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Trump to Expand Critical Mineral Output Using Wartime Powers
https://www.bloomberg.com/news/articles/2025-03-20/trump-to-expand-critical-mineral-production-using-wartime-powers?srnd=homepage-asia
President Donald Trump is invoking emergency powers to boost the ability of the US to produce critical minerals — and potentially coal — as part of a broad effort to ramp up the development of domestic natural resources and make the country less reliant on foreign imports.
An executive order signed by the president Thursday taps the Defense Production Act as part of an effort to provide financing, loans and other investment support to domestically process critical minerals and rare earth elements, according to a White House official. The US International Development Finance Corporation, working with the Department of Defense, will provide financing for new mineral production projects.
The order, which also encourages faster permitting for mining and processing projects and a directive for the Interior Department to prioritize mineral production on federal land, comes as a direct response to long-held concerns among the US and allies that China overwhelmingly controls the processing of some of the most important critical minerals.
Despite possessing some critical minerals, the US currently imports a significant amount, creating economic and security risks, according to the White House. The administration said the US is import-reliant on at least 15 critical minerals and that 70% of imports of rare earths come from China.
The Defense Production Act is a 1950s law that former President Harry Truman enlisted to ramp up steel production for the Korean War. Former President Joe Biden similarly invoked the law to encourage domestic production of critical minerals, adding battery materials such as lithium, nickel, graphite, cobalt and manganese to the list of items covered under the measure to help companies access $750 million in funds. He also used the law to support American production of electric heat pumps.
도널드 트럼프 대통령은 국내 천연 자원 개발을 확대하고 해외 수입 의존도를 낮추려는 광범위한 노력의 일환으로, 미국이 핵심 광물(잠재적으로 석탄 포함)을 생산하는 능력을 강화하기 위해 긴급 권한을 발동하고 있습니다.
목요일 대통령이 서명한 행정명령은 국방물자생산법(Defense Production Act)을 활용하여 국내에서 핵심 광물 및 희토류 원소를 처리하는 데 필요한 자금 조달, 대출 및 기타 투자 지원을 제공하는 것을 목표로 한다고 백악관 관계자가 밝혔습니다. 미국 국제개발금융공사(US International Development Finance Corporation)는 국방부와 협력하여 새로운 광물 생산 프로젝트에 자금을 지원할 것입니다.
광산 및 처리 프로젝트에 대한 신속한 허가를 장려하고 내무부에 연방 토지에서의 광물 생산을 우선시하도록 지시하는 내용도 포함된 이 명령은 미국과 동맹국들이 중국이 가장 중요한 핵심 광물 일부의 처리를 압도적으로 통제하고 있다는 오랜 우려에 대한 직접적인 대응으로 나온 것입니다.
백악관에 따르면, 미국은 일부 핵심 광물을 보유하고 있음에도 불구하고 현재 상당량을 수입하고 있어 경제적, 안보적 위험을 초래하고 있습니다. 행정부는 미국이 최소 15개의 핵심 광물에 대해 수입 의존적이며, 희토류 수입의 70%가 중국에서 나온다고 밝혔습니다.
국방물자생산법은 1950년대에 제정된 법으로, 해리 트루먼 전 대통령이 한국 전쟁을 위한 철강 생산량을 늘리기 위해 활용했습니다. 조 바이든 전 대통령도 유사하게 국내 핵심 광물 생산을 장려하기 위해 이 법을 발동하여, 기업들이 7억 5천만 달러의 자금에 접근할 수 있도록 리튬, 니켈, 흑연, 코발트, 망간과 같은 배터리 재료를 이 법의 적용 대상 품목 목록에 추가했습니다. 그는 또한 이 법을 사용하여 미국 내 전기 히트 펌프 생산을 지원했습니다.
먼지 묻은 법안들 꺼내서 국가 비상사태라고 마구잡이로 활용 중
트럼프는 확실히 strong man이 되고 싶어하고, pro-dictatorship이라고 봐야 할듯
A House select committee on China previously recommended creating a reserve of critical minerals “to insulate American producers from price volatility” and protect against Beijing’s “weaponization of its dominance in critical mineral supply chains.”
중국에 관한 하원 특별위원회는 이전에 "미국 생산자들이 가격 변동성으로부터 보호받고" 베이징의 "핵심 광물 공급망 지배력 무기화"로부터 보호하기 위해 핵심 광물 비축분을 만드는 것을 권고했습니다.
UBS Explores Moving HQ Unless Swiss Reduce Capital Demand
https://www.bloomberg.com/news/articles/2025-03-20/ubs-explores-moving-headquarters-unless-swiss-cut-capital-demand?srnd=homepage-asia
UBS Group AG is examining the potential relocation of its headquarters if Switzerland sticks to its demand that the bank hold an extra $25 billion of capital, people familiar with the matter said.
Based on internal calculations showing that the bank’s key capital ratio would rise to about 20% in the harshest scenario from roughly 14% now, executives believe that remaining in Switzerland would make the Zurich-based firm uncompetitive relative to global rivals, the people said, asking not to be identified discussing confidential details.
The Swiss government and regulators are pushing for the nation’s largest bank to fully deduct the value of its foreign subsidiaries from the capital of its parent, a step officials see as necessary to prevent a repeat of the 2023 collapse of Credit Suisse. While Switzerland wants to avoid the financial devastation that would ensue from UBS ever failing, the bank sees the plan as an unfair overreaction after it stepped in to rescue its former rival two years ago.
Taking its headquarters abroad would be a massive rupture for UBS, whose more-than-160-year history has been inextricably linked to the fortunes of the country and would likely face many obstacles. The lender’s brand heavily relies on Switzerland’s appeal as a haven for the money from the ultra-rich.
The people declined to say what UBS’s alternative base would be. Its businesses include a Swiss domestic bank, firmly anchored in its home market, and a global wealth-management unit that has long benefited from its Swiss identity. UBS also operates an investment bank and an asset-management division.
That suggestion has been received at UBS with little enthusiasm. A phase-in would be only marginally helpful since investors tend to price in regulatory changes as soon as they’re announced, even if they’re not introduced for some time, two of the people said.
UBS shares have lagged behind European peers in the past year, weighed down by uncertainty over its future regulatory situation.
Holding more equity capital can increase a bank’s cost of doing business, and executives generally have long argued that maintaining capital buffers above a certain level makes the services they provide more expensive and reduces the amount available to pay out to shareholders.
In turn, regulators seek to ensure that financial players have a ready means to absorb losses when they run into trouble. UBS was bailed out by the Swiss government after the 2008 financial crisis.
UBS 그룹 AG는 스위스가 은행에 250억 달러의 추가 자본을 보유해야 한다는 요구를 고수할 경우 본사 이전을 검토하고 있다고 이 문제에 정통한 사람들이 밝혔습니다.
기밀 세부 사항에 대한 논의를 위해 익명을 요구한 사람들은 은행의 주요 자본 비율이 현재 약 14%에서 최악의 시나리오에서 약 20%로 상승할 ...
