World Bulletin/News Desk
The U.S. Export-Import Bank said on Friday it authorized a $2 billion direct loan to Barakah One Co of the United Arab Emirates to purchase U.S. equipment and construction services to build one of the world's largest nuclear power plants.
The credit line is expected to support approximately 5,000 jobs across 17 U.S. states and has the support of the White House's National Security Council as well as the departments of State and Energy, Ex-Im Bank said.
"In addition to bolstering American jobs, Ex-Im Bank will make history by backing the construction of the first nuclear power plant on the Arabian peninsula," Fred Hochberg, president of the U.S. Ex-Im Bank, said in a statement.
Ex-Im said the loan is the largest in its history to the UAE and also represents the first new nuclear power plant it has helped finance since the late 1990s.
At the end of the 2011 budget year, Ex-Im had about $3.7 billion of credit exposure in the UAE.
Westinghouse Electric Co LLC, a Pittsburgh, Pa.-based group company of Toshiba Corp, is the largest exporter involved in the transaction and will provide the reactor coolant pumps, reactor components, controls, engineering services, and training, Ex-Im said.
"This work will create and sustain U.S. jobs in California, Connecticut, New Hampshire, Ohio, Pennsylvania, South Carolina, Texas and other states home to Westinghouse sub-suppliers. Within Westinghouse alone, the Barakah project will allow us to maintain about 600 U.S. jobs," Ric Perez, president and chief operating officer of Westinghouse, said in a statement.
Barakah One plans to erect four nuclear reactor power-generating units on a coastal strip approximately 220 kilometers (137 miles) from the city of Abu Dhabi.
Reactors supplied by the Korea Electric Power Corp will come online at one-year intervals beginning 2017 and produce 5,600 megawatts gross electricity.
The United States and UAE signed a civilian nuclear cooperation pact in 2009 and followed that a year later with a formal arrangement between the two countries' nuclear regulators.
The UAE also has entered into a number of treaties and conventions pertaining to the nuclear sector and has signed bilateral agreements on the same subject with South Korea, France, and Japan, among others, Ex-Im said.
The IMF warned that "significant policy uncertainties imply larger-than-usual" risks to the US outlook on either side, since spending cuts could lower growth, while tax cuts could provide stimulus and expand the economy.
Now the VNO-NCW is calling for the Dutch parliament to reverse a 2015 decision to introduce a cap of 20 percent of annual pay on the bonuses which can be paid out to top managers in the banking industry.
The state-owned energy trading firm Lietuvos Duju Tiekimas said it signed the deal with the Texas company Cheniere Energy.
Adding to the upward pressure for oil is the crisis in the Middle East, where a Saudi-led blockade of Qatar has fuelled concerns of possible conflict.
Bourses in both Paris and Frankfurt dipped after a report from data monitoring company IHS Markit showed Eurozone private sector business activity slowed sharply in June while staying in expansion mode.
Analysts said that while the downturn in the headline readings was disappointing, the economy continued to put in a strong performance.
Crude prices stabilised after diving more than two percent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output cut deal.
Move estimated to save company $1B in investment costs
However, most other regional markets struggled after Monday's healthy gains, despite being given a positive lead from Wall Street where the Dow and S&P 500 closed at fresh record highs.
The purchase in one fell swoop gives Amazon, which until now has operated almost entirely on the internet, a big presence in the brick-and-mortar world on Main Street, with more than 450 stores in the US, Canada and Britain.
"The Bank of Russia Board of Directors decided to cut the key rate to 9.00 percent per annum," the bank said in a statement. The cut follows a half-point decrease in late April.
Equity traders have suffered a fraught week as the crisis engulfing Donald Trump picks up pace, technology firms tumbled from recent highs and energy plays were hammered by plunging oil prices.
"In May 2017, passenger car registrations across the EU increased by 7.6 percent to 1.387 million units," ACEA said in a statement.