financetom
Business
financetom
/
Business
/
US, Japan signal support for Texas high-speed rail plan
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US, Japan signal support for Texas high-speed rail plan
Apr 10, 2024 9:56 PM

TOKYO/WASHINGTON, April 11 (Reuters) - The governments

of the United States and Japan signalled support for a plan to

build the first high-speed rail in the U.S. using Japanese

bullet trains after their leaders met in Washington on

Wednesday.

Reuters exclusively reported this week that President Joe

Biden is seeking to revive interest in the project linking the

Texas cities of Dallas and Houston and was likely to raise the

issue during Prime Minister Fumio Kishida's state visit.

The project was among several named in a fact sheet

published by the White House after the talks outlining

"political understandings" that were affirmed during the visit.

"The U.S. Department of Transportation and Japan's Ministry

of Land, Infrastructure, Transport and Tourism welcomed Amtrak's

leadership of the Texas Central High Speed Rail Project,

utilizing Shinkansen technologies," the fact sheet said.

"The successful completion of development efforts and other

requirements would position the project for potential future

funding and financing opportunities."

While advocates for the project, estimated to cost around

$25 billion to $30 billion, hope political support can unlock

new public and private cash to finally realise an idea that has

been talked about for decades, it still faces potential hurdles

in Texas and the U.S. Congress.

The 240 mile (380 km) rail link, which will be built and

operated by Texas Central Partners and Amtrak, is expected to

cut travel times between the cities to about 90 minutes, from

three-and-a-half hours by car.

Japanese state lenders, including the Japan Bank for

International Cooperation, have provided loans to help

develop the project, which plans to procure "shinkansen" bullet

train technology from Central Japan Railway ( CJPRF ).

Progress with the project would be a win for the Biden

administration, which has pushed climate-friendly policies and

rail investment.

But it has been opposed by some local groups over land and

other concerns and is likely to draw criticism, particularly

from hardline Republican lawmakers in the U.S. House of

Representatives, who have objected to using public funds for

rail projects in the past.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Copyright 2023-2026 - www.financetom.com All Rights Reserved