UNITED STATES
Funds to be handed out
The Department of Commerce aims to begin soliciting applications for semiconductor funding from companies no later than February next year, Secretary of Commerce Gina Raimondo said in an interview with the New York Times yesterday. President Joe Biden last month signed an executive order on implementation of the US$52.7 billion Creating Helpful Incentives to Produce Semiconductors and Science Act. The department could begin disbursing money by next spring, Raimondo added. It would review and audit firms that receive the funding, and take back funds from any company that violates the rules, the newspaper reported.
CHINA
Shanghai forum postponed
The government has postponed an important annual financial forum in Shanghai this week, local officials said, as the country battles a new wave of COVID-19 outbreaks. The Lujiazui Forum, originally scheduled to be held in person today and tomorrow, has been delayed, an official with knowledge of the matter said. No reason for the delay was given. Titled “Role of Finance in the Steady Growth of World Economy,” this year’s gathering was supposed to focus on key topics such as the country’s financial opening up, financial innovation, environmental, social and corporate governance, and international financial cooperation.
ELECTRONICS
PS architect to retire
Sony Group Corp is set to lose its longtime PlayStation (PS) hardware architect Masayasu Ito, who is to retire at the end of this month. The 60-year-old executive vice president of Sony Interactive Entertainment, the arm responsible for PlayStation and Sony’s other gaming initiatives, would step down from his post next month, Sony Interactive said in a statement yesterday. Ito is retiring after a career spanning five decades at Sony, having joined the Tokyo-based company in 1986 and worked on in-vehicle audio equipment before moving on to the console division in 2000.
AVIATION
Lufthansa to make offer
German airline Deutsche Lufthansa AG said it would make an improved offer to pilots yesterday to stop an escalation of a wage dispute after the union said it would go on strike again this week. The announcement by the Vereinigung Cockpit pilots’ union follows a strike last week that forced the cancelation of hundreds of flights, further plaguing a summer of travel chaos. Passenger pilots would strike today and tomorrow, and cargo pilots from today through Friday, said the union, which groups more than 5,000 pilots.
RETAIL
CVS to buy health firm
Drugstore operator CVS Health Corp on Monday said that it would buy home health provider Signify Health Inc for US$8 billion. CVS said Signify has more than 10,000 employees, including physicians and nurses, a presence in every US state, and offers technology platforms. “This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience,” CVS CEO Karen Lynch said in a statement announcing the deal. CVS is to pay US$30.50 per share in cash for Signify. The deal has a stock value of US$7.6 billion, with the total transaction rising to about US$8 billion with debt, equity appreciation rights and other items are included, it said.
Contract chipmaker United Microelectronics Corp (UMC, 聯電) yesterday said it has signed a memorandum of understanding (MOU) with Polar Semiconductor LLC to collaborate on the production of 8-inch wafers in the US. The collaboration aims to strengthen 8-inch wafer manufacturing in the US amid Washington’s efforts to increase onshore manufacturing of semiconductors, contribute to supply chain resilience against shifting geopolitical dynamics, and ensure a secure domestic supply of power semiconductors critical to automotive, electric grids, robotic manufacturing and data centers, the companies said in a joint statement. Under the MOU, Polar and UMC will identify devices for Polar to manufacture at
TECH TITANS: Amazon’s latest chip joins Google in competing for the 90 percent market share held by Nvidia, which claims it is ‘a generation ahead of the industry’ Amazon Web Services (AWS) on Tuesday launched its in-house-built Trainium3 artificial intelligence (AI) chip, marking a significant push to compete with Nvidia Corp in the lucrative market for AI computing power. The move intensifies competition in the AI chip market, where Nvidia dominates with an estimated 80 to 90 percent market share for products used in training large language models that power the likes of ChatGPT. Google last week caused tremors in the industry when it was reported that Facebook-parent Meta Platforms Inc would employ Google AI chips in data centers, signaling new competition for Nvidia. This followed the release last month of
TARIFF TALKS: The US secretary of commerce is eyeing more than US$300 billion in investments and said Taiwan would train US workers, but Taipei has denied the latter US Secretary of Commerce Howard Lutnick said the US is expecting a large investment pledge from Taiwan in trade talks, while President William Lai (賴清德) listed areas that need improvement in order for projects to be completed. “We’re in the midst of discussions,” Lutnick said on Wednesday. “But the fact is, this administration’s goal is to bring semiconductor manufacturing to America.” Lai on Wednesday said Taiwan is supportive of US President Donald Trump’s goal of reindustrializing the US, including efforts to ramp up semiconductor production. Such a goal would require the US to reduce its reliance on Taiwan as a key source
Foxconn Technology Group (富士康科技集團) and Luxshare Precision Industry Co (立訊精密) plan to add millions of gaming devices to Vietnam’s annual output, according to documents they submitted to local authorities, reinforcing the country’s role in the global supply of game consoles. Vietnam assembles a variety of electronic products destined for foreign markets, including smartphones, computers and tablets. Information on its production of consoles is not public, but Foxconn EV Energy & Component (Vietnam) Co, a subsidiary of the Taiwanese manufacturer, has capacity to produce up to 4 million gaming devices in a factory in Northern Vietnam, according to a company document from
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