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Miami Herald
23-07-2025
- Business
- Miami Herald
White House unveils AI policy vision to spur US development
The Trump administration called for boosting artificial intelligence development in the U.S. by loosening regulations and expanding energy supply for data centers under new guidelines that also urged withholding funds from states that put burdensome rules on the emerging technology. The so-called AI Action Plan, released by the White House on Wednesday, recommends revamping the permitting process and streamlining environmental standards to speed AI-related infrastructure projects. The blueprint also seeks to make American technology the foundation for AI worldwide while enacting security measures to keep adversaries like China from gaining an edge. "It is a national security imperative for the United States to achieve and maintain unquestioned and unchallenged global technological dominance," President Donald Trump said in the report. "To secure our future, we must harness the full power of American innovation." Mandated by Trump shortly after taking office in January, the 23-page plan marks the administration's most significant policy directive on a technology that promises to reshape the global economy. The president is scheduled later Wednesday to speak at an AI event hosted by the All-In Podcast and a consortium of tech leaders and lawmakers known as the Hill and Valley Forum. Trump plans to sign a handful of executive orders Wednesday to set in motion elements of his AI plan. The expected directives include a plan to use the U.S. International Development Finance Corporation and the Export-Import Bank to support global deployment of American technology. Another would call for all large language models procured by the government to be neutral and unbiased. The blueprint represents the culmination of Trump's campaign promise to position America as the world leader in AI, while dismantling what he characterized as a rules-heavy approach under President Joe Biden. Trump rescinded a 2023 order from Biden that had set extensive safety testing requirements and mandated transparency reports from major AI developers. In its place, Trump demanded a new path on AI policy and set a six-month deadline for White House AI czar David Sacks to create it. Sacks, a venture capitalist who has emerged as one of the administration's most influential voices on tech policy, was joined in shaping the new policy approach by senior AI adviser Sriram Krishnan and tech policy chief Michael Kratsios. Together, they spent months cultivating detailed input from key AI companies and other industry leaders. Regulatory rollback Under the recommendations, the federal government would ask businesses and the public about existing regulations that hinder AI adoption, with an eye toward rolling back those rules. The White House's budget office would also work with federal agencies that have oversee AI-related funding to consider putting limts on those awards "if the state's AI regulatory regimes may hinder the effectiveness of that funding." The guidelines also call on the federal government to only contract with developers whose AI models are deemed "free from top-down ideological bias" and strip references to misinformation, diversity and equity language, and climate change from risk-management frameworks. "To win the AI race, the U.S. must lead in innovation, infrastructure, and global partnerships," Sacks said in a statement. "At the same time, we must center American workers and avoid Orwellian uses of AI." The White House, signaling concern that AI could reshape the labor market, also asks the Education and Labor departments to prioritize skill development and training to assist U.S. workers. It also proposes prioritizing investment in theoretical, computational, and experimental research - a request that comes even as the administration has slashed grants to top-tier research universities. Race with China The blueprint suggests countering Chinese AI development by strengthening export controls, including by putting new location verification features in advanced AI chips. The administration also wants to establish a new effort under the Commerce Department to collaborate with the intelligence community to monitor AI developments and chip export control enforcement. The plan also envisions the Commerce Department gathering proposals from the industry on full-stack AI export packages that would allow approved allies to purchase hardware, software, models and applications together. Approved deals would be facilitated by the U.S. Trade and Development Agency, the Export-Import Bank, the U.S. International Development Finance Corporation, among others. The guidelines were released a little more than a week after the administration moved to ease restrictions it had imposed in April barring Nvidia Corp. and Advanced Micro Devices Inc. from selling some AI chips to customers in China. The export curbs were relaxed as part of the trade understanding reached with China in June in exchange for Beijing resuming shipments of rare earths to American buyers. Sacks and Commerce Secretary Howard Lutnick have defended the move, saying that letting Nvidia restart shipments of its H20 chips would position the U.S. to compete more effectively abroad and blunt efforts by Chinese tech giant Huawei Technologies Co. to gain a bigger slice of the global market. "These clear-cut policy goals set expectations for the Federal Government to ensure America sets the technological gold standard worldwide, and that the world continues to run on American technology," said Secretary of State Marco Rubio in a statement. Energy components Trump and other administration officials have also stressed the importance of meeting another tech industry priority: ensuring the U.S. has enough power to run energy-hungry AI data centers. In their view, adequate electricity supply is intertwined with national security, essential to keeping the U.S. ahead of global competitors in the race to dominate artificial intelligence. The plan recommends working to stabilize the existing energy grid and implementing strategies to enhance the performance of the transmission systems. The document also suggests prioritizing the interconnection of reliable, detachable power sources that could see nuclear and enhanced geothermal plants deployed to help manage a surge in demand. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Business Insider
24-06-2025
- Business
- Business Insider
US nears $500 million deal to fund African mineral export railway
The U.S. International Development Finance Corporation (DFC) is nearing completion of over $500 million in financing for the Lobito Corridor. The U.S. International Development Finance Corporation is finalizing over $500 million in financing for the Lobito Corridor railway project in Africa. This project aims to establish a critical minerals transportation route from Central Africa's copper belt to Angola's Atlantic coast. The initiative is seen as a strategic move to strengthen U.S. involvement in Africa's critical minerals sector. The U.S. International Development Finance Corporation (DFC) is nearing completion of over $500 million in financing for the Lobito Corridor, a major railway project designed to transport critical minerals from Central Africa's copper belt to Angola's Atlantic coast. The move comes as the Trump administration reaffirms its support for the ambitious infrastructure initiative, which is viewed as a strategic effort to boost U.S. engagement in Africa's critical minerals sector. Speaking at the U.S.-Africa Business Summit in Luanda on Monday, DFC's Head of Investments, Conor Coleman, said the agency is 'actively negotiating' with key stakeholders, including the Angolan government and Trafigura Group, to finalize the deal, Bloomberg reported. Lobito corridor project The Lobito Corridor project is a major transnational infrastructure and investment initiative designed to connect the Atlantic port of Lobito in Angola to the mineral-rich regions of the Democratic Republic of Congo (DRC) and Zambia. The DFC initially announced in 2023 that it was reviewing financing for the project. When asked about delays, Coleman declined to elaborate but emphasized that they are not related to any upcoming policy changes under the Trump administration. 'There's business as usual' at the DFC, Coleman said. 'You'll see us playing a lot in critical minerals infrastructure, both digital and transportation, as well as energy, especially here on the African continent.' The DFC has committed a $3.4 million technical assistance grant to support Pensana Plc's rare-earth extraction and processing project in Angola. Meanwhile, Congo's government plans to launch a tender in November to begin construction on its portion of the corridor, with hopes the railway will be operational within three years, according to Vice Prime Minister Jean-Pierre Bemba. Congo, the world's largest cobalt producer and second-largest copper miner, also holds significant lithium reserves, all of which could be transported along the corridor to global markets.
Yahoo
04-06-2025
- Business
- Yahoo
Ukraine passes Budget Code changes to implement US mineral deal
Ukraine's parliament approved key amendments to the Budget Code on June 4 to implement the landmark minerals agreement with the United States, lawmaker Yaroslav Zhelezniak announced. The legislation, supported by 309 members of parliament, enshrines financial provisions critical to executing the U.S.-Ukraine deal signed on April 30 and ratified by Kyiv on May 8. The agreement grants the U.S. special access to strategic mineral development projects in Ukraine, including lithium, titanium, and rare earth elements vital to defense, aerospace, and green energy industries. The approved changes require Ukraine to contribute 50% of revenues from several sources to the fund. These include rent payments for mineral extraction from new licenses, fees from new subsoil use permits, and proceeds from state production shares under new production-sharing agreements. The funds will be collected in a dedicated budget account and transferred to the Reconstruction Investment Fund at the discretion of the fund's chief administrator. The fund will be co-managed by Ukraine and the U.S. under an equal partnership model. Washington will be represented by the U.S. International Development Finance Corporation (DFC), while Kyiv will be represented by Ukraine's Public-Private Partnerships Agency. The agreement marks a new phase in U.S.-Ukraine economic cooperation and has been months in the making. Protracted negotiations led to the removal of controversial provisions that Ukrainian officials feared could allow for exploitation of Ukraine's natural resources. Prime Minister Denys Shmyhal said in April that future U.S. military aid could be counted as contributions to the fund, though previously allocated assistance will not apply. Read also: Inside Russia, calls for peace come with conditions — and Kremlin talking points We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
The Print
27-05-2025
- Business
- The Print
US climate pullback threatens planned debt-for-nature deals
LONDON (Reuters) -Billions of dollars of debt deals aimed at protecting vital ecosystems from Africa to Latin America are at risk of unravelling or may need reworking amid concerns that crucial U.S. backing is about to dry up under President Donald Trump. The 'debt-for-nature' swaps, which reduce a country's debt in return for conservation commitments, have gained traction in recent years with deals involving the Galapagos Islands, coral reefs and the Amazon rainforest among the most prominent. The U.S. International Development Finance Corporation (DFC) has been a key player, providing political risk insurance for over half of the deals done over the last five years, accounting for nearly 90% of $6 billion of swapped debt. A source with direct knowledge of the plans said the DFC had about five swaps in the pipeline which are now in question with CEO-in-waiting Ben Black and U.S. government efficiency chief Elon Musk both criticising its climate work. The source did not specify how much debt was covered by the swaps but pointed out that the last few DFC-backed deals involved over $1 billion each. Spokespeople for the White House and the DFC did not respond to requests for comment on future DFC involvement in such deals. A DFC official who spoke on condition of anonymity confirmed to Reuters it stepped down earlier this year as co-chair of a global task force set up in 2023 to expand the use of debt swaps. U.S. Treasury Secretary Scott Bessent has also hit out at multilateral lenders for climate change work amid a broader U.S. retreat that has seen it withdraw from the Paris Agreement to curb global warming. Angola and Zambia and at least one Latin American country are among those whose 'debt-for-nature' swap plans risk needing to be reworked or even abandoned due to DFC uncertainty, four sources that have been directly involved in the projects said. Angolan Finance Minister Vera Daves de Sousa said her country, which is one of the most indebted in Africa and whose rivers feed the Okavango basin vital for endangered elephants and lions, has been talking to the DFC about two potential swaps. One is a debt-for-nature deal, the other a broader 'debt-for-development' swap tied to education and young people. 'We feel openness from them (DFC), but especially on the debt-for-development swap,' de Sousa recently told Reuters. 'We respect their vision,' she added. 'For us there is no difference – we have opportunities on the development side, and we have opportunities on the nature side.' In Zambia, which late last year was looking closely at a swap linked to its vast national parks that are home to over 40% of Africa's elephants, things have changed too. 'We are not completely shutting (the swap) down but we are not actively at it right now,' its Finance Minister Situmbeko Musokotwane told Reuters, declining to specify the reason for the shift. NEW REALITY Generating money for conservation by exchanging costly government bonds for cheaper ones is seen as an obvious choice for smaller nations grappling with heavy debt loads and climate change pressures. The UK-based, non-profit International Institute for Environment and Development estimates that the world's 49 poorest countries seen most at risk of debt crises could swap a quarter of the over $430 billion they now owe. Given the signals coming from Washington, those that do should drop hopes of DFC support and look at alternatives, said White Advisory managing director Sebastian Espinosa, who has advised Barbados, Belize and Seychelles on such swaps. Those could include credit guarantees from major multilateral development banks, potentially alongside private sector insurers and guarantors, as pioneered by the Bahamas last year. Historically, though, DFC backing has been crucial in scaling up deals, offering up to $1 billion in political risk insurance. That protects those who buy the new lower-cost bonds if the governments involved fail to make payments. 'Who's going to step in? (to replace DFC) I don't know,' said Eva Mayerhofer at the European Investment Bank, which backed a 2024 Barbados swap. 'We won't be able to do debt conversions that regularly.' The Inter-American Development Bank, involved in five of the last nine debt-for-nature swaps, sometimes alongside the DFC —declined to comment on whether any of its plans were being affected. Investment firm Nuveen's Stephen Liberatore, who has been a cornerstone investor in some debt swaps, said while substitutes for the DFC could be found, the knock-on effects were yet to be seen. 'What is the price for a private entity (to provide risk insurance) versus a public entity like the DFC?' Liberatore said. 'Does it change the amount of savings?' which are then spent on conservation. 'That's the ultimate question.' (Additional reporting by Karin Strohecker in London, Chris Mfula in Zambia, Alexandra Valencia in Quito, Duncan Miriri in Nairobi, Libby George in London and Kate Abnett in Brussels; Editing by Simon Jessop and Emelia Sithole-Matarise) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.
Yahoo
23-05-2025
- Business
- Yahoo
Ukraine, US officially launch joint Reconstruction Investment Fund
Ukraine and the United States have officially launched a joint Reconstruction Investment Fund as part of their minerals agreement, Economy Minister Yuliia Svyrydenko announced on May 23. "The last step was a diplomatic note from the United States, which I personally received this morning from Julie S. Davis, the U.S. Chargé d'Affaires. The Fund is officially launched," Svyrydenko wrote in a Facebook post. The fund is a core component of the broader U.S.-Ukraine minerals agreement, signed on April 30. Under the deal, the U.S. has special access to projects involving Ukraine's reserves of lithium, titanium, and other critical minerals. These resources are considered critical to global supply chains for the defense, aerospace, and green energy industries. The fund will be jointly managed by Ukraine's Public-Private Partnerships Agency and the U.S. International Development Finance Corporation (DFC). While both sides have declined to disclose full operational details, officials have framed the project as a vehicle for long-term reconstruction and foreign investment. The agreement has been months in the making, following a contentious negotiation process that at times strained bilateral ties. The final version removed controversial provisions that Ukrainian officials and experts feared could lead to exploitation of Ukraine's mineral wealth. Two additional agreements to operationalize the fund were signed on May 13. President Volodymyr Zelensky signed the ratified minerals agreement on May 12. Ukraine's Prime Minister Denys Shmyhal said on April 27 that future U.S. military assistance may be counted as part of the fund's resources, although past aid will not be included. Despite lacking explicit security guarantees from the U.S. — a key priority for Kyiv — the agreement signals a new phase in U.S.-Ukraine economic cooperation. Read also: Editorial: Russia just said it doesn't want peace in Ukraine. This is what you need to do We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
