Texas Instruments plans to invest over $60 billion in US to make foundational chips
June 18 (Reuters) - Texas Instruments (TXN.O), opens new tab said on Wednesday it would invest more than $60 billion across seven U.S. semiconductor fabs, marking the largest investment in foundational chip manufacturing in American history.
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Reuters
36 minutes ago
- Reuters
Court rejects RBI challenge of ban on sale of Russian subsidiary
VIENNA, June 18 (Reuters) - Raiffeisen Bank International ( opens new tab said on Wednesday a Russian court had rejected its bid to lift an injunction banning the sale of its local subsidiary, frustrating efforts by the biggest Western bank still operating in Russia to exit the country. The ban is tied to a lawsuit brought by Russian investment firm Rasperia after a collapsed deal in which RBI was ordered last year to pay 2 billion euros ($2.3 billion) in damages. RBI said in an emailed statement to Reuters it considered those proceedings completed and that the damages had been collected in full by the Russian central bank. "Nevertheless, the court has made an unprecedented decision to extend them," RBI said. Payment of the fine had previously been seen as a key step in the struggle for Russian regulatory clearance of Raiffeisen's plans to sell its Russian subsidiary. The bank's dispute with Rasperia followed the failure of a deal that RBI hoped would allow it to unlock some of its frozen assets in Russia. RBI had sought to buy a stake in Vienna-based construction company Strabag ( opens new tab, but pulled out under pressure from Washington. Anastasia Taradankina, a lawyer for Raiffeisen's Russian subsidiary from Russian law firm Delcredere, said there were no legal grounds to maintain the sale ban. The court's decision on the opening day of Russia's premier economic forum in St. Petersburg may send a bad signal about Russia's investment climate and the legal footing of foreign companies in Russia, Taradankina said. "The court ... showed that even in the absence of financial claims, it is possible to block company assets worth more than half a trillion roubles," Taradankina said. ($1 = 0.8682 euros)
Reuters
an hour ago
- Reuters
Wolfspeed nears bankruptcy deal with lenders including Apollo, Bloomberg News reports
June 18 (Reuters) - Wolfspeed (WOLF.N), opens new tab will be taken over by creditors including Apollo Global Management under a proposal that would put the struggling chipmaker into bankruptcy, Bloomberg News reported on Wednesday, citing people familiar with the plan. The company will soon announce a deal for a so-called prepackaged bankruptcy, that would be long enough to slash billions in debt, the report said. After a restructuring support agreement is signed, Wolfspeed will ask creditors to vote on the plan and then file for Chapter 11 bankruptcy protection. Shares of Wolfspeed, which makes chips using silicon carbide — a more energy-efficient material than traditional silicon, rose about 3% to $1.29 on Wednesday. The stock had fallen about 81% so far this year. Wolfspeed and Apollo did not immediately respond to Reuters requests for comment. The chipmaker raised going-concern doubts earlier in May, as deepening economic uncertainty stemming from changing U.S. trade policies, combined with weakening demand, triggered a series of financial challenges for the company. As of March, the company had about $1.33 billion in unrestricted cash, cash equivalents and short-term investments, and about $6.5 billion of debt obligations, it said in a regulatory filing in May. In a prepackaged bankruptcy, companies and their creditors agree on a reorganization plan prior to the bankruptcy filing and creditors even vote on the plan. Shareholders could recover as much as 5% in the proposed scenario, the report said. In a typical bankruptcy, shareholders are usually wiped out because creditors must be paid first, and there often is not enough value left for equity holders. In 2023, Wolfspeed announced $1.25 billion in debt financing led by Apollo, with the option to increase the total to as much as $2 billion to support the company's U.S. expansion plans.
The Independent
an hour ago
- The Independent
‘Ninja' Scott Bessent says Elon Musk fancies himself as ‘a viking' as he tries to downplay their feud
Donald Trump 's Treasury Secretary Scott Bessent is downplaying his widely reported clash with billionaire tech mogul Elon Musk, the former head of the Department of Government Efficiency. Speaking on the Pod Force One podcast, Bessent attributed the friction between him and the Tesla and SpaceX CEO to stylistic differences. Describing himself as more nimble and like a ninja, he remarked that Musk, on the other hand, 'fancies himself more of a Viking,' following Silicon Valley's model of 'move quickly and break things.' Bessent's effort to minimize reports of a conflict with Musk comes after the former special government employee's spectacular falling out with President Trump the week after he stepped away from his role in the administration. At the time of his departure, Musk voiced his anger at the potential impact of the 'One Big, Beautiful Bill' on the national debt. Reports of Musk butting heads with Cabinet members over his dramatic cuts to government departments have persisted since early in the administration, with the biggest clash being a fiery shouting match with Bessent back in April. MAGA podcaster Steve Bannon claimed the confrontation, which took places after the pair had left the Oval Office, had become physical with Musk body-checking Bessent 'like a rugby player.' The Treasury secretary has not confirmed the story. 'We have had disagreements, but we both want to get to the same place,' Bessent told Miranda Devine, host of the podcast and a columnist for The New York Post. 'The Silicon Valley mode of operation is move quickly and break things. I always say here at Treasury we move deliberately and fix things.' He continued: 'I think Elon's probably fancies himself more of a Viking. I think I'm more of a ninja.' The heated argument between Musk and Bessent is reported to have occurred on April 16 after the DOGE head circumvented the Treasury boss to have Trump appoint former IRS agent Gary Shapley, who leaked details about former President Joe Biden 's son's taxes, as a temporary commissioner atop the tax-collecting agency. Bessent, whose department includes the IRS, had wanted his deputy, Michael Faulkender, to act as the interim commissioner while awaiting the confirmation of former Missouri Congressman Billy Long for the position. The argument blew up between the two wealthy Trump officials in the West Wing, at which point 'F bombs started to fly' as the normally mild-mannered Bessent aggressively confronted Musk, repeatedly shouting 'F*** you!' within earshot of the Oval Office, The Atlantic reported. One witness said it was 'quite a scene' and 'loud,' while a third described the blow-up as 'two billionaire, middle-aged men thinking it was WWE in the hall of the West Wing.' According to Axios, Bessent threw barbs at Musk regarding the lackluster nature of the alleged savings uncovered by his DOGE cost-cutting effort. In response, Musk claimed the extremely successful investor who created the Key Square Group investment fund after a career with Soros Fund Management, was a 'Soros agent' — a reference to a widespread antisemitic conspiracy theory that posits investor and Democratic Party donor George Soros is a shadowy puppet master controlling much of the American political left. The shouting between the two men became so heated that White House aides reportedly had to separate them. 'They were not physical in the Oval, but the president saw it, and then they carried it down the hall, and that's when they did it again,' said one witness who spoke to Axios. One source familiar with the dispute between Musk and Bessent told The Independent that there is no love lost between the two men, dating back to when Musk unsuccessfully lobbied for Trump to appoint Howard Lutnick, former CEO of Cantor Fitzgerald, to the Treasury role. Trump, a longtime friend of Lutnick's, later appointed him to run the Department of Commerce after shrugging off Musk's lobbying efforts, instead choosing Bessent to run the Treasury Department. The White House did not deny that the blow-up occurred. Press Secretary Karoline Leavitt issued a statement in which she said it was 'no secret' that Trump 'has put together a team of people who are incredibly passionate about the issues impacting our country.'
