White House Invests Additional $162 Million in Expanding US Semiconductor Industry
Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
White House Invests Additional $162 Million in Expanding US Semiconductor Industry
White House Invests Additional, $162 Million in Expanding , US Semiconductor Industry.
CNBC reports that the Biden administration
will provide $162 million in funding for
domestic semiconductor production.
.
CNBC reports that the Biden administration
will provide $162 million in funding for
domestic semiconductor production.
.
The additional funding comes as the second injection
of funds into the industry from a 2022 law aimed
at revitalizing U.S. semiconductor manufacturing.
Incentives reportedly include $90 million to improve
a manufacturing plant in Colorado Springs, Colorado,
and another $72 million for a factory in Gresham, Oregon.
.
According to the Commerce Department,
the investment would allow Microchip
Technology to triple domestic production.
.
According to the Commerce Department,
the investment would allow Microchip
Technology to triple domestic production.
.
Funding is meant to boost production of microcontrollers,
which have applications in everything from the military and
auto industries to household appliances and medical devices.
According to government officials, the investments
will lead to the creation of 700 construction and
manufacturing jobs over the next 10 years.
.
According to government officials, the investments
will lead to the creation of 700 construction and
manufacturing jobs over the next 10 years.
.
Semiconductors are the key
input in so many goods that
are vital to our economy, Lael Brainard, director of the White House
National Economic Council, via CNBC.
Lael Brainard, director of the White House National
Economic Council, suggests that increased
U.S. production could help tame inflation.
.
In August of 2022, the Biden administration signed
the CHIPS and Science Act into law, which provided
over $52 billion to the U.S. semiconductor industry.
In August of 2022, the Biden administration signed
the CHIPS and Science Act into law, which provided
over $52 billion to the U.S. semiconductor industry.
CNBC reports that government officials
said that additional funding commitments
to the sector are expected in 2024
Some US Weapon , Shipments to Israel Continue , Amid Invasion of Rafah.
NBC reports that United States officials say that
shipments of military assistance have continued despite
concerns of Israel's invasion of Rafah in southern Gaza.
NBC reports that United States officials say that
shipments of military assistance have continued despite
concerns of Israel's invasion of Rafah in southern Gaza.
Officials familiar with the matter claim that
shipments of both offensive and defensive
weapons have been sent to Israel in recent days.
The news comes after the Biden administration threatened
to suspend arms shipment over Israel's plan to invade
Rafah, where over 1 million Palestinians have taken refuge.
The news comes after the Biden administration threatened
to suspend arms shipment over Israel's plan to invade
Rafah, where over 1 million Palestinians have taken refuge.
In response to the U.S. threat, Israeli Prime Minister
Benjamin Netanyahu vowed that his country would
"stand alone" in order to pursue its goal of eliminating Hamas.
In response to the U.S. threat, Israeli Prime Minister
Benjamin Netanyahu vowed that his country would
"stand alone" in order to pursue its goal of eliminating Hamas.
Last week, the Biden administration halted an arms
shipment of bombs that were intended for Israel. .
Last week, the Biden administration halted an arms
shipment of bombs that were intended for Israel. .
NBC reports that with no ceasefire between Hamas and Israel in sight, Israeli forces have continued its bombardment of Rafah amid ground operations. .
According to the United Nations, over 100,000 people have fled from eastern Rafah since Israel issued evacuation orders earlier this week. .
According to the United Nations, over 100,000 people have fled from eastern Rafah since Israel issued evacuation orders earlier this week. .
Aid groups, along with doctors and local officials, have expressed
growing concern that hospitals in Rafah have already been
overwhelmed ahead of a feared full-scale Israeli assault. .
For five days, no fuel and
virtually no humanitarian aid
entered the Gaza Strip,
and we are scraping
the bottom of the barrel, Hamish Young, UNICEF Senior Emergency
Coordinator in the Gaza Strip, via NBC.
According to local health officials, over 34,900 people
in Gaza have been killed since Israel launched its
assault following the October 7 Hamas attacks. .
According to local health officials, over 34,900 people
in Gaza have been killed since Israel launched its
assault following the October 7 Hamas attacks.
Credit: Wibbitz Top Stories Duration: 01:31Published
Israeli Prime Minister Netanyahu dismissed US President Biden's threat to halt arms sales over a potential ground operation in Rafah. Netanyahu asserted Israel's ability to stand alone and fight fiercely if needed, citing historical precedent. Despite Biden's concerns about civilian casualties, Netanyahu remains determined. The US decision to pause bomb shipments to Israel further underscores escalating tensions between the two allies.
#Israel #IsraelHamas #Rafahinvasion #Biden #JoeBiden #BenjaminNetanyahu #USnews #BidenNetanyahu #Israelnews #Worldnews #Oneinda #Oneindia news
~HT.99~PR.152~ED.101~
The United States ambassador to India Eric Garcetti, representing the Biden administration, dismissed concerns about Indian democracy at a Council on Foreign.. IndiaTimes
Speaking at a council on foreign relations event, US Ambassador to India Eric Garcetti emphasized the importance of accountability in maintaining the US-India.. IndiaTimes
President Joe Biden has suffered yet another gaffe at a podium ... this time, he incorrectly ID'ed WNBA superstar Candace Parker as a "coach." The flub happened.. TMZ.com
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix released a Q1 earnings report on April 18, indicating that its number of subscribers jumped 16% year-over-year to reach 269.6 million.
Analysts only expected the streamer to have about 264.2 million subscribers, CNBC reports. .
The company also brought in $9.37 billion in revenue versus analysts' expectations of $9.28 billion. .
However, Netflix said that its membership numbers are no longer the main factor contributing to the company's growth.
As a result, the company will stop providing "quarterly membership numbers or average revenue per user" beginning in 2025, CNBC reports. .
Instead, it will divulge "major subscriber milestones as we cross them.".
Price hikes, terminating password sharing
and offering an ad-supported tier are all tactics that have boosted revenue.
Netflix is also seeking to gain traction within the video game space and recently partnered with TKO Group Holdings to offer WWE on the platform.
We’re in the very early days of
developing our live programming and
I would look at this as an expansion of
the types of content we offer, the way
we expanded to film and unscripted and
animation and most recently games, Ted Sarandos, co-CEO of Netflix, via earnings call.
We believe that these kind of event cultural
moments like the Jake Paul and Mike Tyson
fight are just that kind of television, and we
want to be part of winning over those
moments with our members as well, so that
for me is the excitement part of this, Ted Sarandos, co-CEO of Netflix, via earnings call.
As of the morning of April 18,
Netflix's stock was up 27%
Credit: Wibbitz Top Stories Duration: 01:30Published
Google Fires Employees , for Protesting Israel Contract.
28 Google workers have been fired for protesting
a $1.2 billion contract that the company has with
the Israeli government and military to provide
cloud and AI services, NBC News reports. .
The firings follow an April 16 sit-in at
Google's offices in California, New York and Seattle in which nine workers were arrested.
The group that coordinated the demonstration
is known as No Tech for Apartheid. .
Google issued a statement about the recent firings.
A small number of employee
protesters entered and disrupted
a few of our locations. , Google spokesperson, via statement.
Physically impeding other employees’
work and preventing them from
accessing our facilities is a clear
violation of our policies, and
completely unacceptable behavior. , Google spokesperson, via statement.
We have so far concluded
individual investigations that
resulted in the termination of
employment for 28 employees,
and will continue to investigate
and take action as needed, Google spokesperson, via statement.
No Tech for Apartheid claims that the
workers were fired "indiscriminately.".
This excuse to avoid confronting
us and our concerns directly,
and attempt to justify its illegal,
retaliatory firings, is a lie, No Tech for Apartheid, via statement.
Meanwhile, many of Google's workers have
reportedly quit after experiencing "mental health consequences of working at a company that is using their labor to enable a genocide," No Tech for Apartheid said.
On a personal level, I am opposed
to Google taking any military
contracts — no matter which
government they’re with or what
exactly the contract is about. , Cheyne Anderson, a Google Cloud software engineer based
in Washington who was arrested during a sit-in, to CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Amazon Cuts Hundreds , of Cloud Computing Jobs.
An Amazon Web Services (AWS)
spokesperson issued a statement about
the job cuts on April 3, CNBC reports. .
We’ve identified a few targeted areas of
the organization we need to streamline
in order to continue focusing our efforts
on the key strategic areas that we
believe will deliver maximum impact, AWS spokesperson, via statement.
We didn’t make these decisions
lightly, and we’re committed
to supporting the employees
throughout their transition to new
roles in and outside of Amazon, AWS spokesperson, via statement.
Cuts are being made to the store technology division “as a result of a broader strategic shift in the use of some applications in Amazon’s owned as well as in third-party stores,” the spokesperson said.
The layoffs come after Amazon announced that it was ending its Just Walk Out technology in Fresh stores.
The cashierless technology is overseen
by teams within the AWS unit. .
Beginning in 2022, Amazon started
its largest layoffs in history by letting
go of 27,000 roles company-wide. .
So far in 2024, the retail behemoth has cut jobs at Audible, Buy with Prime, Prime Video, MGM Studios and Twitch, CNBC reports. .
This latest round of cuts will
allow U.S. employees to collect pay
and benefits for a minimum of 60 days.
They will also be offered a severance package.
Credit: Wibbitz Top Stories Duration: 01:30Published
UPS to Become US Postal Service’s , Main Air Cargo Provider.
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
In fiscal year 2023, USPS paid FedEx $1.73 billion
for its services, down from the $2.4 billion
FedEx received in fiscal year 2020.
The decrease in payments was partially due
to the postal service using more economical
trucks in place of planes, CNBC reports. .
The parties were unable to reach
agreement on mutually beneficial
terms to extend the contract, FedEx, via securities filing.
Since FedEx will lose nearly $2 billion in annual
business from letting go of the contract, .
hundreds of pilots will likely
lose their jobs, CNBC reports .
Following the announcement, UPS shares
increased 1.4% while FedEx stock dropped 1.6%.
FedEx's current contract is
set to expire on Sept. 29
Credit: Wibbitz Top Stories Duration: 01:30Published
Biden Wants to Increase Tariffs , on Chinese Steel and Aluminum Imports.
Speaking from the United Steelworkers
union in Pennsylvania on April 17.
Speaking from the United Steelworkers
union in Pennsylvania on April 17.
Biden will call on U.S. Trade Representative Katherine Tai to triple tariffs on Chinese
steel and aluminum, NPR reports. .
Biden will call on U.S. Trade Representative Katherine Tai to triple tariffs on Chinese
steel and aluminum, NPR reports. .
Those tariffs are presently at about 7.5%.
While these Chinese imports "account for less than 1% of U.S. demand," the country's steel prices are 40% cheaper than America's, NPR reports. .
The White House is concerned that
this could prompt a surge of exports. .
China's policy-driven overcapacity poses
a serious risk to the future of the
American steel and aluminum industry, Lael Brainard, Biden's top economic adviser, via NPR.
The president understands
we must invest in American
manufacturing, but we also have
to protect those investments and
those workers from unfair exports. , Lael Brainard, Biden's top economic adviser, via NPR.
The Biden administration also sent officials to Mexico to discuss preventing Chinese steel from entering the U.S. via its southern neighbor. .
I want to emphasize our desire to
cooperate and partner with Mexico
on addressing imports coming in
to the North American market as
a way of circumventing tariffs, Senior administration official, via NPR.
I'm not going to get ahead
of the diplomatic conversations
that have happened today and
that will be happening in the
days and weeks to come. , Senior administration official, via NPR.
But I think we're hoping to come to
a mutually acceptable solution with
Mexico, because this is a problem that
affects both of our economies, Senior administration official, via NPR.
United Steelworkers recently endorsed Biden
after he voiced his opposition to a U.S. Steel takeover by Nippon Steel, a Japanese company. .
United Steelworkers recently endorsed Biden
after he voiced his opposition to a U.S. Steel takeover by Nippon Steel, a Japanese company.
Credit: Wibbitz Top Stories Duration: 01:31Published
March Retail Sales , Exceeded Expectations.
New Commerce Department data surprised
some analysts on April 15, 'The Hill' reports. .
The agency's latest estimates indicate
that March retail sales increased by 0.7%.
They were only expected
to rise 0.3% last month.
While sales exceeded estimates for March, the jump
was still below the 0.9% increase in February.
Compared to the same time last year, total sales
for the first three months of 2024 were up 2.1%.
On April 10, the Labor Department released data showing that inflation rose last month. .
The consumer price index (CPI)
increased 0.4% in March and 3.5% annually.
In February, consumer prices
increased 3.2% year-over-year. .
Still, the newest Commerce Department data suggests that Americans continue to spend despite prolonged inflation, 'The Hill' reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Supreme Court Considers Letting Cities , Punish Homeless for Sleeping Outside.
On April 22, the Supreme Court will hear a case out of Grants Pass, Oregon, which has a population of less than 40,000, NPR reports. .
'Grants Pass v. Johnson' seeks to challenge two
9th U.S. Circuit Court of Appeals rulings which found fining or jailing the unhoused to be cruel and unusual punishment when they have no other alternative.
'Grants Pass v. Johnson' seeks to challenge two
9th U.S. Circuit Court of Appeals rulings which found fining or jailing the unhoused to be cruel and unusual punishment when they have no other alternative.
But Grants Pass argues that public health and safety are dependent on camping restrictions that are commonly found across America. .
The city contends that homeless encampments pose a danger to those living
in them, as well as to families and children.
This is because the encampments
are often filled with people who need
mental health and drug addiction resources.
Advocates for the unhoused say that criminalizing sleeping outside is counterproductive. .
Punishing someone for doing
something they have no control
over, no ability to not do, is not
going to end that status. In fact,
not only does criminalization not
work, it makes matters worse. , Ed Johnson of the Oregon Law Center, via NPR.
A criminal record and debt from fines would make it even more difficult for a homeless person to find housing, says Ed Johnson of the Oregon Law Center.
But many cities don't have
enough permanent housing to offer.
Grants pass could use about 4,000 more housing units, while the national
"deficit is in the millions," NPR reports.
The shortage has caused rents to skyrocket, which is a main driver of homelessness
Credit: Wibbitz Top Stories Duration: 01:31Published
This Day in History:, The Great San Francisco Earthquake.
April 18, 1906.
At 5:13 a.m., an earthquake
struck offshore of San Fransisco,
a city with a population of 400,000 at the time.
The quake was felt from
southern Oregon to Los Angeles,
and ruptured 296 miles of the San Andreas fault.
Destroying San Francisco's water mains,
the quake ignited massive, devastating
fires all over the city that could not be combated.
The fires burned for days,
resulting in the deaths of more than
3,000 people and destroying more than 28,000 buildings.
More than half of the city was
left homeless by the disaster.
Damages were estimated to close to $15 billion in
today's dollars. The recovery and rebuild allowed city
planners to make great improvements to San Francisco
Credit: Wibbitz Top Stories Duration: 00:57Published
Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.
Biden Administration to Invest $8.5 Billion , in Intel’s Computer Chip Plants.
In addition to $8.5 billion in direct funding, $11 billion will be provided in loans.
The money will come from
the CHIPS and Science Act.
The funds will go toward "computer chip
plants in Arizona, Ohio, New Mexico
and Oregon," CBS News reports. .
According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.
According to Intel, the new funding and other investments will create a total of 30,000 jobs in manufacturing and construction.
The deal will help the U.S. to produce 20%
of the most advanced computer chips
in the world by 2030, according to
Commerce Secretary Gina Raimondo.
Failure is not an option — leading-edge
chips are the core of our innovation
system, especially when it comes
to advances in artificial intelligence
and our military systems, Commerce Secretary Gina Raimondo, on a call with reporters.
We can't just design chips.
We have to make them in America, Commerce Secretary Gina Raimondo, on a call with reporters.
Biden's funding announcement comes
amid a heated presidential campaign.
Administration officials want to get chip technology funding
"out the door as quickly as possible so that the Biden campaign can point to concrete progress on one of the
White House's signature programs," analysts say.
Intel CEO Pat Gelsinger called the
CHIPS Act "the most critical industrial
policy legislation since World War II.".
We think of this as a defining
moment for the United States, the
semiconductor industry and for Intel, Intel CEO Pat Gelsinger, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Announces $5 Billion , in New Infrastructure Projects.
President Biden visited Superior, Wisconsin, on Jan. 25, CBS News reports. .
While there, he revealed an investment of nearly $5 billion..
Credit: Wibbitz Top Stories Duration: 01:30Published
![Some US Weapon Shipments to Israel Continue Amid Invasion of Rafah [Video]](https://video.newsserve.net/300/v/20240510/1375186170-Some-US-Weapon-Shipments-to-Israel-Continue-Amid.jpg)
![Netanyahu's Unsettling War Cry: 'Will Fight With Our Fingernails' As Biden Halts U.S. Bomb Shipments [Video]](https://video.newsserve.net/300/v/20240510/1375144056-Netanyahu-Unsettling-War-Cry-Will-Fight.jpg)
![Key Federal Reserve Inflation Gauge Rose 2.8% in March [Video]](https://video.newsserve.net/300/v/20240426/1373828506-Key-Federal-Reserve-Inflation-Gauge-Rose.jpg)
![Netflix Exceeds Earnings Estimates As Subscribers Increase [Video]](https://video.newsserve.net/300/v/20240419/1373185500-Netflix-Exceeds-Earnings-Estimates-As-Subscribers-Increase.jpg)
![Google Fires Employees for Protesting Israel Contract [Video]](https://video.newsserve.net/300/v/20240418/1373009054-Google-Fires-Employees-for-Protesting-Israel-Contract.jpg)
![Amazon Cuts Hundreds of Cloud Computing Jobs [Video]](https://video.newsserve.net/300/v/20240404/1371853546-Amazon-Cuts-Hundreds-of-Cloud-Computing-Jobs.jpg)
![UPS to Become US Postal Service’s Main Air Cargo Provider [Video]](https://video.newsserve.net/300/v/20240401/1371541974-UPS-to-Become-US-Postal-Service-Main.jpg)
![Biden Wants to Increase Tariffs on Chinese Steel and Aluminum Imports [Video]](https://video.newsserve.net/300/v/20240417/1372899604-Biden-Wants-to-Increase-Tariffs-on-Chinese-Steel.jpg)
![March Retail Sales Exceeded Expectations [Video]](https://video.newsserve.net/300/v/20240416/1372826444-March-Retail-Sales-Exceeded-Expectations.jpg)
![Supreme Court Considers Letting Cities Punish Homeless for Sleeping Outside [Video]](https://video.newsserve.net/300/v/20240422/1373460088-Supreme-Court-Considers-Letting-Cities-Punish-Homeless-for.jpg)
![This Day in History: The Great San Francisco Earthquake [Video]](https://video.newsserve.net/300/v/20240418/1372987608-This-Day-in-History-The-Great-San-Francisco.jpg)
![Biden Administration to Invest $8.5 Billion in Intel’s Computer Chip Plants [Video]](https://video.newsserve.net/300/v/20240321/1370081630-Biden-Administration-to-Invest-Billion-in.jpg)
![Biden Announces $5 Billion in New Infrastructure Projects [Video]](https://video.newsserve.net/300/v/20240125/1364231442-Biden-Announces-Billion-in-New-Infrastructure-Projects.jpg)
