U.S. set to offer $12 billion in subsidies to speed up EV production

The Biden administration is set to offer $12 billion in grants and loans to help auto manufacturers and suppliers retrofit their plants to produce electric and advanced vehicles. The move aims to support the transition to electric vehicles (EVs) while ensuring that workers and communities are not left behind. The announcement comes amid concerns from automakers and the United Auto Workers (UAW) union about proposed environmental rules and the potential impact on jobs.

The UAW has expressed concerns that a rapid shift to EVs could put thousands of jobs at risk in states like Michigan, Ohio, Illinois, and Indiana. However, the policy announced by the Biden administration aims to address these concerns by supporting union partnerships and maintaining high pay and safety standards.

UAW President Shawn Fain welcomed the announcement, emphasizing the importance of strong union partnerships in the EV transition. President Biden stated that building a clean energy economy should benefit both auto companies and unionized workers.

The funding will include $3.5 billion for domestic battery manufacturers and $2 billion in grants from the Inflation Reduction Act, along with $10 billion in loans from the Energy Department’s Loans Program Office.

This initiative reflects the administration’s commitment to accelerating the adoption of EVs in the United States while safeguarding jobs and communities affected by the transition.

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Australia clears way for gold miner Newmont’s $16.86 billion takeover of Newcrest

Newmont Corp, one of the largest gold producers globally, has achieved a significant milestone in its proposed acquisition of Australia’s Newcrest Mining. The company announced that it has received clearance from Australia’s Foreign Investment Review Board (FIRB) to proceed with its planned A$26.2 billion ($16.86 billion) takeover.

Norway plans to become first country to mine the seabed

Norway is considering a groundbreaking move to become the first country to initiate commercial deep-sea mining, subject to parliamentary approval of the government’s proposal to open a vast offshore area larger than the United Kingdom for this purpose.

Biden to visit Vietnam next month to discuss broad range of issues

Next month, US President Joe Biden will visit Vietnam to discuss various topics with top officials, including technology, economy, regional stability, and climate change. The goal is to strengthen ties between the two countries, especially since China holds a significant position in the region.

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