up to 70%. Standards for PFAS levels and disposal are still being circulated for review and have yet to be made available by the state. Even if the testing process is sorted out and performed, Monetza said it could take six months to a year to confirm the plan for Grand Haven. 'They'll take a long period of time to analyze and decide what they're going to do, what kind of permits they'll issue,' he said. The Corps also announced it was pushing back the Grand Haven project until 2026, prompting deep concerns from local, state and federal officeholders. 'This is the equivalent of writing a speeding a ticket when there is no posted speed limit,' Huizenga, a Republican, said on his website. Liz Wilkinson, operations manager at the Corps' Grand Haven office, described the delay as 'unlucky timing.' 'It was just kind of unfortunate, unlucky timing that Grand Haven needed to be coordinated right at about the time that EGLE felt like they were ready to start doing this testing with PFAS. We had it planned for this year. We had it budgeted for this year because we knew it was needed,' Wilkinson told The Grand Haven Tribune last month. U.S. Rep. Hillary Scholten wrote a letter in April urging Whitmer of the economic impacts of not dredging Grand Haven's harbor. The congresswoman, a Democrat, represents Michigan's Third Congressional District, which includes the northern half of Ottawa County. She said Grand Haven's harbor is 'an economic powerhouse' that supports over 450 jobs totaling $29.5 million in wages annually, as well as producing a regional impact of $88.8 million per year. 'A missed dredging cycle will come at a high price. Delays will directly affect our partners across the state who rely on materials to complete transportation projects and agriculture operations, with road-building materials, concrete, asphalt, and fertilizer expected to increase in cost by more than $1 million annually,' Scholten said in the letter. She said lighter loads and more freighter trips will result in price hikes for consumers that could reach $3 to $5 million a year. 'If we see delayed dredging, goods being shipped through Grand Haven may increase in cost by roughly $3 to $5 million annually — costs that will likely be passed through to consumers,' Scholten wrote. 'In the instance that Grand Haven becomes unnavigable for commercial vessels, it is understood that neighboring harbors do not have the capacity to accept those supplies.' The Corps announced in April it was actually moving up the dredging schedule for Holland Harbor after a shoal — a submerged ridge or bank of sand or gravel that lies close to the water's surface — developed over the winter across the entrance to the harbor, which could have caused the shipping industry to lose $1.4 million to $1.9 million per year due to ships having to carry lighter loads, according to WGVU Public Media. King Co. Inc., based in Holland, will dredge about 12,400 cubic yards of sediment hydraulically. The project will cost $344,480 out of a three-project contract that also includes Grand Haven and St. Joseph harbors. Ottawa County Commissioner Josh Brugger, who represents Grand Haven, Spring Lake and Ferrysburg, also wrote to Whitmer urging the state to find a solution. Monetza, Spring Lake Mayor Richard Carlson, Spring Lake Township Supervisor Jerry Rabideau and Spring Lake Village President Mark Powers also signed onto Brugger's message. 'We wish to underscore the message that, without a timely resolution, this major port cannot be maintained, and our local economy may be significantly harmed,' Brugger wrote. 'We are appealing for your assistance to expedite the process.' Scholten said time is of the essence. 'At a time of grave economic uncertainty and rising prices due to tariffs for the industries, we do not need to add to the increased production costs. This problem is still solvable,' she said. 'When it comes to the shipping, construction, and agricultural industries, time is not a luxury we have.' — Sarah Leach is the executive editor of the Ottawa News Network. Contact her at sleach@ Follow her on Twitter @ONNLeach.
Yahoo
18-05-2025
- Business
- Yahoo
Advanced Micro Devices (AMD) Targets SMBs With New EPYC 4005 Server Processors
We recently published a list of . In this article, we are going to take a look at where Advanced Micro Devices, Inc. (NASDAQ:AMD) stands against other AI stocks on Wall Street's radar. Days after the Biden-era rule on AI chips export was rescinded, a bipartisan group of eight U.S. lawmakers has now introduced a bill requiring makers of artificial intelligence chips to include technology that verifies the location of their chips before exporting them. Introduced in the U.S. House of Representatives, the Chip Security Act will aim to address reports of U.S. export-controlled AI chips being smuggled into China. The bill comes shortly after US President Donald Trump began his tour of the Middle East this week, announcing several deals that will send AI chips to countries in the Middle East. This has been despite growing opposition from some inside the US government. READ NEXT: and 'In order for the United States to maintain our technological advantage, we must employ safeguards to help ensure export controls are not being circumvented, allowing these advanced AI chips to fall into the hands of nefarious actors.' -Rep. Bill Huizenga, a Michigan Republican who introduced the House bill, said in a statement. For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q4 2024. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A close up of a complex looking PCB board with several intergrated semiconductor Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications. On May 14, the company announced the launch of the AMD EPYC™ 4005 Series, purpose-built processors that deliver enterprise-class features and superior performance for small and medium businesses as well as hosted IT service providers. Offering a wide array of enterprise solutions, the processors are supported by leading partners and customers such as Altos, ASRock Rack, Gigabyte, Lenovo, MiTAC, and more. 'Growing businesses and dedicated hosters often face significant constraints around budget, complexity, and deployment timelines. With the latest AMD EPYC 4005 Series CPUs, we are delivering the right balance of performance, simplicity, and affordability, giving our customers and system partners the ability to deploy enterprise-class solutions that solve everyday business challenges.' -Derek Dicker, corporate vice president, Enterprise and HPC Business Group, AMD. Overall, AMD ranks 5th on our list of AI stocks on Wall Street's radar. While we acknowledge the potential of AMD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMD and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at .
South China Morning Post
16-05-2025
- Business
- South China Morning Post
US lawmakers introduce bill to stop smuggling of Nvidia's AI chips to China
A bipartisan group of eight US lawmakers introduced a bill on Thursday that would require makers of artificial intelligence (AI) chips such as Nvidia to include technology to verify the location of their chips before exporting them. Advertisement The Chip Security Act introduced in the US House of Representatives aims to address reports of US export-controlled AI chips being smuggled into China. US officials across presidential administrations have sought to clamp down on their export to China, but news organisations have documented how some of those chips have continued to flow. 'In order for the United States to maintain our technological advantage, we must employ safeguards to help ensure export controls are not being circumvented, allowing these advanced AI chips to fall into the hands of nefarious actors,' Representative Bill Huizenga, a Michigan Republican who introduced the House bill, said in a statement. 01:38 China a 'key market', says Nvidia CEO Huang during Beijing visit as US bans AI chips China a 'key market', says Nvidia CEO Huang during Beijing visit as US bans AI chips Senator Tom Cotton, an Arkansas Republican, introduced a similar bill in the US Senate last week. The House bill was co-led by Representative Bill Foster, an Illinois Democrat, who was a physicist before becoming a legislator and designed several of his own chips during his scientific career.
Yahoo
15-05-2025
- Business
- Yahoo
Bipartisan House lawmakers propose bill to ‘stop smuggling' of AI chips
A bipartisan group of House lawmakers introduced a bill Thursday aimed at preventing the smuggling of artificial intelligence (AI) chips to unauthorized locations. The bill comes amid a broader effort in Washington to curb competition with China and prevent U.S.-made tech from ending up in the hands of adversaries. The legislation, titled the Chips Security Act, would require companies to ensure the location-verification abilities of their high-end AI chips and to report when a product has been diverted or changed location. It follows recent reports of increased smuggling of chips, including those made by Nvidia, into China despite tight export controls. It also would mandate that the Commerce secretary evaluate security measures to prevent the misuse or diversion of chips and give the secretary enforcement capabilities. The bill was introduced by Reps. Bill Foster (D-Ill.) and Bill Huizenga (R-Mich.), House Select Committee on China Chair John Moolenaar (R-Mich.) and ranking member Raja Krishnamoorthi (D-Ill.) 'As Congress's chip designer, AI programmer, and Ph.D. physicist, I know that we have the technical tools to prevent powerful AI technology from getting into the wrong hands,' Foster said Thursday. It comes nearly a week after Sen. Tom Cotton (R-Ark.) unveiled similar legislation in the upper chamber. Earlier this week, the Commerce Department officially rescinded the Biden administration's AI diffusion rule that would have placed caps on chip sales to most countries around the world. The Bureau of Industry and Security (BIS) said the Biden-era rule, which was supposed to go into effect Thursday, would 'have stifled American innovation and saddled companies with burdensome new regulatory requirements.' The BIS said it plans to issue a replacement rule in the future. Several technology companies including Microsoft and Nvidia urged President Trump to loosen the rule once he was back in office. Concerns over China's AI development ramped up earlier this year after the Chinese AI company DeepSeek released a high-performing model for a fraction of the cost of American-made models. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
