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Pat Gelsinger - 1 ” Gelsinger - 1 Joe Biden - 1 won’t - 1 Gelsinger - 1 Russell Ellwanger - 1 ” - 1
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Hong Kong CNN - 1 Intel - 1 Tower Semiconductor - 1 Financial Times - 1 Administration of - 1 CNN - 1 Companies - 1 Tower’s Nasdaq - 1

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3 mentions found


☆ Intel calls off $5.4 billion Tower Semiconductor deal after failing to get regulatory approval
  + stars: | 2023-08-17 | by ( Michelle Toh | ) edition.cnn.com   time to read: +3 min
Hong Kong CNN —Intel has pulled out of a major acquisition of an Israeli chipmaker after failing to obtain the required regulatory approval. The US tech giant said in a Wednesday statement it would scrap its planned $5.4 billion purchase of Tower Semiconductor (TSEM), saying it had not received the necessary sign-off from regulators in time. While Intel (INTC) did not specifically mention which jurisdiction it was waiting on, it had previously outlined efforts to clear the deal with authorities in China. Both Intel and Tower said in their respective statements that the deal had been canceled based on mutual agreement. To walk away, Intel will now pay Tower a termination fee of $353 million, the California-based company said in the statement.
Persons: Pat Gelsinger, ” Gelsinger, Joe Biden, won’t, Gelsinger, Russell Ellwanger, ” Organizations: Hong Kong CNN, Intel, Tower Semiconductor, Financial Times, Administration of, CNN, Companies, Tower’s Nasdaq Locations: Hong Kong, China, United States, Europe, Asia, California, New York
☆ Premarket stocks: The Federal Reserve is testing how climate change could hurt big banks
  + stars: | 2023-01-18 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN —The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. The Federal Reserve first announced the pilot program in September, noting that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo would participate. In its announcement the Federal Reserve stressed that the exercise “is exploratory in nature and does not have capital consequences.” It also said that it would not publish individual banks’ results. San Francisco Federal Reserve President Mary Daly told CNN in October Thursday that this was a learning and exploratory exercise for the Federal Reserve. The other side: Critics of the pilot program have argued that the Federal Reserve was overstepping its boundaries and that they might soon begin to enforce financial penalties.
☆ Intel CEO says chip supply chains will shape geopolitics more than oil over the next 50 years
  + stars: | 2023-01-17 | by ( Clare Duffy | ) edition.cnn.com   time to read: +3 min
New York CNN —Global politics will be dominated by the availability, trade and investment in microchips for the next several decades, Intel CEO Pat Gelsinger told CNN Tuesday. The location of “oil reserves [has] defined geopolitics for the last five decades,” Gelsinger said in an interview with CNN’s Julia Chatterley at the World Economic Forum in Davos. Issues in the chip supply chain in recent years have caused shortages and shipping delays of everything from desktop computers and iPhones to cars. The CHIPS and Science Act will invest more than $200 billion to help companies grow US domestic chip-making and research. Because we’re assuming they’ll help us make these massive investments.”
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