- Bloomberg reports that the Samsung Group launched a 240 trillion won ($205 billion) expansion initiative to hire 40,000 people to expand its next-generation technologies lead over three years.
- The announcement follows Samsung leader Jay Y. Lee's release on parole. Lee faced imprisonment for the second time for bribing to win support for his formal succession at the conglomerate.
- Samsung Electronics Co Ltd SSNLF and Samsung Biologics will drive research and spending in telecommunications, robotics, and corporate acquisitions.
- Samsung earmarked 180 trillion won for South Korea and will hire another 10,000 people over the period, in addition to the 30,000 new jobs already planned.
- It also entails Samsung Electronics' $151 billion spendings through 2030 on advanced chipmaking when every country is ramping up its chip-building efforts to counter the global crisis.
- Taiwan Semiconductor Manufacturing Co Ltd TSM had committed $100 billion over the next three years on advanced chips.
- Intel Corp INTC is in talks to buy chipmaker GlobalFoundries for $30 billion and had already committed $20 billion to drive U.S.' self-sufficiency in chip building.
- Price Action: TSM shares traded higher by 0.96% at $112.03 in the premarket session on the last check Tuesday.
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