Latest news with #Washington-based
an hour ago
- Business
Trump administration canceled a $4.9B loan guarantee for a line to deliver green power
TOPEKA, Kan. -- The Trump administration on Wednesday canceled a $4.9 billion federal loan guarantee for a new high-voltage transmission line for delivering solar and wind-generated electricity from the Midwest to the eastern U.S. The U.S. Department of Energy declared that it is "not critical for the federal government to have a role' in the first phase of Chicago-based Invenergy's planned Grain Belt Express. The department also questioned whether the $11 billion project could meet the financial conditions required for a loan guarantee. President Donald Trump has repeatedly derided wind and solar energy as 'unreliable' and opposed efforts to combat climate change by moving away from fossil fuels. The Department of Energy also said Wednesday that the conditional commitment to Invenergy in November was among billions of dollars' worth of commitments "rushed out the doors" by former President Joe Biden's administration after Biden lost the election. 'To ensure more responsible stewardship of taxpayer resources, DOE has terminated its conditional commitment,' the agency said in a statement. It wasn't immediately clear how much the department's action would delay or stop the start of construction, which was set to begin next year. The company's representatives didn't immediately respond to emails Wednesday seeking comment The company has said its project would create 4,000 jobs and new efficiencies in delivering power, and that it would save consumers $52 billion over 15 years. The line would deliver electricity from Kansas across Missouri and Illinois and into Indiana, connecting there to the power grid for the eastern U.S. It could deliver up to 5,000 megawatts of electricity. "When electricity demand and consumer power bills are soaring, it's hard to imagine a more backward move,' said Bob Keefe, executive director of E2, a nonpartisan, Washington-based group supporting renewable energy. Keefe called the Grain Belt Express 'one of the country's most important energy projects' and suggested Trump canceled the loan guarantee 'just because it will bring cleaner energy to more people.' But two prominent Missouri Republicans, U.S. Sen. Josh Hawley and state Attorney General Andrew Bailey, are vocal critics of the project, describing it as a threat to farmland and land owners' property rights. Bailey called the project a 'scam' and a 'boondoggle.' Hawley said on July 10 that he had secured a pledge from U.S. Energy Secretary Chris Wright to cancel the loan guarantee in a conversation with him and Trump. Critics like Hawley object to the company's ability to use lawsuits against individual land owners along the line's route to compel them to sell their property, which Hawley called 'an elitist land grab.' Online court records show that the company filed dozens of such lawsuits in Missouri circuit courts in recent years, and the Missouri Farm Bureau's president posted on the social platform X Wednesday that the project threatened to 'sacrifice rural America in the name of progress.' Democrats on the U.S. Senate's energy committee suggested on X that Trump, Wright and Hawley 'just killed" the project, but Invenergy announced in May that it had awarded $1.7 billion in contracts for work on the project. And Bailey suggested in a statement that the project could still go forward with private funding without the loan guarantee, saying, 'If Invenergy still intends to force this project on unwilling landowners, we will continue to fight every step of the way.'
Muscat Daily
6 hours ago
- Business
- Muscat Daily
ITHCA Group, Amazon invest in US chip tech pioneer Lumotive
Muscat – Lumotive, the US-based pioneer in programmable optical semiconductor technology, on Tuesday announced investments from Oman's ITHCA Group and the Amazon Industrial Innovation Fund. The investments will help Lumotive rapidly accelerate product deployments in industrial applications and enhance its global market presence, the Redmond, Washington-based company said in a press statement. Lumotive said that the investment from ITHCA Group, Oman's sovereign tech fund, reflects a strategic alignment with its breakthrough technology and the sultanate's digital transformation goals. It said, 'As Oman accelerates smart infrastructure and AI initiatives, Lumotive's entry into the region positions both sides to benefit from regional momentum and global innovation.' Said Abdullah al Mandhari, CEO of ITHCA Group, said, 'This strategic investment reflects our confidence in Lumotive's world-class technology and its potential impact on the region. Lumotive's presence in Oman strengthens our innovation ecosystem and supports national priorities across telecommunications, AI, and smart infrastructure. We are proud to welcome Lumotive to our growing portfolio of future-focused companies.' Earlier in May 2025, ITHCA Group signed the investment agreement with Lumotive in the field of programmable semiconductors. The agreement was signed by Mandhari and Sam Heidari, CEO of Lumotive. The investment in Lumotive constitutes a strategic step in the progress of ITHCA Group, boosting its role in supporting global innovators and backing Oman's semiconductor ambitions. It also aligns with Oman's national digital transition plan under Vision 2040, which seeks to promote Oman as a regional hub for advanced technologies and a knowledge-based economy. Additionally, the Amazon Industrial Innovation Fund backs technologies that advance automation, robotics, and next-generation industrial systems. Its support of Lumotive signals confidence in the company's game-changing approach – replacing bulky mechanical optical components with a fully digital, reconfigurable semiconductor. Lumotive's LCM™ platform enables a new era of intelligent perception systems that are compact, software-defined, and essential for the factories, robots, and logistics networks of the future. With Amazon's backing, Lumotive joins a select group of transformative companies shaping the future of automation and industrial AI. 'We invest in breakthrough technologies that redefine what's possible – and Lumotive is doing just that,' said Franziska Bossart, Director, Amazon Industrial Innovation Fund. 'With their programmable optical beamforming chips, Lumotive is building a critical foundation for the next generation of intelligent machines. We are excited to support their mission and see broad potential for their technology in industrial automation, robotics, and beyond.' Dr Sam Heidari, CEO of Lumotive, said that the investments from ITHCA Group and the Amazon Industrial Innovation Fund reinforce the transformational potential of their programmable optical semiconductor platform. 'As global industries embrace software-defined automation, Lumotive is uniquely positioned to deliver the intelligent sensing solutions needed for the future of robotics, logistics, and manufacturing. This funding fuels our mission to scale rapidly and lead this new wave of innovation,' he added. The investments by Amazon and ITHCA Group, together with financing by Stifel Bank, expand Lumotive's Series B-related funding and add to previous investments from EDOM, East Bridge, Gates Frontier, Grazia, HiMax, Hokuyo, MetaVC Partners, Quan Funds, Swisscom Ventures, and TSVC. As adoption of its optical semiconductor platform accelerates, Lumotive is positioned to power the next generation of applications across automation, mobility, smart infrastructure, and beyond.
L'Orient-Le Jour
7 hours ago
- Politics
- L'Orient-Le Jour
Iran suspects Israeli interference in recent fires and explosions
BEIRUT — Over the past two weeks, a spike in seemingly random fires and explosions throughout Iran has raised speculation over possible Israeli involvement, according to an article by the New York Times. These incidents, occurring on an almost-daily basis, have damaged a wide range of infrastructure, including major oil refineries, apartment complexes and even a highway outside of a major airport. Three Iranian officials, one of which works for the Islamic Revolutionary Guards Corps, shared with the New York Times their belief that these instances were an act of sabotage directly from Israel. These beliefs were corroborated by a European official, stating that recent events align with Israel's past use of both psychological warfare and strategic targeting. These suspicions were founded in the history of secret Israeli operations taking place in Iran, including explosions and assassinations of nuclear and military facilities and personnel, as well as a statement by Mossad, Israel's national intelligence agency. In June, the Mossad director announced, 'We will be there, just as we have been up to now,' implying operations would continue in Iran even after the conclusion of the 12-Day War. The rubble from a recent explosion on an apartment building in Qom left so much rubble that not a single part of the surrounding block remained untouched. As Iranian officials told the New York Times, a unit seemed to have been rented by agents who turned on the gas of the kitchen appliances and subsequently left the building, intentionally causing the explosion. Another target was a compound that housed employees of the judiciary. Officials stated that this attempt was most likely to threaten the judges and prosecutors living there, signaling that they could be targeted — reminiscent of how Israel has previously targeted Iranian scientists. However, Iranian authorities have publicly declared that most blazes stemmed from accidents, notably gas leaks, avoiding pointing the finger at Israel. Director of Tehran's fire and public safety departments, Ghodratollah Mohammadi, said 'Worn-out equipment, the use of substandard gas appliances and disregard for safety principles,' are the cause. This is one of many attempts by Iranian officials to prevent public panic, especially as they avoid escalating tensions due to the weakening of their military capabilities by the recent war. Despite these efforts, the frequent explosions have led to much anxiety. Omid Memarian, an expert at a Washington-based foreign policy research institute, said, 'The Iranian government's long record of cover-ups and lack of transparency…have only deepened public fear and suspicion.' These reports come at a time when skepticism is already high, following the mysterious death of General Gholamhossein Gheybparvar, a commander of the Revolutionary Guards. While the official announcement stated that he died due to a flare-up of decades-old injuries, many Iranian citizens' wariness increased. A statement by Mahdi Mohammadi, a conservative Iranian politician, mirrored these fears. 'We are not even in a cease-fire now; we are in a fragile suspension, and any minute it can end, and we are back at war,' he said. On Wednesday, Iranian President Massoud Pezeshkian warned that his country is 'fully prepared for any new Israeli military offensive,' in an interview with Al Jazeera. 'Our armed forces are ready to retaliate and strike deep inside Israel,' he said, adding that Tehran does not trust the current cease-fire and is preparing for 'all possible scenarios.' Pezeshkian accused Israel of trying — and failing — to destabilize and dismantle Iran, saying both sides have inflicted heavy blows, though Israel 'conceals its losses.'
Nahar Net
12 hours ago
- Business
- Nahar Net
Trump says China trip 'not too distant' as trade tensions ease
by Naharnet Newsdesk 23 July 2025, 11:46 President Donald Trump on Tuesday said a trip to China might be "not too distant," raising prospects that the leaders of the world's two largest economies may meet soon to help reset relations after moving to climb down from a trade war. Trump made the remarks while hosting Philippine President Ferdinand Marcos Jr. at the White House, where he praised the "fantastic military relationship" with Manila as the U.S. looks to counter China's influence in the Indo-Pacific region. Yet, Trump still said the U.S. is "getting along with China very well. We have a very good relationship." He added that Beijing has resumed shipping to the U.S. "record numbers" of much-needed rare earth magnets, which are used in iPhones and other high-tech products like electric vehicles. Widely speculated about since Trump returned to the White House, a summit between Trump and Chinese President Xi Jinping would be expected to stabilize — even for a short while — a difficult relationship defined by mistrust and competition. Beijing believes a leader-level summit is necessary to steady U.S.-China relations and that Trump must be wooed because he has the final say on America's policy toward China, despite more hawkish voices in his Cabinet, observers say. The question, however, is when. Danny Russel, a distinguished fellow at the Asia Society Policy Institute, said Trump has consistently shown his hunger for a visit to China and that Beijing has used that to bolster leverage. "As soon as the leadership in Beijing is satisfied that Trump will be on his best behavior and will accept terms for a deal that they think are favorable, they will give a green light to the visit," Russel said. Sun Yun, director of the China program at the Washington-based think tank Stimson Center, said a visit "is in the making" with two sides likely to strike a trade deal. What Trump said might mean the visit would not be in September but "potentially November, but still depends on whether they play ball on trade and other things we want," Sun said. Trump's campaign to impose tariffs on other countries kicked off a high-stake trade war with Beijing. China raised tariffs on U.S. goods to 125% in response to Trump's hiking the tax on Chinese goods to 145%. Both sides also imposed on each other harsh trade restrictions on critical products: China on rare earths, and the U.S. on computing chips and jet engine technology. Trade tensions, however, eased following two rounds of high-level talks in Geneva and London, when the two sides agreed to lower tariffs — pending a more permanent deal by mid-August — and pull back on trade restrictions. Treasury Secretary Scott Bessent said Tuesday on Fox Business' "Mornings with Maria" that he will be meeting with his Chinese counterparts in Stockholm next week to work on "what is likely an extension" of the Aug. 12 deadline. "I think trade is in a very good place with China," Bessent told host Maria Bartiromo. "Hopefully, we can see the Chinese pull back on some of this glut of manufacturing that they're doing and concentrate on building a consumer economy." He said he also expects to bring up China's purchases of Russian and Iranian oil and Beijing's role in aiding Moscow in its war against Ukraine. Beijing has not announced any travel plans for Vice Premier He Lifeng, who led trade negotiations in both Geneva and London on behalf of the Chinese government, but it is not unusual for China to make such announcements closer to a travel date. In a possible friendly gesture, Beijing on Tuesday said it suspended an antitrust investigation into chemical maker DuPont's operations in China. China's State Administration for Market Regulation made the announcement in a one-line statement but gave no explanation for the decision. DuPont said in a statement that it is "pleased" with China's action. Chinese regulators launched the investigation in April against DuPont China Group, a subsidiary of the chemical giant, as part of Beijing's broad, retaliatory response to Trump's sky-high tariffs. Beijing also has agreed to approve export permits for rare earth elements and rare earth magnets that U.S. manufacturers need to build cars, robots, wind turbines and other high-tech products. The U.S. has eased restrictions on some advanced chips and other technologies.
The Hindu
16 hours ago
- Business
- The Hindu
Trump says China trip is 'not too distant' as trade tensions ease
U.S. President Donald Trump on Tuesday (July 22, 2025) said a trip to China might be 'not too distant,' raising prospects that the leaders of the world's two largest economies may meet soon to help reset relations after moving to climb down from a trade war. Mr. Trump made the remarks while hosting Philippine President Ferdinand Marcos Jr. at the White House, where he praised the 'fantastic military relationship' with Manila as the U.S. looks to counter China's influence in the Indo-Pacific region. Yet, Mr. Trump still said the U.S. is 'getting along with China very well. We have a very good relationship." He added that Beijing has resumed shipping to the U.S. 'record numbers' of much-needed rare earth magnets, which are used in iPhones and other high-tech products like electric vehicles. Also Read | Trump says China can continue to buy Iranian oil Widely speculated about since Mr. Trump returned to the White House, a summit between Mr. Trump and Chinese President Xi Jinping would be expected to stabilize — even for a short while — a difficult relationship defined by mistrust and competition. Beijing believes a leader-level summit is necessary to steady U.S.-China relations and that Mr. Trump must be wooed because he has the final say on America's policy toward China, despite more hawkish voices in his Cabinet, observers say. The question, however, is when. Danny Russel, a distinguished fellow at the Asia Society Policy Institute, said Mr. Trump has consistently shown his hunger for a visit to China and that Beijing has used that to bolster leverage. 'As soon as the leadership in Beijing is satisfied that Trump will be on his best behaviour and will accept terms for a deal that they think are favorable, they will give a green light to the visit,' Mr. Russel said. Sun Yun, director of the China program at the Washington-based think tank Stimson Center, said a visit 'is in the making' with two sides likely to strike a trade deal. What Trump said might mean the visit would not be in September but "potentially November, but still depends on whether they play ball on trade and other things we want," Mr. Sun said. Trump's campaign to impose tariffs on other countries kicked off a high-stake trade war with Beijing. China raised tariffs on U.S. goods to 125% in response to Trump's hiking the tax on Chinese goods to 145%. Both sides also imposed on each other harsh trade restrictions on critical products: China on rare earths, and the U.S. on computing chips and jet engine technology. Trade tensions, however, eased following two rounds of high-level talks in Geneva and London, when the two sides agreed to lower tariffs — pending a more permanent deal by mid-August — and pull back on trade restrictions. Treasury Secretary Scott Bessent said Tuesday on Fox Business' 'Mornings with Maria' that he will be meeting with his Chinese counterparts in Stockholm next week to work on 'what is likely an extension' of the Aug. 12 deadline. 'I think trade is in a very good place with China," Bessent told host Maria Bartiromo. 'Hopefully, we can see the Chinese pull back on some of this glut of manufacturing that they're doing and concentrate on building a consumer economy.' He said he also expects to bring up China's purchases of Russian and Iranian oil and Beijing's role in aiding Moscow in its war against Ukraine. Beijing has not announced any travel plans for Vice Premier He Lifeng, who led trade negotiations in both Geneva and London on behalf of the Chinese government, but it is not unusual for China to make such announcements closer to a travel date. In a possible friendly gesture, Beijing on Tuesday said it suspended an antitrust investigation into chemical maker DuPont's operations in China. China's State Administration for Market Regulation made the announcement in a one-line statement but gave no explanation for the decision. DuPont said in a statement that it is 'pleased" with China's action. Chinese regulators launched the investigation in April against DuPont China Group, a subsidiary of the chemical giant, as part of Beijing's broad, retaliatory response to Trump's sky-high tariffs. Beijing also has agreed to approve export permits for rare earth elements and rare earth magnets that U.S. manufacturers need to build cars, robots, wind turbines and other high-tech products. The U.S. has eased restrictions on some advanced chips and other technologies.
