| | AUGUST 20238IN FOCUSTaiwan Semiconductor Manufacturing Co. (TSMC) announced that its board has approved an investment of $3.8 billion (3.5 billion euros) for the development of its first European factory, to be located in Germany. The largest contract chip manufacturer in the world, TSMC, has been in discussions with the German state of Saxony about constructing a manufacturing facility, or "fab," near Dresden since 2021.Following a board meeting, the business issued a brief statement announcing that it had approved an investment of up to 3.499 billion euros in a subsidiary of TSMC with a controlling stake in Germany called European Semiconductor Manufacturing Company (ESMC) GmbH for the purpose of providing foundry services. In an effort to catch up with Asia and the United States, the European Union has passed the EU Chips Act, a 43 billion euro subsidy plan to treble its chipmaking capacity by 2030.Along with Intel and Wolfspeed, TSMC is one of several chipmakers looking to use government subsidies to establish plants in Europe. By paying billions in state subsidies, Brussels and EU member states are encouraging domestic manufacture in an effort to reduce reliance on Asian suppliers and alleviate a global chip shortage that has caused major problems for the auto industry.By 2030, the bloc wants to have a 20 Percent market share worldwide. In order to support Washington's goals for more domestic chip production, TSMC is also investing $40 billion in a new facility in the western American state of Arizona.As part of the overall $40 billion investment, TSMC said in a statement following the board meeting that it had also approved a capital infusion of no more than $4.5 billion for the Arizona factory. UBS Group AG reorganized its Asia global banking division and appointed certain top Credit Suisse Group veterans to help strengthen coverage and industry expertise throughout the region. John Lee, the current head of Greater China, and Kuan-Ern Tan, the previous co-president of investment banking for Asia-Pacific at Credit Suisse, have been named co-heads of Asia coverage. The email stated that Tan will work with Nicolo Magni to establish a "leading franchise" in South and Southeast Asia.In order to facilitate cross-border activities between North Asia and Southeast Asia, Kyungin David Lee has been appointed head of global banking for Korea and vice chair for Asia. According to the memo, Christian Deiss, a Credit Suisse veteran of more than 24 years, and Eileen Chan will share leadership of the global industrials business for Asia.In order to bolster talent in the products and markets where its Swiss rival has a bigger presence, UBS is trying to retain more than 100 Credit Suisse bankers in various Asian and Southeast Asian nations. According to people aware, the bank is also considering laying off 200 Credit Suisse bankers in Asia over the next months.Swiss-born and-bred UBS Group AG is a global investment bank and provider of financial services. It has a presence in all significant financial hubs as the largest private bank in the world and the largest banking institution in Switzerland, with co-headquarters in the cities of Z├╝rich and Basel. TAIWAN CHIPMAKER TSMC NODS $ 3.8 BILLION GERMANY FACTORY PLANCREDIT SUISSE EXECUTIVE APPOINTED BY UBS FOR ASIA GLOBAL BANKINGUBS is trying to retain more than 100 Credit Suisse bankers in various Asian and Southeast Asian nations
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