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Politics : Formerly About Advanced Micro Devices
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To: Duncan Baird who started this subject9/17/2000 8:39:16 PM
From: tejek  Read Replies (1) of 1581553
 
Apparently the Israeli government is playing hardball with Intel.

____________________________________________________________
Israel's Shochat Says Intel Subsidy in Question, Paper Reports


Tel Aviv, Sept. 17 (Bloomberg) -- Israeli Finance Minister Avraham Shochat said the country many not be able to provide the 20 percent subsidies Intel Corp. and Tower Semiconductor Ltd. have requested to help build new chip factories, Ma'ariv newspaper reported.

Shochat said the government has allocated 1.5 billion shekels ($370 million) for a fund to subsidize such investments in Israel. Speaking to the Israeli Federation of Chambers of Commerce last week, Shochat said the amount requested for subsidies has reached about 6 billion shekels, with Intel's bid for roughly $600 million the largest, Ma'ariv said.

Intel, the world's largest chipmaker, warned it may pick another country for its new $3 billion microprocessor factory if Israel doesn't commit by the end of the month to paying close to 20 percent of the project.

The Israeli government is also considering a request from Tower Semiconductor for $350 million to help pay for a $1.5 billion plant in the northern town of Migdal Ha'Emek to make chips for digital cameras and music players.

Sep/17/2000 5:14 ET

For more stories from Bloomberg News, click here.

(C) Copyright 2000 Bloomberg L.P.
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