Iran's nuclear program and Fordo facility probably need to go at this point, says Amos Hochstein
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New York Post
21 minutes ago
- New York Post
Commerce Secretary Lutnick says Intel needs to give government stake for CHIPS funding
Commerce Secretary Howard Lutnick on Tuesday confirmed that the government wants Intel to cough up a 10% equity stake in exchange for nearly $8 billion in CHIPS Act funding approved by the Biden administration. Lutnick said the the stake would be a return on its 'investment' in the struggling chipmaker. 'We should get an equity stake for our money,' Lutnick told CNBC's 'Squawk on the Street.' Advertisement 3 Commerce Secretary Howard Lutnick during a television interview at the White House in July. AP 'So we'll deliver the money, which was already committed under the Biden administration. We'll get equity in return for it.' The government does not want control of the company, he added. Advertisement Lutnick's comments came on the heels of a report Monday that President Trump was seeking a 10% stake in the company. 'The president wants to put America's needs first, both from a national security and economic perspective, and it's a creative idea that has never been done before,' White House Press Secretary Karoline Leavitt said Tuesday in confirming that Lutnick was working on a deal. Intel declined to comment. Advertisement Shares of Intel jumped 7% on the prospect of the government bailing out the chipmaker. 'The stake would be a conversion of the grants and maybe increase the investment into Intel to help stabilize the company for chip production here,' Treasury Secretary Scott Bessent told CNBC. On Monday, Japanese firm SoftBank announced it would invest $2 billion in Intel, making it the fifth-largest shareholder, according to FactSet. Intel was awarded $8.5 billion in CHIPS Act funding under the Secure Enclave program, a national security initiative to make microchips for defense and intelligence applications. Advertisement 3 Intel CEO Lip-Bu Tan delivers a speech at an exhibition in Taiwan in May. AP It was later slashed by more than $600 million to about $7.85 billion, but Intel still tops the list as one of the companies receiving the most federal funding. Taiwan Semiconductor Manufacturing Company has also been awarded $6.6 billion to boost chip production at its Arizona facilities. 'The Biden administration literally was giving Intel money for free, and giving TSMC money for free, and all these companies just giving them money for free,' Lutnick told 'Squawk Box.' Intel CEO Lip-Bu Tan met with Trump at the White House last week to clear the air over accusations of having financial ties to China. 3 Intel slowed its construction and now expects its first factory to start operations in 2030. Getty Images Trump had initially called on Tan to 'resign immediately' following a letter from Sen. Tom Cotton (R-Ark.) to Intel's board requesting information on the CEO's business dealings. Tan, who was born in Malaysia and grew up in Singapore, took the helm at Intel in March after the software giant ousted Pat Gelsinger following dismal earnings and several rounds of layoffs. Advertisement Intel has struggled financially in recent months and recorded an annual loss of $18.8 billion in 2024, its first such loss since 1986. The Trump administration has been making a series of moves involving US companies, including proposing to allow Nvidia to sell its H20 chips to China in exchange for the government receiving 15% of the company's sales of some advanced chips to Chinese businesses and offering a similar deal with Nvidia's smaller rival AMD. MP Materials said last month that the Defense Department will become its largest shareholder as part of a multibillion-dollar deal with the government to boost output of rare earth magnets.
Yahoo
31 minutes ago
- Yahoo
Treasury Secretary Compares Trump-Putin Meeting To Showing Off ‘Gun Case' To ‘Uncontrollable Neighbor'
Treasury Secretary Scott Bessent weighed in Tuesday on President Donald Trump's controversial summit in Alaska with Russian President Vladimir Putin last week. While appearing on CNBC's 'Squawk Box,' Bessent told host Joe Kernen that he wanted to 'set the record straight' about how the meeting went. 'Alaska was a show of force by President Trump. He invited President Putin to land that the Russians used to own. He displayed a huge amount of military hardware and then did a flyover,' Bessent said. The Trump administration official then compared the meeting to 'inviting your uncontrollable neighbor to your house and showing him your gun case.' Calling Trump's follow-up meeting on Monday with Ukrainian President Volodymyr Zelenskyy at the White House 'very good,' Bessent declared that he has a 'strong belief' that Trump will eventually help secure a meeting between Putin and Zelenskyy. 'We had a very good meeting with [Zelenskyy] and his team in the Oval [Office] for about an hour and a half, and then we met with the European leaders who [were] an incredible group to have in the White House, all led by President Trump,' Bessent said. He added: 'And yes, the culmination of that was a call with President Putin, and my strong belief is that there will be a bilateral meeting between President Putin and President Zelenskyy. And that's the only way to end this conflict, is to get the two sides talking.' Related: 'Both sides are ready for this terrible [Ukraine-Russia] conflict to end,' Bessent later said. After Trump and Putin wrapped up last week's summit without announcing a ceasefire in the war in Ukraine, many political leaders were critical of the outcome. Sen. Chris Murphy (D-Conn.) slammed the meeting as an 'embarrassment to the United States,' and Senate Minority Leader Chuck Schumer (D-N.Y.) confronted Trump for 'selling out Ukraine.' Meanwhile, Trump's former national security adviser John Bolton opined on CNN that Putin had 'won the summit' over a 'tired' Trump. Trump, who called his summit with Putin a '10 out of 10,' fired back at his critics in a series of blistering Truth Social posts on Monday. Related... Trump Goes On Unhinged Rant Against Anyone Who Has Criticized Him JFK's Grandson Wears Blonde Wig To Mock Melania Trump Over Her Letter To Putin Senator Calls Trump-Putin Meeting An 'Embarrassment For The United States'
Yahoo
31 minutes ago
- Yahoo
Department of Education bans federal funds from supporting political activism on college campus
Guidance from the Department of Education released on Tuesday prohibits federal funds from supporting political activism on college campuses through the federal work-study program. According to a press release from the department, Biden-era guidance allowed federal work-study programs to fund students who engaged in a variety of partisan and nonpartisan political activities. The Department of Education has rescinded that guidance and clarified that institutions should focus the funds on jobs that provide real work experience. This action from the department comes after a letter from 16 Republican attorneys general that claimed the Biden-era guidance violated federal law. The new guidance from the Department of Education also clarifies the requirements for institutions to distribute voter registration forms to its students. 'Federal Work Study is meant to provide students opportunities to gain real-world experience that prepares them to succeed in the workforce, not as a way to fund political activism on our college and university campuses,' said Under Secretary of Education Nicholas Kent, per the release. Kent's statement continued that under the leadership of the Trump administration, American taxpayers will no longer fund political rallies, poll workers or voter hotlines on campus. According to the Department of Education the work-study program provides 'part-time jobs to students with financial need.' Positions involved with political activity on campus would include jobs involving voter registration, voter assistance at a polling location or through a voter hotline and serving as a poll worker. Clarifications around distribution of voter registration forms 'We will also not require institutions to solicit students to register to vote if they know they are ineligible,' Kent said, according to the department's release. The new guidance from the Department of Education also covered the requirements institutions are given to distribute voter registration forms. Under the Higher Education Act, colleges are required to make a 'good faith' effort to distribute voter registration forms and make them widely available to each of their students that are enrolled and physically in attendance at the institution. 'To give institutions ample flexibility to ensure that they are not aiding and abetting voter fraud, the Department does not interpret this 'good faith' provision in the HEA as requiring institutions to distribute voter registration information to students who the institution has reason to believe are ineligible to vote in federal or state elections, such as foreign students,' per the Department of Education. The department's guidance also requests that institutions notify students about certain points pertaining to legally voting in the U.S.: Only citizens of the United States may vote in federal elections. Voting more than once, including voting in two or more states, is prohibited under federal law. Knowingly or willfully providing false information, including relating to name, address, or period of residence, in the voting district for the purpose of establishing eligibility to register or vote is prohibited under federal law. In most states, individuals may only register to vote where they are domiciled, and they may not be domiciled in more than one place. Solve the daily Crossword
