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Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

Germany shuts down Intel's hiked subsidies demand for chip plant

  • By Al Mayadeen English
  • Source: The Financial Times
  • 11 Jun 2023 11:40
3 Min Read

Berlian says the government's budget is not sufficient to increase expenses.

  • x
  • Germany shuts down Intel's hiked subsidies demand for chip plant
    American tech giant Intel's (INTC.O) campus in Santa Clara, California (AFP)

Germany declined higher subsidies demanded by American tech giant Intel (INTC.O) that were requested to establish a semiconductor production plant in the European country, the Financial Times reported on Sunday.

Germany's Finance Minister Christian Lindner said that the government does not have the funds to finance such an inquiry, stressing that Berlin aims to reduce its spending and not spread it.

In November, Germany's inflation stood at around 11.3% running high at its fastest pace since the early 1950s as Europe's largest economy has seen painful backfire from Western sanctions on Russia - EU's main energy supplier for decades.

Read more: Macron slams IRA subsidies on first day of state visit to Washington

Cutting off Russian gas resulted in a record surge in energy prices in Europe, leading to major manufacturing plants to either halt production or close factories altogether and relocate to other countries, mainly the United States and China - raising major concerns over a de-industrialization trend in the continent.

The minister's comments came in response to a request made by Intel for the German government to approve a 17-billion-euro ($18-billion) subsidy to build its chip factory. "There is no more money available in the budget," Lindner said in an interview according to FT.

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"We are trying to consolidate the budget right now, not expand it."

While the US chip producer was scheduled to receive 6.8 billion euros in backing from the government for its plant, higher energy and construction costs made Intel demand 10 billion euros to compensate for the rising expenses, the newspaper added.

Read more: EU slams US over war-accumulated wealth: Politico

The company announced in 2022 that it decided to construct a chip-making complex in Germany's Magdeburg city as part of a plan to invest $88 billion into the industry across Europe.

Construction was planned to begin sometime during the first half of 2023 and was expected to be fully operational by 2027.

However, in December 2022, the US conglomerate said that it could no longer commit to the announced dates as the market was going through a "difficult [...] situation" amid increased costs and called for a hike in subsidies. Investment costs could increase by three-fold down the line, the company said then.

According to Intel, the project would boost the entire production process, intensifying research of new technologies and upping the manufacturing and packaging of semiconductors.

  • Chips industry
  • Germany
  • Berlin
  • semiconductors
  • Christian Lindner

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