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 and 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. with that joint venture of a german government will guarantee the project with up to 5000000000 euros in line with new e u roles that loose and say subsidies for chip projects. a t s m c says the new facility will 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 they're big questions around the giving of so much subsidies to build these foundries 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 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, anyone say this is, this is an issue about supply, correct? um, even though this is not a european company coming in, it's the world meter, a force and conductors, we've seen what a crunch and send me conductors can mean for burgeoning technology. is this not a supply issue? and we look at also on a new level of 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 u. s. investments. and again, it's, it's producing chips, but 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. and other dividing quantities, 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? 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 trip plants. 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 europe and 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. it says removal,

re distribute 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 time. parliament criticism has grown across europe and recent months. the banks were not passing along higher interest rates to customer deposits. countries such as spain and hungry have already imposed similar winful taxes on the sector tale and bank shares dropped up to 8 percent in tuesday, trading gall call as president of the european school of management and technology in berlin. you're welcome to the show. it really isn't the only country that's looked at siphoning, what it costs excess profits from its banks. can we say what's behind this movement? you're reasoning that is provided by the attorney government is that that's why the gap between the the interest rates shot by banks to the bar us and the interest space paid by bass to betty,

call the task. and this is used as the rationale for employee. 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? or i think overall this decision is a very difficult one and also a dangerous one because is really discretionary. so it's not a part of the time which no one expects it in which i know what i'm careful see as, as long lasting effects on the reliability. also the trust 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 seemingly on what is called excess process, it's a discussion we see in different countries multiple different industries. it's not only the case for bass on the case, but it's also 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 is a, this cost that 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 receipts itself, we're talking things, but we also see actually drops and stock prices across the entire site. to do these

governments maybe have a points that actually there has been such a divide between these interest rates. the banks have actually been doing well a briefly, if you could yeah, this is dustin, i'm on this whitening. yeah. and it's all this as bother me. your question, i'm sorry to said you was competition rather than the with a tech savvy measure. so this means that if indeed the test, i'm sorry, your competition, all right, is 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. then they should probably talk about the, the competition problems that come on that arise from such an action. but they should not do this in a technical way. all right, eric, well quote is present of the european 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 mired in turmoil, including a profit patting scandal, experts expect the conglomerate to put some of its units for sale. once it's gone private moody's, 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 as paypal, as long as the stable coined digital currency of us 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. well, the 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 tougher solar energy to but not everyone is

a fan or puerto medic campaign or fiercely opposed the plans to build a mass of solar farm near his families land, everything is bigger in texas, they say no doubt when it comes to renewable clean energy. this springs to 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 or 2 areas landscapes go 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 panel projects all over the state. but that's no more. this is michael tickets were meeting the grandson of american business magnate t bu. 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 account. he's taking us on

a little tour to show us that a massive solar farm here is a bad id, mostly whitland and then sleep force that area, the impact on the environment of the bio and the cost system here is devastating. yeah, it's a business, it's capitalism. and it's maximizing profit, but you know, for us that level over here you know, what 4th, 5th generation texan, i'm 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. not only in terms of energy production, but in terms where almost the economy in its growth. 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 sense of over and regulations preparation and solutions for the future. all right, and is there a motive or top business story we're following for you a tie when he's 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 and, and attracting chip makers. all right, that's it for our show. find out more online dot com slash business. we're also on youtube or the deed of the news channels. thanks. a lot of

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august 25th on dw, the is dw news lie from dallas, west african nations, and the us search news, as who and to restore a civilian rule. before a key summit on the 1st day talks with at the top us official failed to reach an agreement to put presidents of 100, but soon back in office. also coming up lead us from a south american countries.