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UConn knocks off Purdue to repeat as national champion

GLENDALE, Arizona. — Tristen Newton scored 20 points and dished out seven assists as UConn won its second straight national championship, beating Purdue 75-60 late Monday

Stephon Castle added 15 points and Cam Spencer and Donovan Clingan contributed 11 apiece for the top-seeded Huskies (37-3), who found a way to limit the Boilermakers on offense outside of center Zach Edey.

Mr. Edey, the two-time National Player of the Year, scored 37 points on 15-of-25 shooting, but much of his scoring in the second half came with Purdue (34-5), another No. 1 seed, facing a sizable deficit.

UConn was quicker, more efficient from the field and tougher on defense compared to the Boilermakers, who stayed close until early in the second half, when the game started to get away from them.

The Huskies are the first team to secure back-to-back NCAA Tournament titles since Florida did so in 2006-07.

Mr. Edey missed his first three shots of the second half, and UConn went ahead by nine when Mr. Castle converted a putback for a 43-34 lead with 16:08 to play. A lob from Mr. Newton to Samson Johnson for a dunk gave the Huskies a 47-34 advantage.

Mr. Newton drove the lane and flipped a two-handed layup over the 7-foot-4 Mr. Edey, whom the Huskies successfully doubled-teamed in the paint in the second half. That basket gave UConn a 51-38 cushion with 12:06 to go.

The Huskies took control for good on an Alex Karaban 3-pointer with 9:53 remaining, and Hassan Diarra followed with a layup for a 56-40 lead. Purdue couldn’t recover, trailing by at least 13 the rest of the way.

Outside of Mr. Edey, the Boilermakers went 9-for-29 from the floor for the game. Braden Smith went for 12 points and eight assists for Purdue. Mr. Edey also hauled in 10 boards. Mr. Edey energized Purdue for long stretches of the first half, making 7 of 12 shots in the period. In one sequence, he emphatically rejected two UConn attempts near the rim.

Mr. Edey was a force down low, even while going up against Mr. Clingan, who, despite being 7-foot-2, could only keep the 300-pound Mr. Edey from scoring when he was able to force the Boilermakers’ big man out of the interior.

But UConn made everyone else on Purdue miss their shots.

Mr. Smith hit a 3-pointer just before the shot clock expired with 2:18 to play in the first half, cutting the Huskies’ lead to 32-30. UConn scored the last four points of the half for a 36-30 lead.

The Huskies connected on 48.4 percent of their field-goal attempts for the game. Reuters

Positioning for the NBA playoffs

The regular season is drawing to a close in the National Basketball Association (NBA), but all eyes are still on the last set of matches on offer. In part, it’s because the play-in tournament has eliminated tanking for all but a handful of protagonists. In larger measure, it’s due to the standings being bunched up heading into the playoffs. Seedings are important for one reason or another. The Celtics may have run away with the top spot in the East, but who comes next remains a big question mark in light of the alarming swoon of the Bucks. Meanwhile, the West cannot be more bunched up, with the jockeying for position occurring both in the high and low ends of the bracket.

Among other things, the return to action of Joel Embiid certainly muddles the prognoses in the East. Even if the Sixers begin their campaign for the Larry O’Brien Trophy from the play-in tourney, his inspired play since taking to the court anew late last week sets them up for a deep postseason run. And then there are the usual suspects, beginning with the Heat; as last season’s Finals appearance proved, the latter have shown that placement matters less than rock-solid coaching and vast experience. And speaking of mentorship, the iffy hold supposed savior Doc Rivers has on his charges has the Bucks scrambling for continued relevancy.

The same air of unpredictability prevails in the West. Homecourt advantage throughout the playoffs may still be up for grabs, but the Nuggets, given their status as defending champions and the presence of presumptive Most Valuable Player Nikola Jokic, figure to be the contenders all and sundry want to avoid early on. In contrast, the Thunder and Timberwolves are seen as less-imposing threats in the face of their relatively uninitiated positions. Which is why such notables as the Lakers and Warriors, likely play-in participants, aren’t fazed by the challenge that awaits.

All told, the one-and-done set-tos that ninth and 10th placers are afforded have been a boon to both casual observers and longtime habitues of the pro hoops scene. Deliberate losses are down, contests in the last week stay important, and players are constrained from looking ahead. The suspense factor is highlighted. Now if only officiating can improve, or at least be consistent, to the point where outcomes are accepted and not adjudicated.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Total solar eclipse: North Americans celebrate with cheers, music and matrimony

Solar prominences are seen during a total solar eclipse in Dallas, Texas, U.S., April 8, 2024. — NASA/KEEGAN BARBER/HANDOUT VIA REUTERS

 – Throngs of skywatchers across North America gazed upward at a blackened sun in the midday dusk on Monday, celebrating with cheers, music and matrimony the first total solar eclipse to darken the continent in seven years.

From a Mexican beach resort close to where the eclipse made landfall to the banks of the Ohio River and farther north beyond the roaring cascades of Niagara Falls at the US-Canadian border, spellbound crowds reacted to the sight of “totality” with jaw-dropping expressions of awe and joy.

In Russellville, Arkansas, a town of roughly 30,000 residents near the state’s only nuclear power plant, almost 400 couples tied the knot by the shadow of the moon in a mass wedding event dubbed “Elope and the Eclipse.”

At least two weddings and one marriage proposal were known to have taken place among roughly 2,000 people who assembled at Niagara Falls State Park despite overcast skies.

The dreary weather subdued the experience until clouds momentarily parted to reveal the last 30 seconds of totality, and the crowd went wild, cheering and shouting, “It’s so beautiful.”

As the skies began to brighten again, a band played out the retreating lunar shadow with a rendition the R.E.M.’s 1992 hit song “Man on the Moon.

Across the river in Niagara Falls, Ontario, 309 people – some from as far away as Singapore and London – came dressed up as the sun, setting a new world record for the largest group to wear solar costumes in one place, contest organizers said. The previous record was set in 2020 by 287 participants in China.

 

SHADOWS AND LIGHT

Where clear skies prevailed, observers along the direct path of the eclipse were treated to the rare spectacle of the moon appearing as a dark orb creeping in front of the sun, briefly blocking out all but a brilliant halo of light, or corona, around, the sun’s outer edge. (Reuters live coverage)

It was first total eclipse to sweep across a large swath of North America since 2017, and will be the last one visible from the contiguous United States until 2044.

As totality unfolded at a campground in North Hudson in upstate New York, hundreds of people shrieked with excitement.

“Oh my God!” some said, as the air cooled and automatic outdoor lights on a nearby building flicked on, fooled by the darkness.

Mexico’s beachside resort town of Mazatlan was the first major viewing spot for totality. Thousands in solar-safe eyewear perched in deck chairs along the coastal promenade, and an orchestra played the “Star Wars” movie theme as skies darkened under the approaching lunar shadow.

The crowds burst into cheers, applause and whistles when the eclipse reached totality.

The period of totality, lasting up to 4-1/2 minutes depending the observer’s location, was ushered in by a number of other eerie eclipse effects. Some stars twinkled at midday as dusk abruptly descended, sending temperatures dipping and faint waves of “shadow bands” flickering over the landscape. Birds and other wildlife sometimes fall silent and still.

Eclipse fans traveled from far and wide hoping to glimpse the phenomenon somewhere along the “path of totality” stretching 2,500 miles (4,000 km) from Mexico’s Pacific Coast through Texas and across 14 other U.S. states into Canada. The moon’s shadow exited continental North America in Newfoundland.

A partial eclipse, in which the moon obscures only a portion of the sun, was visible across most of the continental United States outside the path of totality, where weather permitted.

Lourdes Corro, 43, said she traveled 10 hours by car to reach Mazatlan, Mexico, for an event widely considered one of nature’s greatest wonders.

“The last one I saw was when I was 9 years old,” Corro said. “There are a few clouds but we can still see the sun.”

 

‘COMPLETE SENSORY EXPERIENCE’

Overcast skies across much of the United States added an extra challenge for many.

Laura and Brian Uzzle awaited the eclipse on the banks of the Ohio River between Indiana and Kentucky on Monday after cloudy forecasts prompted the Denver-based couple to abandon initial plans to view it from Texas and book last-minute flights and rental cars several hundred miles (km) away.

Laura Uzzle, 56, said she was excited to experience the eclipse by a riverbank teeming with birds and insects.

“Even the wildlife changes,” she said. “It’s a complete sensory experience.”

The surge in eclipse enthusiasts taking to roadways in Indiana prompted the state police to announce it was shutting down highway rest stops once they reached capacity and kept them closed for the duration.

At up to 4 minutes and 28 seconds, Monday’s total eclipse surpassed the duration of the 2017 event, which lasted upwards of 2 minutes and 42 seconds. According to NASA, solar eclipse totalities can range from 10 seconds to about 7-1/2 minutes.

Monday’s total eclipse rolled through more densely populated regions than seven years ago, a corridor averaging 115 miles (185 km) wide encompassing such major cities as San Antonio, Austin and Dallas, Texas; Indianapolis, Indiana; Cleveland, Ohio; Erie, Pennsylvania; and Montreal, Quebec.

About 32 million people in the United States live within the path of totality, with federal officials having predicted another 5 million people would travel to be there.

It took about 80 minutes from the moment the moon first began to cover the sun to the moment of totality, then another 80 minutes to complete the process in reverse.

The last remaining bit of brilliant sunlight before totality creates a “diamond ring effect,” with a single bright spot glaring from one side of the lunar shadow while the sun’s corona still encircles the rest of the moon.

Some suggested the experience might have a lingering effect on human social behavior, if only temporarily.

In Burlington Vermont, where hotels were booked months in advance, Mayor Emma Mulvaney-Stanak said the thousands of visitors who gathered in her city exuded the mood of a midsummer festival.

“It was a really chill vibe. People were appreciating the momentousness of the occasion,” Mulvaney-Stanak, who was sworn into office on April 1, told reporters afterward.

Asked if she believed the communal experience might help heal some of society’s festering political and social divisions, the mayor said: “I really think it will.”

“Truly, this felt like another huge surge of optimism,” she said. – Reuters

Spain to scrap ‘golden visas’ for foreign real estate investors

San Miguel food market is seen in Madrid, Spain January 19, 2017. — REUTERS

MADRID — Spain will scrap its so-called “golden visa” program granting residency rights to foreigners who make large investments in real estate in the country, Prime Minister Pedro Sanchez told reporters on Monday.

Ending the scheme would help make access to affordable housing “a right instead of a speculative business,” Mr. Sanchez said.

The program awards non-European Union citizens investing at least 500,000 euros ($541,250) — without taking out a mortgage — in Spanish real estate a special permit, allowing them to live and work in the country for three years. “Today, 94 out of every 100 such visas are linked to real estate investment…in major cities that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there,” Mr. Sanchez said.

He added that the government would launch the process to eliminate the scheme at Tuesday’s weekly cabinet meeting after studying a report submitted by the Housing Ministry.

From the start of the golden visa scheme in 2013 until November 2022, Spain issued almost 5,000 permits, government figures show.

Chinese investors top the list followed by Russians who invested more than 3.4 billion euros, according to a 2023 Transparency International report that questioned whether authorities investigated the origin of the funds.

The measure is unlikely to affect the property market since less than 0.1% of 4.5 million homes sold during that period were purchased under the scheme, according to property website Idealista.

Spain’s housing problem was not caused by the golden visa scheme, but rather by a lack of supply and a spike in demand, said Idealista spokesperson Francisco Inareta.

“The measure announced today, which focuses on international buyers rather than encouraging new homes to come onto the market, is yet another misdiagnosis,” Mr. Inareta said.

Neighboring Portugal has recently revamped its own “golden visa” scheme and excluded real estate investment to tackle a housing crisis. Foreigners who want to secure residency rights can still put their money into investment funds.

The European Commission has long called for an end to such programs, citing security risks. — Reuters

United Airlines delays flights on two new routes amid FAA safety probe

United Airlines planes are parked at their gates at O’Hare International Airport in Chicago, Illinois, U.S., Nov. 20, 2021. — REUTERS

WASHINGTON — United Airlines said on Monday it has delayed the start of two new international routes, citing a pause on some certifications by the US Federal Aviation Administration (FAA) for the carrier following a series of safety incidents.

The impacted routes are between Tokyo and Cebu, the Philippines, and Newark, New Jersey and Faro, Portugal, the carrier said.

The FAA said last month it was increasing its oversight of United following a series of recent safety incidents.

On March 23, the FAA said it would initiate a formal evaluation to ensure the Chicago-based airline was complying with safety regulations and said the FAA may delay future United certification projects “based on findings from oversight.”

Reuters reported last month the FAA could potentially not approve allowing customers on United’s new planes or new routes. The FAA did not immediately comment on United’s announcement on Monday.

The Air Line Pilots Association (ALPA), the union representing United pilots, said earlier that the formal FAA evaluation is a type of audit that US carriers undergo every few years and United most recently had one in 2018.

United has experienced several safety incidents in the past few months. On March 15, an external panel was found missing from a United aircraft when it landed in Oregon, prompting an FAA investigation.

United said last month that over the next several weeks employees will see more of a presence by the FAA “in our operation as they begin to review some of our work processes, manuals and facilities.” — Reuters

S.Korea to invest $7B in AI in bid to retain edge in chips

REUTERS

SEOUL — South Korean President Yoon Suk Yeol said on Tuesday his country will invest 9.4 trillion won ($6.94 billion) in artificial intelligence (AI) by 2027 as part of efforts to retain a leading global position in cutting-edge semiconductor chips.

The announcement, which also includes a separate 1.4-trillion won fund to foster AI semiconductor firms, comes as South Korea tries to keep abreast with countries like the United States, China and Japan that are also giving massive policy support to strengthen semiconductor supply chains on their own turf.

Semiconductors are a key foundation of South Korea’s export-driven economy. In March, chip exports reached their highest in 21 months at $11.7 billion, or nearly a fifth of total exports shipped by Asia’s fourth-largest economy. “Current competition in semiconductors is an industrial war and an all-out war between nations,” Mr. Yoon told a meeting of policymakers and chip industry executives on Tuesday.

By earmarking investments and a fund, South Korea plans to significantly expand research and development in AI chips such as artificial neural processing units (NPUs) and next-generation high-bandwidth memory chips, the government said in a statement.

South Korean authorities will also promote the development of next-generation artificial general intelligence (AGI) and safety technologies that go beyond existing models.

Mr. Yoon has set a target for South Korea to become one of the top three countries in AI technology including chips, and take a 10% or more share of the global system semiconductor market by 2030.

“Just as we have dominated the world with memory chips for the past 30 years, we will write a new semiconductor myth with AI chips in the next 30 years,” Mr. Yoon said.

Mr. Yoon also noted that the impact of the recent earthquake in Taiwan, a global leader in semiconductors, on South Korean companies was limited as of now, but ordered thorough preparation in the event of uncertainties. — Reuters

March marks yet another record in global heat

PEOPLE are silhouetted against the setting sun at “El Mirador de la Alemana (The viewpoint of the German)” in Malaga, southern Spain, July 24, 2019. — REUTERS

BRUSSELS — The world just experienced its warmest March on record, capping a 10-month streak in which every month set a new temperature record, the European Union’s (EU) climate change monitoring service said on Tuesday.

Each of the last 10 months ranked as the world’s hottest on record, compared with the corresponding month in previous years, the EU’s Copernicus Climate Change Service (C3S) said in a monthly bulletin.

The 12 months ending with March also ranked as the planet’s     corded 12-month period, C3S said. From April 2023 to March 2024, the global average temperature was 1.58 degrees Celsius above the average in the 1850-1900 pre-industrial period.

“It’s the long-term trend with exceptional records that has us very concerned,” C3S Deputy Director Samantha Burgess told Reuters.

“Seeing records like this — month in, month out — really shows us that our climate is changing, is changing rapidly,” she added.

C3S’ dataset goes back to 1940, which the scientists cross-checked with other data to confirm that last month was the hottest March since the pre-industrial period.

Already, 2023 was the planet’s hottest year in global records going back to 1850.

Extreme weather and exceptional temperatures have wreaked havoc this year.

Climate change-driven drought in the Amazon rainforest region unleashed a record number of wildfires in Venezuela from January-March, while drought in Southern Africa has wiped out crops and left millions of people facing hunger.

Marine scientists also warned last month a mass coral bleaching event is likely unfolding in the Southern Hemisphere, driven by warming waters, and could be the worst in the planet’s history.

The primary cause of the exceptional heat were human-caused greenhouse gas emissions, C3S said. Other factors pushing up temperatures include El Niño, the weather pattern that warms the surface waters in the eastern Pacific Ocean.

El Niño peaked in December-January and is now weakening, which may help to break the hot streak toward the end of the year.

But despite El Niño easing in March, the world’s average sea surface temperature hit a record high, for any month on record, and marine air temperatures remained unusually high, C3S said.

“The main driver of the warming is fossil fuel emissions,” said Friederike Otto, a climate scientist at Imperial College London’s Grantham Institute.

Failure to reduce these emissions will continue to drive the warming of the planet, resulting in more intense droughts, fires, heatwaves and heavy rainfall, Mr. Otto said. — Reuters

GCash lending arm Fuse empowers underbanked Filipinos with P118-billion loans disbursed

Fuse Lending, Inc., the credit arm of GCash, surpasses the P118-billion mark in life-to-date disbursed loans through the country’s number one finance app as of the end of 2023 – putting both institutions well on their way towards their shared mission of financial inclusion.

“By providing non-collateralized and affordable loan products such as GLoan, GCredit, and GGives through the GCash app, Fuse Lending has successfully supported almost 4 million Filipino loan borrowers, helping millions of Filipinos achieve their financial aspirations and goals in a more convenient, easier, and simpler way,” said Tony Isidro, president and CEO of Fuse.

A GCash study found that nine out of 10 Filipinos need to borrow money, but do not have access to formal lending institutions and banks.

To date, Fuse has given access to fair lending to Filipinos from the grassroots sector such as farmers, sari-sari store owners, public market vendors, and other micro, small, and medium enterprises.

To help more Filipinos unlock their financial goals, Fuse and GCash introduced the latest addition to their lending service offerings — GLoan Sakto, a nano-loan product that can jumpstart Filipinos’ access to formal credit. With this, ordinary Filipinos can borrow as low as P100, to accommodate short-term needs or even the smallest-but-urgent expenses — all without requiring users to submit numerous documents and undergo tedious application processes.

With a shared mission to foster financial progress for all, GCash and Fuse recognize that digital financial tools and services that enable enterprises big and small to serve their customers and employees are vital for economic growth.

GCash has onboarded over 6 million partner merchants, including key partners like Puregold and TikTok Shop. Over 49,000 stores nationwide make it possible to pay for purchases with credit (GCredit) or installment (GGives) with their GCash app. Currently, over 94 million users have tried GCash — making it the country’s biggest digital ecosystem.

Anchoring its shared vision of “Finance for All,” GCash through Fuse Lending continues to open up a world of opportunities for millions of Filipinos and play a significant role in shaping the country’s financial landscape into a more inclusive, and diverse ecosystem. For its part, Fuse has been doubling down to achieve its vision of providing access to fair loans that spark better everydays for all Filipinos through its mission of fintech-enabled lending delivered frictionlessly.

The GCash app is available for free on Google Play and the App Store For more information, please visit https://www.gcash.com.

 


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Samsung Electronics shares priced for $326 mln block sale, sources say

 – About 5.25 million shares in Samsung Electronics were priced in a block sale worth about 441 billion won ($326 million), according to two sources with knowledge of the matter on Tuesday.

The sources declined to be identified as they are not authorized to speak about the matter.

The shares were priced at 84,100 won per share, or at a discount of 0.47% from Samsung shares’ Monday closing price of 84,500 won, the sources added.

Local media said the shares were sold by Lee Boo-jin, a sister of Samsung Electronics Chairman Jay Y. Lee, citing unnamed investment banking sources.

The block deal follows an earlier one in January, when Lee Boo-jin, her mother and sister sold a 0.5% stake in Samsung Electronics for 2.17 trillion won ($1.6 billion) to raise funds to pay in installments the billions of dollars in inheritance tax after Samsung patriarch Lee Kun-hee died in 2020.

Samsung Electronics declined to comment.

Such block trades in South Korea have reached $4.2 billion year-to-date on Monday, outpacing their volume in the same period during the past five years according to Dealogic data. – Reuters

UK’s Cameron to meet Blinken, Trump while pressing US Congress on Ukraine aid

US Secretary of State Antony Blinken. Official White House — CAMERON SMITH VIA FLICKR

 – British Foreign Minister David Cameron will meet Secretary of State Antony Blinken on Tuesday during his U.S. trip and press lawmakers in Congress to pass an aid package for Ukraine while also discussing the Israel-Gaza war.

Ahead of his meeting with Mr. Blinken, Mr. Cameron will meet former President Donald Trump in Florida, a spokesperson for the British government’s Foreign Office said, describing it as a “standard practise” engagement with an opposition candidate.

Mr. Cameron last week said he would see Republican House of Representatives Speaker Mike Johnson and urge him to pass a $60 billion package of military aid for Ukraine, which he has held up for months.

“Success for Ukraine and failure for Putin are vital for American and European security,” Mr. Cameron said in a statement, saying it was important to demonstrate to Russian President Vladimir Putin that “aggression doesn’t pay.”

“The alternative would only encourage Putin in further attempts to re-draw European borders by force, and would be heard clearly in Beijing, Tehran and North Korea.”

The foreign ministry said Mr. Cameron would meet congressional leaders from both the Republican and Democratic sides.

The Foreign Office spokesperson did not say what Mr. Cameron and Trump, the Republican candidate in the November presidential election against incumbent Democratic President Joe Biden, would discuss.

“It is standard practice for ministers to meet with opposition candidates as part of their routine international engagement,” the spokesperson said.

Britain has been a staunch ally of Ukraine since Russia invaded in 2022, but Cameron will stress it is the United States that is the “key stone in the arch” as its pace and scale of support for Ukraine is unmatched.

During the trip, Mr. Cameron will emphasize the importance of increasing economic pressure on Russia and giving Ukraine “the military and humanitarian support it needs to hold the line this year and go on the offensive in 2025,” the foreign ministry said.

Mr. Cameron would also discuss maritime routes for aid into Gaza during the trip, as well as push for a full and transparent investigation into the “completely unacceptable” deaths there of seven aid workers, including three Britons, it added.

Mr. Cameron will reiterate Israel’s right to self-defense in accordance with international law after the Oct. 7 Hamas attacks, but will stress that major changes need to be made to ensure the safety of aid workers on the ground, his office said. – Reuters

NAIA bans transgender athletes in US collegiate sports

STOCK PHOTO | Image by Tania Van den Berghen from Pixabay

The National Association of Intercollegiate Athletics on Monday banned transgender women from competing in women’s sports, taking a more hardline stance than other athletic bodies that allow trans athletes to compete based on testosterone levels.

The NAIA, representing mostly small colleges, is less influential than the larger National Collegiate Athletic Association (NCAA) but its decision carries some political weight in the wider US debate about transgender rights.

“Only NAIA student-athletes whose biological sex is female may participate in NAIA-sponsored female sports,” the association said in its policy.

Female athletes who have begun masculinizing hormone therapy may participate in internal workouts, practices and team activities but are banned from external competition. Any eligible athlete may participate in men’s sports, the policy said.

The vote by the association’s Council of Presidents was 20-0, ESPN reported.

Kelley Robinson, president of the Human Rights Campaign, which advocates for LGBTQ rights, criticized the policy as a “cowardly decision that enables discrimination.”

The NAIA has 83,000 athletes at 250 schools while NCAA has more than 500,000 athletes at 1,100 member schools, according to their respective websites.

The NCAA transgender policy requires transgender athletes to have undergone testosterone suppression treatment for at least one year and to test below certain levels at different times of the year.

The International Olympic Committee policy allows each sporting federation to set its own regulations.

For example, in 2022, the swimming regulator FINA said transgender women must have suppressed male puberty before age 12 or must not have reached a certain level of male puberty.

That policy was announced shortly after University of Pennsylvania swimmer Lia Thomas, a transgender woman who had recently transitioned, won the NCAA 500-yard freestyle championship, which critics labeled unfair.

Last month, more than a dozen female athletes sued the NCAA for allowing Thomas to compete, alleging the transgender participation policy violated their civil rights under Title IX, the federal law banning discrimination based on sex in education. – Reuters

US to award Samsung up to $6.6 billion chip subsidy for Texas expansion, sources say

THE LOGO of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. — REUTERS

 – The Biden administration plans to announce it is awarding more than $6 billion to South Korea’s Samsung next week to expand its chip output in Taylor, Texas, as it seeks to ramp up chipmaking in the US, two people familiar with the matter said.

The subsidy, which will be unveiled by Commerce Department Secretary Gina Raimondo, will go toward construction of four facilities in Taylor, including one $17 billion chipmaking plant that Samsung announced in 2021, another factory, an advanced packaging facility and a research and development center, one of the sources said.

It will also include an investment in another undisclosed location, the source said, adding that Samsung will more than double its US investment to over $44 billion as part of the deal.

The Commerce Department and Samsung declined to comment. Texas Governor Greg Abbott’s office did not respond to requests for comment.

One of the sources said it would be the third largest of the program, just behind Taiwan’s TSMC2330.TW, which was awarded $6.6 billion on Monday and agreed to expand its investment by $25 billion to $65 billion and to add a third Arizona factory by 2030.

The announcement will cap off a string of major Chips and Science grants in quick succession as the US seeks to expand domestic chip production and lure away capital that might have been used to build plants in China and the region.

Congress in 2022 approved the Chips and Science Act to boost domestic semiconductor output with $52.7 billion in research and manufacturing subsidies. Lawmakers also approved $75 billion in government loan authority, but one of the sources said Samsung plans to take no loans.

The CHIPS Act’s goal is to reduce reliance on China and Taiwan, as the share of global semiconductor manufacturing capacity in the US has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association.

US President Joe Biden will not attend the event, the two people said. He faces a tough fight to win a second term in November against former President and Republican rival Donald Trump. Greg Abbott, the Republican governor of Texas was invited to attend, one of the people added.

While both TSMC and Intel, which was awarded $8.5 billion to expand its US chip output last month, will expand production in the key swing state of Arizona, Samsung’ expansion in reliably Republican Texas is seen as less likely to help Mr. Biden at the polls. – Reuters