financetom
Technology
financetom
/
Technology
/
US senator presses Intel CEO on chips award after job cut plan
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US senator presses Intel CEO on chips award after job cut plan
Aug 31, 2024 4:53 AM

WASHINGTON, Aug 28 (Reuters) - Republican Senator Rick

Scott on Wednesday asked Intel ( INTC ) CEO Pat Gelsinger for

more details on the company's plans to cut more than 15,000 jobs

despite being set to receive nearly $20 billion in U.S. grants

and loans to boost chip production.

In a letter seen by Reuters, Scott questioned if the

Commerce Department's planned awards had failed "to include real

metrics that would protect taxpayer dollars from going to

companies that could not meet high standards for U.S.

manufacturing and job creation."

The Commerce Department in May announced a preliminary

agreement for $8.5 billion in grants and up to $11 billion in

loans for Intel ( INTC ) as well as access to a 25% investment tax

credit. The chips award has not been finalized.

The agency declined to comment on Scott's letter and Intel ( INTC )

did not immediately respond to requests for comment.

The Commerce Department said in May the funding will support

the creation of more than 10,000 manufacturing jobs and nearly

20,000 construction jobs for projects in Arizona, New Mexico,

Ohio and Oregon.

Intel ( INTC ) said this month it would cut costs by $10 billion in

2025 and reduce its workforce by more than 15%, with a majority

of the exits completed this year.

Gelsinger said at the time Intel's ( INTC ) workforce is 10% larger

than it was in 2020, when its revenue was $24 billion higher

than in 2023 and he needed fewer people at headquarters and more

in the field supporting customers.

Scott wants Intel ( INTC ) to detail how many U.S. employees will

lose their jobs and whether the cuts will impact Intel's ( INTC ) planned

semiconductor manufacturing investments.

"What is Intel ( INTC ) trying to achieve with these job cuts, and

why have billions of U.S. taxpayer dollars in investments not

been sufficient support to avert the need for lay-offs?" Scott

asked.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
No new for natural gas price – Forecast today – 26-4-2024
No new for natural gas price – Forecast today – 26-4-2024
Apr 26, 2024
Natural Gas Price Analysis Expected Scenario Natural gas price returned to form weak sideways trades by fluctuating near 2.000$ level, affected by the major indicators attempt to provide the negative momentum recently. Note that it is important to gather the positive momentum to manage to hold above 1.920$ again, to form strong motive to activate the bullish track, which eases...
The EURCAD under the negative pressure – Forecast today – 26-4-2024
The EURCAD under the negative pressure – Forecast today – 26-4-2024
Apr 26, 2024
EURCAD Price Analysis Expected Scenario The EURCAD price repeated the negative closings below 50% Fibonacci correction level at 1.4807, to confirm its surrender to the domination of the bearish bias and notice forming negative crawl recently to settle near 1.4580. Now, stochastic crawl below 50 level will increase the negative pressures on the price, allowing us to suggest more negative...
Platinum price confirms the positivity – Forecast today – 26-4-2024
Platinum price confirms the positivity – Forecast today – 26-4-2024
Apr 26, 2024
Platinum Price Analysis Expected Scenario Platinum price succeeded to hold above the key support 895.00$ recently, to manage to activate the bullish attack and notice attacking the MA55 and achieve the first positive target by reaching 922.00$. Stochastic exit from the oversold areas confirms getting rid of the negative pressures that might hinder the bullish rally, which allows us to...
Copper price surpasses the first target – Forecast today – 26-4-2024
Copper price surpasses the first target – Forecast today – 26-4-2024
Apr 26, 2024
Copper price returned to form bullish waves, taking advantage of the main stability within the bullish channel, in addition to the consolidation of 4.2900$ support line, to notice surpassing the first target at 4.5400$. We expect the continuation of the positive momentum by the major indicators to succeed to target 4.6700$ resistance line, which surpassing it will confirm moving to...
Copyright 2023-2026 - www.financetom.com All Rights Reserved