South Korea Wants More Incentives to Stay in Global Chip Race
source link: https://finance.yahoo.com/news/south-korea-wants-more-incentives-024115207.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
South Korea Wants More Incentives to Stay in Global Chip Race
(Bloomberg) -- South Korean President Yoon Suk Yeol ordered his government to devise stronger incentives to drive its chip industry, accusing opposition lawmakers of impeding that critical effort as other countries spend billions on semiconductor policy support.
Most Read from Bloomberg
In a strongly worded statement, Yoon blasted a bill passed on Dec. 23 with a smaller-than-envisioned tax cut for corporates. It called for a tax break of 8% for big companies, falling shy of the 20% that a special committee of experts had previously recommended.
Yoon’s government has come under fire for coming up short on support for Korea’s crucial chip industry at a time China, the US and Japan are spending billions. While Korea has produced chip leaders from Samsung Electronics Co. to SK Hynix Inc., concern is growing Korea might eventually lose its edge, particularly in newer arena such as logic chipmaking.
Led by independent lawmaker Yang Hyang-ja, a former Samsung executive, the so-called “K-Chips” bill included fast-track approval programs and tax breaks. But it was “regrettable” that it passed with a far smaller tax cut than expected, and without sufficient discussion, Yoon said in a statement.
“The corporate tax cut to enhance the global competitiveness and expand investment of companies was not fully reflected as the opposition party hobbled the move with its majority of seats,” he said.
“I urge the finance ministry to actively consider measures to further expand tax support for national strategic industries such as semiconductors in discussions with related ministries.”
--With assistance from Sangmi Cha.
Most Read from Bloomberg Businessweek
©2023 Bloomberg L.P.
- Bloomberg
Brazil Markets Sink as Traders Mull Lula’s Plan to Beef Up State
(Bloomberg) -- Brazilian assets tumbled on the first session of 2023 as traders digested plans by President Luiz Inacio Lula da Silva to use state-owned companies to drive economic growth.Most Read from BloombergElon Musk Becomes First Person Ever to Lose $200 BillionUkraine Latest: Strike Kills 63 Russian Troops in Occupied TownXi Warns of Tough Covid Fight, Acknowledges Divisions in ChinaGemini’s Cameron Winklevoss Slams Crypto Exec Barry Silbert Over Frozen FundsPetrobras slumped as much as 6
5h ago - 13h ago
- WFTS-Tampa
All eyes on Florida for second Inauguration of Governor Ron DeSantis
All eyes will be on Florida Tuesday as Governor Ron DeSantis swears in for his second term to lead the sunshine state. “It takes on an extra edge this year because, obviously, DeSantis has already been talked about as a potential candidate for the 2024 presidential race. So everybody's going to be focused on his message,” explained ABC Action News Political Analyst Susan MacManus. She added that DeSantis’ previous diversion from questions of a presidential run could all be part of a strategy.
2h ago - The Independent
Putin accused of using same woman in multiple photo-ops
‘He’s as fake as the value of the Ruble,’ one journalist wrote
7h ago - The Wall Street Journal
Big Banks Predict Recession, Fed Pivot in 2023
More than two-thirds of economists at 23 major financial institutions expect the U.S. to have an economic downturn this year.
16h ago - Bloomberg
Ukraine Latest: Strike Kills 63 Russian Troops in Occupied Town
(Bloomberg) -- A Ukrainian strike on a Russian military facility in the occupied eastern town of Makiyivka killed 63 troops being housed there, Russia’s defense ministry said, making it one of the deadliest losses acknowledged by Moscow. Most Read from BloombergElon Musk Becomes First Person Ever to Lose $200 BillionUkraine Latest: Strike Kills 63 Russian Troops in Occupied TownXi Warns of Tough Covid Fight, Acknowledges Divisions in ChinaGemini’s Cameron Winklevoss Slams Crypto Exec Barry Silbe
6h ago - Reuters
Anger in Russia as scores of troops killed in one of Ukraine war's deadliest strikes
Russia acknowledged on Monday that scores of its troops were killed in one of the Ukraine war's deadliest strikes, drawing demands from Russian nationalist bloggers for commanders to be punished for housing soldiers alongside an ammunition dump. Russia's defence ministry said 63 soldiers had died in the fiery blast which destroyed a temporary barracks in a former vocational college in Makiivka, twin city of the Russian-occupied regional capital of Donetsk in eastern Ukraine. Kyiv said the Russian death toll was in the hundreds, though pro-Russian officials called this an exaggeration.
1d ago - The Daily Beast
Bolsonaro Flees Brazil to Hide Out in Home of MMA Fighter in Florida
EVARISTO SA/AFP via Getty ImagesAfter a contentious presidential race—seen by most as Brazil’s most consequential election in decades—the country’s former far-right president, Jair Bolsonaro, opted to take an unconventional route to get out of attending incoming President Luiz Inácio Lula de Silva’s inauguration: Fleeing the country.Bolsonaro faced extreme heat in recent years after his COVID denialism cost the country thousands of lives. Bolsonaro undermined efforts from medical and government
1d ago - Bloomberg
China’s Economy Ends Year in Slump as Covid Infections Surge
(Bloomberg) -- China’s economy ended the year in a major slump as business and consumer spending plunged in December, with more disruption likely in the first few months of the year as Covid infections surge across the country.Most Read from BloombergElon Musk Becomes First Person Ever to Lose $200 BillionUkraine Latest: Strike Kills 63 Russian Troops in Occupied TownXi Warns of Tough Covid Fight, Acknowledges Divisions in ChinaGemini’s Cameron Winklevoss Slams Crypto Exec Barry Silbert Over Fro
1h ago - Reuters
Israeli forces kill two Palestinian gunmen in West Bank clash
KAFR-DAN, West Bank (Reuters) -Israeli forces killed two Palestinian militants during clashes near the occupied West Bank city of Jenin on Monday that were set off when the army came to demolish the homes of two slain gunmen, Palestinian sources said. The fatalities in Kafr-Dan village were the first for Palestinians since Israeli Prime Minister Benjamin Netanyahu retook office last week at the head of a hard-right coalition. The Israeli army confirmed carrying out the raid to raze the homes of two Palestinians who killed one of its commanders in the West Bank last year before they were shot dead.
1d ago - Politico
‘We better watch out’: NASA boss sounds alarm on Chinese moon ambitions
In an interview with POLITICO, Bill Nelson expressed confidence the U.S. can win the moon race. But he warned there is little time to lose.
2d ago - AZCentral | The Arizona Republic
Gov. Katie Hobbs is sworn in while hiding from reporters
Katie Hobbs became governor at 10 a.m. on Monday and barred reporters from the event. Not a great start.
6h ago - The Telegraph
Putin kickstarts de-industrialisation of Europe's factories
In Germany’s western industrial heartlands is BASF’s main Ludwigshafen facility, a sprawling complex that guzzles roughly as much gas as the whole of Switzerland.
2d ago - Ukrayinska Pravda
If Putin saves face, it will be the last nail in the coffin of postwar order Polish Ambassador to UN
Krzysztof Szczerski, Poland's Ambassador to the United Nations, believes that Western attempts to allow the Russian President to save face will completely kill off the international order that was established after World War II.
14h ago - Bloomberg
Israel Kicks Off Year by Hiking Rates to Highest Since 2008
(Bloomberg) -- Most Read from BloombergElon Musk Becomes First Person Ever to Lose $200 BillionUkraine Latest: Strike Kills 63 Russian Troops in Occupied TownXi Warns of Tough Covid Fight, Acknowledges Divisions in ChinaGemini’s Cameron Winklevoss Slams Crypto Exec Barry Silbert Over Frozen FundsIsrael raised interest rates to their highest level since 2008 and signaled they’ll remain elevated for some time, leading global central banks expected to extend a monetary tightening cycle to tackle fa
10h ago - The Hill
Blinken reiterates US position on two-state solution with new Israeli counterpart
Secretary of State Antony Blinken reiterated the Biden administration’s commitment to a two-state solution between Israel and Palestine in a phone call on Monday with his new Israeli counterpart. During the call, Blinken congratulated Israeli Foreign Minister Eli Cohen on his appointment and emphasized the alliance and partnership between the U.S. and Israel, according to…
4h ago - TheStreet.com
'Big Short' Michael Burry Makes a Dire Prediction For 2023
Consumers and investors are wondering how much the cost of living will rise as inflation remains at a 40-year high. A December survey of 38 economists by Bloomberg showed they saw a 70% chance for a recession next year. The economists say the Federal Reserve's interest rate hikes will cut demand.
13h ago - Palm Beach Daily News
Trump's New Year's Eve party at Mar-a-Lago: Who was there (and who wasn't)?
Former President Donald Trump has had a wild 2022. He ended it with his annual New Year's Eve party at Mar-a-Lago. Who was there, and who wasn't?
1d ago - Yahoo Finance
Jobs data, Fed minutes, and a fresh start for investors: What to know this week
A batch of employment data and minutes from the Federal Reserve's last policy meeting of 2022 will headline a short opening week of 2023 as Wall Street limps into a new year after its worst run since the Global Financial Crisis.
2d ago - HuffPost
Jan. 6 'Disqualifies' Trump From Office, Says GOP Gov. Asa Hutchinson
"I think Jan. 6 really disqualifies him for the future. And so, we move beyond that," said the Arkansas governor, who's considering his own run for the presidency.
1d ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK