As the race to combat the global chip shortage continues the Biden administration is big to end the crisis
US President Joe Biden is preparing to spend $52 billion to boost the worsening shortage of semiconductor chips.
The White House is still waiting for congressional approval on the big spend but is pushing ahead with plans of how to invest the money wisely.
The Commerce Secretary says America “needs to incentivise the manufacturing of chips” if the country wants the crisis to end.
She added that officials have been speaking with the impacted industries on a daily basis which has helped address the shortage from the ground up.
Whilst there have been reports that the sector is gradually improving, but the car manufacturing sector may still be impacted by delays.
Biden recently called for Semiconductor chips to be produced locally in the US, but this company is ignoring his plea.
Construction will begin on the $4 billion Asian plant in 2023. This goes against the Biden administration’s wishes to return chip manufacturing to American soil.
The company will join rivals including ‘Samsung’ and ‘Taiwan Semiconductor Manufacturing Co’ which are all also trying to address the current chip shortage.
The President has been under increasing pressure to secure a constant supply of this crucial tech that is used in so many modern devices.
2500 employees to be stood down from Qantas
About 2500 frontline Qantas and Jetstar employees will be stood down for two months
It comes as the airline struggles to deal with lockdowns in states across Australia.
The national carrier says the stand-down is a temporary measure to deal with a drop in flying caused by COVID restrictions in Sydney, – which is its home base.
No job losses are expected as part of the move.
In a statement, Qantas CEO Alan Joyce says:
“This is clearly the last thing we want to do, but we’re now faced with an extended period of reduced flying and that means no work for a number of our people.”
“We’ve absorbed a significant amount of cost since these recent lockdowns started and continued paying our people their full rosters despite thousands of cancelled flights.“
Qantas said it welcomed the targeted Federal Government support offered for those stood down outside of declared hotspots and to retain domestic aviation capability.
Outside the square – Twitter CEO’s grand plans for Afterpay
Jack Dorsey has used Square’s quarterly earnings call to outline his company’s future and convince shareholders to support the $39billion dollar Afterpay takeover bid
Dorsey believes bringing Afterpay into business operations will increase e-commerce activity across both platforms and further entice young shoppers to spend up.
It plans to takeover Afterpay in a deal that values the Australian company at $39 billion. That makes it the biggest buyout deal so far in Australian corporate history.
The Twitter founder says Afterpay has a unique advantage in the buy now, pay later sector because it was the first on the scene and it has been built up “authentically”.
Following the takeover announcement, Square’s shares fell by 5 percent when compared with trading on Friday, as investors made sense of the deal.
However, after Dorsey’s pitch at the quarterly earnings call, Squares shares were up 6 percent from Friday.
It comes as shareholders voice their concerns that Square is failing to bring merchants and retail users together… and questioning how Afterpay will create value for the company.
James Whelan of VFS Group weighed in on whether Afterpay is in fact authentic.
‘Jungle Cruise’ tallies $34.2 million in domestic debut, reaches Disney+ record
After Disney struggled during the past few weeks, the studios latest feature film “Jungle Cruise” opened to $61 million dollars worldwide.
The film was also released on Disney Plus’ Premier Access and brought in over $30 million globally on the platform.
Overall, the film, which is based on the beloved Disney theme park ride, notched more than $90 million.
The “Jungle Cruise” opening is also notable because it comes just a few days after Scarlett Johansson filed a lawsuit against Disney.
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