World ECR | State Department seeks industry input for defense
Home > information > U.S. State Department seeks industry input on defense export control reforms According to a November 18 Federal Register notice, the U.S. Department of State’s Defense Trade Advisory Group will meet on December 4 to discuss reforms to broker reporting requirements and re-export controls. The Defense Trade Advisory Group ("DTAG") will analyze alternatives to the International Traffic in Arms Regulations ("ITAR") broker reports and review policies affecting the joint production and re-export of defense articles. The Directorate of Defense Trade Controls (DDTC) requests DTAG to submit a preliminary analysis for a multi-phase review of ‘production diplomacy’ focusing on barriers, inefficiencies and opportunities in co-production, co-development and sustainment of defense items,” the notice reads . The virtual meeting will also discuss improvements to DDTC’s FAQ guidance and examine “challenges faced by U.S. and non-U.S. industries in obtaining re-export approvals.” Private Sector Advisory Council members appointed by the Assistant Secretary for Political-Military Affairs must register for the meeting by…
EU: Evading anti-dumping duties – EPPO seeks jail time
On September 17, 2024, the European Prosecutor's Office (EPPO), the EU agency responsible for prosecuting financial crimes affecting the EU budget, announced that it was seeking criminal penalties of more than 8 years in prison and more than 8 years of imprisonment for two companies and their five directors. Fine of €25 million. More than 30 properties related to the defendants were seized to ensure that the defendants could meet their financial obligations. EPPO alleged that the defendants falsely declared steel plates imported from China that were subject to anti-dumping duties as imported slabs, while the slabs were semi-finished products that were not subject to anti-dumping duties. Although details of the case remain scarce, the EPPO has been stepping up enforcement activities, often working closely with the European Anti-Fraud Office (OLAF) and EU member state customs authorities. One in ten EPPO cases (ie approximately 100 cases per year) involves customs and anti-dumping fraud. In previous articles we warned of the…
Rivian seeks new loan to kick-start $5 billion Georgia project
The brand's CEO said the Georgia factory is "an extremely important part of our strategy" go through Brad Anderson October 8, 2024 13:11 The automaker said it could be ready to start producing electric vehicles in Georgia in the fourth quarter of 2028. Rivian has previously received $1.5 billion in state and local incentives for the plant. Rivian said it would save more than $2.25 billion by initially producing R2 at its Illinois plant. Rivian is making progress toward restarting its long-planned manufacturing facility in Georgia and is applying for a federal loan to help facilitate further work at the plant. The electric carmaker originally planned to use the $5 billion Georgia plant to build its R2 series of models. However, it has since been decided that the R2 will initially be produced at the plant in Normal, Illinois in the first half of 2026, before moving to the Georgia plant. Rivian CEO RJ Scaringe said bringing R2 to market…
Hoonigan seeks bankruptcy protection with $1.75B in debt
Automotive entertainment and after-sales parts business The company best known for the Gymkhana video starring Ken Block announced on September 9 that it had filed for Chapter 11 bankruptcy protection in a Delaware court. Hoonigan said it has entered into a restructuring agreement with most of its creditors, which it expects to eliminate about $1.2 billion from its current debt totaling $1.75 billion. The company also plans to secure up to $570 million in new capital. The company said it expects its operations to continue as normal during this process and all unsecured creditors should be paid in full. Hoonigan, owned by private equity firm Clearlake Capital, accumulated much of its debt in the years following the pandemic through a series of acquisitions aimed at rapidly expanding its business. It all started when aftermarket wheel giant Wheel Pros acquired the original Hoonigan in 2021, along with several other companies including throtl and Transamerican Auto Parts, and the combined entity was…
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World ECR | BIS seeks comment on potential drone supply chain
Home > information > BIS seeks comment on potential drone supply chain security rule The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued an Advance Notice of Proposed Rulemaking (ANPRM) on January 2 seeking public comment on potential rules to protect the security of the commercial unmanned aerial system (UAS) supply chain), citing "Serious" risks of Chinese and Russian involvement in drone technology. "Securing the unmanned aircraft systems technology supply chain is critical to maintaining our national security. This ANPRM is an important step in protecting the United States from vulnerabilities created by foreign entities," said Commerce Secretary Gina Raimondo Gina Raimondo said. The notice seeks comment that foreign adversaries’ involvement in the drone information and communications technology services (“ICTS”) supply chain “could enable our adversaries to remotely access and manipulate these devices, thereby exposing sensitive U.S. data.” “The Department of Commerce continues to assess the national security risks posed by foreign adversaries’ participation in our critical…