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The economy and finance ministry declined immediate comment. "So the ruling could have a negative impact on economic growth," the source added. Last month, the economy ministry predicted 1.3% growth for next year. Although the Greens want additional spending, the Free Democrats (FDP), which heads the finance ministry, reject additional debt and higher taxes. "There is a clear political decision in favour of Intel and nothing has changed yet," said an economy ministry spokesperson on Friday.

Persons: Liesa, Olaf Scholz's, Christian Lindner, Chancellor Olaf Scholz's, Joerg Kraemer, Robert Habeck, Habeck, Friedrich Merz, Christian Haase, Commerzbank's Kraemer, Maria Martinez, Andreas Rinke, Holger Hansen, Christian Kraemer, Madeline Chambers, Matthias Williams, Clarence Fernandez, Gerry Doyle, David Evans Organizations: REUTERS, Rights, Thursday, Greens, Free Democrats, Transformation, Intel, U.S, Christian Democratic Union, ESF, Economic, Stabilization, Thomson Locations: Berlin, Germany, Europe's

☆ Chinese bank ICBC hit by ransomware attack
▼ + stars: | 2023-11-10 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A US unit of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack this week that disrupted some of its systems, reportedly hitting liquidity in US Treasuries which may have contributed to a brief market sell-off on Thursday. ICBC Financial Services, which is headquartered in New York, said in a statement that the attack, which happened on Wednesday, had been reported to law enforcement. “We successfully cleared US Treasury trades executed Wednesday … and [repurchase agreements] financing trades done on Thursday,” it said in the statement. The Financial Times and Reuters quoted some market participants as saying trades going through ICBC were disrupted, which affected market liquidity. It’s unclear whether the incident contributed to the weak 30-year bond auction conducted by the US Treasury Thursday.

Persons: “, ”, Wang Wenbin, Ipek Ozkardeskaya, Joe Biden, CNN’s Wayne Chang Organizations: Hong Kong CNN, Industrial, Commercial Bank of China, ICBC Financial Services, Treasury, York Branch, State, P, China’s, Ministry, Financial Times, Reuters, US Treasury, Swissquote Bank, Dow, Nasdaq, US Treasury Department Locations: China, Hong Kong, New York, Beijing, York, ICBC, Treasuries, Japan

That's the assessment of a new report released on Thursday by the American Academy of Arts and Sciences (AAAS). There is growing concern about a contradiction in the U.S. economy: jobs are plentiful and economic growth is strong, especially compared with other advanced economies, but surveys show many Americans are sour about the outlook. A key part of the report is a new tool developed to measure the well-being of Americans, which combines 11 different measures. Researchers around the world have long sought to find better ways to gauge the well-being of people that look beyond measures such as economic growth or unemployment. Reuters GraphicsOne unique part of the measure is an attempt to quantify the "political voice" of Americans.

Persons: Gaelen Morse, Matthew Slaughter, Nicholas Lemann, there's, Lemann, Jacob Hacker, Timothy Aeppel, Paul Simao Organizations: REUTERS, American Academy of Arts and Sciences, Dartmouth College's Tuck School of Business, Federal Reserve, U.S . Census, Columbia Journalism School, Reuters, Yale University, Thomson Locations: Columbus , Ohio, U.S, America

☆ Janet Yellen to host China’s top economic official ahead of expected Biden-Xi talks in San Francisco
▼ + stars: | 2023-11-09 | by ( Bryan Mena | Juliana Liu | ) edition.cnn.com time to read: +5 min

Yellen’s talks with China’s new economic tsar will set the stage for the high-stakes potential meeting expected between US President Joe Biden and Chinese President Xi Jinping next week during the Asia-Pacific Economic Cooperation forum in San Francisco. The United States is the host for this year’s summit, which is an annual gathering of top leaders in government and business of the 21 economies in the Pacific Rim. The United States is the host for this year’s summit, which is an annual gathering of top leaders in government and business of the 21 economies in the Pacific Rim. US and Chinese officials are seeking to shore up diplomatic ties and cooperation on economic issues. The International Monetary Fund recently upgraded its forecast for China’s economic growth based on Beijing’s policies aimed at propping up the country’s ailing property sector.

Persons: Janet Yellen, Lifeng, Yellen’s, Joe Biden, Xi Jinping, Antony Blinken, John Kerry, Gina Raimondo, Wang Yi, “, Biden, Xi, ”, Mattie Bekink, Yellen, ” Yellen Organizations: Hong Kong CNN, Economic Cooperation, Washington, Economist Intelligence, Network, Treasury Department, Biden, CNN, Monetary Fund Locations: China, Washington, Hong Kong, Asia, San Francisco, United States, Rim, Beijing, Shanghai, decouple

(AP) — A federal jury is expected to hear attorneys' closing arguments on Wednesday in the perjury trial of a former top prosecutor for the city of Baltimore. Marilyn Mosby, who served two terms as state's attorney for Baltimore, declined to testify before her attorneys rested their case on the third day of her trial. Mosby's attorneys said she legally obtained and spent the money. Mosby told the truth when she certified on paperwork that the pandemic devastated her business, said the defense attorney, Maggie Grace. U.S. District Judge Lydia Kay Griggsby agreed to move Mosby’s trial from Baltimore to Greenbelt, Maryland, a suburb of Washington, D.C.Mosby’s attorneys argued that she couldn’t get a fair trial in Baltimore after years of negative media coverage.

Persons: Marilyn Mosby, Prosecutors, Mosby, Freddie Gray, Mosby’s, Sean Delaney, Maggie Grace, “, Marilyn Mosby’s, ” Grace, Scott Bolden, Lydia Kay Griggsby, couldn’t, Lea Skene Organizations: —, Baltimore, Democratic, Prosecutors, Economic, Mahogany Elite Enterprises, U.S, Washington , D.C, Associated Press Locations: Md, Baltimore, Florida, Kissimmee , Florida, , Florida, Greenbelt , Maryland, Washington ,

☆ European "photonics" chip companies call for $4.5 bln in EU funding
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/4] The logo of Smart Photonics is seen at their headquarters in Eindhoven, Netherlands, November 7, 2023. "Currently, the EU has a vibrant and growing integrated photonics industry, however, without volume manufacturing, testing and packaging capacity we are incredibly vulnerable to global events and the policies of competitor countries," Johan Veenstra, CEO of SMART Photonics, said at the summit. Currently most photonics chips, like most chips, are made in Asia, with important intellectual property in the U.S. The statement said low levels of European manufacturing and over-reliance on Asia in manufacturing and packaging, "threatens the EU's economic security and resilience". The statement was signed by Germany's XFAB and Aixtron, the Netherlands' SMART Photonics and Phix Photonics Assembly, VLC Photonics of Spain, France's Almae, and Switzerland's Ligentec, as well as PhotonDelta, a public-private partnership in the Netherlands devoted to funding photonics.

Persons: de Wouw, Johan Veenstra, chipmaker, VDL, Germany's XFAB, France's Almae, Switzerland's, Toby Sterling, David Evans Organizations: Smart Photonics, REUTERS, Rights, European Union, EU, SMART Photonics, photonics, SMART, U.S, Phix Photonics Assembly, Photonics, Thomson Locations: Eindhoven, Netherlands, Asia, United States, Spain

☆ Meet the guy in charge of deciding how to spend $1.2 trillion from Biden’s infrastructure bill
▼ + stars: | 2023-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

You can see in the funding for the infrastructure bill that we’re working hard to do all of that. We want to build generational wealth and do it in a way that heals communities rather than separates them. Between the Bipartisan Infrastructure Law, the Inflation Reduction Act and the CHIPS act, there’s been a $1.8 trillion dollar investment. You may recall that when this conversation started about three or four years ago, the number was $6 trillion. So $1.2 trillion is significant, but it’s just a downpayment on what the real needs are.

Persons: Mitch Landrieu, Joe Biden, Biden’s, Landrieu, Bell, you’ve, We’re, Biden, it’s, He’s, he’s, there’s, I’ve, Catherine Thorbecke, ”, David Tolley, WeWork, Adam Neumann, Neumann, ’, AFTRA, Ramishah Maruf, “, ” It’s Organizations: CNN Business, Bell, New York CNN, White, Infrastructure Investment, Jobs Act, Economic Security, Infrastructure Law, SAG, ’ Locations: New York, New Orleans, Lowndes County , Alabama, Napakiak, Alaska, China, America, Hollywood

☆ US lawmakers press Biden for plans on Chinese use of open chip technology
▼ + stars: | 2023-11-02 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

RISC-V, pronounced "risk five," is a free open-source technology that competes with costly proprietary technology from British semiconductor and software design company Arm Holdings (O9Ty.F), and Intel Corp (INTC.O). It can be used as a key part of anything from a smartphone chip to advanced processors for artificial intelligence. U.S. firms such as Qualcomm (QCOM.O) and Alphabet's (GOOGL.O) Google have embraced RISC-V, but so too have many Chinese companies. Reuters last month reported that at least four influential U.S. lawmakers view Chinese use of the technology as a potential national security threat because RISC-V is not captured by the sweeping export controls the U.S. has imposed on sending chip technology to China. They also asked the Biden administration about how it might apply an existing executive order to require U.S. companies to get an export license before working with Chinese companies on RISC-V technology.

Persons: Florence Lo, Biden, Raimondo, Stephen Nellis, Jamie Freed Organizations: REUTERS, FRANCISCO, Reuters, Arm Holdings, Intel Corp, Qualcomm, Google, Republican, Representatives, Commerce, Thomson Locations: U.S, China, New Jersey , Florida , Michigan, Indiana, San Francisco

☆ South Korea economic growth to exceed potential rate in 2024, Yoon says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

President of South Korea Yoon Suk-Yeol speaks at the opening session of Saudi Arabia's Future Investment Initiative conference in Riyadh, Saudi Arabia, October 24, 2023. South Korea's potential growth rate - the maximum economic growth that can be achieved without triggering inflationary pressure - is estimated to be around 2%, policymakers have said. In a Reuters survey conducted early this month, economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022, followed by a recovery to 2.1% in 2024. The government in August unveiled its 2024 budget plan that included the smallest increase in two decades amid weakening tax revenue due to slower economic growth. He also pledged South Korea would maintain mutually beneficial cooperation with China, South Korea's largest trading partner.

Persons: South Korea Yoon Suk, Yoon Suk Yeol, Yoon, 1,348.7800, Jihoon Lee, Ed Davies Organizations: South, Saudi, Future Investment Initiative, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Gross, Bank of, Thomson Locations: South Korea, Riyadh, Saudi Arabia, Rights SEOUL, United States, Bank of Korea, Washington, China, South

President Biden announced a deal with seven tech companies to put more safeguards in AI technologies. “Realizing the promise of AI by managing the risk is going to require some new laws, regulations, and oversight,” said Biden. Photo: Andrew Caballero-Reynolds/AFP/Getty ImagesWASHINGTON—The Biden administration plans to invoke emergency federal powers as part of a new executive order aimed at reining in the risks of artificial intelligence, a new technology as powerful as it is potentially disruptive. President Biden will release on Monday an order invoking the Korean War-era Defense Production Act which would compel major AI companies to notify the government when developing any system that poses a “serious risk to national security, national economic security or national public health and safety,” according to fact sheet that White House aides shared over the weekend.

Persons: Biden, ”, Andrew Caballero, Reynolds, WASHINGTON — Organizations: Getty, WASHINGTON Locations: AFP

rules in governments’ sightsPresident Biden is set to issue an executive order on artificial intelligence on Monday, in his first effort to regulate how U.S. companies develop it and how regulators oversee the technology. The order will create standards for American companies and public agencies. Biden will invoke the Defense Production Act, which lets the president mobilize U.S. industry to support national defense. The order will require companies developing A.I. that “poses a serious risk to national security, national economic security, or national public health and safety” to notify the government when training their systems.

Persons: Biden

TOKYO (AP) — Trade and economy officials from the Group of Seven wealthy democracies strengthened their pledge Sunday to work together to ensure smooth supply chains for essentials like energy and food despite global uncertainties. Political Cartoons View All 1223 ImagesThe G-7 includes the U.S., Canada, France, Germany, Italy, Japan and Britain. Trade is one sector where growing political tensions with China have been playing out, although China was not directly mentioned in the meetings. Yasutoshi Nishimura, the Japanese minister in charge of trade and the economy, said G-7 nations expressed support and understanding for Japan’s position, stressing the safety of Japanese food based on scientific evidence, including that from Fukushima. Nishimura also said the guest nations that took part in the G-7 meeting, including Australia and India, were potentially powerful allies in strengthening the supply chain in valuable materials.

Persons: Yoko Kamikawa, ”, “, Yasutoshi Nishimura, Nishimura, Kamikawa, Katherine Tai, ___ Yuri Kageyama Organizations: TOKYO, —, European Union, World Trade Organization, ”, EU, U.S . Trade Locations: Osaka, Ukraine, Israel, Canada, France, Germany, Italy, Japan, Britain, Australia, Chile, India, Indonesia, Kenya, China, Hiroshima, Fukushima

U.S. President Joe Biden attends a meeting with Israeli Prime Minister Benjamin Netanyahu (not pictured), as he visits Israel amid the ongoing conflict between Israel and Hamas, in Tel Aviv, Israel, October 18, 2023. Biden noted at the start of the meeting that the EU and the U.S. were standing together to support Israel and Ukraine, but would also discuss ways to address "unfairly traded steel and aluminum imports" and talks about critical minerals. Trade negotiators had scrambled on Thursday to avoid the U.S. resuming import tariffs on EU steel and aluminum imposed by then-President Donald Trump in 2018, ultimately agreeing to keep the tariffs at bay while they keep talking. "We look forward to continuing to make progress on these important objectives in the next two months," it said. The joint statement cited progress toward a "targeted" deal, and said the leaders looked forward to continuing negotiations in the coming weeks.

Persons: Joe Biden, Benjamin Netanyahu, Evelyn Hockstein, Washington, Charles Michel, Ursula von der Leyen, Biden, Michel, Donald Trump, Andrea Shalal, Jeff Mason, Jarrett Renshaw, Heather Timmons, Jonathan Oatis, Alistair Bell, Marguerita Choy Organizations: Israeli, Hamas, REUTERS, Rights, European Union, White, Senior U.S, European, European Commission, Ukraine, EU, ., Trade, United Steelworkers, Biden, Trump, Washington, World Trade Organization, U.S, Thomson Locations: Israel, Tel Aviv, U.S, Ukraine, China, Brussels, Washington, North America, Europe

☆ Explainer: Biden combines billions in chipmaking grants with China curbs to keep US ahead
▼ + stars: | 2023-10-17 | by ( Alexandra Alper | ) www.reuters.com time to read: +4 min

Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. Those rules aimed to stem the flow of high-end American artificial intelligence chips and chipmaking tools into China. The United States has been locked in a technology war with China since former President Trump blacklisted Chinese telecoms giant Huawei in 2019. BILLIONS FOR CHIPSThe United States, meanwhile, has been helping non-Chinese chipmakers negotiate with states like Arizona, Texas and New York to set up shop or grow existing operations. According to the Semiconductor Industry Association, the share of global semiconductor manufacturing capacity in the U.S. has decreased from 37% in 1990 to 12% in 2022.

Persons: Florence Lo, Biden, Emily Kilcrease, Trump, Joe Biden, ”, Peter Harrell, TSMC, Alexandra Alper, Jonathan Oatis Organizations: REUTERS, Rights, U.S, Center, New, New American Security, Trade Representative, United, Huawei, Biden, chipmaker Micron, Semiconductor Industry Association, Samsung, Intel, Companies, Chips, Science, Thomson Locations: China, United States, New American, U.S, Arizona , Texas, New York, South, Ohio, Taiwan

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsTOKYO, Oct 17 (Reuters) - Mitsubishi Corp (8058.T) is considering bidding for Fujitsu's (6702.T) chip packaging unit Shinko Electric Industries (6967.T), two sources said, as Japan's top trading house weighs an entry into semiconductor manufacturing. Fujitsu has put its 50% stake in Shinko Electric, worth around $2.6 billion at current market prices, on sale, other sources said. A Mitsubishi spokesperson said the trading house had set up a division in June dealing with chips and materials that was looking into various opportunities. A Shinko spokesperson declined to comment. Still, semiconductor packaging remains an area of strength for Japan with Shinko, Ibiden (4062.T) and Toppan Holdings (7911.T) all major players in the global chip supply chain.

Persons: Kim Kyung, Warren Buffett's Berkshire Hathaway, Makiko Yamazaki, Maki Shiraki, Miho Uranaka, David Dolan, Muralikumar Organizations: Mitsubishi Corp, REUTERS, Rights, Electric Industries, Mitsubishi, Fujitsu, Bain Capital, KKR, Apollo Global Management, Japan Investment Corp, Intel, Devices, Toppan Holdings, Taiwan Semiconductor Manufacturing, Samsung Electronics, Reuters, Thomson Locations: Tokyo, Japan, Kyushu, Chitose . Japan

☆ Social Security cost-of-living adjustment will be 3.2% in 2024, well below this year's record-setting increase
▼ + stars: | 2023-10-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Jozef Polc / 500Px | 500Px Plus | Getty ImagesSocial Security beneficiaries will see a 3.2% boost to their benefits in 2024, the Social Security Administration announced on Thursday. The annual cost-of-living adjustment for 2024 will affect more than 71 million Social Security and Supplemental Security Income beneficiaries. Typically, Medicare Part B premium payments are deducted from Social Security checks. How the 2024 COLA comparesThe 2024 benefit increase is much lower than record 8.7% cost-of-living adjustment Social Security beneficiaries saw this year, the biggest boost in four decades in response to record high inflation. Older Americans 'still feeling the sting' of inflationThe 2024 adjustment comes as many retirees are still struggling with higher prices.

Persons: Jozef Polc, Jo Ann Jenkins, Jenkins, Tracey Gronniger, Gronniger Organizations: Social, Social Security Administration, Social Security, Senior Citizens League, Consumer, Urban, Clerical Workers, AARP, Justice, COLA, Security

☆ EU sees 'convergence' with Japan on AI - official
▼ + stars: | 2023-10-09 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO, Oct 9 (Reuters) - The European Union sees "convergence" with Japan on thinking about generative artificial intelligence (AI), a senior official said on Monday. "I see a lot of convergence in how we look at AI and generative AI," European Commission Vice-President for Values and Transparency Vera Jourova told Reuters in an interview. The EU and Japan are deepening cooperation over technology such as AI, cybersecurity and chips seen as important for economic security. The Group of Seven industrial powers are discussing guidelines for generative AI, a technology being met with excitement and concern, under a process established in Hiroshima.

Persons: Dado Ruvic, Vera Jourova, Jourova, Sam Nussey, Michael Perry 私 Organizations: REUTERS, Rights, European, Values, Reuters, The Locations: Japan, EU, China, Kyoto, Hiroshima

☆ EU leaders to debate economic security amid global tensions
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. The EU executive plans to work with the 27 EU members to assess by the end of the year whether there are any risks to the bloc's economic security linked to advanced semiconductors, artificial intelligence, quantum technology and biotechnology. It is part of the European Economic Security Strategy unveiled by the Commission in June that calls for strengthening the EU's own internal market, fostering research, forging alliances with reliable partner and using existing trade defence tools and considering new ones. Part of the debate will centre on the degree to which countries are willing to harmonise their policies on national security and transfer certain powers to Brussels. Countries such as Sweden and the Netherlands want more open markets, while others such as France has more focus on protecting domestic producers.

Persons: Jon Nazca, Charles Michel, Russia's, Philip Blenkinsop, Andrew Heavens Organizations: REUTERS, Rights, Union, Commission, EU, European Economic Security, Thomson Locations: Granada, Spain, Rights GRANADA, China, Ukraine, Europe, Brussels, Sweden, Netherlands, France

☆ With eye on China, EU maps out de-risking, economic security strategies
▼ + stars: | 2023-10-05 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

EU also relied on China during the COVID pandemic for protective equipment and now for medicines and pharmaceutical raw materials. ECONOMIC SECURITY STRATEGYA reassessment of risk due to rising geopolitical tensions is also a key part of the European Economic Security Strategy unveiled in June. The strategy focuses on risks to supply chain resilience, physical and cyber security of critical infrastructure, technology security and leakage and weaponisation of economic dependencies or economic coercion. However, while the economic strategy does not name China, it talks of partnering with link-minded countries and de-risking, its policy of reducing reliance on China. The Commission, which oversees EU trade policy, has said the strategy, including the assessments, will be carried out with EU governments.

Persons: Philip Blenkinsop, Nick Macfie Organizations: European Union, EU, European Economic Security, European Commission, Commission, The, Thomson Locations: BRUSSELS, China, Ukraine, U.S, Russia, EU, Moscow, Brussels

☆ Choppy waters as Europe navigates China-US rivalry
▼ + stars: | 2023-10-04 | by ( Mark John | ) www.reuters.com time to read: +6 min

The fracturing of the rules and bonds tying the global economy together - so-called "geo-economic fragmentation" - seemed implausible only a few years ago. Nowhere is it more pressing than for Europe, whose wealth has always relied on trade, from its rapacious colonial history through to its reinvention as self-styled champion of WTO rules. Both the United States and Europe have been hardening their stance towards Beijing while stressing the rules of world trade must be fairly applied. The main EU concern is that the U.S. proposals could break WTO rules by discriminating against third parties. "And we really hope ... that after the election in the United States this is going to continue."

Persons: Jon Nazca, Gordon Brown, Brown, Brad Setser, Biden, Joe Biden, Donald Trump, Trump, Wang Huiyao, Petra Sigmund, Philip Blenkinsop, Joe Cash, Belen Carreno, Mark John, Catherine Evans Organizations: Triple, Majestic, APM, REUTERS, Trade Organization, USA, International Monetary, European, Reuters, for, Thomson Locations: Algeciras, Spain, China, Europe, America, American, United States, Moroccan, Marrakech, Beijing, Washington, Brussels, U.S, EU, for China, IMF, Madrid

☆ EU to assess tech security risks and consider controls
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

The European Commission said on Tuesday it had established a list of four technologies, as well a further six to look into later, as part of the European Economic Security Strategy it unveiled in June. The Commission stresses that it must first carry out a risk assessment with the EU's 27 members and consulting companies before determining any measures. "The risk assessment will be country agnostic, but we will take into account geopolitical factors to determine how severe those risks are," an EU official said. In advanced semiconductor technologies, areas of focus include microelectronics and chip-making equipment, in AI data analytics and object recognition, and for quantum cryptography, communications and sensing. The EU has previously carried out an assessment of the security of its 5G networks, which has led some EU countries to restrict use of equipment made by China's Huawei and ZTE.

Persons: China's, Philip Blenkinsop, Jan Harvey Organizations: European Union, European, European Economic Security, EU, China's Huawei, ZTE, Thomson Locations: BRUSSELS, China, EU, U.S, Japan, Britain, Australia

BRUSSELS, Oct 2 (Reuters) - The European Commission will assess the risks of four critical technologies, including semiconductors and artificial intelligence, being weaponised by countries not aligned with its values and will take measures next year to tackle the issue, an EU official said on Monday. The other two critical technologies on the EU list are quantum technologies and biotechnologies such as vaccines and genome sequencing. "The Commission will do risk assessments of these four technologies with member states. The next step is to mitigate the risks next year," the official told Reuters on condition of anonymity. Commission Vice President Vera Jourova and EU industry chief Thierry Breton will hold a press conference on the issue at 1330 GMT on Tuesday.

Persons: Vera Jourova, Thierry Breton, Foo Yun Chee, Richard Chang Organizations: European, EU, Reuters, Thomson Locations: BRUSSELS, United States, Australia, China, Ukraine

☆ New Zealand farmers set for right-wing protest vote over climate change policies
▼ + stars: | 2023-09-27 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

Warning that livelihoods are at stake, farmers are looking to conservative candidates who will unwind or delay these Labour policies. The two will travel the length of New Zealand over 10 days to encourage rural communities to vote for a change. Farmers in New Zealand have staged several protests in the past two years against growing regulations and agricultural emission schemes. New Zealand will also become the first country in the world to tax farmer for methane from animals from 2025. Wayne Langford, president of farmer lobby group Federated Farmers, said recent policies had been impractical, difficult to implement and caused significant frustrations.

Persons: Praveen Menon, Bryce McKenzie, Laurie Paterson, John Deere, ”, McKenzie, Chris Hipkins, James Shaw, Wayne Langford, it's, Langford, Lucy Craymer, Michael Perry Organizations: REUTERS, Rights, New Zealand Labour Party, Farmers, ACT, Taxpayers, Union, Curia, National, Labour, Green Party, Federated Farmers, New Zealand, Thomson Locations: Hawke's Bay , New Zealand, Southland, New Zealand, Rural, Zealanders, Netherlands, Zealand

☆ Chipmaker GlobalFoundries seeks funding under CHIPS Act
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

A signage at U.S. chipmaker GlobalFoundries' new fabrication plant in Singapore, September 12, 2023. REUTERS/Edgar Su/File Photo Acquire Licensing RightsSept 25 (Reuters) - Contract chipmaker GlobalFoundries (GFS.O) said on Monday it has submitted applications for funding under the U.S. CHIPS act to expand capacity and modernize its local manufacturing facilities. The CHIPS and Science Act provides a total of $52.7 billion in subsidies for U.S. semiconductor production, research and workforce development. It also includes a 25% investment tax credit for building chip plants estimated to be worth $24 billion. Malta, New York-based GlobalFoundries makes wireless connectivity chips used in mobile phones, WiFi routers and radio towers.

Persons: chipmaker, Edgar Su, Steven Grasso, Lockheed Martin, Jaspreet Singh, Shilpi Majumdar Organizations: REUTERS, U.S . Commerce Department, Lockheed, Thomson Locations: Singapore, U.S, Malta , New York, Bengaluru

Those talks were suspended amid legal, diplomatic, and trade disputes between Seoul and Tokyo over issues dating to Japan's 1910-1945 occupation of Korea. A senior South Korean government official said China has been proactive in seeking trilateral cooperation and arranging meetings since relations soured between Seoul and Beijing in 2017 over the deployment of a U.S. THAAD anti-missile system in South Korea. Tuesday's meeting involve South Korean Deputy Foreign Minister Chung Byung-won, Japanese Senior Deputy Foreign Minister Takehiro Funakoshi, and Nong Rong, China's assistant minister of foreign affairs. Chinese foreign ministry spokesperson Wang Wenbin told a briefing on Monday that China, Japan and South Korea are close neighbours and important cooperative partners, and strengthening trilateral cooperation serves their common interests. The trilateral summits have traditionally involved China's prime minister, but South Korea is also pushing for a separate visit by President Xi Jinping.

Persons: Park Jin, Japan Takehiro Funakoshi, Foreign Affairs of China Nong Rong, Jung Byung, Yoon Suk Yeol, Fumio Kishida, Joe Biden, Tong Zhao, Zhao, Chung Byung, Takehiro Funakoshi, Nong Rong, Wang Wenbin, Xi Jinping, Josh Smith, Hyonhee, Liz Lee, Gerry Doyle Organizations: South Korean Foreign, Foreign Affairs, Japan, Foreign Affairs of, Political Affairs, South Korean, Carnegie Endowment, International Peace, Thomson Locations: Foreign Affairs of China Nong, SEOUL, South Korea, China, Japan, Washington, Seoul, Tokyo, Korea, Beijing, U.S, United States

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