Greek financial technology provider Qualco plans Athens listing
Qualco, which offers software for the credit industry and has operations in more than 30 countries, aims to raise up to 70 million euros from the share offering and use the proceeds to finance acquisitions in Greece or abroad and help grow its business, it said.
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International Business Times
9 hours ago
- International Business Times
One of America's Largest Semiconductor Companies Set to be Nationalized as Trump Admin Launches Its Own 'Manhattan Project'
The Trump administration has kicked off its own version of a "Manhattan Project" following reports that one of the country's biggest companies may be taken over by the government. Intel, the largest semiconductor fabricator in the U.S., has been in discussions with Donald Trump regarding a possible government ownership stake. Although the exact share being sought by Intel has not yet been disclosed, government takeovers of private companies are generally considered a measure of last resort during times of crisis. During the 2008 financial meltdown, the U.S. government took control of several banks, and in World War II it took control of several major logistics companies across the United States. Trump's Big New Project Intel's CEO Lip-Bu Tan X The latest move stems from concerns that the U.S. is overly dependent on TSMC, a Taiwan-based chipmaker, even as China continues to issue threats of invading the island. Such an invasion could cripple America's ability to compete in the rapidly expanding semiconductor market, especially as demand soars due to artificial intelligence. Although Intel's AI chips lag behind those produced by NVIDIA and AMD, the company holds a strategic advantage because it both designs and manufactures its own products. Semiconductor Wikimedia Commons Trump's plan is aimed at strengthening national security by bringing chip production back to U.S. soil. "This feels like the Manhattan Project - or the run-up to World War II," MIT AI computer scientist Dave Blundin said. "It's every bit as important as the space race was, as the nuclear arms race was. Actually, it's more important." Intel's cutting-edge semiconductor manufacturing capabilities could help the U.S. reduce its dependence on overseas chip factories—particularly those in Taiwan, which controls over 60 percent of the global market—while supporting artificial intelligence, national defense, and the broader economy. Intel Reuters Negotiations are still underway, with details continuing to take shape. According to a source cited by Bloomberg, the plan would involve the U.S. government purchasing a stake in the company. However, another insider stressed that these discussions are not guaranteed to result in an agreement and could end without a deal. Tech and AI specialists speaking on Diamandis' Moonshots podcast compared the initiative to a modern-day "Manhattan Project," describing it as a kind of "national survival strategy." "The reason the US needs to protect Taiwan fundamentally... is because the fabs are there. If the fabs all move to the US, then why would the US defend Taiwan?" Blundin said. Concerns Grow Over Nationalization Some have voiced concerns over the move to nationalize the company, with one observer noting: "They're putting the whole industry on a kind of war footing, like mobilization for conflict, except the battleground is supply chains and chip fabs." Donald Trump X In a statement to Bloomberg, Intel declined to address its talks with the Trump administration but said it remains "deeply committed to supporting President Trump's efforts to strengthen US technology and manufacturing leadership." "We look forward to continuing our work with the Trump administration to advance these shared priorities, but we are not going to comment on rumors or speculation," the company added. The move comes after two AI firms agreed last week to give 15 percent of their chip sales revenue from China to the U.S. government in return for export permits. According to three people with knowledge of the matter, NVIDIA and Advanced Micro Devices (AMD) struck this first-of-its-kind agreement with the White House to market and distribute their semiconductors in China. The agreement could generate over $2 billion for the U.S. government, though Trump has not specified how those funds would be allocated, according to the New York Times.
Business Times
10 hours ago
- Business Times
Modi's tax overhaul to strain finances but boost image amid US trade tensions
[NEW DELHI] Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott US products after Donald Trump hiked tariffs on imports from India to 50 per cent as of August 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government US$20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. 'GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3 per cent-4 per cent of the population. Modi is doing this as he is under a lot of pressure due to US policies,' said Kidwai. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The move will also help the stock market, which is now politically important as it has a lot of retail investors.' India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent. Last year, India said caramel popcorn would be taxed at 18 per cent but the salted category at 5 per cent, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28 per cent slab – which includes cars and electronics – and move nearly all the items under the 12 per cent category to the lower 5 per cent slab, benefitting many more consumer items and packaged foods. Government data shows the 28 per cent and 12 per cent tax slabs together garner 16 per cent of India's annual GST revenue of roughly US$250 billion last fiscal year. Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. 'Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies,' said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. 'It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation.' Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, 'a brighter gift of simpler taxes and more savings is waiting for every Indian.' Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off. REUTERS
Business Times
10 hours ago
- Business Times
Canada directs labour board to end strike at biggest airline
CANADA'S government moved to order more than 10,000 Air Canada flight attendants back to work, less than 12 hours into a strike that caused hundreds of flight cancellations. Jobs Minister Patty Hajdu directed the independent Canada Industrial Relations Board (CIRB) to order the company and the striking employees to resume operations. She asked the board to impose binding arbitration and to extend the terms of the flight attendants' existing contract until a new one can be determined. It was not immediately clear when flights would resume. Air Canada and Air Canada Rouge operations remain suspended pending the outcome of the CIRB process, the airline said in a statement on Saturday (Aug 16) evening. The online departures board for Toronto Pearson, the country's busiest airport, showed extensive cancellations for scheduled Sunday flights. In recent disputes with Canadian railroad and postal workers, the labour board followed similar government directions within a matter of days. In the meantime, the Air Canada component of the Canadian Union of Public Employees stressed that the strike would continue, deepening the travel chaos. The government's decision rewards Air Canada by 'crushing' workers' rights, the union said in a statement. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Some 10,500 flight attendants walked off the job early on Aug 16 after pay talks between the union and the country's biggest airline fell through. PHOTO: BLOOMBERG Some 10,500 flight attendants walked off the job early on Saturday after pay talks between the union and the country's biggest airline fell through. That led Montreal-based Air Canada to ground hundreds of flights and lock out flight attendants, disrupting some 130,000 passengers a day during the summer holiday season. 'It has now become clear that this dispute won't be resolved at the table,' Hajdu said in a statement. 'Canadians are increasingly finding themselves in very difficult situations, and the strike is rapidly impacting the Canadian economy.' Controversial legal power The move extends the government's use of a controversial legal power which allows it to act to 'secure industrial peace' by directing the labour relations board. Its use has been challenged in court, and unions say it undermines collective bargaining because companies can count on the government to intervene. Air Canada and the labour board did not respond to requests for comment. Business groups applauded the move, while other unions and opposition politicians condemned it. 'With valuable cargo grounded and passengers stranded, the government made the right decision to refer the two sides to binding arbitration,' said Matthew Holmes, head of public policy at the Canadian Chamber of Commerce. 'Every hour counts, given Air Canada says it will need up to a week for its network to be fully operationalised again, meaning that close to a million Canadians and international visitors could be impacted.' Prime Minister Mark Carney is 'proving once again that he is no friend to workers or labour, and would rather reward his corporate buddies than pay flight attendants who work tirelessly on their feet all day', said Kyle Seeback, the opposition Conservative Party's spokesman for labour, touting legislation designed to improve flight attendant pay. Polling from Abacus Data showed 59 per cent of Canadians wanted the federal government to respect the right of workers to strike, even if it led to travel disruptions. Many more sympathised with the flight attendants than with the company. Regional flights by Air Canada Express are not affected because they are operated by third-party airlines. BLOOMBERG
