European Union Considers Amending Minimum Tax Law to Ease Tensions with Trump
The European Union will consider amending its law mandating a 15% minimum corporate tax next week to ease tensions with the United States. Documents show that during a meeting next Tuesday, officials will discuss several policy options that could significantly alter the way EU laws are applied. Their aim is to appease Trump, as the U.S. government does not want American companies to be subject to this law. The Minimum Tax Directive has been in effect for less than two years, imposing a 15% corporate tax benchmark across the EU, in line with the 2021 agreement signed by more than 140 countries, including the U.S. at the time.
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Wolfspeed receives a conditional loan commitment of 1.5 billions dollars from the U.S. Department of Defense
Reuters, October 7 — Chip manufacturer Wolfspeed (WOLF.N) announced on Wednesday that it has received a conditional loan commitment of up to 1.5 billions USD from the U.S. Department of Defense (DoD) to expand domestic production of silicon carbide materials and power devices. Boosted by this news, its stock price surged by 27% in after-hours trading. Wolfspeed uses silicon carbide to produce chips, which are more energy efficient and widely utilized in electric vehicles, solar inverters, and industrial power systems that require large amounts of power conversion. The company stated that this 30-year conditional loan commitment, provided through the DoD’s Office of Strategic Capital, demonstrates efforts to optimize its capital structure and solidify its financial foundation. Wolfspeed plans to use the funds to upgrade its gallium nitride technology to meet the demands of next-generation communication infrastructure and electronic warfare systems, as well as to develop radiation-resistant capabilities. The financing is subject to due diligence, the signing of definitive agreements, government approvals, and other conditions. According to proposed terms, Wolfspeed will be required to issue warrants to the DoD, allowing it to purchase up to 7.5% of Wolfspeed’s fully diluted equity. (For convenience of non-English readers, Reuters provides automated translations of its reports in multiple languages. Since automated translations may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of these translations and provides them for reader convenience only. Reuters bears no responsibility for any damage or loss resulting from the use of such features.)
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