US President Joe Biden’s top national security and economic advisers plan to meet on April 12 with semiconductor and auto companies to discuss the global shortage of microprocessors, people familiar with the matter said.
US National Security Adviser Jake Sullivan and US National Economic Council Director Brian Deese are to discuss the impacts of the shortage and a path forward with industry leaders, an administration official said.
The official added that the White House is also engaged with Congress and allies abroad on the issue.
Companies invited to the meeting include automakers and semiconductor manufacturers, as well as technology and medical devices firms, one of the people said.
Among them are Samsung Electronics Co, General Motors Co and GlobalFoundries Inc, the people said.
The chip shortage is due to increased demand for microprocessors amid the COVID-19 pandemic, as consumers drove up sales of laptop computers, home networking gear and appliances while shifting to remote work and schooling.
Global production of chips is concentrated with mostly two manufacturers, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Samsung.
Auto companies have been forced to idle production in plants around North America due to backlogs in the supply of chips.
The Biden administration is examining incentives for domestic production of semiconductors and is reviewing supply chain vulnerabilities. Intel Corp last month announced plans to invest US$20 billion in two new fabrication plants in Arizona, while TSMC and Samsung have committed to building more capacity in the US.
Lawmakers are pushing for funding of grants in a broader effort to compete against China that will move through Congress this spring.
Separately, chips companies have lobbied for a refundable tax credit, but that will not be included in the measure.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
Hong Kong authorities ramped up sales of the local dollar as the greenback’s slide threatened the foreign-exchange peg. The Hong Kong Monetary Authority (HKMA) sold a record HK$60.5 billion (US$7.8 billion) of the city’s currency, according to an alert sent on its Bloomberg page yesterday in Asia, after it tested the upper end of its trading band. That added to the HK$56.1 billion of sales versus the greenback since Friday. The rapid intervention signals efforts from the city’s authorities to limit the local currency’s moves within its HK$7.75 to HK$7.85 per US dollar trading band. Heavy sales of the local dollar by
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film