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tv   Business - News  Deutsche Welle  August 9, 2023 8:15am-8:30am CEST

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station by 2030, but no such agreement has been made. the summit continues on wednesday, late as hope that showing a united front will give them more leverage on the global stage as the world heads towards the cop 28 climate summits in there. then you're watching dw news up next, the world's biggest chip maker says it will build a factory here in germany. steven beardsley has the details on the w business. i'm terry martin. thanks for watching the, enjoying the views and come to take a look at this. our tv highlights every week in your inbox, subscribe now become a criminal, pretty clinic,
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ready to sugars, paralyze between your societies, computers and governments that go crazy for your data. explain how these technologies work. so that's how they can also watch it. now, the, the world's largest chip maker agrees to a new foundry for advance any conductors in germany. it's welcome news for both berlin and the european union, which is worried about falling behind the us and china and the global race for chips also wanna so anyways, cabinet surprises, banks,
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what they proposed when fall tax on prophets. we look at what's behind the move and it's less 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 with that joint venture. and the german government will guarantee the project with up to 5000000000 euros in line with new e u roles that losing states subsidies for chip projects. a t s m c says the new facility recreate around 2000 jobs. construction will begin in the 2nd half of 2024,
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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 to help us put the steel into perspective. how important is such a foundry 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 boundaries. business not for 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 a weathered state money should be going to build these boundaries which are, are building not perhaps what your needs most, which are. these are the most advanced somebody, conductors, you're probably needs less semi conductor expertise or, or at the most advanced ones, but more for the car industry. and so for the basic chips and at the same time
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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 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 reporting 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 that there really are not that many consumers for here in europe
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. 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 disagree 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 european policy analysis. thank you very much, bill. thank you. in staying in europe,
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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 a tax, which again is only for 2023 months still past due. tell him, 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 winful taxes. on the sector battalion bank shares dropped up to 8 percent in 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, what it costs excess profits from its banks. can we say what's behind this movement? the reasoning that is provided by the attorney government is that there's a winding gap between the the interest rates saw by bags to the bar and the
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interest base paid by bass to the task. 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? 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 can see happening in other countries?
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could they try and follow it was italy's lead in this case? so the discussion on seemingly on what is called access process, it's a discussion to be seen in different countries, multiple different industries. it's not only the case for banks on the case, but it's also the case, the discussions that we see for the 2 of these 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 $1.00, 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 where we also see actually drops and stock prices across the
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entire site. so these governments maybe have a points that actually, that has been such a divide between these interest rates that banks have actually been doing well. a briefly, if you could yeah, this one does, why don't you get the box? it's all this as bother me. your question. i'm sorry, he said you was competition rather than the with tech savvy measures. so this means indeed the test, i'm sorry, your competition offering has come to the conclusion that there is, in fact a willingness by bass to pass on 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, well cool. cool is present of the european school of management and technology in berlin. thank you. thank you. it's an open out of some of the other global business
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stories making headlines. toshiba has announced 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 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. paypal as long as the staple coined digital currency. this backed by the us dollar. the debut of paypal usd comes as the crypto currency industry, faces hard times troubled 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 is already the biggest producer of wind power in the us and it's well on its way to cleaning that's harder for solar energy
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to but not everyone is a fan. our 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 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 are true areas. landscapes go huge privately own 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 mag 90 boom. picking saved. it's texas just east of south. michael is active in a group of land owners who post
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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 texan, i'm use my home. michael says he and his friends, many of his neighbors will continue to push against what they deem is the wrong place for a solar panel fall period. in san angelo in 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,
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but in terms where i'm of the economy in its growth. 3 big solar projects brought an 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 movement and regulations, preparation, and solutions for the future. all right, here's your motor top business story. we're following for you a time 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 e,
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w dot com slash business. we're also on youtube or the deed of the news channels. thanks a lot of the in good shape. it's silver so tiles. so individual, so beautiful. but what if it's suddenly falls out? our hair is hair grow anyway. how can you take care of it? and how can avoid hair loss, and what about women they have been fighting the hunter and be and more since the military coups, in 2021 the chance one to over through the military region. the christian minority 6 to defend its territory. and stand up for its democratic
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