EU plans 'Chips Act' to boost domestic semiconductor manufacturing
According to economists, Europe needs to pass a microchip act for further development. This would allow it to catch up with the world's developers and manufacturers of these products. The European Commission is planning to propose the draft.
The issue was raised by the agency's president Ursula von der Leyen on September 15. The initiative is expected to be key to the region's sovereignty. It should be noted that the European economic recovery is being hampered by a shortage of semiconductors. Recently, it has become a true challenge for consumer electronics companies and car manufacturers. Experts emphasize that the current problems are reflected in falling wages in these sectors. At the same time, a significant drop in sales is recorded.
The European Chips Act covers three dimensions, including a European Semiconductor Research Strategy, a collective plan to enhance the European production capacity, and development of the international cooperation and partnership.
Earlier, Von der Leyen said the EU should break its dependency on microprocessors manufactured in Asia. The head of the European Commission stressed that the aim was to jointly create a state-of-the-art European chip ecosystem, including production. According to European leaders, although the initiative involves considerable investments and numerous difficulties, the goal is worth it.
Janet Yellen: US to breach its debt limit by December 15
The US may again face the risk of the government default. US Treasury Secretary Janet Yellen called on Congress to raise or freeze the debt ceiling by December 15. She supposes that “there are scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the US government beyond this date.
12:16 2021-12-02 UTC+00
Celsius Network COO: Bitcoin inventor deserves Nobel Prize
Daniel Leon, co-founder and COO of cryptocurrency lending platform Celsius Network, suggested that bitcoin creator Satoshi Nakamoto should be nominated for the Nobel Prize in economics.Daniel Leon thinks that the creation of the first cryptocurrency was a revolutionary step for the Internet. The head of Celsius Network is sure that this innovation definitely deserves the Nobel Prize award.
10:51 2021-12-02 UTC+00
China’s economy could plummet to lows of 1990s
China’s economy has been on a roller coaster. In the summer, China impressed market participants with its stunning GDP growth. Now analysts warn that the country is heading for the sharpest contraction in the last 30 years. China’s economy lost its winning streak in Q3 2021. The annual rate of economic growth slowed down abruptly to 4.9%, the weakest pace since Q3 last year.
10:49 2021-12-02 UTC+00
China imposes penalty on Alibaba for anti-monopoly violations
On November 20, e-commerce giant Alibaba and a number of corporations were hit with serious fines for antitrust violations. The investigation was initiated by the State Anti-Monopoly Bureau of China, which was established on November 18. The agency has fined several of China's largest companies, including Alibaba and Tencent, saying that they violated anti-monopoly legislation.
14:25 2021-12-01 UTC+00
Crypto brokers to report to IRS on transactions of over $10K
The US authorities keep trying to gain control over the cryptocurrency market. Their new infrastructure bill would oblige crypto brokers and operators to report to the Internal Revenue Service.
14:20 2021-12-01 UTC+00
China accuses EU of undermining global trade
China has accused the EU of undermining global supply chains with discriminatory trade barriers. In an interview with Financial Times, Zhang Ming, China’s ambassador to the EU, said the European Commission was placing barriers on foreign firms.
13:42 2021-12-01 UTC+00