Latest news from Heavy Lift & Project Forwarding International Magazine

Ex-Im Bank to get full functionality?

April 18 - In the USA, many have welcomed President Trump's announcement last Friday naming former Congressmen Scott Garrett and Spencer Bachus as nominees to the Export-Import Bank (Ex-Im) board of directors.

The Aerospace Industries Association (AIA) said: "This is a crucial next step to restoring a quorum on the bank's board so it can approve transactions larger than USD10 million and restore American export competitiveness in the global marketplace." But others have questioned how firm Trump's support is for Ex-Im given that he regularly criticised the bank during his election campaign and promised to close it.

Some members of Congress pointed out that Garrett has been one of the most vocal critics of Ex-Im and asked whether he is the right choice to be nominated as Ex-Im's president.

Once a non-controversial US government agency that financed export credit loans, Ex-Im took centre stage in 2015, with many politicians criticising it as a vehicle for crony capitalism. Ex-Im's authorisation expired altogether for more than five months in 2015 before Congress restored its authority through to 2019 in December 2015.

However, the Ex-Im Bank has been only partially operational since then because it lacks the requisite number of board members to authorise transactions of more than USD10 million.

If Garrett and Bachus are confirmed to the board, Ex-Im will be restored to full power. The AIA added: "The bank currently has a backlog of 40 deals worth more than USD30 billion that it cannot process." It claimed: "Ex-Im Bank support is available to all American exporters when the private sector does not have the capacity to provide financing. It doesn't provide an advantage to our companies - rather it offsets the advantage that our foreign competitors have with export financing from 60 foreign government-backed export credit agencies." So, a victory for American manufacturers like Boeing and General Electric which have overseas customers that use the agency's government-backed loans to purchase their products, as well as the companies that provide the logistics services to deliver those products.

Heavy Lift | News

USA ends steel and aluminium tariffs on Canada and Mexico thumbnail image

USA ends steel and aluminium tariffs on Canada and Mexico

May 24 - The USA is removing steel and aluminium tariffs imposed on Canada and Mexico under Section 232 of the Trade Expansion Act of 1962, with all retaliatory tariffs on US goods and any pending litigation also coming to an end.
Views: 300
Maxim names duo for Pacific Northwest thumbnail image

Maxim names duo for Pacific Northwest

May 24 - Maxim Crane Works has appointed Travis Wilt and Alex Clark to lead the expansion of its services in the Pacific Northwest region of North America. 
Views: 315
PPG restructures training course thumbnail image

PPG restructures training course

May 24 - The Project Professionals Group (PPG) has restructured its project cargo forwarding training course into a one-day format.
Views: 293
Crosby acquires Gunnebo Industries thumbnail image

Crosby acquires Gunnebo Industries

May 24 - Lifting, rigging and material handling equipment supplier the Crosby Group has acquired Sweden-headquartered Gunnebo Industries from Nordic private equity firm Segulah.
Views: 362

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.