The US government plans to reduce Intel Corp’s preliminary US$8.5 billion federal chips grant to less than US$8 billion, the New York Times reported on Sunday, citing unnamed sources.
The change took into account a US$3 billion contract Intel had been offered to make chips for the Pentagon, the sources said.
This spring US President Joe Biden’s administration said it would award Intel nearly US$20 billion in grants and loans, supercharging the company’s domestic semiconductor chip output and marking the US government’s largest outlay to subsidize leading-edge chip production.
Photo:Reuters
The US announced a preliminary agreement for US$8.5 billion in grants and up to US$11 billion in loans for Intel in Arizona, with some of the funding to be used to build two new factories and modernize an existing one.
The outlay was part of the 2022 CHIPS and Science Act, a bid to boost domestic semiconductor output with US$52.7 billion in funding, including US$39 billion in subsidies for semiconductor production and US$11 billion for research and development.
On Nov. 15, the US Department of Commerce announced it has finalized a US$6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US unit for semiconductor production in Phoenix, Arizona.
The TSMC award also includes up to US$5 billion in low-cost government loans.
In addition to TSMC, the commerce department on Wednesday last week said it has finalized a US$1.5 billion government subsidy for GlobalFoundries Inc for its production expansion in Malta, New York and Vermont.
The department has also allocated US$36 billion for chips projects including US$6.4 billion for Samsung Electronics Co and US$6.1 billion for Micron Technology Inc.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
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Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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