(Bloomberg) — Commerce Secretary Gina Raimondo said that with legislation to bolster the domestic semiconductor industry now enacted, US states should be prepared to contend with one another to lure companies and investment.
“This is a race,” she said after an event at an Arizona State University research park in Tempe. “It’ll be competitive. It’ll be transparent and I hope every state competes.”
Raimondo had been touring a university microchip manufacturing facility with Senator Mark Kelly, an Arizona Democrat who’s running for re-election.
“Every state ought to put their best foot forward,” Raimondo said. “Every governor, every state legislature, every president of public universities in every state ought to be now putting their plan of attack together. And of course, this is going to be a competitive process.”
Earlier this month, President Joe Biden signed into law a broad competition bill that included about $52 billion to strengthen US semiconductor research and development, calling it a “once-in-a-generation investment in America itself.”
The chips bill lies at the center of the administration’s effort to reduce dependence on Asian suppliers like Taiwan and South Korea, whose homegrown companies are leading the market, and to address supply-chain disruptions and resulting price increases for certain goods containing semiconductors.
Biden’s team and lawmakers stressed the national security implications of the measure, saying it was vital to competing with and countering China.
Spurred by its passage after a year of congressional wrangling, US semiconductor companies are planning billions of dollars in new investments.
At a roundtable in Tempe with business executives and economic development leaders, Raimondo’s questions focused on how companies and universities intend to create a pipeline of workers to grow the semiconductor industry and construct new facilities in the US.
She said semiconductor and building trade jobs go overwhelmingly to White men and that diversity is a concern. “This is something that we all really have to commit ourselves to,” Raimondo said.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
