970x125
Key eventsShow key events onlyPlease turn on JavaScript to use this featureIntroduction: SoftBank invests $2bn in Intel; proposed new UK property tax ‘could cut cost of buying expensive homes’Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Japan’s SoftBank has agreed to invest $2bn (£1.5bn) in Intel, the struggling US chip company, while the Trump administration is reportedly considering a 10% stake in the business by converting Chips Act subsidies into equity. That would make Washington Intel’s largest shareholder.The Japanese technology investor announced its multi-billion dollar deal, amounting to a 2% stake in Intel, on Tuesday, describing Intel as a “trusted leader in innovation”. Intel shares fell by 5% while SoftBank shares were down 4%, retreating from all-time highs.Masayoshi Son, SoftBank’s chairman and chief executive, said:
Semiconductors are the foundation of every industry. For more than 50 years, Intel has been a trusted leader in innovation. This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role.
All eyes were on Washington yesterday, where Donald Trump met with Volodymyr Zelenskyy and seven European leaders to discuss a peace deal in Ukraine. According to Trump, Vladimir Putin wants to do face-to-face talks with the Ukrainian president, although Moscow has not confirmed the meeting. (Trump called Putin during his meeting with the Europeans, but some experts are sceptical.)Traders are cautious, with most Asian stock markets slightly lower. Japan’s Nikkei fell by 0.4% while Hong Kong’s Hang Seng dropped by 0.3%.Here’s some reaction to our scoop yesterday that the UK Treasury is considering a new tax on the sale of homes worth more than £500,000 as a step towards a radical overhaul of stamp duty and council tax.David Fell from Hamptons told the Times:
Who is better off will come down to how closely the government chooses to follow any recommendations. But I think in response to the general principle, the shift would probably cut the cost of buying the most expensive homes, but add to the annual cost of ownership, particularly given the artificially low levels of council tax charged by many places that have the most expensive house prices.
The impact of a change to the system would probably depend on the level at which the rates were set, and the length of time it takes for the higher ownership charges to outweigh existing stamp duty and council tax bills.
The AgendaShareUpdated at 07.59 BST
970x125
970x125
