a look at what's behind the move and it's blessed with plenty of sun and wind. so why is the us state of texas increasingly opposed to renewable energy projects? hello, and welcome to our show. i'm stephen beardsley in berlin right here. the world's largest producer of semi conductors has agreed to the terms of a new fabrication plan in the german city of tristan, the time when he's from t us m. c, announcing it will invest 3800000000 euros. the facility with german companies, bosh, and infinity. on and dutch firm and x p, each holding another 10 percent. the joint venture of a german government will guarantee the project with up to 5000000000 euros in line with new e u roles that loosen sate subsidies for chip projects. a t s m c. so as the new facility would create around 2000 jobs, construction will begin in the 2nd half of 2024, with production slated to begin in 2027. right,

bill erickson is a senior fellow at the center for european policy analysis. he joins us from finland, they'll walk into the show, help us put this deal into perspective. how important is uh such a foundry uh for germany to so i think it is very important and their big questions around the giving of so much subsidies to build these boundaries business . not the 1st one. intel is also building a foundry for multiple billions of yours, and a lot of that money is coming from the german government. so there's a big question of, of whether state money should be going to build these boundaries which are or building not perhaps what your needs most, which are, these are the most advanced semi conductors. you're probably needs less semi conductor expertise, or, or the most advanced ones. but more for the car industry and so forth, the basic chips and at the same time probably should be spending its money on

something else other than these very expensive boundaries. it should be spending it on it's sprints which are in imaging and chemicals needed in a semi conductor chain. so i think big questions at the same time, many with is this, this is an issue about supply, correct? um, even though this is not a european company coming in, it's the world leader of force and conductors. we've seen what a crunch and send me conductors can mean for budgeting. technology is this not a supply issue? and we look at also on an e, you level a why, there's so many subsidies for this? yes, i mean the, you share of the global semi conductor market has decreased dramatically over the last decade. it's down to around 10 percent. and the goal is to get it up to 20 percent, but the united states is also boring. billions of euro is into subsidies. uh, this investment isn't necessarily coordinated with the us investments. and again, it's, it's producing chips that there really are not that many consumers for here in europe . so the money could probably be better spent elsewhere in it,

trying to achieve that sort of strategic or autonomy and resilience. another dividing quantity subsidies and for some countries can afford the more than others could this create more division retention within europe? if we see a germany with the pockets compared to other countries are exactly, it has created tensions in europe because germany does have what you say. but the deep pockets of france wants to have some of these boundaries too. and it doesn't have quite as deep pockets. and then the small countries being finland be at the baltics. they don't have the funds to give a way to build and subsidize such a chip plant. so i think there is, this is something that is going to divide europe rather than necessarily united. you're all right, that's bill erickson at the center for european policy analysis. thank you very much, bill. thank you. this thing in europe, italy's government has agreed to hit banks there with a 40 percent winful tax for this year. oh, it says removal,

redistribute excessive gains, that lenders made from higher interest rates in order to help public finances as well as mortgage holders of the tax, which again is only for 2023 months still past due telling parliament criticism has grown across europe in recent months the banks were not passing along higher interest rates to customer deposits. countries such as spain and hungry have already imposed similar when full taxes on the sector. battalion bank shares dropped up to 8 percent and tuesday, trading. wall call is president of the european school of management and technology in berlin. you're welcome to the show. it only isn't the only country that's looked at siphoning. would it cost excess profits from its banks? can we say what's behind this movement? efficient reasoning that is provided by the attorney government is that there's a winding gap between the the interest rates charged by banks to the borrower, and the interest base paid by bass to get all the tests. and this is used as the

rationale for the following. this task is does that make sense when we look at how deposit rates have actually developed over the past few months? we've heard this complaint across europe. is it true that in this case it's lagging in many cases, or is it making slow progress? i think overall this decision is a very difficult one and also a dangerous one because it's really discretionary. so it's not a point of the time which no one expects it in which i know what i'm careful seat at this as long lasting effects on the reliability. also the process that invest us shall this have in government actions. and therefore, they may always say that something like this may help them again. is this something that we could see happening in other countries? could they try and follow it was italy's lead in this case?

so the discussion on the seemingly on what is called excess profits it's, it's got to be seen in different countries, multiple different industries. it's not only the case for bass, it's on the case, but it's also important on the case, the discussions that we see for utilities companies, for example, in germany, and also as we see a full bass in the country. so this cost is taking place. but as i said, it's a dangerous one, getting the reliability that investors need to have in terms of what actually constitutes a tax payment. and also the difficulty is imposing in terms of what is going to happen in the future. so therefore, it needs to be discussed very carefully and we see the reaction in stock prices on the repeats itself. we're talking things, but we also see actually drops and stock prices across the whole united site. to do

these governments maybe have a points that actually, that has been such a divide between these interest rates. the banks have actually been doing well a briefly, if you could yeah. this discussion, i'm on this. why don't you go about it? so this doesn't bother me, your question. i'm sorry, he said you was competition robin with a tech savvy mattress. so this means indeed the tax, i'm sorry, your competition offering has come to the conclusion that there is, in fact a willingness by bass to pass on a high interest rates to, to the positive, very nice. and they should probably talk about the, the competition problems that come on that arise from such an action. but they should not do this and it takes a little way. all right, eric, well, fall is present of the european at school of management and technology in berlin. thank you. thank you. and over now to some of the other global business stories, making headlines. toshiba has an out the $14000000000.00 buyouts, once

a symbol of japan's economic might. the 147 year old firm has been wired in turmoil, including a profit patting scandal, experts expect the conglomerate to put some of its units for sale. once it's gone private movies, it's got the credit ratings of several small to miss mid sized us banks. the agency warning that some of the nation's biggest lenders could also be downgraded and warning that the sectors credit strength will be tested by funding risks and weaker profitability. the paypal as long as the staple coined digital currency this back by the us dollar. the debut of paypal, usb comes as the crystal currency industry, faces hard times, trouble by the meltdown of f t x. and the growing number of legal cases against the branches. biggest exchanges with us, state of texas has become something of a poster child for clean energy projects. it's already the biggest bruiser of wind power in the us and it's well on its way to claiming that's harder for solar energy to not everyone is a fan or porter met

a campaign or fiercely opposed the plans to build a massive solar farm your, his families land, everything is bigger in texas, they say no doubt when it comes to renewable clean energy. this brings true. no other place in the u. s. has more wind and solar energy plans and projects in the so called lone star state. so far so good bucks is about what makes texas interesting is 95 percent of the land in texas is privately owned. 83 percent of that land is work in the past. those one are true areas. landscapes, huge privately owned farms and cattle ranches for which texas is also famous for gave way for more and more equally massive wind turbine and solar panels projects all over the state. but that's no more. this is michael tickets were meeting the grandson of american business mag 90 boom. picking some dice, texas just east of south. michael is active and a group of land owners who post a renewable energy project in the county. he's taking us on

a little tour to show us that a massive solar farm here is a bad idea, mostly whitland and densely forest and area. the impact on the environment of the bio and the coast system here is devastating. yeah, it's a business, it's capitalism. and it's maximizing profit, but you know, for us that live over here, you know, what, 4th, 5th generation tax and use my home. michael says he and his friends and many of his neighbors will continue to push against what they deemed is the wrong place for a solar panel from berry san angelo in the west, texas. around here, the sun is almost always shining. the town has space, a lot of space. large solar and wind energy projects makes sense here. solar present, some really, really important advantages. 3 big solar projects brought in investment of $800000000.00 into the account. for things are back to like pickens, you know,

take it somewhere in san angelo. there's a whole bunch of flat, treeless homeless land up all over the panhandle. you can put a lot of solar despite the bleak reality of ongoing and increase of the fights and legal battles between preservationist landowners and the renewable energy industry . many here on the fence of moving and regulations preparation and solutions for the future. all right, and is their motive or top business story? we're following for you a time when a semi conductor giants, yes mc has given the green lights to a new factory in germany. berlin is expected to pay up to 5000000000 euros and subsidies, in line with new e rules aimed at attracting chip makers. alright, that's it for our show. find out more online, the w dot com slash business. we're also on youtube or the deed of the news channels. thanks a lot of the

so punch and has plenty of space. no ford f 150 lightning is a battery, electric horse power monster. we take a look under the roof of this giant b, b. and live up to us legendary gas powered cousin. read the on the w. then we've been calling this great for investigating the theme, the fees. everyone here just wants to get into bit calling because they are known as bit queen arrows. investors from all over are moving to latin america in search of been going treasure. nowhere is the crypto currency value more highly than here . the coin in latin america starts august 18th on d. w. it might seem easy. how much can

we do simultaneously? multitasking these, the modern met because if we do too much at one video, wrong mess things up, risking brain damage. so let's stop this self sabotage, humans and multitasking watch. now, on youtube, v. w documentary, the frankfurt hodge international gateway to the best connection, south road and radio. located in the heart of europe, you are connected to the world experience outstanding shopping and dining offers, enjoying our services, be our guest at frankfurt. airport city managed by front bought

the best is the, the news live from balance west africa nations. and the us urge these as one to restore a civilian rule before a key. some is on the 1st day. thoughts with the top us official failed to reach an agreement to put present, wanted resumed back in the office. also coming up, lead us from 8 south american countries, hold a summit to this.