Hey folks, welcome to this week's rundown of the top news.
[Semiconductors] Intel Corp. pledged to invest 17 billion euros ($18.7 billion) to build a cutting-edge semiconductor production site in Germany, marking the beginning of Europe’s ambitious attempt to lure global chipmakers back to the region.
Over60: Bloomberg
[Economy] The Federal Reserve raised interest rates by a quarter percentage point and signaled hikes at all six remaining meetings this year, launching a campaign to tackle the fastest inflation in four decades even as risks to economic growth mount. Policymakers led by Chair Jerome Powell voted 8-1 to lift their key rate to a target range of 0.25% to 0.5%, the first increase since 2018, after two years of holding borrowing costs near zero to insulate the economy from the pandemic.
Over60: Bloomberg
[Commodities] Ukraine's two leading suppliers of neon, which produce about half the world's supply of the key ingredient for making chips, have halted their operations as Moscow has sharpened its attack on the country, threatening to raise prices and aggravate the semiconductor shortage. Some 45% to 54% of the world's semiconductor-grade neon, critical for the lasers used to make chips, comes from two Ukrainian companies, Ingas and Cryoin.
Over60: Reuters
[Sports] Ken Griffin has teamed up with the owners of the Chicago Cubs for a takeover bid of English soccer’s Chelsea Football Club. It’s the latest offer for Chelsea to come forward ahead of a Friday deadline. The club is being sold by Roman Abramovich in the wake of Russia’s invasion of Ukraine and intense scrutiny of his ties to President Vladimir Putin. The sale of one of Europe’s most successful teams has sparked interest from more than 20 potential bidders.
Over60: Bloomberg