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The Trump administration is proposing nearly $1 billion in funding to speed the development of U.S. critical minerals and materials, used in everything from electric vehicle batteries to semiconductors, the Energy Department said on Wednesday, Reuters reported.

The department intends to offer funding to advance and scale up mining, processing and manufacturing technologies in the critical minerals and materials supply chains, sectors that have been dominated by China and other countries, the statement said.

"For too long, the United States has relied on foreign actors to supply and process the critical materials that are essential to modern life and our national security," said Energy Secretary Chris Wright, according to Reuters.

Russia appears to be preparing to test its new nuclear-armed, nuclear-powered cruise missile, according to two U.S. researchers and a Western security source, even as Russian President Vladimir Putin readies for talks on Ukraine with U.S. President Donald Trump on Friday, Reuters reported.

Jeffrey Lewis of the California-based Middlebury Institute of International Studies, and Decker Eveleth of the CNA research and analysis organization, based in Virginia, reached their assessments separately by studying imagery taken in recent weeks until Tuesday by Planet Labs, a commercial satellite firm.

They agreed the photos showed extensive activity at the Pankovo test site on the Barents Sea archipelago of Novaya Zemlya, including increases in personnel and equipment and ships and aircraft associated with earlier tests of the 9M730 Burevestnik (Storm Petrel), according to Reuters.

U.S. President Donald Trump threatened "severe consequences" if Russia's Vladimir Putin does not agree to peace in Ukraine but also said on Wednesday that a meeting between them could swiftly be followed by a second that would include the leader of Ukraine, Reuters reported.

Trump did not specify what the consequences could be, but he has warned of economic sanctions if his meeting with Putin in Alaska on Friday proves fruitless.

The comments by Trump and the outcome of a virtual conference with Trump, European leaders and Ukrainian President Volodymyr Zelenskiy held on Wednesday could provide encouragement for Kyiv after fears the Alaska summit could end up selling out Ukraine by carving up its territory.

However, Russia is likely to resist Ukraine and Europe's demands strongly and previously has said its stance had not changed since it was first detailed by Putin in June 2024, according to Reuters.

Australia and Vanuatu have reached a ten-year, A$500m ($328m) agreement to boost security and economic cooperation. The Nakamal Agreement, set to be signed in September, includes funding for data centres, climate resilience projects, and security enhancements, according to BBC.

Australia's Deputy Prime Minister Richard Marles highlighted the “shared destiny” of the two nations, while Vanuatu’s Prime Minister Jotham Napat called it a “win-win situation.” Visa-free travel for Vanuatu citizens will be covered in a separate subsidiary deal.

The pact follows similar agreements Australia has made with Solomon Islands, Tuvalu, and Papua New Guinea, BBC reported.