1.INTEL: Intel Corp on Friday is set to announce it will invest $20 billion in a massive new manufacturing site near Columbus, Ohio to develop and manufacture advanced semiconductor chips, sources briefed on the matter told Reuters.
The planned investment includes 3,000 permanent jobs on the 1,000-acre site in New Albany, Ohio. Time magazine, which first reported the news, said Intel will build at least two semiconductor fabrication plants.
President Joe Biden is making remarks Friday on the U.S. government’s efforts “to increase the supply of semiconductors, make more in America, and rebuild our supply chains here at home,” the White House said earlier.
Intel Chief Executive Pat Gelsinger is set to appear with Biden on Friday at the White House, sources told Reuters. The White House did not respond to a request for comment.
2.EVERGRANDE: China Evergrande Group’s restructuring process took another step forward after it started a process to identify bondholders and said its risk management committee plans to hire additional financial and legal advisers.
The committee proposes to engage China International Capital Corp. and BOCI Asia Ltd. as financial advisers, and Zhong Lun Law Firm LLP as a legal adviser to help the developer deal with its debt stress and respond to creditors’ demands, Evergrande said Friday.
Meanwhile, Evergrande kicked off the bondholder identification exercise among some offshore creditors, according to two holders of its dollar notes who said they received the notice this month.
The developments come a day after a bondholder group said Evergrande had failed to substantially engage with it on restructuring efforts. The group said it will “seriously consider enforcement actions” to protect investors’ interests and wants to be consulted before any further assets are sold.
Evergrande, saddled with $305 billion of liabilities as of mid-2021, was deemed to be in default in December after missing dollar-bond payments. It set up the risk management committee that month, saying it would “actively engage” with creditors to formulate a viable restructuring plan.
Officially identifying bondholders is typically a key phase in a restructuring, as a borrower seeks clarity on its investor base and prepares for future communication. Evergrande didn’t immediately respond to a Bloomberg request for comment on the move.
3.SONY:- Sony Group will likely add new technology partners to its electric vehicle (EV) project to help it forge a mobility business to transform cars from transportation machines to entertainment spaces, a Sony executive told Reuters.
“We see the risk of ignoring EVs as greater than the challenge they pose,” Izumi Kawanishi, the senior general manager at Sony who will manage the new mobility business, said in an interview.
4.TWITTER: -Twitter Inc on Thursday announced the launch of a tool through which users can showcase non-fungible tokens (NFTs)as their profile pictures, tapping into a digital collectibles craze that has exploded over the past year.
The feature, available on iOS to users of the company’s Twitter Blue subscription service, connects their Twitter accounts to crypto wallets where the users store NFT holdings.
Twitter displays the NFT profile pictures as hexagons, differentiating them from the standard circles available to other users. Tapping on the pictures prompts details about the art and its ownership to appear.
Like other tech companies, Twitter is rushing to cash in on crypto trends like NFTs, a type of speculative asset authenticating digital items such as images, videos and land in virtual worlds.
The social media platform last year added functionality for users to send and receive Bitcoin.
Sales of NFTs reached some $25 billion in 2021, according to data from market tracker DappRadar, although there were signs of growth slowing toward the end of the year.
Proponents of “Web3” technologies like NFTs say they decentralize ownership online, creating a path for users to earn money from popular creations, rather than having those benefits accrue primarily to a handful of tech platforms.
Critics dismiss the decentralization claims, noting that many of the services powering adoption of those technologies – like the six crypto wallets supported by Twitter’s NFT product – are backed by a small group of venture capitalists.
In a widely circulated tweet after the launch, security researcher Jane Manchun Wong highlighted one of those links, showing how an outage at venture-backed NFT marketplace OpenSea temporarily blocked NFTs from loading on Twitter
5.DEUTSCHE BANK :-Deutsche Bank AG has hired John Arena from Bank of America to help structure art loans for ultra-rich individuals in the Americas, according to an internal memo on Thursday seen by Reuters.
Fine-art lending programs are a wealth-planning strategy designed to help individuals looking to fund an investment in fine art or make an addition to their personal collection.
Arena will be responsible for structuring highly complex art loans for Ultra-High-Net-Worth (UNHW) individuals at Deutsche Bank in Florida and will report to Bill Lordi, head of lending at Deutsche Bank’s international private bank in the Americas, according to the memo.
A company spokesperson confirmed the contents of the memo.
John spent the last 16 years as subject matter expert for fine-art lending in the Global Wealth Management Business at Bank of America. He had also focused on art lending to UNHW individuals at Citibank’s private banking division.