30B

Intel and the German government have struck a deal on how to split the bill for a massive chip factory in Magdeburg, marking the end of a months-long funding dispute. The US chip giant agreed yesterday to fork out more than €30bn to develop the plant, a deal Chancellor Olaf Scholz hailed as the single biggest foreign direct investment in German history. The government has also agreed to up its subsidies for the megaproject from €6.8bn to €10bn.    “Today’s agreement is an important step for…

Biggest banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo agree to prevent First Republic from collapsing and becoming the third American bank to fail in less than a week. First Republic serves a similar clientele as Silicon Valley Bank, which failed after depositors withdrew about $40…

International Energy Agency top official Fatih Birol warns EU is not yet out of the danger zone in 2023 despite progress in reducing reliance on Russian natural gas. IEA Executive Director Fatih Birol launched the report on Monday at a news conference with European Commission President Ursula von der Leyen in…