The European Union has agreed a 43-billion-euro ($47 billion) plan to boost its semiconductor industry to try to catch up with the U.S. and Asia.
The EU Chips Act aims to double the bloc's global chip output to 20% by 2030.Florence Lo | Reuters
The European Union has agreed a 43-billion-euro plan to boost its semiconductor industry to try to catch up with the United States and Asia, EU industry chief Thierry Breton said on Tuesday. The European Commission, EU countries and EU lawmakers had been negotiating on the final details of the Chips Act in Strasbourg, eastern France, since 7 a.m. .Reuters reported on April 5 a deal was imminent this week.
The Chips Act aims to double the bloc's share of global chip output to 20%by 2030 and comes after the United States announced its CHIPS for America Act to compete with Chinese technology. While the Commission had originally proposed funding only cutting-edge chip plants, EU governments and lawmakers have widened the scope to cover the whole value chain, including older chips and research and design facilities."The EU Chips Act will crowd-in investments to where they are most needed – in manufacturing capabilities, skills, and R&D.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BART approves fare gate replacement projectBART stations will soon feature new fare gates intended to prevent fare evasion after the transit agency's governing board unanimously approved a $47 million contract on Thursday.
Read more »
Talking points from European soccerTalking points from the weekend in European soccer leagues:
Read more »
TrustNordisk Sells Psychological Drama ‘Copenhagen Does Not Exist’ to Three European Territories (EXCLUSIVE)TrustNordisk has sold Martin Skovbjerg’s psychological drama “Copenhagen Does Not Exist” to three European territories. The screenplay, based on the novel “Sander” by Terje Holtet Larsen, is writte…
Read more »
US tax breaks lure European clean tech companies as EU lagsNorwegian battery startup Freyr is planning its next factory in an Atlanta suburb because a new U.S. clean energy law offers generous tax credits for local production. Across Europe, companies seeking to invest in the green energy boom ranging from batteries to solar panels are making similar calculations. They're weighing up the U.S. Inflation Reduction Act’s $375 billion in benefits for renewable industries against Europe's fragmented response. Executives hail the U.S. program’s simplicity. Some complain that a plan from the 27-nation European Union is underwhelming, confusing and bureaucratic, putting Europe at risk of falling behind in the green energy transition.
Read more »
European shares edge higher ahead of more Wall St earningsEuropean shares inched up on Monday as investors remained optimistic about U.S. corporate earnings this week, while awaiting more economic data to assess the health of euro zone economies.
Read more »