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.
US dominates mining industry, beating out China
The United States has scored another victory. It became the world’s top destination for bitcoin miners. The United States overcame China in this race after the latter declared war on cryptocurrencies and mining.According to new data from Cambridge University, the volume of bitcoin mining in the United States has soared by 428% over a year.
12:55 2021-10-22 UTC+00
Biden gives green light to Nord Stream 2
It is hard to explain why US President Joe Biden waived congressionally mandated sanctions on the pipeline. Even at the beginning of the pipeline construction, it was obvious that it was a political project rather than a commercial one. Although the US position looks like a losing one, there are still some doubts.
12:53 2021-10-22 UTC+00
IMF reaffirms its ‘full confidence’ in Georgieva as chief after data scandal review
The recent investigation launched by US law firm WilmerHale into the Doing Business 2018 Report has revealed that International Monetary Fund Managing Director Kristalina Georgieva forced staff to alter data on global business conditions when she was CEO of the World Bank.
14:19 2021-10-21 UTC+00
Britain's steel producer warns of impending crisis due to soaring energy prices
Great Britain, like the rest of Europe, is at risk of facing one of the gravest energy crises in recent years. Soaring wholesale gas prices threaten to have a severe impact on the country and call Britain’s economic recovery into question.Manufacturers were the first to sound the alarm on growing threats to the national economy.
14:12 2021-10-21 UTC+00
Soaring energy prices threaten to dent US economic recovery
Despite many challenges, the US economy remains resilient. However, now, it is again preparing to overcome an obstacle along the path to recovery. The world's largest economy, like the rest of the world, is facing rising energy prices that threaten to delay its economic rebound.The energy market has rallied significantly over the last few months. Oil and gas prices have reached seven-year highs.
09:22 2021-10-21 UTC+00
Trump says Biden helps China not US
From time to time, Donald Trump makes ripples on the smooth surface of political life. Apparently, he is not going to give up his career as a politician even after a devastating defeat. Not long ago, he lashed out at the Biden administration for the proposal that may benefit China far more than the US.
15:20 2021-10-20 UTC+00