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☆ Gina Rinehart: Australia’s richest woman seeks removal of her portrait from exhibition
▼ + stars: | 2024-05-16 | by ( Catherine Nicholls | Hilary Whiteman | ) edition.cnn.com time to read: +3 min

That certainly seems to be the case with a painting by indigenous artist Vincent Namatjira, which includes a portrait of Australia’s richest person, mining magnate Gina Rinehart. Rinehart has reportedly called for the National Gallery of Australia (NGA) to remove her portrait, one of 21 individual works that make up a single piece in Namatjira’s exhibition “Australia in Colour,” from display. The painting of Rinehart is one of 21 portraits by artist Vincent Namatjira that feature in his exhibition "Australia in Colour." Vincent NamatjiraAustralian media has reported that Rinehart approached the NGA’s director and chair to request the painting’s removal. She “remained unshakable” at the top of Forbes’ Australia’s 50 Richest list for 2024, the outlet reported in February.

Persons: Vincent Namatjira, Gina Rinehart, Rinehart, Queen Elizabeth II, Jimi Hendrix, Vincent Lingiari, Scott Morrison, “, Jackson, ” Namatjira, ”, Namatjira, Lang Hancock, She “, Forbes ’, 9News, Penelope Benton, NAVA Organizations: CNN, National Gallery of Australia, NGA, National Gallery, Hancock, Forbes, Australia’s National Association for, Visual Arts, NAVA, Gallery of Australia Locations: Australia, Canberra, American

☆ F.D.A. Approves Drug for Persistently Deadly Form of Lung Cancer
▼ + stars: | 2024-05-16 | by ( Gina Kolata | ) www.nytimes.com time to read: +1 min

The Food and Drug Administration on Thursday approved an innovative new treatment for patients with a form of lung cancer. It is to be used only by patients who have exhausted all other options to treat small cell lung cancer, and have a life expectancy of four to five months. The drug tarlatamab, or Imdelltra, made by the company Amgen, tripled patients’ life expectancy, giving them a median survival of 14 months after they took the drug. After decades with no real advances in treatments for small cell lung cancer, tarlatamab offers the first real hope, said Dr. Anish Thomas, a lung cancer specialist at the federal National Cancer Institute who was not involved in the trial. Dr. Timothy Burns, a lung cancer specialist at the University of Pittsburgh, said that the drug “will be practice-changing.”

Persons: tarlatamab, Anish Thomas, “, Timothy Burns, ” Organizations: Drug Administration, National Cancer Institute, University of Pittsburgh

“It was Michael Cohen,” Davidson responded. Cohen is the only witness who will testify about Trump’s alleged involvement in both the decision to pay Daniels and the plan to reimburse Cohen for advancing the money. Prosecutors allege that during the February meeting, Trump and Cohen agreed how Cohen would be paid back. Arguably the most negative assessment of Cohen came from Davidson, who negotiated the hush money deal with Cohen on Daniels’ behalf in 2016. “There were times where Mr. Cohen did things that you felt were not helpful to what you were trying to accomplish, right?” Bove asked Trump’s 2016 campaign press secretary.

Persons: Michael Cohen, Donald Trump’s, Cohen, Stormy Daniels, David Pecker, Hope Hicks, “, Daniels, Keith Davidson, Daniels ’, Gina Rodriguez –, “ Gina, Keith, ’ ” Davidson, ”, Joshua Steinglass, ” Davidson, Trump, Trump’s, Pecker, ” Steinglass, Todd Blanche, Elie Honig, Cohen’s, antagonizing Trump, Juan Merchan, Merchan, Cohen ’, Emil Bove, ” Pecker, Bove, Gary Farro, ” Farro, Davidson, ” Cohen, Christ, I’m, I’ve, ’ ”, Jeff McConney, ” McConney, Matthew Colangelo, Hicks, –, ” Bove, ” Hicks Organizations: CNN, Trump, National Enquirer, American Media Inc, Prosecutors, Office, Daniels, Trump Organization Locations: Manhattan, Trump’s New York, Moscow, thedirty.com, Washington

☆ Macklemore calls out President Joe Biden with viral pro-Palestine protest song called 'Hind's Hall'
▼ + stars: | 2024-05-11 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +3 min

Rapper Macklemore has released a pro-Palestine protest song called "Hind's Hall." Elsewhere in the song, Macklemore takes aim at Biden and the feud between Drake and Kendrick Lamar. AdvertisementMacklemore has called for a cease-fire in Gaza and condemned continuing US aid to Israel in his new song, "Hind's Hall." The song has gone viral on social media with 37 million views on X, 1.7 million views on YouTube, and 2.9 million likes on Instagram. AdvertisementIn the opening bars of his new song, Macklemore praises college students across the US who are protesting Israel's war in Gaza.

Persons: Macklemore, Drake, Kendrick Lamar, —, Hind Rajab, Joe Biden, Biden, freedom's, Gina Wetzler, Annie Lennox Organizations: Palestine, Columbia University, Biden, Service, Hamilton Hall, Protesters, YouTube, United Nations Relief, Works Agency for Palestine Refugees Locations: Gaza, Israel, Palestine, Hamilton Hall, Columbia, Seattle, Dua Lipa, East

Here are the takeaways from day 15 of the Trump hush money trial:Cohen is on deckCohen is expected to take the stand Monday, putting him face-to-face with his former boss. With Cohen’s testimony implicating Trump, however, comes all of the baggage that accompanies the former president’s longtime fixer. Judge to Cohen: Please stop talkingAhead of Cohen’s expected testimony, Trump attorney Todd Blanche urged Judge Juan Merchan to order Cohen to stop talking about the trial and Trump. Video Ad Feedback Pollster: Trump's trial won't affect votes in November 03:46 - Source: CNNMerchan has already said he cannot gag witnesses in the case. Prosecutors introduce key text and call records into evidenceAfter Westerhout left the stand, prosecutors spent the rest of the day calling a series of custodial witnesses to introduce cell phone records into evidence.

Persons: Donald Trump’s, Michael Cohen, Trump’s, Stormy Daniels, Trump, Cohen, Daniels, He’s, Alvin Bragg’s, Cohen’s, Todd Blanche, Judge Juan Merchan, Blanche, ” Blanche, Joshua Steinglass, ”, CNN Merchan, Merchan, “, ” Cohen, White, Madeleine Westerhout, Susan Necheles, Westerhout, didn’t, ” Westerhout, she’d, Allen Weisselberg, ” Necheles, she’s “, Weisselberg, Cohen reimbursements, Stormy Daniels ’, Gina Rodriguez, Dylan Howard, Howard, Rodriguez, David Pecker, “ We’re, ” Rodriguez texted Howard, “ Keith, Davidson, ” Howard, ” Rodriguez, Steinglass, ” Merchan, wasn’t Organizations: CNN, White, Prosecutors, Trump, Manhattan, White House, Trump Org ., National Enquirer, American Media Inc, Trump Org Locations: Manhattan

☆ House committee asks Microsoft's Brad Smith to attend hearing on security lapses
▼ + stars: | 2024-05-10 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Brad Smith, vice chair and president of Microsoft, speaks at Gateway Technical College in Sturtevant, Wisconsin, on May 8, 2024. A House committee wants Microsoft 's top lawyer, Brad Smith, to attend a hearing this month on exploits of the company's software that resulted in hackers obtaining U.S. government officials' emails. A proposed hearing before the House Committee on Homeland Security, at 10 a.m. But Smith might not necessarily show up at the time the committee asked about in a letter it sent him on Thursday. Committee chairman Mark Green, R-Tenn., and Bennie Thompson, D-Miss., said in their letter inviting Smith to the hearing that they were encouraged by the company's plans to overhaul its security practices.

Persons: Brad Smith, Gina Raimondo, Don Bacon, Nicholas Burns, Smith, We're, Satya Nadella, Charlie Bell, Mark Green, Bennie Thompson, Green, Thompson, Chris Krebs Organizations: Microsoft, Gateway Technical College, Homeland Security, Rep, CNBC Locations: Sturtevant , Wisconsin, Washington, U.S, China

☆ Earnings Exchange: Instacart, Tapestry & Hyatt Hotels
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings Exchange: Instacart, Tapestry & Hyatt HotelsGina Sanchez, chief market strategist at Lido Advisors, joins CNBC's 'The Exchange' to share outlooks on three stocks: Instacart, Tapestry, and Hyatt Hotels.

Persons: Gina Sanchez Organizations: Lido Advisors, Hyatt Hotels

But some of the details Daniels described were so explicit that Judge Juan Merchan cut her off at several points. “How can we come back from this in a way that’s fair to President Trump?” Blanche challenged. “Am I correct that you hate President Trump?” Necheles asked“Yes,” Daniels said. “It’s also cost me a lot of money,” Daniels responded. “You are looking to extort money from President Trump,” Necheles asked.

Persons: Stormy Daniels, Donald Trump, Daniels, Trump, Juan Merchan, Merchan, “, Michael Cohen, Susan Necheles, ” Trump, ”, Trump “, didn’t, ” Daniels, Kaitlan Collins, Gina Rodriguez, Rodriguez, –, Peggy Peterson, David Dennison, Cohen, Jimmy Kimmel, she’s, Susan Hoffinger, Judge, Todd Blanche, Blanche, ” Blanche, CNN Hoffinger, ” Merchan, Necheles didn’t, ” Necheles, “ You’ve, Necheles, “ I’ve, “ It’s, Keith Davidson Organizations: CNN, Trump, AMI, Defense Locations: Trump’s, Las Vegas

☆ First Patient Begins Newly Approved Sickle Cell Gene Therapy
▼ + stars: | 2024-05-06 | by ( Gina Kolata | Kenny Holston | ) www.nytimes.com time to read: 1 min

On Wednesday, Kendric Cromer, a 12-year-old boy from a suburb of Washington, became the first person in the world with sickle cell disease to begin a commercially approved gene therapy that may cure the condition. For the estimated 20,000 people with sickle cell in the United States who qualify for the treatment, the start of Kendric’s monthslong medical journey may offer hope. But it also signals the difficulties patients face as they seek a pair of new sickle cell treatments. For a lucky few, like Kendric, the treatment could make possible lives they have longed for. “Sickle cell always steals my dreams and interrupts all the things I want to do,” he said.

Persons: Kendric, ” Locations: Kendric Cromer, Washington, United States

☆ Australia’s Qantas to pay $79 million to settle ‘ghost flights’ case
▼ + stars: | 2024-05-06 | by ( ) edition.cnn.com time to read: +2 min

Sydney — Qantas Airways has agreed to pay 120 million Australian dollars ($79 million) to settle a lawsuit over the sale of thousands of tickets on already canceled flights, in an attempt to end a reputational crisis that has engulfed the airline. The fine is the biggest ever for an Australian airline and among the largest globally in the sector, although some Australian banks and casino operators have faced higher penalties. “We recognize Qantas let down customers and fell short of our own standards,” CEO Vanessa Hudson said in a statement. It had said the airline sometimes sold tickets to flights weeks after they were canceled. The ACCC’s Cass-Gottlieb noted that the settlement included a promise from Qantas not to repeat the conduct.

Persons: Vanessa Hudson, ”, Hudson’s, Alan Joyce, Hudson, Gina Cass, Gottlieb, ACCC’s Cass Organizations: Sydney, Qantas Airways, Qantas, Australian Competition, Consumer Commission, Federal Court, ACCC Locations: Hudson

☆ Locks of Beethoven’s Hair Offer New Clues to the Mystery of His Deafness
▼ + stars: | 2024-05-06 | by ( Gina Kolata | ) www.nytimes.com time to read: +1 min

At 7 p.m. on May 7, 1824, Ludwig van Beethoven, then 53, strode onto the stage of the magnificent Theater am Kärntnertor in Vienna to help conduct the world premiere of his Ninth Symphony, the last he would ever complete. That performance, whose 200th anniversary is on Tuesday, was unforgettable in many ways. Ted Albrecht, a professor emeritus of musicology at Kent State University in Ohio and author of a recent book on the Ninth Symphony, described the scene. The movement began with loud kettledrums, and the crowd cheered wildly. At that moment, a soloist grasped his sleeve and turned him around to see the raucous adulation he could not hear.

Persons: Ludwig van Beethoven, strode, Ted Albrecht, Beethoven Organizations: Symphony, Kent State University, Ninth Symphony Locations: Vienna, Ohio

☆ Stormy unchained: Lawyers for Trump and porn star struggled to control her after hush-money story broke in 2018
▼ + stars: | 2024-05-04 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +8 min

Text messages shown in Donald Trump's hush-money trial reveal attorneys' struggles to manage Stormy Daniels. Michael Cohen, Trump's ex-attorney, appeared frantic in messages after the hush-money story broke in 2018. Minutes later Cohen texted Davidson, "Please call me," before he again texted, "Cmon!" Advertisement"Why is she going on Kimmel after the Sotu," Cohen texted Davidson days earlier. "She just denied the letter," Cohen texted Davidson at the time.

Persons: Donald Trump's, Stormy Daniels, Michael Cohen, Trump's, Cohen, Daniels, —, Keith Davidson, Davidson, Trump, Drew Angerer, Davidson texted Cohen, Cohen messaged Davidson, Stephanie Clifford —, Sean Hannity's, Davidson texted, Cohen texted Davidson, texted, Eduardo Munoz, Let's, Cohen backtracked, Michael Cohen's, Jane Rosenberg Davidson, Kimmel, Jimmy Kimmel, Cohen messaged, Gina Rodriguez, Gina Organizations: Prosecutors, Trump, Service, Street, Sean Hannity's Fox, Manhattan, REUTERS, Attorney's Locations: Los Angeles, LA, Manhattan, NY

☆ Three-Stock Lunch: Bookings, Expedia & D.R. Horton
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: Bookings, Expedia & D.R. HortonGina Sanchez, Lido Advisors chief market strategist, joins 'Power Lunch' to discuss investment plays for three stocks, including Bookings, Expedia, and D.R.

Persons: Horton Gina Sanchez Organizations: Lido Advisors Locations: Horton

☆ Hear the tapes: DA's theory of Trump as the hush-money mastermind takes a hit in newly-released defense recordings
▼ + stars: | 2024-05-03 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

Defense tapes played in court Thursday have been posted to SoundCloud by Law360. They are recordings of 2018 phone calls between the two lawyers who struck the 2016 hush-money deal. They suggest an alternate reality to the DA's — where Trump is more victim than mastermind. Davidson's surmise — that Cohen was likely taping him at the time — makes a pair of newly-released defense tapes all the more compelling and perplexing. AdvertisementAnd while Colangelo told jurors that prosecutors will prove Trump "orchestrated" an election-influencing hush-money conspiracy, the charges do not require proof of who played whom.

Persons: Trump, —, Stormy Daniels, Keith Davidson, Michael Cohen, Cohen, Davidson, Donald Trump's fixer, Davidson's, Daniels, Trump’s, Keith Davidson hesitantly, ODuQQ4i1tg, Frank G, hesitatingly, Attorney Alvin Bragg, 89n0yKPqe3, Anthony Kotzev, Gina Rodriguez, Rodriguez, Matthew Colangelo, Colangelo Organizations: Law360, Service, Manhattan, Attorney, Trump, Prosecutors

CNN —Judge Juan Merchan handed down his first punishment to Donald Trump for violating the judge’s gag order in the New York hush money trial Tuesday, fining Trump $9,000 for nine violations. Instead, Davidson negotiated a $130,000 hush money deal with Cohen on Daniels’ behalf, and she did not speak out publicly before the 2016 election. In his order, the judge warned Trump that he could be imprisoned if he continues to willfully violate the gag order. “All you have to do is talk to that a**hole Cohen,” Davidson recalled. His son, Eric Trump, attended the trial – the first family member of the former president to appear during the trial.

Persons: Juan Merchan, Donald Trump, fining, Daniels, Karen McDougal, Keith Davidson, Trump’s, Michael Cohen, Davidson, Cohen, Trump, –, Merchan, David Pecker, “, ” Merchan, Stormy’s, McDougal, ’, Dylan Howard –, Gina Rodriguez, “ It’s, ” Davidson, Rodriguez, Peggy Peterson, David Dennison, Joshua Steinglass, Dennison, ” Steinglass, ” Cohen, Gary Farro, Daniels ’, Farro, ” Trump, “ Michael Cohen, He’s, Judge Merchan didn't, Jean Carroll, Prosecutors, Melania Trump, Eric Trump, Susie Wiles, Ken Paxton, David McIntosh, Barron’s Organizations: CNN, fining Trump, Trump, AMI, Prosecutors, American Media Inc, Daniels . Records, Bank, Twitter, Club for Growth, Mar Locations: New York, LA, Texas

☆ US is ‘best’ choice for Africa over Russia or China, US Commerce Secretary says
▼ + stars: | 2024-04-29 | by ( Larry Madowo | ) edition.cnn.com time to read: +1 min

Nairobi, Kenya CNN —The United States is the best partner for African nations “without strings attached” but it will not force African nations to choose its partnership over Russia or China, US Commerce Secretary Gina Raimondo told CNN. She spoke on the sidelines of the AmCham Business Summit after meeting Kenyan President William Ruto during her first official trip to Africa. Anti-Western sentimentLike many other African nations, Kenya has deep ties with China, which has funding projects and major infrastructure projects across the continent. Secretary Raimondo addressed the criticism that African nations dislike ‘lectures’ from the US and its European allies about democracy and human rights, and many prefer dealing with China or Russia that don’t make similar demands. Raimondo said the US is coming to Africa “without strings attached,” saying she had brought more than a dozen businesses to the Nairobi summit.

Persons: Gina Raimondo, “, Raimondo, CNN’s Larry Madowo, William Ruto, ‘, Ruto, we’re Organizations: Kenya CNN —, US, CNN Locations: Nairobi, Kenya, United States, Russia, China, Africa

☆ Markets are seeing quite a bit of blood in the streets at the moment, says Gina Sanchez
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are seeing quite a bit of blood in the streets at the moment, says Gina SanchezGina Sanchez, CEO of Chantico Global, discusses the markets, tech, and economic growth.

Persons: Gina Sanchez Gina Sanchez Organizations: Chantico

☆ China is still years behind the U.S. despite Huawei's breakthrough chips, Raimondo tells '60 Minutes'
▼ + stars: | 2024-04-22 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Commerce Secretary Gina Raimondo on Sunday downplayed Huawei Technologies' latest microchip breakthrough, arguing the U.S. remains far ahead of China in the critical technology. The comments, made on CBS News' "60 Minutes," are in line with the Commerce secretary's stance that the Biden administration's restrictions on chip sales to China are working, despite an advanced made-in-China chip surfacing in a Huawei phone last year. The phone launched while Raimondo was on a visit to China. "I have their attention, clearly," she said, adding the U.S. would continue to pursue actions to protect U.S. national security and businesses. According to a senior Commerce Department official, Huawei's chipmaking partner SMIC "potentially" violated U.S. law by providing an advanced chip to the Chinese phone maker.

Persons: Gina Raimondo, Joe Biden, We've, Raimondo, Huawei's, SMIC Organizations: Semiconductors, America, White, Huawei Technologies, CBS, Commerce, Biden, Huawei, U.S ., Commerce Department Locations: WASHINGTON, DC, Washington , DC, U.S, China, United States, U.S . U.S

☆ Heading the Charge with Secretary of Commerce Gina Raimondo
▼ + stars: | 2024-04-19 | by ( Sara Eisen | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHeading the Charge with Secretary of Commerce Gina RaimondoDuring the past year, Secretary Raimondo has overseen the implementation of the CHIPS and Science Act, which aims to boost domestic semiconductor manufacturing and research. We'll delve into her work to close the digital divide, how she navigated her successful career that spanned the public and private sectors, as well as how business and technological advances can empower the next generation of women.

Persons: Gina Raimondo, Raimondo

☆ A 'deeply misguided' political belief is weakening the economy, says Secretary of Commerce Gina Raimondo
▼ + stars: | 2024-04-18 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

"Child care is core to enabling women to work," she said. She explained that if she stayed in her career, her entire post-tax pay would have gone to child care, and all of the child care providers in her area were waitlisted. I didn't really go through this, so how many people are really thinking child care is an issue? "If you want a strong economy, women have to participate and in order for that to happen, we need strong child care," she said. Raimondo noted that half of Americans live in a "child care desert," with not enough services available at a cost that is affordable.

Persons: Gina Raimondo, Joe Biden, Raimondo, —, CNBC's Sara Eisen, Jessica Chang, Chang, CNBC's Julia Boorstin, We've, it's Organizations: Semiconductors, America, White, Capitol, U.S, Samsung, CNBC's, Changemakers, U.S . Army, CNBC Changemakers, Boston Consulting Group, U.S . Chamber of Commerce, Commerce Department Locations: WASHINGTON, DC, Washington ,, Rhode, U.S, Texas, Korean, New York City, Korea

☆ Microsoft Makes High-Stakes Play in Tech Cold War With Emirati A.I. Deal
▼ + stars: | 2024-04-16 | by ( Paul Mozur | David E. Sanger | ) www.nytimes.com time to read: +1 min

Under the partnership, Microsoft will give G42 permission to sell Microsoft services that use powerful A.I. chips, which are used to train and fine-tune generative A.I. products shared with G42 and includes an agreement to strip Chinese gear out of G42’s operations, among other steps. “When it comes to emerging technology, you cannot be both in China’s camp and our camp,” said Gina Raimondo, the Commerce Secretary, who traveled twice to the U.A.E. The accord is highly unusual, Brad Smith, Microsoft’s president, said in an interview, reflecting the U.S. government’s extraordinary concern about protecting the intellectual property behind A.I.

Persons: Biden, ”, Gina Raimondo, Brad Smith Organizations: Microsoft, United Arab, U.S ., Commerce Locations: United Arab Emirates, China, Washington, Beijing, Gulf

☆ Raimondo: Commerce Dept. will spend all of the CHIPS Act grant money this year
▼ + stars: | 2024-04-15 | by ( Megan Cassella | In | ) www.cnbc.com time to read: +2 min

TAYLOR, Texas — The Commerce Department is on track to dole out all of the $39 billion in grant money allocated under the CHIPS Act by year-end, Commerce Secretary Gina Raimondo told CNBC on Monday. The Commerce Department is providing the money to semiconductor companies to incentivize them to build out manufacturing production capabilities in the U.S. "I expect all of the money in the CHIPS Act will be allocated by the end of this year." The award announcements so far have focused primarily on leading-edge chips, the most advanced type of semiconductors. Now that the biggest grants have been doled out, future award packages will focus on memory chips and investments in suppliers, wafers, and chemicals, Raimondo said.

Persons: TAYLOR, Gina Raimondo, Biden, We'll, Raimondo, Taylor Organizations: The Commerce, CNBC, Commerce Department, U.S, Samsung, Texas —, Intel, Taiwan Semiconductor Locations: Texas, Arizona , New Mexico , Ohio, Oregon, Arizona, South Korea

☆ Commerce Sec. Raimondo on Samsung award: Goal is to make 20% of the world's semiconductors
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Sec. Raimondo on Samsung award: Goal is to make 20% of the world's semiconductorsU.S. Commerce Secretary Gina Raimondo joins 'Power Lunch' to discuss Samsung's award of $6.4 billion to boost semiconductor output at its facility in Texas.

Persons: Raimondo, Gina Raimondo Organizations: Commerce, Samsung Locations: Texas

☆ Biden administration agrees to provide $6.4 billion to Samsung for making computer chips in Texas
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas. The government support comes from the CHIPS and Science Act, which President Joe Biden signed into law in 2022 with the goal of reviving the production of advanced computer chips domestically. Samsung's cluster in Taylor, Texas, would include two factories that would make four- and two-nanometer chips. In addition to the $6.4 billion, Samsung has indicated it also will claim an investment tax credit from the U.S. Treasury Department. The government has previously announced terms to support other chipmakers including Intel and Taiwan Semiconductor Manufacturing Co. in projects spread across the country.

Persons: Biden, Joe Biden, Gina Raimondo, Raimondo, Lael Brainard Organizations: Samsung Electronics, Commerce Department, Texas, Samsung, White, National Economic Council, Defense Department, U.S, U.S . Treasury Department, Intel, Taiwan Semiconductor Manufacturing Locations: Texas, United States, Taylor , Texas, Austin , Texas, Austin, China

☆ 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

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