HONG KONG, Dec 13 (Reuters) – China is working on a more than 1 trillion yuan ($143 billion) support package for its semiconductor industry, three sources said, in a major step towards self sufficiency in chips and to counter U.S. moves aimed at slowing its technological advances.
Beijing plans to roll out what will be one of its biggest fiscal incentive packages over five years, mainly as subsidies and tax credits to bolster semiconductor production and research activities at home, said the sources.
Full coverage: REUTERS
German Car Giants And Asian Battery Kings: A Match Made In Hungrary
BERLIN/BUDAPEST, Dec 13 (Reuters) – German automakers and Asian battery suppliers are getting together in Hungary in a multi-billion-dollar marriage of convenience to drive their electric ambitions.
The companies are flocking to central Europe, where Viktor Orban’s government is defying Western wariness of China and offering generous benefits to host foreign operations and stake Hungary’s claim as a global centre for electric vehicles (EVs).
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Apple’s Japan Investment Crosses $100 Bln, CEO Cook Visits Chip Epicentre
TOKYO, Dec 13 (Reuters) – Apple Inc (AAPL.O) said on Tuesday it had invested more than $100 billion in its Japanese supply network over the last five years, as its Chief Executive Officer Tim Cook visited the epicentre of the country’s semiconductor industry.
Cook said in a Monday tweet he visited Kumamoto prefecture in southwestern Japan, home to factories of many semiconductor and leading technology firms, including one under construction by Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW).
Full coverage: REUTERS
China Starts WTO Dispute Against U.S. Chip Export Curbs
Dec 13 (Reuters) – China has launched a trade dispute at the World Trade Organization against the United States over its chip export control measures, China’s commerce ministry said.
The United States passed a sweeping set of regulations in October aimed at kneecapping China’s semiconductor industry, prompting a complaint from a top China trade group.
“China takes legal actions within the WTO framework as a necessary way to address our concerns and to defend our legitimate interests,” said a statement by China’s commerce ministry, its diplomatic mission in Geneva relayed.
Full coverage: REUTERS
Morning Bid: Under Arrest
A look at the day ahead in European and global markets from Anshuman Daga.
The arrest of FTX’s former CEO Sam Bankman-Fried in the Bahamas at the behest of U.S. prosecutors, just a month after the cryptocurrency exchange filed for bankruptcy, is turning out to be the headline of the day.
And for financial markets caught in a holding pattern, U.S. inflation data due later on Tuesday is shaping up as a key event, probably more important for the outlook than tomorrow’s interest rate decision by the Federal Reserve.
Full coverage: REUTERS
