DIRS.INFO The most relevant business & tech news

☆ No ‘Social Policy’ in Chips Act Rules, Commerce Secretary Gina Raimondo Says
▼ + stars: | 2023-03-28 | by ( Sabrina Siddiqui | Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—Republicans and Democrats are sparring over measures in the $53 billion Chips Act that the Biden administration says are needed to ensure the measure’s success, but which Republicans say are an effort to pursue liberal social policies. The Commerce Department has set rules for semiconductor companies seeking grants under the act that encourage the hiring of union workforces and economically disadvantaged individuals. Companies seeking more than $150 million must provide child care.

☆ For Chip Makers, a Choice Between the U.S. and China Looms
▼ + stars: | 2023-03-28 | by ( Yuka Hayashi | Jiyoung Sohn | ) www.wsj.com time to read: 1 min

WASHINGTON—Semiconductor companies seeking federal grants under the Chips Act could face a tough decision: take Washington’s help to expand in the U.S., or preserve their ability to expand in China. The Biden administration last week proposed new rules detailing restrictions chip companies would face on operations in China and other countries of concern if the companies accept taxpayer funding.

☆ Semiconductor Firms Asked to Submit Financial Projections to Get Chips Act Funds
▼ + stars: | 2023-03-27 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—Semiconductor companies seeking U.S. grants under the Chips Act will be asked to provide detailed projections for revenue and profit from their new chip-making plants to help evaluate their applications, the Commerce Department said Monday. The Chips Act provides $53 billion to help restore U.S. manufacturing might in semiconductors. Companies building leading-edge chip factories in the U.S. can begin applying for the funds Friday. The application process for companies looking to build current generation and mature technology facilities opens June 26.

☆ Biden’s ‘Go It Alone’ Trade Deals Draw Warnings From Congress
▼ + stars: | 2023-03-19 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

European Commission President Ursula von der Leyen and President Biden met in March to negotiate a new free-trade deal on minerals. WASHINGTON—The Biden administration is accelerating its efforts to pursue trade agreements that bypass Congress as it seeks to counter China, but the moves have sparked a fight with lawmakers that threatens to upend the president’s trade strategy at a critical point of rising global competition. Tensions have boiled over in recent days amid the administration’s push to forge a free-trade deal on critical minerals to resolve a dispute with the European Union over electric-vehicle subsidies, the latest in a string of such pacts that skirt congressional approval.

☆ U.S. Imports, Exports Grew in January, Adding to Signs of Solid Global Economy
▼ + stars: | 2023-03-08 | by ( Yuka Hayashi | Anthony Debarros | ) www.wsj.com time to read: 1 min

The U.S. trade gap in goods and services expanded in January as trade grew. trade with the rest of the world grew in January, adding to signs the global economy started the year on a surprisingly strong note. Imports grew 3.0% to a seasonally adjusted $325.8 billion, reflecting increases in the shipments of automobiles and consumer goods such as cellphones, toys and sporting goods, the Commerce Department said Wednesday. Exports rose 3.4% to $257.5 billion, as the sale of pharmaceutical drugs and other consumer goods increased. Trade data is not adjusted for inflation.

☆ U.S. Challenges Mexico’s Plan to Phase Out Imports of Corn From GMO Seeds
▼ + stars: | 2023-03-06 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

During 2022, Mexico purchased nearly $5 billion worth of corn from the U.S., making it the second largest importer after China. WASHINGTON—The U.S. said it is seeking formal consultations with Mexico over its agricultural biotechnology policies—a request officials said is aimed at Mexico’s import ban on genetically modified American corn and other crops. The U.S. Trade Representative’s office said the request was filed under the U.S-Mexico-Canada Agreement, a trilateral trade pact known as the USMCA that took effect in 2020.

☆ Pentagon to Reap Rewards From $53 Billion Chips Act
▼ + stars: | 2023-02-28 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—The Pentagon will have secure access to leading-edge semiconductors manufactured at facilities receiving funding from the $53 billion Chips Act, Commerce Secretary Gina Raimondo said, ensuring the industry can supply the military with the advanced chips it needs for modern weapons systems. The increased involvement of the military and national security officials comes as intensifying rivalry with China and weaknesses in the supply chain exposed during the pandemic raise concerns among policy makers that the U.S. has become too reliant on imported chips.

☆ Chips Act Is Bounty for Semiconductor Companies—With Many Strings Attached
▼ + stars: | 2023-02-28 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—Companies receiving money to build domestic semiconductor facilities under the $53 billion Chips Act will have to meet a series of requirements imposed by the government to ensure billions of dollars in taxpayer funding is protected and its national security goals are met, the Commerce Department said Tuesday. Such conditions include financial requirements to share part of their profits with the government and restrain stock buybacks and dividends. Companies are also expected to use union workers for the construction of facilities and provide child care for construction and factory workers.

☆ U.S. Aims to Chart New Course for Chip Industry
▼ + stars: | 2023-02-28 | by ( Yuka Hayashi | Asa Fitch | ) www.wsj.com time to read: 1 min

WASHINGTON—The Commerce Department on Tuesday kicked off the application process for semiconductor manufacturing subsidies under the $53 billion Chips Act, along with conditions aimed at advancing some of the Biden administration’s priorities. The program serves as a test of Washington’s ability to invigorate and chart a future course for the semiconductor industry that was forged in the U.S. but in recent years has moved much of its manufacturing overseas.

☆ U.S. Aims to Create Semiconductor Manufacturing Clusters With Chips Act Funds
▼ + stars: | 2023-02-23 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—The U.S. will target funds from the $53 billion Chips Act to create at least two semiconductor manufacturing clusters by 2030, according to Commerce Secretary Gina Raimondo , marking the initial stages of a plan to bring more chip manufacturing back to the U.S. The aim would be to create ecosystems that would bring together fabrication plants, research-and-development labs, final packaging facilities for assembly of chips and the suppliers needed to support each phase of the operation, Ms. Raimondo said.

☆ Chips Act Will Test Whether U.S. Can Reverse Semiconductor Exodus
▼ + stars: | 2023-02-22 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—The Biden administration kicks the $53 billion Chips Act program into gear this week—and with it, a test of the U.S. government’s ability to reverse an overseas exodus of the domestic semiconductor industry. Commerce Secretary Gina Raimondo is set to unveil how the administration plans to award chip-manufacturing subsidies on Thursday, followed next week by more details on how companies can apply for funds.

☆ World Bank President David Malpass to Step Down Early
▼ + stars: | 2023-02-15 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—World Bank President David Malpass will step down on June 30, the bank said Wednesday, paving the way for a leadership transition as nations prepare to expand the role for the multilateral lender to better respond to climate change and other global challenges. Mr. Malpass had been appointed to a five-year term that was set to expire in 2024. He said in a statement that the current strength of the bank’s financial and operational position provides for an opportunity for a leadership transition, without providing other reasons for his departure. The bank didn’t discuss plans for a successor.

☆ Ukraine, IMF Begin Loan Talks as Country’s Economic Woes Deepen
▼ + stars: | 2023-02-15 | by ( Yuka Hayashi | Marcus Walker | ) www.wsj.com time to read: 1 min

A damaged apartment building in Lyman, Ukraine. The government’s finances have been severely stretched during the war. The International Monetary Fund has started negotiating with Ukrainian officials to put together what could be its largest loan package for the country since Russia’s invasion as the prolonged war deepens its economic woes. The Ukrainian government is seeking a loan that is far larger than the $2.7 billion the multilateral lender has provided through two emergency loans since last March, according to people familiar with the situation. Ukraine has argued that IMF involvement is crucial to reassure other foreign backers that its economic policies and its financial data are sound.

☆ U.S.-China Tensions Are High. So Is Commerce Between the Nations.
▼ + stars: | 2023-02-09 | by ( Yuka Hayashi | Anthony Debarros | ) www.wsj.com time to read: 1 min

WASHINGTON—U.S. commerce with China is on the rise, despite escalating national-security tensions over matters such as last week’s downing of a suspected Chinese surveillance balloon. U.S. imports of goods from China totaled $536.8 billion in 2022, a 6.3% increase from the prior year and close to the record $538.5 billion reached in 2018, the Commerce Department said earlier this week. U.S. exports to China grew 1.6% to $153.8 billion last year, pushing the total commerce between the two countries to a record $690.6 billion. The figures aren’t adjusted for inflation.

☆ European Officials Push for Joint Effort With U.S. on Green-Technology Minerals
▼ + stars: | 2023-02-08 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—Representatives of Europe’s two top economies proposed new efforts with the U.S. to strengthen supply chains for critical minerals used in electric vehicles and other green-technology products, even as they continued to press the U.S. about its clean energy legislation. Robert Habeck , German vice chancellor and minister for economic affairs and climate action, proposed Tuesday creating a “critical minerals club” with the U.S. during a trip to Washington where he met with Treasury Secretary Janet Yellen ; Commerce Secretary Gina Raimondo ; and Brian Deese , director of the White House National Economic Council, among others. Bruno Le Maire , French minister for finance, economy and industry, also attended the meetings.

☆ Commerce Officials to Detail Chips Act Application Process This Month
▼ + stars: | 2023-02-07 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—The Commerce Department plans to release details on how companies can apply for subsidies to help expand domestic semiconductor production under the Chips Act later this month, setting off a race among U.S. and foreign manufacturers vying to get a piece of $52.7 billion in federal funds. The announcement, expected in late February, will include specific steps companies will need to take to apply for funds, along with a timeline of when grants will be awarded, according to Commerce officials.

☆ IMF Upgrades Outlook for Global Economy as Inflation Eases and China Reopens
▼ + stars: | 2023-01-31 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

The International Monetary Fund expects the global economy to grow 2.9% this year. WASHINGTON—Resilient demand, easing inflation and China’s reopening should allow the global economy to grow a bit faster than previously expected, the International Monetary Fund said. In its latest World Economic Outlook, released Monday Washington time, the IMF sees the global economy growing 2.9% this year, up from its October projection of 2.7%. The IMF expects growth to accelerate to 3.1.% in 2024, still less than last year’s 3.4%.

☆ Japan, Netherlands Agree to Limit Exports of Chip-Making Equipment to China
▼ + stars: | 2023-01-29 | by ( Yuka Hayashi | Vivian Salama | ) www.wsj.com time to read: 1 min

Under the deal, the Netherlands will bar ASML from selling to China at least some equipment essential to making cutting-edge chips. WASHINGTON—Japan and the Netherlands have agreed with the U.S. to start restricting exports of advanced chip-manufacturing equipment to China, joining efforts by the Biden administration to slow China’s military development by cutting access to advanced technologies. The agreement was reached Friday at a meeting in Washington between top national-security officials from the three countries, according to people familiar with the situation, a result of the Biden administration’s effort to convince allies to implement export controls on their companies with critical technologies.

☆ Joe Manchin to Introduce Bill to Delay EV Tax Credits
▼ + stars: | 2023-01-25 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—Sen. Joe Manchin (D., W.Va.) said he would introduce legislation Wednesday that delays implementation of new tax credits for electric vehicles amid disagreements with the Treasury Department over how to implement the program, a component of the Inflation Reduction Act. The tax credits of up to $7,500 per vehicle have come under fire from European and Asian allies who say rules aimed at spurring domestic production of vehicles and batteries are unfair to foreign manufacturers.

☆ Labor Unions Urge President Biden to Resist Foreign Pressure on EV Tax Credits
▼ + stars: | 2023-01-20 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/unions-urge-president-biden-to-resist-foreign-pressure-on-ev-tax-credits-11674222730

☆ Unions Urge President Biden to Resist Foreign Pressure on EV Tax Credits
▼ + stars: | 2023-01-20 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

☆ U.S. Moves to Appease Allies on EV Subsidies
▼ + stars: | 2022-12-29 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—The Biden administration on Thursday signaled its willingness to address some of the concerns expressed by European and Asian allies over a new U.S. tax credit program for electric vehicles. The program requires all vehicles to be assembled in North America to qualify for consumer tax credits, but the Treasury Department released documents paving the way for some vehicles assembled overseas to qualify for incentives through a separate commercial EV scheme if they are purchased for lease by businesses, not for resale.

☆ Tesla, GM Among Car Makers Facing Senate Inquiry Into Possible Links to Uyghur Forced Labor
▼ + stars: | 2022-12-22 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

In a letter sent to auto makers, Sen. Ron Wyden (D., Ore.) says the U.S. can’t compromise its commitment to upholding human rights. WASHINGTON—The Senate Finance Committee has opened an inquiry into whether auto makers including Tesla Inc. and General Motors Co. are using parts and materials made with forced labor in China’s Xinjiang region. In a letter sent Thursday, the committee asked the chief executives of eight car manufacturers to provide detailed information on their supply chains to help determine any links to Xinjiang, where the U.S. government has alleged the use of forced labor involving the Uyghur ethnic minority and others.

☆ U.S. Delays Key Step for EV Subsidy Program After Foreign Pushback
▼ + stars: | 2022-12-20 | by ( Yuka Hayashi | Andrew Duehren | ) www.wsj.com time to read: 1 min

The Treasury Department received hundreds of submissions during a public comment period for the rules relating to EV tax incentives. WASHINGTON—The Biden administration on Monday delayed proposing detailed rules for new tax incentives for electric vehicles, following strong pushback from European and Asian allies that the subsidy program discriminated against their companies. The Treasury Department said details on the battery-sourcing requirements that electric vehicles must meet to qualify for up to $7,500 in tax credit will be released in March, instead of by the end of this year as earlier planned.

☆ Time Might Run Out on Japan’s Low-Rate Policy
▼ + stars: | 2022-12-18 | by ( Yuka Hayashi | Megumi Fujikawa | ) www.wsj.com time to read: 1 min

Japan’s efforts to shore up its stagnant economy have pushed government debt to the highest among major economies. Japan has kept interest rates below zero this year, where they have been since 2016, even as other major central banks sharply raise their own. The country now finds itself in a dilemma. Inflation is rising, the yen plummeting, and some economists and corporate executives blame the negative rate policy for eroded competitiveness and undisciplined government spending. All that has put pressure on the Bank of Japan to finally raise rates.

Search resuls for: "Yuka Hayashi"

25 mentions found