US Senator Sanders favors Trump plan to take stake in Intel, others
"If microchip companies make a profit from the generous grants they receive from the federal government, the taxpayers of America have a right to a reasonable return on that investment," Sanders, an Independent who caucuses with Democrats, said in a statement to Reuters.
The awards were part of the 2022 Chips and Science Act, which sought to lure chip production away from Asia and boost American domestic semiconductor output with $39 billion in subsidies.
Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for the grants, sources told Reuters on Tuesday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
25 minutes ago
- Straits Times
Military options on Ukraine to be presented to national security advisers, US official says
Sign up now: Get ST's newsletters delivered to your inbox The site of a Russian strike on an industrial facility in Mukachevo, Ukraine, on Aug 21. WASHINGTON - Military chiefs from the United States and a number of European countries have developed military options on Ukraine and will be presenting them to their respective national security advisers, a US official told Reuters on Aug 21. Reuters has previously reported that US and European military planners have begun exploring post-conflict security guarantees for Ukraine, following President Donald Trump's pledge to help protect the country under any deal to end Russia's war in Ukraine. 'These options will be presented to each nation's respective national security advisers for appropriate consideration in ongoing diplomatic efforts,' the official said. The official said meetings between the chiefs of defense for the United States, Finland, France, Germany, Italy, United Kingdom and Ukraine took place in Washington, DC, between Aug 19 and Aug 21. Ukraine and its European allies have been buoyed by Mr Trump's promise during a summit on Aug 18 of security guarantees for Kyiv , but many questions remain unanswered. Officials have cautioned that it would take time for US and European planners to determine what would be both militarily feasible and acceptable to the Kremlin. One option was sending European forces to Ukraine but putting the US in charge of their command and control, sources have told Reuters. Russia's Foreign Ministry has ruled out the deployment of troops from Nato countries to help secure a peace deal. REUTERS
CNA
25 minutes ago
- CNA
Dollar gains before key Powell speech at Jackson Hole on Friday
NEW YORK :The dollar gained on Thursday before a highly anticipated speech by Federal Reserve Chair Jerome Powell on Friday will be evaluated for any new clues on whether the U.S. central bank is likely to cut interest rates next month. Traders ramped up bets on a cut at the Fed's September 16-17 meeting after an unexpectedly weak jobs report for July. The risk of higher inflation as President Donald Trump's administration enacts new trade tariffs, however, remains a wild card that is making some policymakers hesitant to ease. The Fed's Jackson Hole theme this year is 'Labor Markets in Transition,' and 'I guess it depends on how much (Powell) wants to lean on cracks in the labor market,' said Eric Theoret, FX strategist at Scotiabank in Toronto. 'Whether it's the payrolls and the revisions, or whether it's the claims that continue to climb higher, there is a narrative there that he can definitely push on,' Theoret said. The dollar briefly pared gains on Thursday after data showed that the number of Americans filing new applications for jobless benefits rose by the most in about three months last week. It later added to gains after a separate report showed that U.S. business activity picked up pace in August, led by a resurgent manufacturing sector that saw the strongest growth in orders in 18 months. Powell may hesitate to signal a rate cut with data for August still due before the September session. Ultimately, 'with the market pricing in two cuts at the end of the year, I think we need something big in either direction to really shift the market off that course,' said Theoret. Fed funds futures traders are currently pricing in 77 per cent odds of a September cut, and 51 basis points in cuts by year-end. Atlanta Fed President Raphael Bostic said on Thursday that he still thinks the U.S. central bank can cut its interest rate target once this year, while noting there's a lot of uncertainty around that view as the economy undergoes considerable change. Kansas City Fed President Jeffrey Schmid said there seems no rush to cut interest rates, with inflation still above the central bank's 2 per cent target and the labor market still in solid shape. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was last up 0.27 per cent on the day at 98.50, with the euro down 0.26 per cent at $1.1618. The Japanese yen weakened 0.38 per cent against the greenback to 147.9 per dollar. Sterling weakened 0.2 per cent to $1.343. The United States and the European Union on Thursday locked in a framework trade deal reached last month that includes a 15 per cent U.S. tariff on most EU imports, including autos, pharmaceuticals, semiconductors and lumber.
CNA
an hour ago
- CNA
US consumer watchdog kicks off redo of 'open banking' rules on customer data
WASHINGTON :The U.S. Consumer Financial Protection Bureau on Thursday kicked off a do-over of its "open banking" regulations governing consumer control over the sharing of personal data between banks and the burgeoning financial technology sector as the two industries feud over proper controls and access. The decision marked an about-face amid public pressure from fintech firms and crypto entrepreneurs whose fortunes have soared since President Donald Trump returned to the White House this year. The watchdog asked numerous questions on how best to implement the consumer data rules - now 15 years in the making and prescribed as part of the 2010 Dodd-Frank financial reform legislation - requiring that banks give consumers access to their own financial data, including account information, transactions, usage and fees "upon request." The regulations were previously completed by the Biden administration, earning a legal challenge from the banking industry who opposed that version, citing risks to consumer data security. Former CFPB Director Rohit Chopra said in October that the regulations would let consumers switch banks with the same ease as switching telephone companies, allowing comparison shopping for mortgages and accounts - with data shared free of charge. The Trump administration initially told a court it supported banking industry calls to strike down the Biden regulations but in late July reversed course, saying that due to unnamed "recent events in the marketplace," it would replace the regulations with a version more to the administration's liking. The backpedaling came after politically connected crypto entrepreneurs, including Tyler Winkelvoss and Donald Trump Jr., took to social media to denounce JPMorgan Chase over a Bloomberg report that the bank had informed fintech firms they would in fact have to pay potentially hefty fees for access to depositors' data, even though the pending Biden-era regulations still prevented this. In an earnings call in mid-July, JPMorgan chief Jamie Dimon said securely sharing customer data was costly.
