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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin retreats to $57,000 after weekend rally: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World's Tanaya Macheel speaks with stakeholders in Wyoming as the state develops its own stable token. She finds out how it would work and how it will handle reserves.
Persons: explainers, Crypto, Tanaya Macheel Organizations: CNBC Crypto, CNBC Locations: Wyoming
Antimicrobial resistance happens when pathogens like bacteria and fungi develop the ability to evade the medications used to kill them. A death attributable to antimicrobial resistance was directly caused by it, while a death associated with AMR may have another cause that was exacerbated by the antimicrobial resistance. For this combination – the antibiotic methicillin and the bacteria S. aureus – the number of attributable deaths nearly doubled from 57,200 in 1990 to 130,000 in 2021. The researchers estimated that, in 2050, the number of global deaths attributable to antimicrobial resistance could reach 1.9 million, and those associated with antimicrobial resistance could reach 8.2 million. Strathdee saw firsthand the effects that antimicrobial resistance can have on health when her husband nearly died from a superbug infection.
Persons: , Chris Murray, Murray, , ” Murray, it’s, Samuel Kariuki, Kariuki, Steffanie Strathdee, Strathdee, who’s, It’s, Strathdee’s, Tom Patterson, Patterson, baumannii, ” Strathdee, Dr, Sanjay Gupta Organizations: CNN, World Health Organization, AMR, Institute for Health Metrics, University of Washington, Global, Kenya Medical Research Institute, University of California San Diego School of Medicine, Center, Therapeutics, UC San Diego, CNN Health Locations: South Asia, Latin America, Caribbean, Africa, Kenya, Egypt, Germany
Larry Ellison, chairman and co-founder of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017. Oracle shares surged more than 6% on Monday, continuing their recently rally and propelling Chairman Larry Ellison to become the world's second-richest person, snatching the title from Amazon founder Jeff Bezos. Bezos, who had been the second-richest person on and off since 2016, is worth $202 billion. The stock surge caused Ellison to briefly pass Bezos as the world's second-richest person on Friday, before the Amazon founder reclaimed the title. Oracle said last week that it would partner with Amazon's cloud computing unit to enable its database services on dedicated hardware.
Persons: Larry Ellison, Jeff Bezos, Forbes, Elon Musk, Ellison, Bezos, Oracle, — CNBC's Jordan Novet, Ari Levy Organizations: Oracle Corp, Oracle, Amazon, Microsoft, Google Locations: San Francisco
Read previewSome Amazon employees took to an internal Slack channel to blast the company after it announced plans to require corporate employees to work in the office five days a week. One staffer was so upset they issued a plea to Business Insider, which has covered Amazon's RTO crackdown extensively. Other Amazon workers weighed in, too, on a company Slack channel dedicated to RTO-related topics. Amazon's RTO policy was already strict, but Jassy just doubled down hard on the company's in-office approach. "Can I negotiate my manager to PIP me," one employee wrote in reference to Amazon's famously ruthless performance improvement plan.
Persons: , Andy Jassy's, Slack, It's, Jassy, Amazon's, Andy Jassy, Jeff Bezos's, Bezos, Ashley Stewart Organizations: Service, Business, Google, Amazon
Designer Michael Kors poses backstage before the Michael Kors Collection Fall 2017 runway show at Spring Studios in New York City on Feb. 15, 2017. The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman, with Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described. Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand. He said the markdown of Michael Kors' handbags contributed to "a bad spiral Macy's was living through when I was there."
Persons: Michael Kors, Taylor Swift, Kors, Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, we've, Jeff Gennette Organizations: Spring Studios, Federal Trade Commission, FTC, Tapestry Locations: New York City, Manhattan, Capri
I flew in British Airways' business-class Club Suite for a long-haul flight for the first time. Go to newsletter preferences Thanks for signing up! AdvertisementI've flown business class with a few airlines, but I recently did so for the first time with British Airways. I booked a Club Suite in its long-haul business-class cabin, Club World, for my almost-eight-hour flight from Heathrow in London to Logan International in Boston. The Club Suite debuted in 2019 as part of the airline's almost $9 billion investment in upgrading its passenger experience.
Persons: Organizations: British Airways, Service, Logan International, Business Locations: Heathrow, London, Boston
Read previewIn the wake of the Ukraine war, Russia has formed a close alliance with China, the world's second-biggest economy, and boosted trade ties with other major economies, such as India. AdvertisementFor decades, North Korea has been among the poorest and most isolated Asian countries, with the UN imposing severe sanctions to curtail its nuclear weapons program. However, the Ukraine war enabled North Korean leader Kim Jong Un to improve his situation, forming a valuable security pact with Russian President Vladimir Putin's Russia in June. AdvertisementIn return, Kim has secured new security pledges from Putin, alongside access to valuable Russian military technology. Ukraine is currently battling to hold back intensifying Russian attacks in Donetsk, east Ukraine, but has seized control of a swath of Russian territory in Kursk.
Persons: , GUR, Kyrylo Budanov, Budanov, Kim Jong, Vladimir Putin's, Kim, Putin Organizations: Service, Business, Kyiv, Reuters, North, US Defense Intelligence Agency Locations: Ukraine, Russia, China, India, North Korea, Vladimir Putin's Russia, Korea, Iran, Donetsk, Kursk
Routh became animated when writing about Trump, and he frequently weighed in on US and global current events on social media. He even commented on the first assassination attempt on Trump, when the former president was wounded by a gunshot during a rally in Pennsylvania in July. According to Cernea, Routh described Russian President Vladimir Putin’s invasion of Ukraine as a “black and white… good versus evil” conflict. Hawaiian business owner Saili Levi told CNN he had paid Routh $3,800 up front to build a trailer for his business. Levi said when he asked Routh to improve the work via email, Routh ranted at him.
Persons: CNN — Ryan Wesley Routh, Donald Trump, Routh, Trump, Ryan Wesley Routh, , , ” Routh, Joe Biden, Kamala Harris, “ Trump, Ryan Routh, , Oleksandr Shaguri, Remus Cernea, it’s, ” Cernea, Cernea, Vladimir Putin’s, “ Putin, ” Oran, Saili Levi, Levi, Routh ranted, you’re, ” Levi Organizations: CNN, US Secret Service, LinkedIn, Honolulu Star, Democratic, Trump, Global Citizen, Independence, Ukraine, Foreigners, Department, Land Forces Command, Legion, Newsweek Romania, AFP, Russia Locations: Ukraine, Taiwan, North Korea, Kyiv, Hawaii, Honolulu, North Carolina, Afghanistan, Iran, Tehran, Moscow, Pennsylvania, Ukrainian, Mariupol, Kyiv’s, United States, Oran, Florida
Now, with 50 days until the presidential election, the Republican nominee says he would be launching World Liberty Financial in a Twitter Spaces event that began shortly after 8 p.m. CNBC sent detailed questions to a World Liberty Financial press email address on Monday. He's also part of the small group of World Liberty Financial founders, according to an internal report on the project obtained by CoinDesk. Along with Trump, Witkoff is one of at least a half dozen members of the project's "leadership team." CNBC reached out to World Liberty Financial, the Trump campaign, and the Trump Organization to ask for details related to the project and did not immediately hear back to this request.
Persons: Donald Trump, Kamala Harris, Donald Trump's, cryptocurrencies, Trump, Barron, He's, Gary Gensler, Farokh Sarmad, Steve Witkoff, Witkoff, Trump's, Donald Trump Jr, Eric Trump, Barron Trump, Zach Witkoff, Eric, Donald Jr, didn't Organizations: Democratic, U.S, Republican, Liberty, GOP, Securities and Exchange Commission, SEC, Trump, CNBC, Liberty Financial, Trump International Golf Club, FBI, World Liberty Financial, CoinDesk, Witkoff, Bloomberg, Trump Organization Locations: Philadelphia, Palm, West Palm Beach , Florida, Nashville
We have also focused on using our favorite strategy to save on travel — using travel rewards credit card points to get some of it for free. While we mostly rely on airline miles to save money on travel, we also use flexible rewards points and hotel points for some aspects of our plans. My husband's birthday trip to MemphisI was able to book my husband a surprise weekend getaway for his 45th birthday this year using credit card rewards. Still, using rewards to take the sting out of what would otherwise be an expensive trip feels like a win when it makes sense. My whole travel plan also underscores something I have believed about the world of travel rewards for a long time.
Persons: Billy Strings, Rewards, Miles, Billy Organizations: Service, Delta Reserve American, Chase, Hyatt, Hyatt Centric, Hyatt Credit Locations: Memphis, Memphis , Tennessee, Delta, Caribbean, Indianapolis, Delta Comfort, FedExForum
CNN —Elon Musk deleted a post Monday morning that questioned why former President Donald Trump has faced two apparent assassination attempts in recent months while President Joe Biden and Vice President Kamala Harris have not encountered any. “And no one is even trying to assassinate Biden/Kamala 🤔,” Musk wrote in the now-deleted X post. However, Musk subsequently responded to a similar post, replying with a thinking face emoji to a photo that noted the four presidents who preceded Trump faced no assassination attempts when Trump has apparently encountered two. CNN requested comment from the Secret Service, which is tasked with investigating perceived threats against the president and vice president – sometimes even if they are made in jest. Musk endorsed Trump for president after an assassination attempt in July, and he hosted Trump last month in an interview on X.It’s part of a rightward shift for Musk that has gained steam in recent years.
Persons: CNN — Elon, Donald Trump, Joe Biden, Kamala Harris, Musk, Biden, Kamala 🤔, ”, ake, hite Organizations: CNN, ust Locations: usk, ut,
WalletHub released its ranking of the best and worst states for gender equality in 2024. Utah is the worst state for gender equality. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn June 2024, the World Economic Forum released its "Global Gender Gap Report 2024," which documented the state of gender equality using economic participation and opportunity, educational attainment, health and survival, and political empowerment as its dimensions.
Persons: WalletHub, Organizations: Utah, Service, Economic, US, Business
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The new platform, called Condor, was initially designed to replace a cobbled-together patchwork of different systems — some built more than a decade ago — underpinning Man AHL, the firm's systematic-trading arm. Over time, Man built different systems to trade them all. With Condor, Fitzgerald wants to bring those together — the research, the trading, and the logging — into a single platform. But software engineers adding functionalities, risk teams managing exposure, and support teams ensuring trading systems are running will also be using Condor.
Persons: , Barry Fitzgerald, Fitzgerald, cohead, it'll, Condor Organizations: Service, Business, Condor, Man AHL, AHL
Read previewAs the former VP of HR at Microsoft and now an advisor to executives worldwide, I see imposter syndrome daily. Are you not very good at your job or is it just the imposter syndrome talking? How can you tell if your self-doubt — often that debilitating imposter syndrome — is justified? If you're getting good reviews, that almost always means you're doing good work. AdvertisementRereading your reviews can bolster your self-esteem and combat looming imposter syndrome.
Persons: , Bill Gates, Steve Ballmer, I've, they're, wouldn't Organizations: Service, Microsoft, Business
Why these Gulf states want to be AI superpowers
  + stars: | 2024-09-16 | by ( Nell Lewis | Rym Bendimerad | ) edition.cnn.com   time to read: +5 min
“There’s huge investments going into (AI) in the Middle East,” said Stephen Anderson, Middle East strategy and markets leader at PwC, speaking to CNN at last week’s Global AI Summit (GAIN) in Riyadh, Saudi Arabia. Energy demand from AI, data centers and cryptocurrencies could double by 2026, according to the International Energy Agency. Gulf states are investing heavily in AI as they look to diversify their economies. Last year, the UAE unveiled a tool called Jais and Saudi Arabia has developed the Arabic chatbot ALLaM. Challenge of governanceOne of the major hurdles with the development of AI is public perception and governance: how should AI and data be regulated safely, securely, ethically and fairly?
Persons: , , Stephen Anderson ,, Anderson, We’re, ” Anderson, Nick Studer, Oliver Wyman, Studer Organizations: CNN, United Arab Emirates, PwC, AI, Google, Energy, International Energy Agency, , Saudi, AI Authority, Oliver Wyman Group, International Telecommunication Union Locations: UAE, Stephen Anderson , Middle, Riyadh, Saudi Arabia, Qatar
The increase would take the overall number of Russian military personnel to nearly 2.4 million, including 1.5 million troops, according to the decree published by the Kremlin Monday. Last week, Russia stepped up its efforts to expel Ukrainian troops from Kursk and is inching forward toward the crucial Ukrainian town of Pokrovsk in the eastern Donbas region. In August 2022, Putin ordered an increase of 137,000 troops by the start of the new year, which put the military’s staffing at just over 2 million personnel, including 1.15 million troops. Then in December, Putin ordered another official expansion of 170,000 troops, bringing the total to 1.32 million. In an update published this month, the General Staff of Ukraine’s military said Russia has lost 616,300 troops.
Persons: Vladimir Putin, Putin’s, Putin, Sergei Shoigu Organizations: CNN, Kremlin, Russian, Staff, United Kingdom’s Ministry of Defense Locations: Ukraine, Russia’s, Kursk, Russia, Pokrovsk, Kharkiv, Georgia, Robotyne,
His success has also helped fuel a boom in family offices, a financial structure pioneered by J.P. Morgan and popularized by the Rockefellers. Today there are thousands of family offices globally, with the total number tripling between 2019 and 2023, according to the data provider Preqin. To protect Page, Osborne has long remained hidden, the man behind the megabillionaire's curtain. AdvertisementThe small staff at Koop, Page's family office in Palo Alto, are fiercely committed to Page's privacy. Through his investment in Way2B1, Page is seeking to make money by monetizing the techniques he uses to make money.
Persons: Thomas, Larry Page, Wayne Osborne, Osborne, Koop, , Wayne, Jeffrey Epstein, Gmail, Page, he's, Larry, Morgan, Morgan Stanley, hasn't, Justin Sullivan, hawking, Sergey Brin, George Pavlov, Mark Zuckerberg, Jeff Bezos, Melinda Lewison, Natasha Pearl, Aston Pearl, James Estrin, Helen Frankenthaler, Minerva, Joseph E, Brooks, Taylor, Mortimer Zuckerman, Zuckerman, he'd, who'd, Koop's, Ken Goldman, Eric Schmidt, Hugh Langley, Michael Floyd, Floyd, Page's, Lucy Southworth, Southworth, It's, Way2B1, it's, Gilles Martin, Hal Bailey Organizations: QS, Osborne, J.P, Google, Harvard Business School, Princeton Theological Seminary, Presbyterian Church, New York Times, Minerva, U.S . News, Boston Properties, Shell, CIA, Energy Technologies, Oceankind, Forbes, Business, Fiji Locations: New York, Caribbean, St, Palo Alto , California, Wayne, Mississippi, Connecticut, Silicon Valley, U.S, Silicon, Palo Alto, Koop, Nola, margarita, Way2B1, Fijian, superyachts, New Zealand, Fiji
The Philippines would expect US intervention should China take the BRP Sierra Madre warship. Tensions between China and the Philippines are increasingly high in the contested South China Sea. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAs pressure builds in the South China Sea amid frequent clashes, the Philippines is drawing a line: should China take a rusted warship outpost marking Manila's territory, the Philippines would expect US intervention.
Persons: Thomas, , of National Defense Gilberto Teodoro Organizations: BRP Sierra, Service, CBS, of National Defense, Business Locations: Philippines, China, Sierra, South, Philippine, Manila, Beijing
More than 4,000 people have descended here for the Future Proof conference , a vast social gathering designed to give younger registered investment advisors and other investment professionals access to what they want. What they want, apparently, is an intense desire to network with other RIAs and investment professionals and find ways to grow their business. Reimagining the financial conference Future Proof is the brainchild of Barry Ritholtz, co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, and CEO Josh Brown. This is the third year for the conference, but Ritholtz and company have been doing conferences for 15 years. Ritholtz describes it as an ongoing project to reinvent the financial conference concept, which he says is "moribund."
Persons: Barry Ritholtz, Josh Brown, Ritholtz, Van Eck, Matt Middleton, Adarsh, Brett Rodgriguez, Delon Mansour, Mansour, Shyamsundar, Harris, Consulting's Brett Rodgriguez, Akash Shah, Shannon Saccocia, Raj Dhanda, Ares Management, John Christmas, RIAs, They'll, Mike Novogratz, Anna Paglia, Bryan Whalen, Saira Malik, Lauren Goodwin, Scott Wapner, DoubleLine Capital's Jeff Gundlach, CNBC's, Jan van Eck, Matt Hougan, DJ Mick, There's, Bob Pisani, Jon Maier, JP Morgan, Pisani, Jan Van Eck, Marlena Lee, That's Organizations: Ritholtz Wealth Management, JPMorgan Chase, Capital Group, Street Global Advisors, Funds, Polaris Capital Management, Graystone Consulting, Investments, Investment, Ares, HPS Investment Partners, Global, Life Investments, Bitwise, Management, Dimensional Fund Advisors Locations: HUNTINGTON BEACH, Calif, Los Angeles, Iowa, California, Huntington Beach, San Diego, Michigan, ETFEdge.cnbc.com
Kevin Dietsch | Getty ImagesA flurry of major central banks will hold monetary policy meetings this week, with investors bracing for interest rate moves in either direction. The U.S. central bank is widely expected to join others around the world in starting its own rate-cutting cycle. Elsewhere, Brazil's central bank is scheduled to hold its next policy meeting across Tuesday and Wednesday. Traffic outside the Central Bank of Brazil headquarters in Brasilia, Brazil, on Monday, June 17, 2024. The central bank delivered its first interest rate cut in more than four years at the start of August.
Persons: Jerome Powell, William McChesney Martin, Kevin Dietsch, John Bilton, CNBC's, Bilton, David Volpe, Volpe, 25bps, Wilson Ferrarezi, BOE, Ruben Segura Cayuela Organizations: Federal Reserves, Washington , D.C, Federal, Traders, The Bank of England, Norway's Norges Bank, South Africa's, Bank, Bank of Japan, Morgan Asset Management, European, Bank of England, ECB, Emerald Asset Management, Banco Central, TS Lombard, Central Bank of, Bloomberg, Getty, Reuters, Bank of America Locations: Washington ,, U.S, Brazil's, Brazil, Central Bank of Brazil, Brasilia, South Africa, Norway, Japan
CNN —The first image of the Titan submersible sitting at the bottom of the ocean following its catastrophic implosion last year was shared by the US Coast Guard on Monday as investigators opened a hearing into the tragedy. In the photo released Monday, the submersible’s broken tail cone is seen on the hazy blue floor of the North Atlantic Ocean. The tail cone was severed from the rest of the vessel, its edges ragged, while a ripped fragment of the vessel is seen nearby. The board on Monday called its first witnesses, including former employees of OceanGate, the firm that developed and operated the submersible. Seconds later, the Titan was “pinged” for the last time, and the mother ship lost track of the vessel.
Persons: Shahzada Dawood, Suleman Dawood, Hamish Harding, Paul, Henri Nargeolet, , , , Jason Neubauer Organizations: CNN, Titan, US Coast Guard, Marine Board of Investigation, Stockton Rush, Marine Board of, OceanGate, Coast Guard, Department of Justice Locations: North Charleston , South Carolina, Newfoundland, Canada
Australian former F1 driver Mark Webber partakes in Ricciardo's infamous 'Shoey' celebration, drinking champagne out of Ricciardo's race boot. Ricciardo became the 14th Australian driver to start a race when he made his debut for HRT F1 Team in 2011. He replaced Dutchman Nyck de Vries mid-season at the junior team, renamed to AlphaTauri and rebranded as the “sister team” to Red Bull. Red Bull realitiesRicciardo’s return to Red Bull marked a full circle moment for the Aussie, having joined the team’s academy in 2008. Despite having a contract for the next two seasons, incumbent Red Bull second driver Sergio Pérez is on the hotseat after recent struggles.
Persons: CNN — Daniel Ricciardo, , Sebastian Vettel, Ricciardo, Honey, ” Ricciardo, , Rudy Carezzevoli, Blake Mills, Blake, “ He’s, , “ Josh, I’ve, , I’m, Mark Webber partakes, Mark Thompson, Jack Brabham, Alan Jones, Mark Webber, Oscar Piastri, Jack Doohan, Toro Rosso, Webber, Vettel, Lewis Hamilton, Nico Rosberg, Red Bull, Max Verstappen, Lando Norris, McLaren’s, Bull, Nyck de Vries, it’s, Peter Fox, don’t, you’re, “ I’ve, De Vries, Alex Albon, Pierre Gasly, ‘ Let’s, ’ ”, Red, Liam Lawson, Sergio Pérez Organizations: CNN, Red Bull, CNN Sport, Brabham, HRT, McLaren, Australian, Bull’s, Austrian, Mercedes, Monaco, Renault, Prix, Formula, One Locations: Perth, Western Australia, Ngilgi, Australia, Ricciardo's, Australian, Melbourne, Canada, Hungary, Belgium, Monaco, British, Hungarian, Europe
Social media giant Meta on Monday announced that it is banning Russian media outlet RT, days after the Biden administration accused RT of acting as an arm of Moscow's spy agencies. "After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. U.S. officials then accused RT of carrying out covert information warfare operations around the world on behalf of Russia's spy agencies. The Biden administration is imposing sanctions on a state-funded broadcaster that oversees the RT outlet, TV-Novosti, another state media company, Rossiya Segodnya, and its director Dmitry Kiselyov, officials said. Meta started limiting Russian state-controlled media two years ago.
Persons: Biden, James Rubin, RT, Rossiya Segodnya, Dmitry Kiselyov, Meta Organizations: Kremlin, Social, Monday, Meta, State Department, State, Global, Germany RT, Novosti, U.S . Justice Department, Democratic National Committee, Facebook Locations: Russia's, Russia, St, Basil's, Moscow, Ukraine, Africa, Germany, Berlin, France, Paris, U.S
Highlights included a remarkable performance from Barcelona’s wonderkid Lamine Yamal, another hat-trick from Bayern Munich striker Harry Kane and a goal for Real Madrid superstar Kylian Mbappé. Spain’s La LigaIf you hadn’t heard of Lamine Yamal before this year, then you definitely should have by now. The 17-year-old is arguably the most exciting emerging talent in world soccer and continued his brilliant form in Barcelona’s 4-1 win against Girona on Sunday. Germany’s BundesligaElsewhere in Europe, former Tottenham star Kane continued his impressive start to the new campaign with yet another hat-trick in a Bayern Munich shirt. Harry Kane scored another hat-trick for Bayern at the weekend.
Persons: Harry Kane, Kylian Mbappé, Lamine, , Dani Olmo, Pedri, Olmo, Barça, Carlo Ancelotti’s, Ander Gillenea, Mbappé, Vinícius Jr, Kane, Jamal Musiala, Stuart Franklin, Giovanni Di Lorenzo, Khvicha, Romelu Lukaku, Alessandro Buongiorno, Antonio Conte’s, Emanuele Perrone, Erling Haaland, agonizingly, Defender Gabriel Organizations: CNN, Bayern Munich, Real Madrid, Liga, Girona, Sunday, La Liga, Real Sociedad, Getty, Madrid, Sociedad, Germany’s Bundesliga, Tottenham, Bayern, Holstein, Bundesliga, Borussia Dortmund, RB Leipzig, Reigning, Bayer Leverkusen, Cagliari, Serie A, Inter Milan, Juventus, Napoli, League In England, Manchester City, Brentford, Arsenal, North London Derby, Gunners, City Locations: Europe, Europe’s, La, Barcelona, Real Madrid, Real, AFP, Madrid, Bayern Munich, Holstein Kiel, Italy, Napoli, Manchester, Norwegian
The Biden Administration on Monday awarded Intel up to an additional $3 billion under the CHIPS and Science Act for the "Secure Enclave" program which is designed to expand the supply of microelectronics for the U.S. Department of Defense. Intel is building foundry plants in four states as part of its project to increase domestic semiconductor manufacturing for other suppliers. In March, the Biden administration awarded Intel with up to $8.5 billion under the CHIPS and Science Act. Intel CEO Pat Gelsinger, in a recent meeting with Commerce Secretary Gina Raimondo, voiced frustration over the heavy reliance that U.S. companies have on Taiwan Semiconductor Manufacturing, the world's largest contract chipmaker. The company announced in August it would cut 15% of its workforce as part of a $10 billion cost-reduction plan.
Persons: Biden, Pat Gelsinger, Gina Raimondo, Intel's, Chris George, , Seema Mody, Rohan Goswami Organizations: Biden, U.S . Department of Defense, Intel, CNBC, Taiwan Semiconductor Manufacturing, Department of Defense, Rapid, Microelectronics, United States Locations: United
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