Intel stock drops as Trump demands CEO resigns
The stock was down 3.1 percent mid-morning in New York. Trump's post followed a letter from Senator Tom Cotton to Intel Chairman Frank Yeary, accusing Tan of having financial ties to Chinese chip companies linked to the Chinese Communist Party and the People's Liberation Army.
Cotton flagged Tan's previous role at Cadence Design Systems, which admitted in July it had sold technology to a Chinese military-affiliated university in violation of US export controls. Tan took over as Intel's CEO in March.
'Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People´s Liberation Army.' The controversy comes as Intel is slashing 25,000 jobs this year as it battles to turn around its flagging fortunes.
The chipmaking giant — which makes processors that power millions of Dell, HP, and Lenovo computers — will shrink its workforce from about 99,500 to 75,000 by the end of 2025. Bosses said the layoffs come alongside plans to abandon factory projects in Germany and Poland, slow the pace of construction on major facilities in Ohio, and consolidate operations in Costa Rica into bigger hubs in Vietnam and Malaysia.
The company first warned of cuts in April as it grapples with mounting competition and slowing demand. The confirmation i July of the the scale of the layoffs came as Intel updated Wall Street on its earnings over the past three months. It posted a loss of $2.9 billion.
Bosses said Intel has slashed 15,000 jobs so far this year — suggesting another 10,000 are set to go. These are the second major round of job cuts at Intel in the past two years. In December, the company ousted its CEO while cutting 15 percent of its workforce in 2024.
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The Guardian
17 minutes ago
- The Guardian
Confusion over the Alaska summit shows Vladimir Putin still calls the shots
In the five months since Donald Trump and Volodymyr Zelenskyy met at the Oval Office in late February, Ukrainian officials have worked hard to repair the damage of that day, which ended with the Ukrainian president being kicked out of the White House. With advice from European allies, Zelenskyy recalibrated his strategy for dealing with the Trump administration, and there was a feeling it was broadly going well. 'We managed to reset communications, to find a new language to work with Trump,' said one senior official in Kyiv a week ago. It has also seemed as if Trump's rhetoric was finally shifting as he termed Russia's bombing of Ukrainian cities 'disgusting' in recent weeks and set Vladimir Putin a deadline of last Friday to stop the war or face the imposition of crippling new sanctions. Then came envoy Steve Witkoff's visit to Moscow last Wednesday. Putin appears to have made no major concessions during the three-hour Kremlin meeting, and in return was rewarded not with debilitating sanctions but with an invitation to meet Trump in Alaska. The offer to thrash out a Ukrainian peace deal at a bilateral summit with Trump represents exactly the sort of great-power deal-making Putin has always craved. It will be his first trip to the United States since 2007, with the exception of visits to the UN. Exactly how the Alaska summit will look is still unclear, with a particularly Trumpian kind of confusion and chaos accompanying its announcement. Kyiv, European capitals and even Trump's own staff have been trying to understand what exactly was agreed in the Kremlin. The first announcements from the White House suggested Putin would meet Trump, followed by a three-way meeting between Trump, Putin and Zelenskyy. This was swiftly denied by Putin. As he put it, 'we are still far from creating the conditions' for a meeting with Zelenskyy. An aide denied that the Russian side had ever agreed to a three-way meeting. A White House source told the New York Post on Thursday that if Putin did not agree to meet Zelenskyy, the meeting with Trump would not go ahead. But a few hours later, Trump denied that: he was happy to meet Putin anyway. The back-and-forth gave the distinct impression, not for the first time, that in the relationship between Trump and Putin, it is the Russian president who calls the shots. Some administration officials later briefed US media outlets that they may invite Zelenskyy anyway, and the German chancellor, Friedrich Merz, said in a Sunday interview he 'hopes and assumes' that Zelenskyy will take part. For now, this does not seem likely. A senior White House official told NBC that Trump was 'open' to a trilateral summit, but was 'focusing on planning the bilateral meeting requested by president Putin'. As worrying for Kyiv as the planned format of the talks is the apparent Russian deal now on the table. The plan, as it has been reported after filtering through the Trump administration and then to European capitals, is that the Ukrainian army should unilaterally withdraw from the parts of Donetsk and Luhansk it still controls, which would presumably include the fortified military stronghold of Kramatorsk. In exchange, the Kremlin would agree to freeze the lines in other places. 'Ukrainians will not give their land to occupiers,' Zelenskyy said over the weekend, adding that handing over land to Russia would violate the Ukrainian constitution. He said any deal done without Ukraine was destined to be 'stillborn'. Zelenskyy's public posture that Ukraine will never cede land is true up to a point. Kyiv is unlikely to renounce legal claims to its own territory, but the Ukrainian elite and much of Ukrainian society is increasingly ready for a deal that would recognise Russian de facto control, perhaps for a set period of time, in exchange for ending the fighting. The main problem with such a deal has always been what kind of guarantees Ukraine would receive that Russia would not simply use a ceasefire as time to regroup before attacking again. Brief discussions earlier this year about a European peacekeeping force to police a ceasefire were quickly scaled back to a 'reassurance force' stationed far from the frontlines. Ukrainians would therefore have not much to rely on but Putin's word, which they have learned from experience not to trust. Even still, there is a significant camp in the Ukrainian political and military elite who believe that, after more than three years of war, the situation has become so dire that the country is obliged to take such a deal, simply to allow for a pause in the fighting. The problem for Kyiv is the deal Putin apparently pitched to Witkoff is significantly worse than simply freezing the lines. 'As things stand, Ukraine and Europe are on the verge of being confronted with exactly the kind of Faustian deal they feared would emerge back in February,' Sam Greene, a professor at King's College London, wrote on X. Over the past few days, Zelenskyy and his team have been rallying support among European leaders and trying to put together an alternative, European plan. Unfortunately for Kyiv, previous experience suggests Trump is unwilling or unable to exert real pressure on Putin. 'If Putin and Trump reach an agreement directly, Europe will be faced with a fait accompli. Kyiv – even more so,' said Roman Alekhin, a Russian war blogger, on Sunday. It is exactly that prospect Ukraine's leadership will be doing their utmost to prevent in the days before Friday's summit.
Auto Blog
43 minutes ago
- Auto Blog
Dodge CEO Hints at Hemi V8 Return for the New Charger
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. If you compare the off-road-worthy Chevrolet Tahoe Z71 to the new Nissan Armada Pro-4X, you might be surprised at how evenly matched they are on paper. In practice, one outshines the other. Don't miss out on one of August's top luxury car deals. Find out all the details on the new 2025 Genesis G90, including its special lease offers and other incentives. The Hyundai IONIQ 6 N challenges everything I thought about EVs. Find out how its 641 horsepower, simulated gear shifts, and a custom sound system made me a believer in electric performance. Hyundai just launched an unbeatable lease offer on the sleek 2025 IONIQ 6 EV. With bold styling, long range, and low monthly payments, this deal won't last long. No Hemi at Roadkill Nights—For Now A few days ago, there was reason to believe Dodge might finally announce the return of the Hemi V8 in the new Charger Daytona during Roadkill Nights. The speculation came after the brand teased an announcement, leading some to expect a big reveal for fans of the classic muscle car power plant. Instead, Dodge's presentation focused on pricing for the new Charger Sixpack and confirming that the Durango will go all-V8 for the 2026 model year. For those anticipating an eight-pot comeback in the Charger, the absence of any mention of a Hemi V8 might have seemed like the end of the conversation. Previous Pause Next Unmute 0:00 / 0:09 Full screen VW will introduce a sub-$20,000 EV, but probably not here Watch More However, Dodge CEO Matt McAlear has all but confirmed that the Hemi is still very much in the picture. The Hemi V8 Will Fit, Contrary to Previous Claims In a media roundtable, McAlear was asked directly whether the supercharged 6.2-liter Hellcat V8 could fit under the hood of the new Charger sedan and coupe, Motor1 reports. 'Don't be surprised if it would fit,' McAlear said, a stark contrast to earlier statements from Dodge representatives, who told Jalopnik in 2024 that the platform simply couldn't accommodate the engine without significant redesign work. McAlear explained that the Charger's modular STLA Large platform was designed from the start to support multiple powertrains, ranging from all-electric to high-performance V8s, and even left the door open for a plug-in hybrid. He added that this flexibility allows Dodge to adjust to shifts in consumer demand and regulatory conditions. Given that the Hellcat is larger than the naturally aspirated 5.7-liter Hemi, his comment suggests both engines could find their way into the lineup. What's Next for the Charger Lineup The Charger Daytona EV, despite strong performance figures and distinctive features like its synthetic Fratzonic propulsion sound, has struggled in the marketplace. Dodge sold just 4,299 Daytona coupes in the first half of 2024, compared to over 20,000 Challenger coupes during the same period. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Price cuts began shortly after launch and have continued, and while a four-door Daytona is expected before the end of the year, it is unlikely to outsell the incoming gas-powered models. One of those is the Charger Sixpack, powered by a twin-turbo 3.0-liter Hurricane inline-six making up to 550 horsepower. It will arrive in showrooms during the first half of 2026, starting at $51,990 (includes destination), or about $10,000 less than the EV. Dodge also continues to develop the tri-motor SRT Banshee, which promises more than 900 hp and could challenge the quickest electric sedans on the market. However, given strong demand for Hemi-powered Ram trucks, a V8 Charger announcement is likely before the end of the year, with pricing expected to carry only a modest premium over existing models.
Reuters
an hour ago
- Reuters
Vance says Ukraine peace deal unlikely to satisfy either side
WASHINGTON, Aug 10 (Reuters) - U.S. Vice President JD Vance said a negotiated settlement between Russia and Ukraine is unlikely to satisfy either side, and any peace deal will likely leave both Moscow and Kyiv "unhappy." He said the U.S. is aiming for a settlement both countries can accept. "It's not going to make anybody super happy. Both the Russians and the Ukrainians, probably, at the end of the day, are going to be unhappy with it," he said in a Fox News interview that aired Sunday. U.S. President Donald Trump said on Friday he will meet with Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. Trump said Russia and Ukraine were close to a ceasefire deal that could end the three-and-a-half-year conflict, possibly requiring Ukraine to surrender significant territory. Zelenskiy, however, said Saturday that Ukraine cannot violate its constitution on territorial issues, adding, "Ukrainians will not gift their land to the occupiers." In the Fox News interview recorded on Friday, Vance said the United States was working to schedule talks between Putin, Zelenskiy, and Trump, but he did not think it would be productive for Putin to meet with Zelenskiy before speaking with Trump. "We're at a point now where we're trying to figure out, frankly, scheduling and things like that, around when these three leaders could sit down and discuss an end to this conflict," he said.
