In a carve-out transaction, part of a business is transferred to a new owner. These transactions tend to be complex and involve the transfer of assets, agreements, liabilities, and employees. It is important to understand that carve-outs are different from other M&A transactions because of the specific challenges and opportunities they present.
President-elect Trump’s recent US election victory is anticipated to cause a range of economic, geopolitical and social impacts. In the first instance, a decisive result has at least been a positive outcome in that it gives little cause for controversy, ensures a peaceful transfer of power, and provides a degree of stability for markets. No one can predict the impacts of the election result on the US and the rest of the world at this point, however, in this note we briefly discuss which of these are most likely to influence transatlantic investment.
We all know them, Sunday afternoon birthday parties, making conversation… That is where we lawyers are often taken by surprise with questions like: “why are all these investment firms coming to Luxembourg, that must have something to do with tax, right?”
Diversity and inclusion are vital for any business, fostering participation and bringing together varied identities, backgrounds, and experiences. With global labor shortages, many companies are hiring refugees, but creating an inclusive workplace requires more than standard practices. Read our best practices to learn how to create a truly inclusive environment.
Project in Georgia, California, and Arizona aim to strengthen America’s leadership in cutting-edge substrate technology for critical industries like AI
Today, the Biden-Harris Administration announced that the U.S. Department of Commerce (DOC) is entering negotiations to invest up to $300 million in advanced packaging research projects in Georgia, California, and Arizona to accelerate the development of cutting-edge technologies essential to the semiconductor industry. The expected recipients are Absolics Inc. in Georgia, Applied Materials Inc. in California, and Arizona State University in Arizona.
These competitively awarded research investments, each expected to total as much as $100 million, represent novel efforts in advanced substrates. Advanced substrates are physical platforms that allow multiple semiconductor chips to be assembled seamlessly together, enable high-bandwidth communication between those chips, efficiently deliver power, and dissipate unwanted heat. The advanced packaging enabled by advanced substrates translates to high performance computing for AI, next-generation wireless communication, and more efficient power electronics. Such substrates are not currently produced in the United States but are foundational to establishing and expanding domestic advanced packaging capability. Up to $300 million in federal funding will be paired with additional investments from the private sector, bringing the expected total investment across all three projects to over $470 million. This combined effort will help ensure U.S. manufacturers stay competitive and continue to drive technological innovation, giving companies a stronger edge in global competition.
“The key to the United States’ long-term competitiveness hinges on our ability to out-innovate and out-build the rest of the world. That’s why the R&D side of the CHIPS for America Program is so fundamental to our success, and these proposed investments in advanced packaging underscore the work we’re doing to prioritize every step of the semiconductor supply chain pipeline,” said U.S. Secretary of Commerce Gina Raimondo. “Emerging technology like AI requires cutting-edge advances in microelectronics, including advanced packaging. Thanks to President Biden’s and Vice President Harris’ leadership, and through these proposed investments, we are positioning the United States as a global leader in designing, manufacturing and packaging the microelectronics that will fuel tomorrow’s innovation.”
“Today’s awards are vital to secure America’s global leadership in semiconductors– making sure the supply chain here in America is on the cutting edge from end to end,” said National Economic Advisor Lael Brainard.
Rising power consumption, computational performance in AI data centers, and scalability in mobile electronics will not be solved with current packaging technology. Sustaining these industries of the future in America will require innovation at all levels. The CHIPS National Advanced Packaging Manufacturing Program (NAPMP) set aggressive technical targets for the substrates that all three entities are expected to meet or exceed. Advanced substrates are the basis for advanced packaging, which will enhance key advanced packaging technologies including but not limited to equipment, tools, processes, and process integration. The projects will play a vital role in helping to ensure that American innovation drives cutting-edge developments in semiconductor research and development (R&D) and manufacturing.
“Advanced packaging is essential to the development of the advanced semiconductors that are the drivers of emerging technology like artificial intelligence,” said Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology Director Laurie E. Locascio. “These first investments of the National Advanced Packaging Manufacturing Program will drive breakthroughs that address a critical need in the CHIPS for America’s mission to create a robust domestic packaging industry where advanced node chips manufactured in the U.S. and abroad can be packaged within the United States.”
The proposed projects are:
Absolics, Inc. in Covington, Georgia: Absolics is poised to revolutionize glass core substrate panel manufacturing by developing cutting-edge capabilities in partnership with over 30 partners including academic institutions, large and small businesses, and non-profit entities, having been recognized as the recipient in the glass materials and substrates areas, with up to $100 million in potential funding. Through its Substrate and Materials Advanced Research and Technology (SMART) Packaging Program, Absolics aims to build a glass-core packaging ecosystem. In addition to developing the SMART Packaging Program, Absolics and their partners, is planning to support education and workforce development efforts by bringing training, internship, and certification opportunities into technical colleges, the HBCU CHIPS Network, and Veterans programs. Through these efforts, Absolics would leapfrog the current glass core substrate panel technology and support investments in a future high-volume manufacturing capability.
Applied Materials in Santa Clara, California: Applied Materials, along with a team of 10 collaborators, is working on developing and scaling a disruptive silicon-core substrate technology for next-generation advanced packaging and 3D heterogeneous integration. Applied’s silicon-core substrate technology has the potential to advance America’s leadership in advanced packaging and help catalyze an ecosystem to develop and build next-generation energy-efficient artificial intelligence (AI) and high-performance computing (HPC) systems in the US. In addition, Applied Materials’ education and workforce development plan is designed to strengthen the training and internship pipeline in the US between state universities and the semiconductor industry.
Arizona State University in Tempe, Arizona: Arizona State University is leading the charge in developing the next generation of microelectronics packaging through fan-out-wafer-level-processing (FOWLP). At the heart of this initiative is the ASU Advanced Electronics and Photonics Core Facility, where researchers are exploring the commercial viability of 300 mm wafer-level and 600 mm panel-level manufacturing, a technology that does not exist in as a commercial capability in the U.S. today. ASU’s team of over 10 partners, led by industry pioneer Deca Technologies, is centered in a regional stronghold for microelectronics manufacturing and is composed of large and small businesses, universities and technical colleges, and non-profits. This team spans the entire United States with industrial leaders in materials, equipment, chiplet design, electronic design automation, and manufacturing. ASU will establish an interconnect foundry that connects advanced packaging and workforce development programs with semiconductor fabs and manufacturers. ASU’s education and workforce development efforts bring industry-relevant training such as train the trainer, microcredentials, and quick start programs for working professionals. Inclusion of the HBCU CHIPS network and the National Center for American Indian Enterprise Development is integral to their workforce development plan.
About CHIPS for America
CHIPS for America is part of President Biden’s economic plan to invest in America, stimulate private sector investment, create good-paying jobs, make more in the United States, and revitalize communities left behind. CHIPS for America includes the CHIPS Program Office, responsible for manufacturing incentives, and the CHIPS Research and Development (R&D) Office, responsible for R&D programs. Both offices sit within the National Institute of Standards and Technology (NIST) at the Department of Commerce. NIST promotes U.S. innovation and industrial competitiveness by advancing measurement science, standards, and technology in ways that enhance economic security and improve our quality of life. NIST is uniquely positioned to successfully administer the CHIPS for America program because of the bureau’s strong relationships with U.S. industries, its deep understanding of the semiconductor ecosystem, and its reputation as fair and trusted. Visit https://www.chips.gov to learn more.
About CHIPS National Advanced Packaging Manufacturing Program (NAPMP)
To enable the CHIPS Research and Development Office’s vision for success, the CHIPS National Advanced Packaging Manufacturing Program will make approximately $3 billion in investments to develop critical and relevant innovations for advanced packaging technologies and accelerate their scaled transition to U.S. manufacturing entities. These investments will include research programs for core technologies that can be scaled to high-volume manufacturing, an advanced packaging piloting facility to support this scaling, resources to support the expansion of advanced packaging solutions, and workforce development. As a result, within a decade, NAPMP-funded activities, coupled with CHIPS manufacturing incentives, will establish a vibrant, self-sustaining, high-volume, domestic, advanced packaging industry where advanced-node chips manufactured in the United States are packaged in the United States. The technology developed will be leveraged in new applications and market sectors and at scale.
Read original post here.
Compliments of CHIPS for AmericaThe post CHIPS for America Announces up to $300 million in Funding to Boost U.S. Semiconductor Packaging first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.
As we continue to make progress on our ESG ambitions, we measure and report on that progress to help Deloitte clients, our people, and society evaluate our impact.
Improving fiscal policy frameworks, fostering education and skills, and supporting the green transition can help ensure strong, sustainable, balanced, and inclusive growth
Blog post by Paula Beltran Saavedra, Nicolas Fernandez-Arias, Chanpheng Fizzarotti, Alberto Musso | For most Group of Twenty economies, growth is poised to weaken over the next five years and remain well below what was typical in the two decades before the pandemic.
That’s one of the biggest shared challenges for the group, which accounts for about 85 percent of global gross domestic product. Growth is more robust across the African Union, which joined the G20 last year, but booming populations mean those economies also must create jobs for millions of young people entering the labor market.
For both groups, as well as the European Union, lifting growth is essential to improving outcomes for people, and there’s a common solution: implementing priority reforms can significantly boost prospects for growth over the next five years, or medium term, as our new report to the G20 outlines. Our analysis also indicates that payoffs from structural reforms are greatest when they are carefully sequenced and reflect social consensus.
Various challenges underscore why it’s time to invest in growth-enhancing reforms. Subdued productivity growth, reinforced in some countries by adverse demographic trends, holds back potential growth, as Chapter 3 of the April 2024 World Economic Outlook details. Sustainable growth also is imperiled by elevated public debt, and increased geoeconomic fragmentation and protectionism.
As the Chart of the Week shows, the biggest priority across countries in these groups is reforming fiscal policy frameworks to aid lasting consolidation of government budgets.
Specifically, most G20 advanced economies and several EU economies would benefit from tighter public spending limits, while for most G20 emerging market and developing economies reforms to boost government revenues should be prioritized. Several African Union countries could benefit from enhanced fiscal transparency.
For many G20 and African Union economies, there are two other key areas for high priority structural reforms. First, the quality of education and skill training must be improved to better match skills with job opportunities. Second, reforms to accelerate the energy transition are essential, such as improving renewable energy capacity, enhancing the carbon tax efficacy, and phasing out fossil fuel subsidies. In several African Union economies, governance reforms are also urgently needed to strengthen the rule of law, fight corruption and improve public finance management.
Compliments of the International Monetary FundThe post IMF | G20 Economies Should Target Reforms to Boost Medium-Term Growth Prospects first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.
Steward Ownership is een opkomend fenomeen dat raakt aan maatschappelijk verantwoord ondernemen. Als je wil weten wat Steward Ownership precies is lees je dat in onze eerdere post of zie je dat in ons recente webinar.
The average level of tax revenues among OECD countries was largely unchanged in 2023 as governments sought to ease cost-of-living pressures amid growing spending challenges related to climate change and ageing populations, according to a new report released today.
Revenue Statistics 2024 shows that the average tax-to-GDP ratio for OECD countries was 33.9% in 2023, 0.1 percentage points (p.p.) below its level in 2021 and 2022, but above its pre-pandemic level of 33.4% in 2019.
In 2023, the tax-to-GDP ratio increased in 18 of the 36 OECD countries for which preliminary data are available, declined in 17, and remained unchanged in one. The largest increases (of at least 2.5 p.p.) occurred in Luxembourg, Colombia and Türkiye, while the largest declines (of at least 3.0 p.p.) were observed in Israel, Korea and Chile.
Across the OECD, tax-to-GDP ratios ranged from 17.7% in Mexico to 43.8% in France in 2023. The difference between the highest and the lowest tax-to-GDP ratio across OECD countries was 26.1 p.p. in 2023, the smallest difference since at least 2000. Since 2019, this difference has narrowed by 5.2 p.p.
Revenue Statistics 2024 includes a special chapter on health taxes, which are increasingly common in OECD countries due to their capacity to generate revenues and to improve health outcomes by reducing consumption of harmful products. On average across OECD countries, revenues from excise taxes on alcohol, tobacco and sugar-sweetened beverages amounted to 0.7% of GDP and generated 2.2% of total tax revenues in 2022. However, these revenues declined as a proportion of GDP between 2000 and 2022 in almost all OECD countries, with the largest drop seen in revenues from excise taxes on alcohol.
Consumption Tax Trends 2024, also released today, highlights governments’ ongoing efforts to improve the performance of their VAT systems and combat fraud and non-compliance. The report shows that VAT revenues continue to rise across the OECD, reaching 20.8% of total tax revenue on average in 2022, up 0.1 p.p. from 2021.
According to the new report, which presents cross-country detailed comparative data on consumption tax rates, tax bases and design trends, most OECD countries have implemented reforms to ensure that VAT is effectively collected on online sales, in line with OECD standards, ensuring a level playing field between bricks-and-mortar businesses and online merchants.
Twenty-seven OECD countries have introduced solutions developed by the OECD to collect VAT on e-commerce sales of goods imported from abroad. These complement measures to collect VAT on online services – such as apps and streaming services – that have now been adopted by almost all OECD countries that have a VAT.
Consumption Tax Trends 2024 explains that almost all OECD countries with a VAT have now implemented digital reporting requirements, often requiring the electronic transmission of detailed transactional information in real time or periodically, to enhance VAT compliance. However, the scope and requirements of these regimes vary across OECD countries.
View original post here.
Compliments of the Organization for Economic Cooperation and DevelopmentThe post OECD | Average tax revenues in the OECD remain steady as spending pressures grow first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.
Projects in Georgia, California, and Arizona aim to strengthen America’s leadership in cutting-edge substrate technology for critical industries like AI
Today, the Biden-Harris Administration announced that the U.S. Department of Commerce (DOC) is entering negotiations to invest up to $300 million in advanced packaging research projects in Georgia, California, and Arizona to accelerate the development of cutting-edge technologies essential to the semiconductor industry. The expected recipients are Absolics Inc. in Georgia, Applied Materials Inc. in California, and Arizona State University in Arizona.
These competitively awarded research investments, each expected to total as much as $100 million, represent novel efforts in advanced substrates. Advanced substrates are physical platforms that allow multiple semiconductor chips to be assembled seamlessly together, enable high-bandwidth communication between those chips, efficiently deliver power, and dissipate unwanted heat. The advanced packaging enabled by advanced substrates translates to high performance computing for AI, next-generation wireless communication, and more efficient power electronics. Such substrates are not currently produced in the United States but are foundational to establishing and expanding domestic advanced packaging capability. Up to $300 million in federal funding will be paired with additional investments from the private sector, bringing the expected total investment across all three projects to over $470 million. This combined effort will help ensure U.S. manufacturers stay competitive and continue to drive technological innovation, giving companies a stronger edge in global competition.
“The key to the United States’ long-term competitiveness hinges on our ability to out-innovate and out-build the rest of the world. That’s why the R&D side of the CHIPS for America Program is so fundamental to our success, and these proposed investments in advanced packaging underscore the work we’re doing to prioritize every step of the semiconductor supply chain pipeline,” said U.S. Secretary of Commerce Gina Raimondo. “Emerging technology like AI requires cutting-edge advances in microelectronics, including advanced packaging. Thanks to President Biden’s and Vice President Harris’ leadership, and through these proposed investments, we are positioning the United States as a global leader in designing, manufacturing and packaging the microelectronics that will fuel tomorrow’s innovation.”
“Today’s awards are vital to secure America’s global leadership in semiconductors– making sure the supply chain here in America is on the cutting edge from end to end,” said National Economic Advisor Lael Brainard.
Rising power consumption, computational performance in AI data centers, and scalability in mobile electronics will not be solved with current packaging technology. Sustaining these industries of the future in America will require innovation at all levels. The CHIPS National Advanced Packaging Manufacturing Program (NAPMP) set aggressive technical targets for the substrates that all three entities are expected to meet or exceed. Advanced substrates are the basis for advanced packaging, which will enhance key advanced packaging technologies including but not limited to equipment, tools, processes, and process integration. The projects will play a vital role in helping to ensure that American innovation drives cutting-edge developments in semiconductor research and development (R&D) and manufacturing.
“Advanced packaging is essential to the development of the advanced semiconductors that are the drivers of emerging technology like artificial intelligence,” said Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology Director Laurie E. Locascio. “These first investments of the National Advanced Packaging Manufacturing Program will drive breakthroughs that address a critical need in the CHIPS for America’s mission to create a robust domestic packaging industry where advanced node chips manufactured in the U.S. and abroad can be packaged within the United States.”
The proposed projects are:
Absolics, Inc. in Covington, Georgia: Absolics is poised to revolutionize glass core substrate panel manufacturing by developing cutting-edge capabilities in partnership with over 30 partners including academic institutions, large and small businesses, and non-profit entities, having been recognized as the recipient in the glass materials and substrates areas, with up to $100 million in potential funding. Through its Substrate and Materials Advanced Research and Technology (SMART) Packaging Program, Absolics aims to build a glass-core packaging ecosystem. In addition to developing the SMART Packaging Program, Absolics and their partners, is planning to support education and workforce development efforts by bringing training, internship, and certification opportunities into technical colleges, the HBCU CHIPS Network, and Veterans programs. Through these efforts, Absolics would leapfrog the current glass core substrate panel technology and support investments in a future high-volume manufacturing capability.
Applied Materials in Santa Clara, California: Applied Materials, along with a team of 10 collaborators, is working on developing and scaling a disruptive silicon-core substrate technology for next-generation advanced packaging and 3D heterogeneous integration. Applied’s silicon-core substrate technology has the potential to advance America’s leadership in advanced packaging and help catalyze an ecosystem to develop and build next-generation energy-efficient artificial intelligence (AI) and high-performance computing (HPC) systems in the US. In addition, Applied Materials’ education and workforce development plan is designed to strengthen the training and internship pipeline in the US between state universities and the semiconductor industry.
Arizona State University in Tempe, Arizona: Arizona State University is leading the charge in developing the next generation of microelectronics packaging through fan-out-wafer-level-processing (FOWLP). At the heart of this initiative is the ASU Advanced Electronics and Photonics Core Facility, where researchers are exploring the commercial viability of 300 mm wafer-level and 600 mm panel-level manufacturing, a technology that does not exist in as a commercial capability in the U.S. today. ASU’s team of over 10 partners, led by industry pioneer Deca Technologies, is centered in a regional stronghold for microelectronics manufacturing and is composed of large and small businesses, universities and technical colleges, and non-profits. This team spans the entire United States with industrial leaders in materials, equipment, chiplet design, electronic design automation, and manufacturing. ASU will establish an interconnect foundry that connects advanced packaging and workforce development programs with semiconductor fabs and manufacturers. ASU’s education and workforce development efforts bring industry-relevant training such as train the trainer, microcredentials, and quick start programs for working professionals. Inclusion of the HBCU CHIPS network and the National Center for American Indian Enterprise Development is integral to their workforce development plan.
About CHIPS for America
CHIPS for America is part of President Biden’s economic plan to invest in America, stimulate private sector investment, create good-paying jobs, make more in the United States, and revitalize communities left behind. CHIPS for America includes the CHIPS Program Office, responsible for manufacturing incentives, and the CHIPS Research and Development (R&D) Office, responsible for R&D programs. Both offices sit within the National Institute of Standards and Technology (NIST) at the Department of Commerce. NIST promotes U.S. innovation and industrial competitiveness by advancing measurement science, standards, and technology in ways that enhance economic security and improve our quality of life. NIST is uniquely positioned to successfully administer the CHIPS for America program because of the bureau’s strong relationships with U.S. industries, its deep understanding of the semiconductor ecosystem, and its reputation as fair and trusted. Visit https://www.chips.gov to learn more.
About CHIPS National Advanced Packaging Manufacturing Program (NAPMP)
To enable the CHIPS Research and Development Office’s vision for success, the CHIPS National Advanced Packaging Manufacturing Program will make approximately $3 billion in investments to develop critical and relevant innovations for advanced packaging technologies and accelerate their scaled transition to U.S. manufacturing entities. These investments will include research programs for core technologies that can be scaled to high-volume manufacturing, an advanced packaging piloting facility to support this scaling, resources to support the expansion of advanced packaging solutions, and workforce development. As a result, within a decade, NAPMP-funded activities, coupled with CHIPS manufacturing incentives, will establish a vibrant, self-sustaining, high-volume, domestic, advanced packaging industry where advanced-node chips manufactured in the United States are packaged in the United States. The technology developed will be leveraged in new applications and market sectors and at scale.
Compliments of the United States Department of CommerceThe post DoC | CHIPS for America Announces up to $300 million in Funding to Boost U.S. Semiconductor Packaging first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.
