Extraordinary Vietnam fraud case exposes the inherent vulnerabilities of banks 
WNBA Star A'ja Wilson to Launch Own Signature Nike Shoe 
JPMorgan, Susquehanna Make Bold Moves with Bitcoin ETF Investments 
BYD Europe Challenges Tesla, EU Giants; Stellantis Defends Italian Turf 
Uganda’s tax system isn’t bringing in enough revenue but is targeting small business the answer? 
Subaru and Toyota Collaborate on 3 New Electric SUVs, Citing ‘Huge Risk’ of Solo EVs 
Samsung Follows Apple, Abandons Autonomous Driving and EV Research Initiatives 
OpenAI's Sam Altman Proposes 'Universal Basic Compute' as AI Job Threat Looms 
Xiaomi CEO Lei Jun Delivers SU7 EVs Amid Brake Failure Software Misidentification Response 
OpenAI Launches New AI Model and Desktop Version of ChatGPT in Major Update 
What if the Reserve Bank itself has been feeding inflation? An economist explains 
South Korea Commits $7 Billion to Boost Semiconductor Industry 
Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPI 
Intel Corporation, a leading global chipmaker, is charting a new course for semiconductor manufacturing by investing $25 billion in a production plant in Israel. Prime Minister Benjamin Netanyahu announced the landmark deal, the largest Israel has ever received from an international private company. The factory, expected to be operational by 2027, signals Intel's commitment to strengthening the global chip supply and supporting the Israeli tech sector.
According to Reuters, Netanyahu praised the investment and said this is the largest deal that the country has ever received from an international private company. Intel’s new chip production plant is located in Kiryat Gat, and the target date for its completion is some time in 2027. It is expected to be in full operation until 2035.
Israel is also looking forward to the new jobs that the Intel factory will open to the locals. The country’s Finance Ministry said that thousands of citizens may find employment at the site.
Under the agreement between Intel and the officials of Israel, the tech firm will pay a 7.5% tax rate which is up by 2.5% from the current five percent. It was also noted that Intel’s operations in the territory have grown throughout the decades and even become Israel’s largest privately held employer and exporter today.
“Israel is a global center of technical talent and innovation and one of Intel’s significant global manufacturing and R&D centers,” The Times of Israel quoted Intel as saying in a statement. “Our intention to expand manufacturing capacity in Israel is driven by our commitment to meeting future manufacturing needs and supporting Intel’s IDM 2.0 strategy, and we appreciate the continued support of the Israeli government.”
On the other hand, Prime Minister Benjamin Netanyahu also said, “This is the largest investment ever in the State of Israel. This is an expression of great confidence in the Israeli economy and exactly reflects the strength of the free economy that we have built here and the technological economy that we are developing here.”
Photo by: Christian Wiediger/Unsplash
