Latest news with #A16
Otago Daily Times
2 hours ago
- Business
- Otago Daily Times
Australia wipes $16 billion off student loans
Welcome Festival at the University of Sydney. Stock photo: Getty Australia's parliament has passed a law to cut student loans by 20%, wiping more than $A16 billion ($NZ17.47 billion) in debt for 3 million people, and fulfilling a key election promise to help mitigate the rising cost of living. The law is the first passed by Prime Minister Anthony Albanese's centre-left Labor Party since being re-elected in May with one of the country's largest-ever majorities. 'We promised cutting student debt would be the first thing we did back in parliament – and that's exactly what we've done,' Albanese said in a statement. 'Getting an education shouldn't mean a lifetime of debt.' Education Minister Jason Clare said the measure would help 'take a weight' off the backs of young people. 'Young Australians don't always see something for them on the ballot paper, but they did this year and they voted for it in their millions,' he said at a press conference. 'And we're repaying now the trust that these young Australians have placed in us.' Millennials and Generation Z made up 43% of the 18 million people enrolled to vote in Australia's May general election, outnumbering Baby Boomers. Seizing on the generational shift, Labor made cutting student debt a key election promise, framing it as a measure to ease living costs and tackle intergenerational inequality. The government said reducing student loans by one-fifth was equivalent to more than $A16 billion in debt relief for three million Australians. It would mean a university graduate with an average loan of $A27,600 would have $A5520 wiped, the government said, adding the changes would be backdated from June 1, 2025, before the loans were indexed 3.2% for inflation. The law would also raise the minimum repayment threshold from an income of $A54,435 to $A67,000, reducing the amount low-income earners would have to pay.
Miami Herald
15 hours ago
- Automotive
- Miami Herald
Tesla deal could help boost Samsung's foundry business
SEOUL, July 30 (UPI) -- South Korea's Samsung Electronics announced it has signed a $16.5 billion, eight-year contract to supply semiconductors to an unnamed global company, noting full details will be disclosed on Jan. 3, 2033. Just hours later on Tuesday, however, Tesla CEO Elon Musk confirmed that Tesla was the buyer and Samsung's new Texas factory, which is being built, will produce next-generation AI processor A16 chips for Tesla. Samsung, which rolls out A14 chips, lost out on the A15 chip deal to archrival TSMC, but managed to succeed in A16 chips. Samsung's Texas foundry is a flagship project in its plan to invest more than $37 billion in the United States by 2030. "Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress," Musk said in a post on X. The announcement prompted investors to snap up Samsung shares, and its stock price has jumped more than 11% on the Seoul bourse. The world's largest memory chipmaker has underperformed in the stock market due to challenges in the advanced high-bandwidth memory business. On a brighter note for Samsung's troubled foundry business, Musk said that $16.5 billion is just the "bare minimum," and actual output is likely to be "several times higher." Musk's comments fueled speculation that Samsung could win additional Tesla orders, such as the Dojo 2 chips, which are designed to train deep neural networks used in self-driving. "Musk's remarks suggest that orders may expand to include Dojo 2 chips, as well," NH Investment & Securities analyst Ryu Young-ho said in a market report. Observers believe that the mega-sized contract will anyhow help Samsung's foundry business turn around in terms of profitability and market share in a competition with the runaway leader TSMC of Taiwan. According to Taipei-based business tracker TrendForce, TSMC's first-quarter market share stood at 67.6% in the global foundry business while that of Samsung Electronics was 7.7%. Against this backdrop, Samsung's foundry business has suffered billions of dollars in annual losses over the past few years. Samsung's contract with Tesla is also expected to affect the rivalry of leading foundry companies to master next-generation 2-nanometer-based technology. TSMC's yield rate in 2-nm process is reportedly about 70% compared to less than 60% of Samsung. Yield rate, in semiconductor manufacturing, refers to the percentage of usable, defect-free chips produced from a single wafer. "Thus far, Samsung has struggled to raise its yield rate in the 2-nm semiconductors to fall behind TSMC," SungKyunKwan University semiconductor professor Choi Byoung-deog told UPI. "The contract with Tesla demonstrates that Samsung's 2-nm yield has substantially improved. If Samsung secures more deals with such big-tech companies as Qualcomm and Apple, it will be able to start catching up with TSMC," he said. Korea Advanced Institute of Science and Technology professor Kim Joung-ho agreed. "Samsung should prove its efficiency and high yields with Tesla. Then, other major high-tech companies will show more interest in its foundry business," Kim said in an interview. When it comes to the share price of Samsung Electronics, experts claim that the company needs to make a breakthrough in the lucrative HBM business, which is dominated by Samsung's local rival, SK hynix. "If Samsung Electronics manages to supply cutting-edge HBMs to Nvidia, its share price would instantly surge," economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, said in a phone interview. "The three-way alliance involving Nvidia, SK hynix and TSMC is quite strong. But Nvidia may want to diversify its HBM suppliers, offering Samsung a potential opportunity. Samsung should find ways to satisfy Nvidia," he said. The Tesla order came shortly after Samsung Electronics Chairman Lee Jae-yong was cleared of criminal charges of accounting fraud and stock manipulation related to a merger between two Samsung units in 2015. Earlier this month, the country's Supreme Court acquitted Lee, putting an end to his prolonged legal battles. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
16 hours ago
- Automotive
- UPI
Tesla deal could help boost Samsung's foundry business
Samsung Electronics headquarters in South Korea. The company has signed a $16.5 billion contract to supply semiconductors to Tesla, according to the auto company's Elon Musk. Photo courtesy of Samsung Electronics SEOUL, July 30 (UPI) -- South Korea's Samsung Electronics announced it has signed a $16.5 billion, eight-year contract to supply semiconductors to an unnamed global company, noting full details will be disclosed on Jan. 3, 2033. Just hours later on Tuesday, however, Tesla CEO Elon Musk confirmed that Tesla was the buyer and Samsung's new Texas factory, which is being built, will produce next-generation AI processor A16 chips for Tesla. Samsung, which rolls out A14 chips, lost out on the A15 chip deal to archrival TSMC, but managed to succeed in A16 chips. Samsung's Texas foundry is a flagship project in its plan to invest more than $37 billion in the United States by 2030. "Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress," Musk said in a post on X. The announcement prompted investors to snap up Samsung shares, and its stock price has jumped more than 11% on the Seoul bourse. The world's largest memory chipmaker has underperformed in the stock market due to challenges in the advanced high-bandwidth memory business. On a brighter note for Samsung's troubled foundry business, Musk said that $16.5 billion is just the "bare minimum," and actual output is likely to be "several times higher." Musk's comments fueled speculation that Samsung could win additional Tesla orders, such as the Dojo 2 chips, which are designed to train deep neural networks used in self-driving. "Musk's remarks suggest that orders may expand to include Dojo 2 chips, as well," NH Investment & Securities analyst Ryu Young-ho said in a market report. Observers believe that the mega-sized contract will anyhow help Samsung's foundry business turn around in terms of profitability and market share in a competition with the runaway leader TSMC of Taiwan. According to Taipei-based business tracker TrendForce, TSMC's first-quarter market share stood at 67.6% in the global foundry business while that of Samsung Electronics was 7.7%. Against this backdrop, Samsung's foundry business has suffered billions of dollars in annual losses over the past few years. Samsung's contract with Tesla is also expected to affect the rivalry of leading foundry companies to master next-generation 2-nanometer-based technology. TSMC's yield rate in 2-nm process is reportedly about 70% compared to less than 60% of Samsung. Yield rate, in semiconductor manufacturing, refers to the percentage of usable, defect-free chips produced from a single wafer. "Thus far, Samsung has struggled to raise its yield rate in the 2-nm semiconductors to fall behind TSMC," SungKyunKwan University semiconductor professor Choi Byoung-deog told UPI. "The contract with Tesla demonstrates that Samsung's 2-nm yield has substantially improved. If Samsung secures more deals with such big-tech companies as Qualcomm and Apple, it will be able to start catching up with TSMC," he said. Korea Advanced Institute of Science and Technology professor Kim Joung-ho agreed. "Samsung should prove its efficiency and high yields with Tesla. Then, other major high-tech companies will show more interest in its foundry business," Kim said in an interview. When it comes to the share price of Samsung Electronics, experts claim that the company needs to make a breakthrough in the lucrative HBM business, which is dominated by Samsung's local rival, SK hynix. "If Samsung Electronics manages to supply cutting-edge HBMs to Nvidia, its share price would instantly surge," economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, said in a phone interview. "The three-way alliance involving Nvidia, SK hynix and TSMC is quite strong. But Nvidia may want to diversify its HBM suppliers, offering Samsung a potential opportunity. Samsung should find ways to satisfy Nvidia," he said. The Tesla order came shortly after Samsung Electronics Chairman Lee Jae-yong was cleared of criminal charges of accounting fraud and stock manipulation related to a merger between two Samsung units in 2015. Earlier this month, the country's Supreme Court acquitted Lee, putting an end to his prolonged legal battles.
San Francisco Chronicle
18 hours ago
- Business
- San Francisco Chronicle
From free wine tasting to a trendy swim club, here's what's new in Wine Country
Wine Country's food scene has recently exploded with new options. Bay Area pizza legend A16 opened a Napa outpost and the city also got its first Filipino restaurant from a French Laundry alum. The team behind St. Helena's Michelin-starred Press launched Under-study, a whimsical, high-end cafe next door. The sleepy Sonoma Valley has suddenly transformed into an exciting culinary hub. In the past few months, the tiny, unincorporated towns of Glen Ellen and Kenwood welcomed French bistro Poppy (from the owners of the Girl & the Fig) and Italian eatery Stella (from the owners of the Glen Ellen Star), respectively. Another French restaurant, Bistro Lagniappe, looks for a fresh start following a contentious legal battle over its predecessor, Molti Amici, in Healdsburg. Like Sonoma Valley, Petaluma is also in the midst of a culinary renaissance, and the latest addition is Bijou — yes, another French restaurant — from the founders of popular fine dining spot Table Culture Provisions. Read on for more recent restaurant openings, plus a trio of new tasting rooms, a food-centric museum and a swim club that just launched in Napa and Sonoma Wine Country. Check out the last installment of what's new in Wine Country here. Cabernet heavyweight offers free tastings in playful new home Napa Valley Cabernet stalwart Mark Herold Wines has moved from its eclectic tasting room near the Oxbow Public Market to a larger, permanent home in Oakville, right off Highway 29. Owner Brion Wise — one of Wine Country's biggest power players in recent years — purchased the brand from founder Mark Herold in 2023 (Herold has stayed on as winemaker) and then acquired the ivy-covered Cosentino Winery in 2024 as part of the Vintage Wine Estates' bankruptcy fallout. The new spot is still quite whimsical inside, featuring a pink neon sign, green furs and blue suede couches, quirky paintings and a clear nautical theme; there's also a sunny terrace with ample seating. An array of tasting experiences are available for Mark Herold wines and Wise's Sonoma label, B. Wise Vineyards, including the chance to sample two featured wines each day for free. In the coming weeks, the tasting room plans to launch a savory cookie pairing. A new kind of Russian River swimming hole A playful resort and swim club has opened in redwooded Guerneville. A lovely escape from San Francisco 'summer,' the River Electric offers a family-friendly Russian River staycation in glamping tents, plus day passes to its two pools. One is a massive, 60-foot round pool and bar that serves up Straus soft serve, a high-low hot dog and fries loaded with pimento cheese and potato chip crumble. 16101 Neely Rd., Guerneville. Classic Wine Country stopover is resurrected A historic and popular roadside rest stop for cyclists has finally reopened after closing in 2019. The Jimtown Store, set on the scenic Highway 128 in Alexander Valley, was purchased by Michelle Wood, owner of the catering company Dim Sum and then Sum. The 1893 building, renamed Jimtown and then Sum, now serves dumplings, potstickers, spring rolls and baos alongside more traditional sandwiches at lunch. For breakfast, Jimtown offers coffee and pastries, plus heartier plates, like avocado toast and a breakfast burrito. A fresh wine experience in a surprising place A warehouse a mile outside of downtown Healdsburg is now home to an unlikely new tasting room. Inside and perched above a working winery, a small glass box hosts cozy and intimate tastings of elegant Pinot Noir and Chardonnay from the extreme Sonoma Coast. This is the first-ever tasting room for Wayfarer, founded by second-generation vintner Cleo Pahlmeyer of Napa's famed Pahlmeyer winery in 2012. After a tour of the winery, guests can watch the cellar work in real time as they taste ($75-$175), plus mesmerizing drone footage of the Wayfarer Vineyard — set at 1200 ft. and four miles from the ocean — projected over the barrels. 1441 Grove St., Healdsburg. Five miles north of Napa Valley's iconic welcome sign, there's a popular new photo op: a giant stick of butter. It sits outside of the MAC (the Napa Valley Museum of Art & Culture), a new attraction that moved into the old Dean & DeLuca building and shares space with Under-study, a fancy new cafe from St. Helena's Michelin-starred Press Restaurant. The MAC's opening exhibition, which will run through March 2026, is a fun and interactive celebration of famed chef Julia Child. Swing by Under-study after your visit for a lobster corn dog topped with caviar. (San Francisco Chronicle restaurant critic MacKenzie Chung Fegan recommended the sweet and sour pig ears and the heirloom tomato dish.) 607 St. Helena Hwy, St. Helena. A combination tasting room and record shop Petaluma got its third record store, but there's a compelling difference with this one: It serves wine. Montagne Russe, a winery known for Pinot Noir and Chardonnay, has relocated its tasting room from Healdsburg to the burgeoning city of Petaluma, where most of its grapes are grown. The space, which stays open until 8 p.m., showcases more than 400 vinyl albums, with plans to grow the collection; tastings are $35 for a flight of five wines. Wines can be sipped by the glass and bottle as well, and visitors are allowed to bring in food from local restaurants (perhaps a sandwich from the Local?). As for design, Montagne Russe, a French term for roller coaster, features a rollercoaster mural and movie posters for the 1977 film 'Rollercoaster,' collected from 10 countries. Hot dogs get the Napa treatment Sumo Dog, a new vendor at Napa's Oxbow Public Market, merges the classic American staple with Japanese condiments. Founded by former Morimoto chef Jeffrey Lunak, the chain offers beef, pork and vegan hot dogs in nearly a dozen iterations, like the signature Sumo Dog ($9), slathered in wasabi relish, pickled peppers, spicy mayo, teriyaki sauce, furikake, onion and nori. If you're especially hungry (or willing to share), opt for the Godzilla ($12), a footlong with all the Sumo toppings, plus beef chili, togarashi cheese sauce and jalapenos. Sumo Dog's presence at the Oxbow is a temporary residency; they are scheduled to be there through the end of the year. 610 First St., Napa. Wine Country pizza joint expands The team behind Sebastopol's Acre Pizza, which the Chronicle rated among the Bay Area's best, has opened a sister restaurant focused on another beloved carb: pasta. Acre Pasta is also located in the city's industrial Barlow complex and serves classic pasta dishes like spaghetti with 'Sunday red' sauce ($12) and baked lasagna alla norma ($18). Gluten-free pasta is available and patrons can upgrade their plate with burrata, pancetta, mushrooms, chicken or shrimp. For a full meal, pair your pasta with burrata toast, a salad or meatballs.
Qatar Tribune
2 days ago
- Automotive
- Qatar Tribune
Tesla signs $16.5B next-gen chip supply deal with Samsung: Musk
Agencies Tesla has signed a $16.5 billion deal with Samsung to source next-generation AI6 chips, CEO Elon Musk said on Monday, a move expected to bolster the South Korean tech giant's loss-making contract manufacturing business. Samsung shares rose more than 6% after the news. 'Samsung's giant new Texas fab will be dedicated to making Tesla's next-generation AI6 chip. The strategic importance of this is hard to overstate,' Musk said in a post on his social media platform X. If Musk was referring to Samsung's upcoming Taylor, Texas, plant, the deal could revive the project that has faced delays amid Samsung's struggles to retain and win major customers. 'Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency,' he added, calling it a 'critical point' in striking the deal. 'I will walk the line personally to accelerate the pace of progress,' he said, noting Samsung's Texas plant was 'conveniently located not far from my house.' While no timeline was provided for AI6 chip production, Musk has previously said that next-generation A15 chips will be produced at the end of 2026, suggesting A16 would follow. Samsung currently makes Tesla's A14 chips, which power its Full Self-Driving driver assistant system, while TSMC will make the AI5 initially in Taiwan and then Arizona, Musk has said. Texas project In October, Samsung had postponed taking deliveries of ASML chipmaking equipment for its factory in Texas as it had not yet won any major customers for the project, Reuters reported. It has already delayed the plant's operational start to 2026. Samsung, the world's top memory chip maker, also produces logic chips designed by customers through its foundry business. The Texas project is central to Samsung Chairman Jay Y. Lee's strategy to expand beyond its bread-and-butter memory chips into contract chip manufacturing. Samsung currently trails a distant second in the global foundry market, with an 8% share versus leader TSMC's 67% share, data from market researcher Trendforce show. Samsung had earlier announced the $16.5 billion chip supply deal without naming the client, saying the customer had requested confidentiality about the details of the deal, which will run through the end of 2033. The deal represents about 7.6% of Samsung's projected annual sales for 2024, the company said. The news comes as Samsung, which is due to report its earnings on Thursday, faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix. This lag has weighed heavily on its profits and share price. Pak Yuak, an analyst at Kiwoom Securities, said the deal would help reduce losses at Samsung's foundry business, which he estimated exceeded 5 trillion won ($3.6 billion) in the first half of the year. Analysts say Samsung has struggled with the defection of key clients to TSMC for advanced chips. TSMC counts Apple, Nvidia and Qualcomm among its customers. It is not clear whether the Samsung-Tesla deal is related to ongoing trade talks between Korea and the United States. Seoul is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25% U.S. tariffs. Samsung has been losing market share to TSMC in contract manufacturing, underscoring technological challenges the firm faces in mastering advanced chip manufacturing to attract clients like Apple and Nvidia, analysts said. Samsung Electronics is the flagship unit of South Korea's Samsung Group, by far the largest of the family-run conglomerates that dominate Asia's fourth-largest economy.
