The free time, but still very much alive. Your guy to the special sauce in germany recognizes where exactly it was fun. Learn a lot of our culture history. All their travel extremely worth a visit. The, the Worlds Largest ship maker agrees to a new foundry for advance any conductors in germany. Its welcome news for both berlin and the european union, which is worried about falling behind the us and china and the global race projects. Also on our show, italys cabinet surprises banks with they proposed winful tax on profit. But look at whats behind the move and its 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. Im Stephen Beardsley in berlin right here. The Worlds 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 is 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, 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, theyll 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 their Big Questions around the giving of so much subsidies to build these boundaries. This is 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 theres a big question of, of whether 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 Semi Conductors. Youre 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 its 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, its the world meter of force and conductors. Weve seen what a crunch and Semi Conductors can mean for burgeoning technology. Is this not a supply issue . And we look at also on a new level of why theres so many subsidies for this. Yes, i mean the, you share of the global Semi Conductor market has decreased dramatically over the last decade. Its 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 isnt necessarily coordinated with the u. S. Investments. And again, its, its 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. 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 doesnt have quite as deep pockets. And then the small countries being finland be at the baltics. They dont 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 unite your. All right, thats Bill Erickson at the center for european policy analysis. Thank you very much, bill. Thank you. In staying in europe, italys 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. 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. Youre welcome to the show. It only isnt the only country thats looked at siphoning, what it costs excess profits from its banks. Can we say whats behind this movement . You reasoning that is provided by the attorney government is that theres a winding gap between the, the Interest Rates charged by bags to the bar us 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 . Weve heard this complaint across europe. Is it true that in this case its 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 its really discretionary. So its not a point of time which no one expects it in which i know what im 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 italys lead in this case . So the discussion on the seemingly on what is called access problem is its, its got to be seen in different countries, multiple different industries. Its not only the case for banks on the case, but its also important on 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 kind of that is taking place, but as i said, its 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 now that the reaction uh, install prices on the receipts itself, were talking things. But we also see actually drops and stock prices across the dining site to do these governments maybe have a points that actually, that has been such a divide between his Interest Rates that banks have actually been doing well. A briefly, if you could yeah. This one does whitening. Yeah. And its all this as bother me. Your question. Im sorry, he said you was competition rather than the with tech savvy measures. So this means indeed the test, im 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. And they should probably talk about the, the competition problems that come on the right 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. Its an open out of some of the other Global Business stories making headlines. Toshiba has announced the 14000000000. 00 buyouts once a symbol of japans 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 its gone, private moodys, its got the Credit Ratings of several small to miss mid sized us banks. The agency warning that some of the nations biggest lenders could also be downgraded and warning, but the sectors credit string will be tested by funding risks and weaker profitability. Paypal has launched a stable coined digital currency. This backed by the us dollar. The debut of paypal usd comes as the crypto 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. Its already the biggest bruiser of wind power in the us and its well on its way to claiming that total for solar energy to 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 brings to no other place in the us as 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 world in the past. Those large blue areas landscapes, 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 thats no more. This is michael tickets were meeting the grandson of american business. Magnolia t bu. Picking saved. Its texas just east of south. Michael is active in a group of land owners who post a Renewable Energy project in the account. Hes 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 cost system here is devastating. Yeah, its a business has capitalism. And its maximizing profit, but you know, for us that live over here. You know, what, 4th, 5th generation texan, im use my home. Michael says he and his friends that many of his neighbors will continue to push against what they deem is the wrong place for a solar panel form very well. Our 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, but in terms 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. Theres 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 regulation, preparation, and solutions for the future. All right, and is there a motive or top business story . Were following for you a time when hes 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. Alright, thats it for our show. Find out more online dot com slash business. Were also on youtube or the deed of the news channel. The eco africa while us we can focusing on Energy Nutrition and education tunisia names to make it schools more sustainable and better equipped. The mock to our boarding school is leading the way run like a small business. It is self sufficient and you can automatically successful. The young indigenous woman went missing in fargo, and many of us were forced to search for her. We didnt want to waste time convincing Law Enforcement that we are assuming one faithful story among many Indigenous Women in the us. Rates and listening with the trees. Bring in 45 d, w, the letters to us. Thats why we listen to their stories. Reporter every weekend dw, the Climate Change is transforming a wild closing gust of question over societies and bonds and long standing practices to adopt well need to do, i think well
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