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☆ Biden gives Samsung $6.4 billion in grants to boost Texas chip output
▼ + stars: | 2024-04-15 | by ( ) edition.cnn.com time to read: +3 min

Reuters —The Biden administration will award up to $6.4 billion in grants to South Korea’s Samsung Electronics to expand its chip production in central Texas as part of a broader effort to boost US chipmaking, the Department of Commerce said on Monday. The funding from the 2022 Chips and Science Act will support two chip production facilities, a research center and a packaging facility, in Taylor, Texas, the agency said, as previously reported by Reuters. It will also enable Samsung to expand its Austin, Texas, semiconductor facility, Commerce Department Secretary Gina Raimondo added, while boosting chip output for the aerospace, defense and auto industries and bolstering national security, administration officials told reporters. Samsung is expected to invest roughly $45 billion in building and expanding its Texas facilities through the end of the decade, said senior administration officials. Intel won $8.5 billion in grants last month while Taiwan’s TSMC clinched $6.6 billion in April to build out its American production.

Persons: Reuters —, Biden, Gina Raimondo, ” Raimondo, Kyung Kye Hyun, “, Samsung, ”, John Cornyn, Taiwan’s TSMC Organizations: Reuters, South, Samsung Electronics, Department of Commerce, Samsung, Commerce, Samsung Electronics Co, Analysts, Semiconductor Industry Association, SIA, Lawmakers, Texans, Republican, US Commerce Department, ” SIA, Intel Locations: Texas, Taylor , Texas, Austin , Texas, United States, China, Taiwan, Republican U.S

☆ 'Lose-lose situation': New Swiss bank laws could derail UBS' challenge to Wall Street giants
▼ + stars: | 2024-04-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.

Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland

☆ Federal judge in Texas says agency created to help minority-owned businesses must provide assistance to all races
▼ + stars: | 2024-03-06 | by ( Devan Cole | ) edition.cnn.com time to read: +4 min

Washington CNN —A federal judge in Texas said Tuesday that a US Commerce Department agency intended to help minority-owned businesses must offer assistance to all individuals, regardless of race, agreeing with White business owners who claimed that its policies were unconstitutional. Because they aren’t on the Agency’s magic list, the Agency presumes they aren’t disadvantaged,” Pittman wrote. Time’s up.”The MBDA is one of the only federal agencies focused exclusively on developing and advocating for minority-owned businesses. In recent years, conservatives have increasingly turned to federal courts in Texas to challenge certain federal programs and actions. “To the extent the MBDA offers services pursuant to an unconstitutional presumption, that’s fifty-five years too many,” Pittman said in his latest ruling.

Persons: Mark Pittman, Donald Trump, Pittman, …, ” Pittman, ”, Nixon, “, ’ ”, MBDA Organizations: Washington CNN, US Commerce Department, US, Minority Business Development Agency, Latino, Agency, US Department of Commerce, Fort, Northern, Northern District of, Biden, “, Centers Locations: Texas, Asian, Fort Worth, Northern District, Northern District of Texas, SFFA

☆ Opinion: Three ways to help millennials overcome the cost of living crisis
▼ + stars: | 2024-01-22 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +11 min

It’s a decline not seen around the rest of the developed world, where higher education is expanding. Provide universal low-cost child careFrom my vantage point, the single highest barrier to Millennial economic stability is child care. The reasons behind that are complex, but cost is certainly among them: The United States has some of the highest child care costs in the world. Affordable, high-quality, universal child care helps mothers, and particularly low-income mothers, to stay in the workforce, which pays dividends for their families. Child care programs help to prepare kids for school and may keep them more active and socially engaged.

Persons: Jill Filipovic, CNN —, haven’t, We’ve, ’, Z, Gen Zers, isn’t, Millennials, — Organizations: Twitter, CNN, Boomers, American Boomers, Ivy League, OECD Locations: New York, Europe, States, tony

Released Tuesday, it finds the average international math score fell by the equivalent of three-quarters of a year of learning. Reading scores fell by the equivalent of half a year. Reading scores fell by 10 points. A national study in the U.S. last year found math scores fell by more than ever, with reading scores dropping to 1992 levels. It was joined in the upper echelons by other East Asian countries including Japan and China.

Persons: ”, Peggy Carr, “, didn’t, Jordan, Miguel Cardona, Joe Biden’s Organizations: WASHINGTON, —, Program, Organisation for Economic Co, OECD, Reading, National Center for Education Statistics, U.S . Education Department, Associated Press, Carnegie Corporation of New, AP Locations: United States, Germany, Iceland, Netherlands, U.S, Belgium, Finland, Canada, France, Sweden, Brazil, Ireland, Singapore, Japan, China, Estonia, Albania, Norway, Saudi Arabia, Dominican Republic, Cambodia, Carnegie Corporation of New York

The Viking Star cruise ship is moored at Greenwich with the City of London financial district in the distance, in London, Britain, August 29, 2023. It is absolutely the time for action over words," Alasdair Haynes, CEO of Aquis Exchange, a share trading platform, and chair of financial industry body TheCityUK's Business Council, told Reuters. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance. ELECTION LOOMINGSome senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year.

Persons: Kevin Coombs, Alasdair Haynes, Jeremy Hunt, Nicholas Lyons, TheCityUK, ” Samuel Gregg, Richard Gardner, Huw Jones, Sinead Cruise, Hugh Lawson Organizations: Viking, City, REUTERS, London’s, Mayor, European Union, Aquis, Business, Reuters, Finance, stoke, of, Arm Holdings, Labour, Conservative, American Institute for Economic Research, Investment Funds Association, EU, Thomson Locations: Greenwich, London, Britain, Europe, Asia, United States, Edinburgh, of London, New York, Amsterdam, City, France

☆ 4 things making it harder for Janet Yellen to repair the US-China relationship
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +9 min

The global economy stands to gain if Washington and Beijing can mend fences, but analysts say this appears unlikely. Here are four things likely to make it harder for Yellen to repair US-China ties, and one thing keeping the relationship going. Sequoia’s executives said in a statement that it has become “increasingly complex” to run a decentralized global investment business. On Wednesday, US pharmaceutical firm Moderna (MRNA)signed a deal to make its first major investment in China. “Both sides are ramping up commercial restrictions in the name of national security and national interests,” she said.

Persons: Janet Yellen, China, ” Wei Jianguo, ”, Anna Ashton, Biden, Beijing’s, Wei, Capvision, Xi Jinping’s, “, Li Qiang, Xi, Alex Capri, ” Ashton, —, Jennifer Hansler, Wayne Chang, Bryan Mena Organizations: Hong Kong CNN, Eurasia Group, Micron Technology, China Daily, Analysts, China, Capvision, Bain & Company, Group, Forrester Research, Ontario, Republicans, Hawks, Shanghai Cooperation Organization, Xinhua, US Commerce Department, “, National University of Singapore Business School, Moderna Locations: Hong Kong, Beijing, United States, China, Chinese, Washington, Japan, Europe, Shanghai, New York, decouple, Moscow, Ukraine, Russia, Taiwan, Tianjin

☆ German Government Slashes Spending, Except on the Military
▼ + stars: | 2023-07-05 | by ( Melissa Eddy | ) www.nytimes.com time to read: +2 min

Why It Matters: Germany has long neglected military spending. Despite intense pressure from the United States, Germany last spent 2 percent of its G.D.P. on defense in 1991, a year after the reunification of the former East and West German nations, according to statistics from the World Bank. The United States is using incentives, including tax breaks, to lure businesses in the green energy and technology sectors. “Germany is increasingly falling behind when it comes to investment and location decisions,” said Tanja Gönner, general director of the German Federation of Industries.

Persons: Marcel Fratzscher, Lindner, ”, Tanja Gönner Organizations: World Bank, German Institute for Economic Research, German Federation of Industries Locations: Germany, United States, West, Russia, Ukraine

TOKYO, June 27 (Reuters) - State-backed Japan Investment Corp (JIC) sees potential for more mergers and acquisitions in high-end corners of the chipmaking industry following its planned $6.4 billion buyout of materials maker JSR (4185.T), the head of its private equity arm said. "We see potential in some speciality materials markets where JSR can win dominant positions by combining with other materials makers," Ikeuchi said in an interview. "We believe that we can boost Japanese chip materials makers' global competitiveness by spurring industry consolidation," he added. In the chemicals industry, for example, Japan has "too many players making similar products that were once competitive but are now commoditised," Ikeuchi said. JIC, overseen by the powerful trade ministry, was set up in 2018 to invest in Japanese companies to boost the nation's competitiveness.

Persons: Shogo, Ikeuchi, JIC, Makiko Yamazaki, Ritsuko Shimizu, Jamie Freed Organizations: Japan Investment Corp, JIC Capital, Japan, Innovation Network Corp of Japan, Thomson Locations: TOKYO, chipmaking, Japan

HONG KONG, June 27 (Reuters Breakingviews) - A government-led buyout signals more uncertainty ahead for a chip industry grappling with oversupply and geopolitics. The state-backed Japan Investment Corp will take over JSR (4185.T), which makes light-sensitive chemicals vital to manufacturing semiconductors, among other things. In recent years, the conglomerate has pivoted from a low-margin business of selling synthetic rubber used to make tyres to focus on semiconductor materials - primarily photoresists - and biopharmaceuticals. Yet JIC's mandate to boost the country’s global competitiveness and its focus on consolidating industries helps to justify the hefty premium. Either way, the government's focus on elevating national chipmaking champions creates fresh uncertainty for JSR's foreign customers like South Korea's Samsung Electronics (005930.KS) and Taiwan Semiconductor Manufacturing (2330.TW).

Persons: Sharp, Eric Johnson, Una Galani, Thomas Shum Organizations: Reuters, Japan Investment Corp, Renesas Electronics, chipmakers, Samsung Electronics, Taiwan Semiconductor Manufacturing, Japan Investment Corporation, Mizuho Bank, Development Bank of Japan, Thomson Locations: HONG KONG, Tokyo, Taiwan, Japan, United States, South Korea, South

☆ Bill would give Biden new powers to prepare for the next pandemic
▼ + stars: | 2023-06-22 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —The Covid-19 pandemic exposed glaring weaknesses in America’s medical supply chains, causing a frantic scramble for masks, respirators and other gear needed to fight the virus. Now, a bipartisan effort in Congress is attempting to boost medical supply chain resilience and ease the country’s reliance on less friendly nations like China for critical medical supplies – before the next disaster strikes. The bill aims to improve supply chain resilience by giving the White House the ability to diversify and expand supply networks while simultaneously eliminating unneeded trade barriers. Earlier this month, the White House hailed the end of the supply chain nightmare that had sent consumer prices surging and left some store shelves empty. The administration released a scorecard that indicated dozens of recommendations from a 2021 supply chain review have been implemented, including some related to strained medical supply chains.

Persons: Democratic Sen, Tom Carper, Republican Sen, Thom Tillis, Joe Biden, America’s “, “, ” Carper, Tillis, Carper, ” Tillis Organizations: New York CNN Business, Democratic, Republican, CNN, White House, International Trade, Global Competitiveness, National Academies of Sciences, Engineering, Medicine, Reliance, Trade Organization, GE Healthcare, House, Department of Health, Human Services, United States Trade, Trade, Force Locations: China, United States, America, Covid, Mexico, Malaysia, Shanghai

☆ UK economy in growth 'doom loop' as business investment slumps versus G7 peers, think tank says
▼ + stars: | 2023-06-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Decades of underinvestment by government and business have left Britain's economy in a growth "doom loop," according to center-left think tank IPPR. Decades of underinvestment by the government and businesses have left Britain's economy in a growth "doom loop," according to the U.K.'s Institute for Public Policy Research. New research from center-left think tank estimates that the U.K. has contributed $500 billion ($638 billion) less to business investments than did other comparable wealthy countries. The IPPR said that U.K. underinvestment in infrastructure, research and development, skills and training had spanned several decades and successive governments, dating back to 2005. "The U.K. is in an investment and growth doom loop.

Persons: Luke Murphy, —, IPPR, George Dibb, pare Organizations: for Public Policy Research, OECD, IMD, CNBC, Conservative Party, International Monetary, Biden, Labour Party —, Tories Locations: Poland, Luxembourg, Greece, IPPR

☆ Column: India's pledge to stop new coal power plants to hit key states
▼ + stars: | 2023-05-09 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

IN CONSTRUCTIONThe new proposals make clear that whatever coal capacity is already under construction in India will proceed. A total of 32,000 megawatts of new coal power is currently being built in India, according to the Global Energy Monitor (GEM). India coal capacity under constructionOnce completed, that would boost current operating capacity by close to 14%, and lift total Indian coal capacity to beyond 266,000 MW, GEM data shows. Alongside the widespread swell in coal capacity is even faster growth in renewables energy supply capacity across India. Proponents of immediate cuts to coal power use may be disappointed that several new coal projects will still emerge.

April 20 (Reuters) - Cybersecurity company Group-IB has finalised its exit from Russia, the group said on Thursday, cutting ties with its original market in an effort to spur its global expansion ambitions. Already harbouring global ambitions, Group-IB moved its headquarters to Singapore in 2019. Volkov has sold his 10% stake in the Russian company, Group-IB said in a statement. The stand-alone Russian business has been sold to local management and will be operating under the new brand F.A.C.C.T. Group-IB said Sachkov had sold his 37.5% stake in the Singapore entity to members of top management there.

☆ HSBC: Top shareholder Ping An calls for breakup, expressing 'deep concern'
▼ + stars: | 2023-04-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Europe’s biggest bank is facing growing calls to spin off its Asia business. Alongside chairman Mark Tucker, he defended HSBC (HBCYF)’s strategy and said splitting the bank would not be in shareholders’ interests. “Despite sharing multiple suggestions with HSBC, we have been extremely disappointed by HSBC management’s consistent closed-minded attitude to all solutions,” Huang wrote. HSBC Asia “will be the most valuable and unique bank in Asia with the strongest growth potential within the HSBC system, and also the only local bank with global competitiveness,” he added. HSBC will hold its annual shareholder meeting on May 5.

☆ Britain seeks to boost banking services from fintechs
▼ + stars: | 2023-04-17 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

"While significant progress has been made, there is more to be done to deliver the full benefits of open banking within retail banking markets, and beyond," the statement said. The recommendations from regulators will keep up momentum in open banking and extend its benefits to other sectors, said Marion King, chair of Open Banking Limited, which checks on whether the nine banks comply with open banking rules on customer data. Britain is keen to push open banking to the next stage following Brexit to attract more fintechs to set up in Britain as the European Union is poised to compete with its own version of open banking. The data protection draft law, now going through parliament, will be used to put open banking on a sustainable footing, Griffith said. "We now need to see proportionate regulation," said Janine Hirt, CEO of Innovate Finance, the UK fintech industry body.

☆ UK watchdog sets out plans to keep London a 'preeminent' financial centre
▼ + stars: | 2023-04-05 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

As global competition to attract listings becomes tougher, and London competes with European Union centres like Amsterdam in share trading since Brexit, regulators face pressure to speed up financial reforms. Such reforms "will help ensure that the UK maintains its position as a preeminent financial centre". The FCA announced last month it was investigating competition in UK financial data, whose findings will shape how consolidated tapes are constructed. The FCA said last week that UK listings rules were facing a shake-up, as the City worries about listings shifting to New York. It is taking on new responsibilities, such as crypto markets, speeding up authorisations, and stepping up enforcement against scams.

TOKYO, March 31 (Reuters) - Japan, the world's fifth-biggest carbon dioxide (CO2) emitter, will begin a carbon pricing scheme in stages from April to encourage companies to curb emissions and achieve its goal of carbon neutrality by 2050. The country is the latest among Asian nations to formulate plans to create a carbon pricing mechanism and emissions trading system. The scheme, based on METI proposals and approved by the cabinet this year, consists of emissions trading and a carbon levy. The carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. The introduction of emissions trading and carbon surcharges mark "a significant shift in Japan's climate change policy", said Tohru Shimizu, senior researcher at the Japan's Institute of Energy Economics.

☆ British banking damaged by slow supervisors warns industry report
▼ + stars: | 2023-01-26 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

[1/2] People walk over the Millennium Bridge with the City of London financial district in the background, in London, Britain, January 13, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, Jan 26 (Reuters) - Britain's regulators can be slow, inefficient and unpredictable, raising costs and slowly damaging the financial sector's global competitiveness, industry body TheCityUK said in a report. Complex, opaque and slow authorisations, such as for a new chief executive or a new product, can discourage growth and investment, the report published on Thursday said. It said The Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) were taking steps to speed up authorisations, but further action was needed. The Bank of England said it recognised the need to improve the timeliness of approving senior managers in particular and was taking steps in line with many of the recommendations.

LONDON, Jan 16 (Reuters) - Britain's proposed changes to capital rules for insurers could lead to the government having to bail out policyholders, as happened 20 years ago after the near-collapse of life assurance company Equitable Life, the Bank of England said on Monday. "I will mention Equitable Life ... it can happen," Bailey added . Equitable Life, established in 1762, closed to new customers in 2000 and almost collapsed after making unsustainable guarantees to policyholders. The government, however, had made its decision on insurance reform and there was a need to move forward now, Woods said. The BoE wanted to be "very closely engaged" on the detail of those reforms, Woods said.

WASHINGTON — It was a busy year for Congress, which passed a slew of consequential bills, most of which enjoyed support from both parties. As two years of full Democratic control come to an end, here are five of the most significant bills passed in 2022. The Electoral Count Reform Act will revise the 1887 Electoral Count Act to make clear the vice president cannot discount electoral votes. It’ll raise the threshold for objections from one member of each the House and Senate to one-fifth of both chambers. The legislation came about after the new 6-3 conservative majority on the Supreme Court voted last summer to overturn Roe v. Wade, prompting critics to fear that it could do the same to same-sex marriage rights.

☆ UK's new finance reforms part of a 20-year plan to be 'world's next Silicon Valley,' minister says
▼ + stars: | 2022-12-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The U.K. government has announced sweeping reforms to the regulation of its financial services industry, which it hopes will unlock future growth prospects. Mike Kemp | In Pictures | Getty ImagesLONDON — Sweeping reforms to the U.K.'s financial services sector should mark the first stage in a 20-year plan for Britain to become the next Silicon Valley, Finance Minister Jeremy Hunt said Friday. "We should have a 20-year plan to be the world's next Silicon Valley," Hunt said via video call during a conference hosted by the Financial Times. Jeremy Hunt UK finance ministerThe finance minister was speaking from Edinburgh, Scotland, where earlier Friday he unveiled an extensive overhaul of the U.K.'s financial regulation system. U.K. Finance Minister Jeremy Hunt has said Britain should have a "20-year plan" to become the world's next Silicon Valley.

LONDON, Nov 29 (Reuters) - Britain will change its rulebook to allow banks to take more risks in order to keep the City of London a leading global financial centre, a government minister said on Tuesday. Next week the EU will set out a new law to force banks in the bloc to shift some of their euro derivatives clearing from London to Frankfurt. "The overall thrust of things is to allow more risk... You get reward from taking risks, you shouldn't be risk off, we just need to manage that in an appropriate way," Griffith told a Financial Times event. "There is nervousness about the UK overall," Nunn said, referring to the period of political instability and concern over the nation's finances. Alison Harding-Jones, head of EMEA M&A at US bank Citi, told the event that Britain remained a strong place and open for business.

☆ Bank of England chief questions government's veto power plan
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] Governor of the Bank of England Andrew Bailey attends the Monetary Policy Report News Conference at The Bank of England, in London, Britain November 3, 2022. REUTERS/Toby Melville/PoolLONDON, Nov 16 (Reuters) - Bank of England Governor Andrew Bailey took the British government to task on Wednesday over its plan to give itself veto powers over post-Brexit financial rules written by independent regulators, including the central bank. The BoE has warned against easing the rules too much as insurers appeal to the ministry to override the central bank. City minister Andrew Griffith has said a veto would be used sparingly, with regulators continuing to enjoy day-to-day operational independence. The veto would be additional to a new remit in a draft law before parliament for regulators to heed the City's global competitiveness when writing new rules.

☆ Turning City of London into the 'Wild West' would be self-defeating, says BoE's Woods
▼ + stars: | 2022-10-27 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Oct 27 (Reuters) - Turning the City - London's financial district - into a "Wild West" to attract more business after Brexit would be self-defeating as maintaining financial stability is key to competitiveness, Bank of England Deputy Governor Sam Woods said on Thursday. Woods said in a speech to be delivered to the annual City Dinner that financial stability is the single most important ingredient of competitiveness in the sector. "Any attempt to become a global financial centre by competitively de-regulating would be self-defeating by its nature: major international financial institutions want a safe harbour, not a Wild West." Woods has clashed with an insurance industry that wants him to go further in easing capital rules to help it invest in infrastructure. A "comprehensive" public consultation paper on introducing the final leg of global bank capital rules, known as Basel 3.1, will be published by the end of the year, he added.

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